Topic: My first mining rig! (Read 876 times)

very well stated.

For Bitcoin? None. If you just want to play around you can use the PC you allready have. If you are into gaming you might consider "upgrading" your GPU. More FPS, more Hash/s. If you want to mine BTC for money you need to think big. Invest in the latest hardware and sell it (the hardware) at the right time. Most of the "cheaper" (up to 1 BTC) ASICs you can buy on ebay today are the old ASICs from the big miners. They sell them to newbies or people who dont do the calculation upfront because they are no longer profitable.


The question is not the problem, but it is hard to give you an answer. Think about it, if there would be an easy "just buy x and y and mine z"-answer, everyone would do it. But if to many people do it, its no longer profitable. I am 100% sure there are ways to make your GPU system worth the money you bought it for, but this involves knowledge and/or a good gut feeling of the alt coin market. Which coin will raise in price next week? Which new coin will be still here next year?
I was in this forum reading about dogecoin when they announced it and I though thats not gonna last 2 weeks. How wrong I was. But now everyone can tell you that DOGE is big, the art is to know early enough to make money out of it.

But while mining seems to be the first place to get coins, its only the most obvious. You can play minecraft, sell your signature like I do, you can invest in casinos, you can gamble, work for bitcoins and plenty more. Read read read and learn and you will make the coins roll in. Satoshi by satoshi at first, then more and more. Just remember: if it sounds too good to be true, it probably is.

Whats a good mining rig to buy then?

If I dont have a lot of money..? I know its a newbie question, but theres lots of threads saying mining isnt worth it, then I see threads like this..I get lost..

My electric is included in my rent, which is a plus, and I am very frugal about my usage, as I don't run my AC here in Florida. I'm gonna go ahead and fire the system up when the processor arrives just to compare statistics.

Yep, that looks about right. The electricitycost break your neck almost everytime. Unless you can get very cheap energy somewhere or steal electricity (thats a crime and this post not a suggestion, duh!) the rig will not be profitable. Specialized hardware (ASICs) are way to energyefficient for any multi purpose hardware to be competitive. There are alt coins that claim to be "ASIC reistant" but that is an illusion. If the price of the coin is high enough there will be special purpose hardware that beats everything else in terms of speed and efficiency.

Consider yourself lucky you orderd GPUs which can be used in computers
Imagine you had bought a bunch of these old ASICs that can only do sha256 and (very expensively) heat your room.

Ok The calculations are now much more accurate.
Check the link above to examine.
This seems much more in line with my fortune.
Time Frame    LTC Coins    BTC (LTC/BTC at 0.01814000)    USD (BTC at $610.60)    Power Cost (in USD)    Pool Fees (in USD)    Profit (in USD)
Hourly            0.00154410    0.00002801                           $0.02                      $0.04                                   $0.00          -   ($0.02)
Daily            0.03705841    0.00067224                         $0.41                     $0.90                                    $0.00              - ($0.49)
Weekly            0.25940885    0.00470568                         $2.87                       $6.30                                   $0.00           -($3.43)
Monthly            1.11175221    0.02016719                        $12.31                      $27.00                                    $0.00           - ($14.69)
Annually            13.52631855    0.24536742                         $149.82                       $328.50                             $0.01             -($178.69)


You can't put a price on this education Im getting though. lol
 

Yeah you're still off by a factor of 1000.

350 MH/s SHA256 is not 350MH/s script. You should get ~196 KH/s per GPU (see list here: https://litecoin.info/Mining_hardware_comparison )

That's what I'm here to determine AATROX
Not if I mine litecoin apparently.
Time Frame   LTC Coins     USD (BTC at $610.60)   Power Cost (in USD)   Pool Fees (in USD)   Profit (in USD)
Hourly    1.71566699       $19.00                                 $0.04                            $0.00                           $18.96
Daily    41.17600777       $456.08                                $0.90                      $0.05                          $455.13
Weekly    288.23205439     $3,192.54                        $6.30                               $0.32                        $3,185.92

I plugged in the correct figures this time. 350,000Khs Elaborated calculations are here http://www.bitcoinmegamart.com/articles/news/my-first-coin-miner


Still seems way too high of an estimate.


               

Wait so you buying your first mining rig was a mistake?

I was looking into miners around the same specs as you..

Yes, I did enter Ghs instead of Mhs which put the calculation at that level
Recalculating made it much more discouraging.

That's why this belongs in the beginners forum.
LOL

Time for some recalculation.
definitely for altcoins.

I will post back when I get my shit together.

 

OP most likely confused Mh/s with GH/s on that online profit calculator.
Also, mining BTC with GPU is... useless. Try to reorient towards other coins.

Try to take a look at http://www.coinwarz.com/cryptocurrency and http://dustcoin.com/

I don't think you will profit with this hardware if your intention is to mine bitcoins,
but you can take a look to the altcoin section and try some scrypt one.

Not sure about that calculator you used there.


Are you sure you entered 390/350 MHash/s, not GHash/s?

This one: https://bitcoinwisdom.com/bitcoin/calculator
thinks you will never make any money out of your setup, which seems more likely since you try to mine Bitcoin with GPUs. That might have worked 2011 or maybe even 2012, but today? No chance.

If mining with GPU, mine Litecoin or other altcoins. But even with litecoin, no difficult increas and free electricity you need 793 days to break even ( https://bitcoinwisdom.com/litecoin/calculator ). Before you start using any of the hardware get a proper calculation from the people at the alt coin section, because I think you made a big mistake somewhere and might want to return the hardware.

https://bitcointalk.org/index.php?board=160.0

PS for my calculations is used 350 MH/s (2* 195 should be higher), 700 Watt (should be lower, but you cant only consider the GPUs), investment of 325 USD and electricity cost of .1 USD/KWh

Yup, there's a Mining section alright. Just go here next time:

https://bitcointalk.org/index.php?board=14.0


The power cost is most likely a estimated number. You should call the power supplier that you use, or is in your hometown, and ask them how much it would be plus taxes. And also, you should take into account how long it'll take for you to get your investment back, and what would happen if the difficulty went up.

Well, Im sure there is a hardware forum here, but since I'm such a newb, I'll post my questions here.
Should get 195 MH/s out of each video card pulling 125 watts each I hope this means with 2 cards, I should get 350MHs. I'm not certain, but we will know eventually

bitminer investment (still need case, powersupply and heatsink.

This is a 30 calculation

This seems almost too good for a home mining rig... Am I missing something?