Topic: Mining for the Sub 1GH Rig a thing of the past? - page 2. (Read 3486 times)

I agree.  People are getting less reward (operators take a small cut from the 50 plus tx fees) just so they can have steady payout.  Probability wins in the long run so just solo mine (I am).  If you aren't in it for the long run then what's the point?  A few bitcoins at best for two months of mining?

That makes no sense. Running solo or in a pool the theoretical payout is the same over time. Note I picked the 1GH as the bottom end as making any sense to mine. I personally see little incentive for anyone to run a computer 24x7 dedicated to mining and wearing out the hardware, heating your home during the summer and generally taking up space in the geek basement for much less than $8/day. Certainly mining on your personal PC at 200-600MH while also trying to do normal work such as encoding, game playing etc is a lost cause at this price and difficulty, yes?

Mining pools are a big target. Just waiting for the first multi-DDoS to take out the 'big three'. I personally think everyone should solo-mine.

Sorry where did you see the whine? Stop trying to flame.

Also note your nearing that 1GH number I tossed out but even then you could mow 1 yard a week and make 5 times what your making. Take 2 support calls via something like Crossloop and double what your making.

The question posed I think was answered by the other posters and that is we are nearing an end to the small miner operations, pool or not unless we see some serious improvement in hash rates for sub $200 cards and that is not expected.

You will suffer a big loss if you calculate your mining result by multiplying  your first day by 360 to get the year.

The increase of difficulty means that you have to multiply the first day by 30 (instead of 360) to get the full first year and that every following year will be virtually zero.


Details:

___________
First day

1 GHs is 20,300 shares/day on the average
Current difficulty is 1,564,057
resulting in 0,65 BTC the first day  (=50*20,300/1,564,057) for 1 GHs


_______________
Difficulty last year

In the past year difficulty period was about 10 days with about 40% increase after each period.

Supposed the same will happen in future

1 GHs will produce 6,50 BTC (10 x 0,65) in the next ten days

Then the next difficulty increases will limit your BitCoin income
to the double of your first ten days.

Total income of 1 GHs (running forever) is 19,50 BTC (= 3 x 6,5)
if difficulty increase goes on with 40% steps.


_______________
Future

Last increase was lower. So when you are lucky your 1 GHs running forever will produce a total of 39,00 BTC.

To pay back hardware cost of about $ 1,200 for 1GHs the BitCoin quote has to increase to $30,76 plus energy cost.

I'm confident that the BitCoin will increase even more but before buying a new rig you should be aware that this rig probably won't be profitable as long as the BitCoin stays at $15,00.

.

but it will happen, and the price of BTC might double for all we know when the rewards cuts in half. it could go back up to $30 a pop then to $60 overnight for all we know.

you mean the reward cutting in half?  end of 2012 is a LONG way off buddy.

I don't see it being worthwhile after the pay drop. by then id except the bitcoin network hash rate to be 30% higher than it is now AT LEAST. so if you are only getting 30 a week now, just before the drop, you will be getting like 21, then it drops you get 10. this also does not take into account for price jumps.

The high difficulty is why people join one of the 3 big pools.  They're still pulling a steady rate which matches the theoretical average payout of around 80c/100Mhash.  So a 1GH rig would pull in $8/day or $240/month.  Whether that's worth it or not is up to the miner.

I'm making $30 a week after power costs on 675Mh.

Stop whining.

welcome to the free market. Did you ever play Monopoly?

BR
GC

In short : mining is less profitable.

I have been watching a few pools over the past couple of weeks and the round times are expanding to a point I really don't see the way mining with less than 1GH makes much sense. I mean look at Bitcoins.lc and with almost 600GH that pool is now at 15 hours on the current round putting payouts in the .01 range or lower for smaller miners. Yes some prior rounds were way shorter however they have had several rounds in the past week or so go 6 hours, even 11. Then take bitp.it which is only pushing 50 or so GH which took 14 days on the last round.

I think I read where the expected difficulty jump is not that far away and if the round times even marginally jump I don't see where anything less that 1GH at the current pricing makes any sense, and yes I know about the various calculators, I am talking real world, work all week for a $14 if your lucky and that's not counting your cost.

Are we about to see the time when only the super rigs are mining? If so will the drop off of all the smaller miners impact the overall hash rate or will the combination of newbies and super rigs adding more power offset that loss? I certainly don't see how the smaller pools can justify sticking around.

With the early adopters and super rigs owning the bulk of the market it seems that will only get worse and when you have just a small portion of the shares being traded I just don't see much future.

Just thinking out loud.