Topic: Mining SHA-256 at multipool.us VS Buying Bitcoins (Read 1877 times)

Yes TOTALLY correct my Friend..

I think THE BEST way to calculate any kind of ROI and Return is by MANUALLY calculate earning for any difficulty.

By Manually inputting the difficulty numbers and by applying a 10% increase every 2 weeks.
(P.s. I am not sure should I calculate a 11 day or 14 day period for the diff increase ? )

But this is the best way of doing calculations, because I did NOT find a accurate Calculator Yet !

Yep, I don't understand either. I'm still trying to figure that out.

I think a lot of newcomers don't take the constant difficulty increases into account, as well as being blinded by the prospect of owning a "money printing machine".

You're far better off buying BTC with fiat and waiting for the price to increase.

Oh for christ's sake, give up! You're way too late to the party. The only way you'll profit from mining now is if you buy machines with fiat and the price of bitcoin goes up 4000%. That's what I did last year. It's not likely to happen again but who knows, lol.

There must be a WAY to get a better Price to GH/s ratio, and to land in some small profit with my FREE electricity etc.

Probably by purchasing Chips only and by letting someone who does an Assembly service to convert them into a Miner..

Can someone point me in the right direction..

I am interested in Scrypt or BTC mining Hardware/Chips/People who are doing the Assembly service in EU etc.

Based on SALE price of BTC of about $600
MAX. $0.50 per GH/s for SHA - 256 Asic Hardware
MAX. $14 per MH/s for Scrypt Asic Hardware


P.s. This is the MAX. price a person with FREE electricity should pay to get a ROI and a small profit out of his investment.
If You pay for electricity those numbers must be even smaller.

Thanks for any comments and suggestions..

brian_23452 at least I reported it so everyone ( including me ) knows the real Payout data before making a SUPER EXPENSIVE mistake by purchasing 3 TH/s with NO CHANCE of ROI..

Thanks to Flound as well for being SUPER FAST to repair the error..

Just got a Reply from Flound..

I quote his answer :
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Based on my own mining, assuming there are no issues at cex.io (they've had issues the past few days) we're usually 5-10% above what you can get by mining purely BTC + merged coins.

After you messaged me I actually took a look and figured out why the profitability numbers were so high.  It was actually due to a column in the DB that was too small.  I increased the size of that column (from int to bigint) and now the correct number of shares are being recorded for bitcoin payments.
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So after all THERE IS ABSOLUTE NO CHANCE OF MAKING A PROFIT in mining except You steal a Miner and have FREE ELECTRICITY

From their homepage:

"Jun 05 12:23 AM Sha-256 profitability on the main page was being reported incorrectly due to a database column size issue. The column size has been increased and the db is now reflecting the correct number of shares for that calculation. SHA-256 profitability should be a bit more accurate now."

I guess you don't know everything after all.

Why did I keep saying it?  Because at first when you asked for help I thought you were genuinely interested in understanding profitability and were just confused.

Exactly what I am thinking..

I see a BUNCH of IDIOTS purchasing HARDWARE for $1500 for 1TH/s and they EVEN consider it a steal  

Even the CRAZY Chinese on Alibaba.com are trying to convince me that a $1750 per 1 TH/s is "VERY GOOD PRICE FOR YOUR SIR"

I really can not understand that ANYONE who is paying more than $0.50 for GH/s is expecting a PROFIT or at least a ROI, even with FREE ELECTRICITY !

Once more My intention was to purchase 3TH/s for $3500 only because I was under the impression that on multipool.us I could get 0.00010 BTC per GH/s but like You wrote if this is not the case than I really can't understand the Market prices of Bitcoin Asic Miners, and WHO those CRAZY BUYERS are..

Because THERE IS NO CHANCE to make a ROI on anything above $0.50 per GH/s if 1 GH/s is mining only 0.000045 per day !

Same can be said for Scrypt Mining..
Read this here : http://cryptomining-blog.com/?s=Scrypt+ASIC

They are ripping OFF people, They are MINING with our equipment, and they are the ONLY one who make a PROFIT !!

This $hit could KILL Digital currencies forever..Because if there are no Miners there will be no one to confirm the transactions..

And I AM SURE that more and more MINERS will HOP off this unprofitable CRAZY TRAIN who's MAIN MISSION is to FOOL NEWBIE Miners into thinking that MINING is SUPER profitable and to make a Profit on Asic Hardware sales..

In 2012 my $150 6870 video cards were making 0.2BTC/day - so they were more ore less paying for themselves (with the current BTC price) in 1-2 days.  End users are buying miners because they are stupid and can't do basic math or because they have been lied to about timeframes.  I bought from BFL and I was lied to (and I fell for the lie).  I spent 208BTC and only mined back 18BTC with my Single - that's a loss.  I have not seen a single company that avoided shadiness (although KNC started off decent).

If BTC goes to $4k per coin then yes we will all come out ahead - but the simple reality is if that was expected why even mine - just buy the damn coins.

Some people like tweeking with the hardware - for those people maybe they spend $ on hardware instead of video games and going on dates.

The mining manufacturers probably have 1/3 of the hash power to themselves and are mining with the customers hardware.  We know BFL and Avalon have most certainly done this (we have proof), and I can't imagine any other company have the moral fortitude to use a testnet.

So money is being made, but not buy the end user.  Either you get a special hook-up with a manufacturer if you're making a farm or you are the manufacturer and are making pantloads on preorders for something you'll get around to making when you feel like it 

This is the wild west - do you due diligence.  If one person tells you it's not worth it, don't trust him/her.  If 20 people say it's not worth it, perhaps their point maybe valid...

Wow..You are telling me that people buy 1TH/s Miners for $1500 - $2000 to mine 0.05 BTC per day ?

How the hell do they make a PROFIT or even a ROI, there is ABSOLUTE NO CHANCE of making a ROI on a $1500 MINER who is making just 0.05 BTC per day..

If this is TRUE why are People Mining..I don't understand  

I really do not believe that ALL of them are Network supporters and Paying $100 for electricity monthly just for fun..

I have send a PM to Flound to ask about the MULTIPORT STATS on the frontpage of Multipool.us

Once more, Scrypt stats are 100% accurate..Tested it myself.

Multipool profit will not be double regular SHA-256 mining.  You might get an extra 10 to 20% more on lucky days.  You will get about 5% more stales guaranteed.

Second, the mining calculator is only accurate when you have the miners in hand since each day is critical in the beginning. http://tpbitcalc.appspot.com/ is a better calculator but requires you to manually add each time period.  I guess about 11 days for each period and I increase the difficulty about 18% with each increase.  You can also adjust the pool fees.

Doing all the calculations after July 4 has you coming out at a loss.

I have free electricity and have not bought any miners since my regretted BFL Singles.  Thankfully I did not follow that mistake with further mistakes.

Mine to support the network if you have BTC and you want to see them secure (decentralized).  Chasing profits is currently a lost cause.

10% more of what number..

Thanks

I thought the same thing about mining on multipool.us when I noticed the numbers per day. Flound posted somewhere recently that the sha 256 numbers was not accurate on the predicted price per day. He said it was about 10% more on average.

Steve

So ONCE MORE..( Lets hope Mr.brian_23452 will let other people to comment as well  )

The question was:
I am thinking about investing $3500 in 3 x 1TH/s SHA-256 Asic Miners.

Reason is, I have FREE electricity and a chance to get my hands on 3 TH/s for that amount of Money.

Start of Mining would be July 1 or even around June 20, but I done all my calculations based on difficulty and MINING START date July 1.

I noticed that ALL bitcoin calculators show me a revenue of about 0.045 BTC per 1000 GH/s per day which is not the calculation that I see as relevant for mining using the AUTO SWITCHING multiport for SHA-256 Coins on MultiPool.us who's revenue is 0.00010 per 1 GH/s ( 0.10 BTC for 1000 GH/s per day ).

So keeping that in mind brings me to conclusion that 3 TH/s with an monthly average Difficulty increase of 45% would bring me :

5.85 BTC for July
4.04 BTC for August
2.78 BTC for September
1.92 BTC for October

And so on, the calculation can be seen here : https://tradeblock.com/mining/a/a40a46866d

Note : I doubled the Hashrate to calculate multipool.us revenue, because it is double than the 0.045 BTC per 1000 GH/s that this calculator uses, by doing that I was able to calculate Multipool.us AUTO SWITCHING Multipool revenue for SHA - 256 accurately.

So the calculations show me that I have a ROI in August and a profit of about 10 BTC by end of December which leads to a conclusion that I am doing the right thing here by investing in Mining Hardware instead of Buying 5-6 BTC right now, because by doing so I would make back my investment of $3500 and would net a PROFIT of 10 BTC by end of December 2014.

Would love to hear You thoughts on this Topic, did I calculate everything right or do I missing something.

Especially FROM PEOPLE who are Mining SHA - 256 Coins on Multipool.us using their Auto Switching SHA - 256 Multiport

Thanks for any comments and suggestions..

Wow You are a Hard one..
I asked DID I MISS SOMETHING, I did not ASK if my average SHA - 256 Mining stats on Multipool.us are correct.

What is wrong with You my friend ?

I just explained to You in DETAIL where my numbers are coming from, I really dont understand why you keep bumping my thread with BS.

Once more, thanks for Your comments but please stop here.

Best Regards and Happy Mining..

Okay you're right, I'm wrong, the website is wrong, all the calculators are wrong.  Everyone is wrong.  You're going to be rich!
One question though.  If you had already made up your mind that your calculations were correct, why the fuck did you ask?

And again you are talking Your story..

I am planning to mine SHA-256 There which means NOT ONLY BITCOIN !

Here You can see an example of a other coin they Mine :

                 Hashrate           Profitability for almost 500 GH/s in this example
FRC          0.474 TH/s                              0.00004015 BTC

So once more..
I am planning to POINT my Asic SHA - 256 Miner to their AUTO SWITCHING SHA - 256 Multiport and always be mining the most profitable SHA - 256 coin!


So The numbers that they show for SHA-256 Multiport for Average PROFITABILITY for 1, 3 and the last 10 DAYS are correct and they show that the average is about 0.10 BTC for 1TH/s !

And again, I have no idea where you, or I guess they, are getting that figure.  I doubt they are lying per say.  But it is obvious there is an error in that particular calculation.  You can see right on their home screen:

Coin           Hashrate             Time            Rate (/BTC)       Profitability
BTC      213.534 TH/s    11h5m    1.00000000    0.00004820

Or you can go into their payouts and see the actual amount they are paying out and it is much less (in line with what a calculator says they should be paying).  This is for BTC: 

Avg. Profit (last 30 blocks)   0.00005197 BTC/GH/day  (higher as expected since many of those blocks are from a previous difficulty).

That what they are actually paying out for the last 30 days. 

I guarantee you, 100 percent, that they are not paying out .1btc per Th/s per day. 

Anyways believe whatever you want, really.   Wishful thinking doesn't actually put money in your pocket though.

Hi there,
On their front page I see this numbers :

MULTIPORTS - Recent Profitability


Period       Avg. Scrypt Profitability              Avg. SHA-256 Profitability
                         (BTC/MH/day)                                 (BTC/GH/day)   
1 day                  0.00166069                                    0.00012287
3 days                 0.00207237                                    0.00013441
10 days               0.00215485                                    0.00011432


So clearly there is a 0.00011 Average the last 10 days per GH/s which brings me to 0.00010 x 3000 GH/s = 0.10 per 1000 GH/s.

I do not see any mistakes with this calculation.

P.s. The numbers are correct because I mine Scrypt there and on clevermining and my payouts are about average 0.002 per MH/s the last 10 days, exactly like they show on the left column for Avg. Scrypt Profitability.

So why would they lie or advertise different in the Avg. SHA-256 Profitability column on their front page..

P.s. I really don't know what you are talking about, my START DIFF for July 1 is 15161 and once more I do NOT use a MAGIC stick I just wanted to calculate the multipool.us profitability because they are more profitable at about 0.10 BTC per 1 TH/s so I inputted 6000 GH/s instead of 3000 GH/s in the calculator because it does calculations based on 0.045 BTC for 1000 GH/s daily.

So please comment only with real facts.

Thanks in advance.

Your numbers are all wrong.  Not sure why you chose to ignore the calculators but they are correct, right now you can expect to get about .04btc per day per Th/s.  Of course, it will be less one month from now when you start mining.  No idea where you got that .1 figure from multipool, their payouts clearly show they are averaging right around .04-.05 per Th/s.  Even if you saw a brief moment where they got really lucky, found a few extra blocks and boosted their profitability for that day you obviously can't expect a one in a million thing like that to happen every day.
I looked at your link.  You started in July which is when you will get your mining equipment.  But you left the difficulty at what it is now.  While no one knows for sure what the difficulty will be one month from now we can all be pretty sure it will be higher.  You also put in twice the hashpower you said you would have.

So basically yyea 3k for 3Th/s is a good deal.  But at the same time it will get you nowhere near what you are calculating it will get you since in real life, you can't magically double your hash power and ignore difficulty increases.