Topic: Loan needed for a HD6990 (Read 2452 times)

Ah i am sorry. Looks like staying up late into the night has caused my calculation skills to deteriorate. I'll reconfirm the local prices and get back to you.

Thank you very much for your post. Its no problem replying as I am learning too.

Usually shipping charges are absurd here. I could import the components from the USA but once they get here, the price difference would allow we to purchase a higher grade card. This is perhaps because computerized parts aren't taxed here so there is no benefit in importing components from around the world unless shipping charges are minimal and the unit is a second hand being sold at a very low price.

I too am waiting for Goat's offer and see if I am able to get those cards off his hands.

Thank you for taking the time to answer that so thoroughly. I am confident you are sincere in your request. Now we just gotta improve that model a hair so 6 months does not kill you and the loaner. ;p

The other benefit to acquireing a 5830 or 5850 is that you can add another one in just a few months and then can later sell them to upgrade further. I think the catch some people are missing there is your location. I assume that makes it a bit harder or more expensive for shipping from other places?

Hopefully goat gave you a good offer. 2 of those 5830's would give you ~630MHs and cost 1/3rd of a 6990

Sure, if the price is right, I am all for it.

Sent you a PM.

My board is a MITX form board so it has only 2 16x slots and 1 4x slot. Perhaps you're right. I'm better off getting a 58x0 series card for the time being. I'll look around and try to locate the sellers.

Your board has 4  PCIe 16x slots (and a PCIe 1x) slot doesnt it? Since you lack the funds, you probably wont be filling that anytime soon. Your PSU wouldnt support anything more either, so might as well fill 2 with cost (and relatively power) efficient cards.

As for warranty, its a risk worth taking. Even if you dont get warranty, you could buy 4 58x0 cards for the price of one 6990. So even both cards fail within a year, its worth it. Mind you, you can buy used cards with warranty. I recently bought two 5870s with still 1.5 year warranty on them, and I paid just ~$125 for them. They are doing 890 MH/s combined.

I may be wrong in assuming this but with the 6990, I would still have a PCIE slot open, so a future addition of a card would still be possible. With 2 X 58xx series, first I would have to hunt for the card if i am getting it second hand. Then the issue of warranty comes up as most of these cards are 1 / 2 years old. To hunt it in retail outlets would be difficult as well since they don't really keep stocks on old cards and thus the ones that they have , are priced where I would be better off getting a 6990. However, I may be wrong in my assumption and you or anyone else are more than welcomed to post a correction

Id strongly recommend you go for a few used 5xx0 cards. 5850s sell for ~$120 (or less with some luck) and will give you ~350 MH (or more with some luck), so you are looking at less than half the payback time.  Check ebay or the buy and sell section of this forum.

If you are worried about gaming, a pair of 5850s will do just fine in any modern game. Or you could look at 5870s which provide about the same MH/$ and better gaming performance.

Happy to hear that

For the record, after a review, there appears to be no evidence that the account was hacked. Still be careful, though.

Thank you. Thats the current issue. The interest with the amount of loan + the period of payment. The loaner doesn't have to loan 100% of what i am asking. He could loan me whatever he can, as long as its 50% of the initial asking loan, and I'll settle the rest.

I'm yet to see one of the "inactive account" scams write sooooooo much.

A six month payback at current prices sounds about right (+/-50%), but the interest rates might be prohibitive currently.

Yes, waiting for my invite.  Sorry to hijack the thread.  We now return you to your regularly scheduled post.

+1 to this, it is quite easy to setup and you can use it as a miner manager without selling your shares to others. I especially like how miners switch between public work and your selected pool automatically, no need to do anything.

Easy setup.  You set your own prices, but somewhere between .000045 and .00005/share is the average.  You have to sign up and get put on the list to get in, so sign up now because it might take a while to get in.

The $900+ Rig was built according to my set budget.
The 58xx series of cards are rather rare now. Perhaps I would have to visit the mall to check out if they have them in stocks. (The cards aren't listed on their price list). Tried searching from our local auction site, and the ones I could find are rather outdated in its pricing where if 2 were purchased, I could pay for a brand new 6990. What i am referring to is the 5870. Unless the 5870 x 2 is really much better than going with a 6990, then perhaps I could try hunting for it. However, since my board is a Mitx,it would be able to support a max of 2 cards. I was thinking that the 6990 would be a better suitor should i want to add an additional card.

Yes, I have the capital to pay for the card(s). However, at the moment, I don't prefer to drop it all at once. I would like to take a loan and pay back steadily as I progress. Of course if it doesn't work out my way, then I would have to pay everything in full, which is not a problem.

For the time being, While the machine is hashing, there wouldn't be any / much of gaming time.

Here is the payback formula. (Its going to be a long one)

1. The rig will be stationed at my home town.
2. I will be at another state (1 hour away from my home town) for college from Monday - Thursday.
3. The rig will be monitored via VNC / remote desktop. Should the machine crash, there will always be someone at home to reboot it for me.

According to my previous thread, these are the calculations:

The average Mhash would be = 750 according to https://en.bitcoin.it/wiki/Mining_rig
Power Consumption should be around 469 Watts according to http://www.hardwarecanucks.com/forum/hardware-canucks-reviews/41404-amd-radeon-hd-6990-4gb-review-21.html
Add 60 more Watts for the overall computer usage and it is 529 Watts in total.

Now according to the calculator with the current difficulty @ 1307728.3606
Exchange Rate @ $5.40333

Now lets do some math (Also, if you have not read / missed it, I am from Malaysia)

Our formula = Electricity charges - bitcoin generated per month (according to the calculator) = profit / loss

So lets do it.

529 Watts / 1000 = 0.529 * 24 Hours =12.69 Kwh * 30 days = 380.88 Kwh per month

Local charges for 380.88Kwh = RM 109.35 OR 35.96 USD

Calculator @ http://www.alloscomp.com/bitcoin/calculator.php says

I'll be making $97.07 per month. So $97.07 - $35.96 = $61.11 (17.54 Bitcoins) of profit per month.

Because of stale/invalid shares (taken as an advice from another member), the amount would be somewhere around $91.

Taking his view into account, $91 - $35.96 = $55.04 per month or about 15.79 Bit coins per month (According to the current exchange rates. Might be more / less depending on the conversion rate in the future)

Depending on the amount of loan given, my priority would be to pay the loan back as soon as possible. As I have mentioned, the latest would be in 6 months. Even if the profit doesn't accumulate to that amount, the loan will be paid in 6 months. It will not escalate.

Now, with the amount earned of 15.79 Bit coins per month, 15 Bit Coins would go towards the loaner and I would keep the .79 . The rest would depend on the interest that the loaner is asking for , and further calculations would ensue.

There wouldn't be any source of income, however I am working on running a seedbox service (In the final stages now) to provide some financial support for me while I am in college. I ran the same service while I was in college (Diploma) and sold it off when I started working. Now that I am back to college, I plan to start the same service once again. The capital for the seedbox service has been provided for and wouldn't interfere with my mining project. However that wouldn't be my source of income to pay back. I have some savings in my bank that I saved from my salary and it is more than enough to pay for the loan.

You might be wondering, Why not just use the funds instead of taking a loan? Well being in the position that I am, it would be quite risky to dump the full amount of money right away as emergencies might occur. That is why I am seeking for a loan, so I could pay for my project in smaller amounts.

Edit : Taking that into account, by the end of the period, the loaner would receive 90 Bitcoins by the end of 6 months. If the loaner has loaned 100% of what i am asking for, that would make him short of 10 bitcoins. As per my previous post, the loaner will receive 100 bitcoins by the end of 6 months being the bulk of the loan will be settled by the end of the 6 months. This would of course vary, depending on the interest that is imposed by the loaner.

I was thinking about mentioning GPUMAX to him but I have not personally used it yet so I don't have any experience to go on for a recommendation.  I have a small rig (5 cards at 420 MH each for about 2 GH) and I am currently in a pool.  Last night I read the entire GPUMAX thread and I am thinking about setting it up.  Have you set it up?  Was it hard to set up?  What is your % gain over going directly with a pool?  In other words what it the going rate, in % above pool rate, for public hashing power?

Was your budget completely expended when building that ~$900 rig?
Why not start out with 2x 58xx?
Do you have capital to apply towards the card(s)?
Can you rework the payback formula to show 50% - gaming time - elec from btc earnings so we can see how much cash you will be paying out of pocket each month?
What is your source of income now to pay back the out of pocket portion?

cheers

True. I am sure over the time, with tweaks / overclocks too , the yield would be more.

This is also ignoring opportunities to mine for better than the typical 50/diff.  If he used gpumax, realistically, his payback would be even quicker.

Your 2nd calculations according to the calculation on my previous thread seems to be about right. Also, do note , that I am not going to be paying you back with the profits incurred. I will be using half of the profits + my own money to pay you back. So worst case scenario, you will get back your money + interest in 6 months time. Best case scenario, and we make some profit you'll get your money quicker + the interest.

The reason why i want to partake such methods is that I am interested in bringing up the community over at my country, Malaysia. Since I am now doing my Degree in Security, perhaps I could intergrate my assignments with the concept of bitcoin as well. Maybe start a club / organization and show people what it takes to do this. Then maybe we'll get more people mining and thus building a community over here.

Of course with the profits, we could help some students with loans as well to get started. Maybe get a professor involved if he / she is interested in this concept. The possibilities are endless but to achieve all that we would need somewhere to start and this is it. Of course i understand that the loaner would have to think twice about getting his principal in 6 months time , however he will be paid monthly based on the profits made. Regardless, he will be paid. There will not be any deferment of payment.

I looked things over and I might be interested from a trust point of view (given some documentation), however when I ran the numbers it looks horrible - for both of us.  Now I did this very quickly and I might have a mistake in my calculations so let me know if that is the case.  Rounding everything off to get a quick estimate:

You want 559 USD so let's call it an even 100 BTC at today's prices.

Your rig should do about 750 MHashes/sec according to your post here:  https://bitcointalksearch.org/topic/m.718502

According to my calculations this will yeild about 0.5 BTC/day (maybe a bit more) at the current difficulty

So it looks like your payback period for just the principal, in terms of BTC, is about 200 days.

On top of this you have to pay for electricity/cooling and interest back to your lender (me) for the loan.

Does not look too good to me.  If your calculations are different from those above please let me know.

EDIT:  Ok I see from the on line calculator you used you could get as much as 0.60 BTC per day so that gives a principal payback period of only 167 days - much better.  So it really boils down to your actual BTC production rate over the next 6-9 months which in turn boils down to the estimated difficulty during the next 6-9 months - a very difficult number to estimate.

No problem. Thank you very much for explaining yourself.

It'll be up to the loaner to decide whatever detail(s) that he wants me to provide. Besides its better to make money steadily (long term) rather than running away with some amount. Since I am back into college, a steady flow of money is what i want. I wouldn't have much opportunity to blow the money anyways since I don't really party / indulge in drugs / alcohol.

had to put a warning.. too many scams in last days.  If you are one , then you did put in a little more effort than the others
if you aren't one...well time will tell and i wish you all the luck!

My reason was stated in the above post.

Anyways, I am willing to provide details to the interested lender. For one, My bank account which tallies with my name . If it was a scammer who has a password to this account, i doubt he'd have access to my bank account. I have utility bills (Internet connection) that states my full name that identifies me. Or perhaps my college acceptance letter. The loaner could ask for whatever he wants if he doubt that this account has been hijacked.

Another very old ( non active) user  that appeared from nowhere asking for a loan....... be careful

Well guys, this is my current rig:

Asus Maximus IV Gene-Z gen3 (Mitx)
Intel Core i5 2500k @ 4.8GHz
2 x 4GB Kingston DDR3 Value Ram
2 x 4GB Kingston DDR3 Server ECC Ram (Salvaged from a server)
Corsair Force GT 120GB SSD
Samsung F3 1TB HDD
Corsair GS700 PSU
Silverstone TJ08-E casing


As of this moment i am using an ATI X550 ancient GPU. I am planning to buy a graphic card. A USED HD6990. Will be used for gaming but If i could make some cash , then full time Bitcoin mining. I am from Malaysia Btw.

The average price for HD6990 @ USED = USD559


My previous Project plan (MONTHS AGO ) : https://bitcointalksearch.org/topic/m.133395

Now, i would like some loans to purchase the HD6990. Do not worry as you will be shown the proof of transaction + the card when it arrives.

I will be repaying you monthly based on my returns as well. I plan to complete the loan within 6 months.

If you could even loan me half of the asking amount, I could get started on this project.

Edit: Do not worry as I am no scammer. The reason I stopped posting is because I ditched the bitcoin idea for awhile and continued working. Now that I am no longer working (Continuing my Degree), I decided to check bitcoin out and noticed that I was wrong to start so late. Now I want to start and finish what I proposed months ago.