Topic: Mining for the Sub 1GH Rig a thing of the past? (Read 3486 times)

Finally someone who gets the point.

Paying off a $500 rig over 3 months does not "pay off" financially. That's a few dollars every day.

Paying off a $20,000 cluster over 3 months pays off. Not only is everything after that pure profit (even after difficulty increases about $50-$100 a day perhaps),
plus you can sell the rig for at least 75% of it's value a few months down the road or use it for your other purposes.

Both will pay themselves off eventually (unless price collapses or difficulty skyrockets), the only variable is how much risk you are willing to take.

yes, because mining as a full time job is the only smart move 

But it still is no real money. Because 1.3% fdaily of no moneyi s still no money.

Dont get me wrong - I see tit as a viable investment, But to be viable in absolute numbers you need to INVEST.

or, to put it into perspective - I need mining to be on my radar in a way that produces significant income for me, in EUR. Not in percent. if that means putting in 20.000 EUR then so be it - 1% of 20.000 us EUR 200 a day. Not a significant amount of money for some people, but enough for some attention.

8 USD is pityful.

So yes, the dys of 1ghz single setups are over. Scale up.

That's closer to $30 than $15 and a refurb. Have you used that site before? Trust them?

That's refurbished and it costs $27.99.

New boards can be bought at 40 bucks

They come and they go.  Here, this one only needs one PCIe extender to house 3 cards: http://3btech.net/as77pe453mow1.html

For the time being, difficulty seems to have leveled out, so even if someone has a sub-1 Gh/s, it's still fairly profitable.

Please link me to that $15 mboard as I will buy 7 tomorrow.

You make zero sense.  I'd take .01 of a BTC valued at a quarter million dollars over 1000 btc valued at a penny.  And no, solo mining does NOT have the same payout as pooled mining.  Unless you have many tens (hundreds?) of gigahash to throw at the problem odds are difficulty will increase before you find your first 50 coins.   And increase again, and again, and again and again.  You may *NEVER* find a coin solo mining, whereas with a pool you receive ROI immediately.



Once again you are making $8/day today with 1Gh.  With the most efficient building possible that was possible on a sub-$600 investment (5830@ $100 x 3, $15 mboard, $40 cpu, $20 ram, $20 pcie extenders, $80 psu, $4 usb stick).  That's a 1.3% *DAILY* return on investment as a small operator.   If I was sure profitability would remain comprable I'd be investing tens of thousands of dollars into such an operation even today with a ~25% higher hardware cost.

It's a silly way to judge things because people don't really care about Mh, they care about profitability.  If the price jumps to $100 earning .1 a day is still worth it.

The next couple difficulty jumps look like they will be under 5%.  Unless there is a major price move mining will stay worth it for small timers like me for months.

Profitable and making sense are two different things. Sure I can make .01BTC and call it a profit but what damn good does .01BTC do me unless I have a 100 of those. This is my point that the small rigs are being driven out of the market, will that drop is processing power be picked up by newbies and big rigs getting bigger?

I surmise that the small rig geeks will stick it out for as long as possible however two things will start happening. First those basement geeks who actually do pay for the equipment, time and power will drop off mining as the geekness wears out when they see the best they can do is pull in a BTC a week, sure they may go out and buy another card and try to fight the tape as the saying goes but sooner or later they will say heck with it, go big or go home. Second I assume there are a number of kids mining away and will we see a drop off of those kids as they go to school this fall? Most won't take their desktops to college so it will sit at home doing nothing while High Schoolers will get involved with the things high schoolers get involved with and loose interest in ever expanding their BTC processing power, then again if geeky enough they may have no HS life

Wheres the line between what is profit and what makes sense? I tossed out the 1GH number, maybe that's a touch high still at this difficulty but BTC pricing which just can't seem to find a home could make that 1GH the right number.

ITT: FUD

Less than $1k per month and I'll call it quits. At that point you are earning barely over 30 bucks a day. Not worth all the effort spent on monitoring and worrying.

Fiat income aside, I'll always keep a reserve of BTC regardless of their price for future speculation & possible bitcoin purchases

There is no 10USD or 25USD  per  m o n t h

It was always a 3.33USD or 8.33USD total for the next ten days

And then a 2.22USD or 5.55USD  total for another ten days

And then a 1.48USD or 3.70USD total for another ten days

And then a 0.98USD or 2.46USD total for another ten days

resulting in
an overal total of 9.99USD or 24.99USD for the whole further livetime of the rig.

And even if operating on big level I don't believe you could buy the needed hardware for 24.99 USD

solo mining is of course not realistic with sub 1GH. But mine at a pool, why do you care what your speed is. As long as it is efficient power usage. No less than 1MH per watt used, you'll be profitable.

work all week for $14? no just 3 days and i only have 500 MHz.

but yeah its getting a bit too much hassle, but i think i wont quit until the profit halves another time.

Your post makes little sense.

Especially during winter you wshould be happy to mine at a loss and save heating costs Sorry ;9

Anyhow, you miss a lot of things.

Big rig operators:
* They operate a LOT more eefficient han you. Tax deduction, buying hardware bulk from distributors and industrial electriity rates all pay in their favour. The rent is a non issue when you build high density rigs (I currently CONSIDER pushing a 96 graphics cards per rack design).
* They also can run stuff for a lot lower margin. Give me another business with returns like that EVEN NOW that is not high risk and you have my money for investment. Sure, there is no money for a 500USD investment - 10 USD pe rmonth is a crappy profit. But your 10USD per month is a big operators 25USD per month due to lower costs and this is a 5% per month ROI.

Im glad that someone started a thread like this. Over the last few days Ive been thinking about starting such a thread. I have been mining in a pool for just under 30 days. Sense then I have seen a 50% reduction in btc earned. A drop from 1.2 to .6 per day. I am mining with about 1.2Gh. Where I live I have cheap electricity. If this trend continues it looks like I'll be turning off my rig sometime around September. At that point it will cost more in electricity then I will earn in btc. Those that will still be mining are those that dont pay for their electricity or the big rigs. I have said this before, its the small rig operators that spend most of the btc into the economy and the big rigs operators that dump their btc to cover their huge costs.

When people keep adding power to their farms they are just shooting themselfs in the foot. In just a few weeks their costs will go up and then they will be making the same amount as they were before. Now this doesnt affect the big rigs as much. It appears to me that people dont see the downward spriral we have entered. As rig operators are pushed out they will dump or hord their btc. With people buying and hording from the exchanges the btc economy cant expand and will shrink when merchants cant pay their bills becuase they have no customers.

Now lets look at those that try to drive the market down with 'SELL SELL SELL', they are having an affect. Some of this affect is causing the market to lower its price, while some get delussional and leave the btc community and market and others wont enter the market because they are waiting for the market to bottom. The fomenttaion of the market up or down also drives away serious investors. Why would they enter into a market that some 16 year old crashes so he can make a few more bucks.

I would suggest that all fomenttaion threads be removed and disallowed. Its not freedom of speach or a free market, its taking advantage of others. Is that the type of reputation btc wants to have? I think that allowing market analysis is fair.

That's true.

If you own the hardware already it makes no sense to stop it working as long as you make more than your energy cost.

That's different if you have to decide on buying a new rig.

Than it's important to know, that the limited mining result probably will stay far below your hardware cost as long as the Coin is below $ 30,00.

The reason for is simply the steady difficult increase, which crippled your ten day Coin result last year to
1.00 + 0.66 + 0.44 + 0.30 + 0.20 + 0.13 + 0.08 + 0.06 + 0.04 + ... < 3.00

Thus last year you never got more Coins than three times of your first ten days mining result.

Nevertheless mining was very profitable some month ago because the difficulty was much lower.

Unfortunately that has changed in the meantime.

The thing about mining is that I don't actually have to do any work for it to do it's thing. My system can run while I'm at work and while I'm sleeping, and still make me money. As long as I make more than $2USD a day on my mining (currently I make about $5 a day), it's still profitable to mine, even with my 500Mhash. If Bitcoin goes up in value, it'll continue to be profitable for while a few weeks/months longer.