You're using an old NVIDIA card - of course it's not going to be profitable for you.
Ahh yes...those were the days. I remember when I got to use my 9800gx2 when the first bitcoin GPGPU miner code came out about a year ago. I was a happy miner back then when the difficulty was much easier.
When you use a single-GPU 5870 that can generate 370MH/s and uses about 200w, the story looks a bit different. Heck, even a 6870 would be a good 10x as good as whatever crap cards you were using.
Yeah, I know that the AMD cards are much better at integer code. This was a card I got as a freebie from NVIDIA 3 years ago. Again, if you are experienced and known how to fine tune your hardware and code for optimal hashes/Joule, then I'd say go for it.
Mining is FAR from being unprofitable. If I had more cash to buy and places to put and cool mining machines, I would do it in a heartbeat.
Basically, that's the thing. You don't have the cash to buy since you either weren't making enough profit or you have a better opportunity cost for you money. And you don't have space to put your GPU mining rig. There is an opportunity cost in terms of the physical space (and possible noise pollution) that it takes up, in addition to your cooling, energy, setup/monitoring labor, and fixed hardware costs. Bitcoin mining should be profitable for those who know what they are doing (due to market forces), but I'm am just cautioning the Newbies that TANSSAFL.
That $10 average expected revenue per month doesn't justify the energy cost of me leaving my computer on with the GPU running 24/7 at full blast. Sorry. Again, maybe if you are experienced and have highly optimized energy efficient equipment, then if may work out for you, but I am advising the newbies focus on using whatever unique skill set or trade that they have and offer goods & services in exchange for bitcoin instead of wasting their money buying a mining rig. Your economics may be different though, so you may make your own decision.
As a PC Gamer, mining is still profitable for me. I've got the hardware already and my computer is always on. The extra electricity costs are tiny for me. I'm not in it for money like you guys though, I just like the idea of getting the latest hardware for free.
Yes, that is my point. If you are a PC Gamer who continually buys the latest GPU hardware already and leave your computer on already, then it probably does make economic sense for you.
Mining is FAR from being unprofitable. If I had more cash to buy and places to put and cool mining machines, I would do it in a heartbeat.
If mining is as profitable as all of the bitcoin fanboys would like everybody to believe, they would have cash to buy mining rigs, space, and employees. The fact of the matter is simply that it isnt. The people that think it is are exposing themselves to immense risk.I think you hit the nail on the head here. There are market forces at work.
Immense risk? Not really... the most I risk is the 25% or so I'd lose on reselling any hardware I purchased. Hardly what I would call immense.
I bought $1100 worth of mining hardware on April 27th, when the price/difficulty ratio was roughly the same as it is today. I've made an extra $2200 BEYOND what the mining hardware cost. So not only do I have $1100 of free mining equipment, I also have an extra $2200 in my pocket. And that number is still growing quite steadily every day. Total electricity costs have been about $200 for the two months, which I am more than willing to deal with.
I'm not sure whether you're just jealous of miner's success, or whether you truly are naive enough to believe that mining isn't very profitable. You say that "if it was as profitable as fanboys say, they would have cash to buy mining rigs, space, and exmployees". It's not a guaranteed enough deal to buy space and employees IMO (who would need employees anyway?), but buying a decent amount of hardware is an extremely low-risk investment with an extremely high ROI.
If you think that a $2200 over 3 months is an extremely high profit, and you are comfortable with the risk, then that is your choice. I will put my money elsewhere.
Yes, that is significant risk. Try to maintain that profit margin. I made tons of money early on too, but I realize that the network will be flooded with extreme gamers with idle GPUs and energy-efficient mining specialists that I know to not bother competing. In fact, I know enough to realize this thread is not worth my time.
Nice talking with everyone!
P.S. Keep 'em coming, almost up to 50 posts-- then I disappear ^_^
Go figure.
He is a tried and true troll. Very experienced troll I must say. And has enough guts to admit he's just trolling to increase his post count.
It's rare to find an honest troll nowadays.