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Topic: State of mining (Read 3846 times)

hero member
Activity: 728
Merit: 500
January 15, 2016, 02:14:01 AM
#51
Very cool calculator. Played with it a bit, even with free electricity, seems like it would take over a year to break even with S7 efficiency + prices, default 20% diff, assuming everything stayed the same, which it wouldn't.

remember that 20%diff is a bit overkill to estimate, because the diff will not grow indefinitely, it will slow down at some point if the price remain there or if the efficiency do not come in

I would agree it's slowing down some.  Price has risen a little but not to the level of how fast difficulty is.  I think it will slow down a little until more get next gen gear... then I predict fast paced again.

So really hard to tell long term, and there is ofcourse having eventually.

S7 and S5 prices continues to go down in hashnest market despite btc being on a low side as well. Current ROI is quite high but still people are selling their hashes trying to get out of cloud mining due to the difficulty increases.
legendary
Activity: 1456
Merit: 1000
January 10, 2016, 05:44:45 PM
#50
Very cool calculator. Played with it a bit, even with free electricity, seems like it would take over a year to break even with S7 efficiency + prices, default 20% diff, assuming everything stayed the same, which it wouldn't.

remember that 20%diff is a bit overkill to estimate, because the diff will not grow indefinitely, it will slow down at some point if the price remain there or if the efficiency do not come in

I would agree it's slowing down some.  Price has risen a little but not to the level of how fast difficulty is.  I think it will slow down a little until more get next gen gear... then I predict fast paced again.

So really hard to tell long term, and there is ofcourse having eventually.
legendary
Activity: 1288
Merit: 1087
January 10, 2016, 04:09:27 PM
#49
Well, I looked into mining when I first became interested. I was turned off the idea real fast. Too fast moving, too many sharp cookies.
legendary
Activity: 1036
Merit: 1001
/dev/null
January 06, 2016, 03:27:40 AM
#48
Very cool calculator. Played with it a bit, even with free electricity, seems like it would take over a year to break even with S7 efficiency + prices, default 20% diff, assuming everything stayed the same, which it wouldn't.

of course. mining is already out of scope of geeks..and it will never change, since bitcoin have at least some dollar value.
legendary
Activity: 3248
Merit: 1070
January 06, 2016, 03:05:54 AM
#47
Very cool calculator. Played with it a bit, even with free electricity, seems like it would take over a year to break even with S7 efficiency + prices, default 20% diff, assuming everything stayed the same, which it wouldn't.

remember that 20%diff is a bit overkill to estimate, because the diff will not grow indefinitely, it will slow down at some point if the price remain there or if the efficiency do not come in
newbie
Activity: 3
Merit: 0
January 05, 2016, 10:12:34 PM
#46
Very cool calculator. Played with it a bit, even with free electricity, seems like it would take over a year to break even with S7 efficiency + prices, default 20% diff, assuming everything stayed the same, which it wouldn't.
legendary
Activity: 1456
Merit: 1000
January 05, 2016, 09:40:56 PM
#45
Free electricity. Antminer S7 running 24/7

I guess what I'm asking is how profitable a 1T is with free power.

Depends on price you pay for the 1T as far as profit.   If your just wanting to see what it currently mines I like: https://bitcoinwisdom.com/bitcoin/calculator

With it you can do difficulty the ones like coinwars and such that dont have difficulty so they are really far off.  And we cannot guarantee future difficulty makes it speculation, but still hard to tell exact in a month or even month's.
newbie
Activity: 3
Merit: 0
January 05, 2016, 09:05:48 PM
#44
Free electricity. Antminer S7 running 24/7

I guess what I'm asking is how profitable a 1T is with free power.
legendary
Activity: 1456
Merit: 1000
January 05, 2016, 06:00:42 PM
#43
With free power, what would be the ROI on a 1TH/s miner? Thinking of an S7 for a pool.

It's not one size fit's all on mining.  So many different things that effect this.

What machine are you looking at? (There are a ton of 1T's).  What price did you get it at?  What is your electricity?  Etc.  So  you need to tell a lot more info for us to be able to help.
newbie
Activity: 3
Merit: 0
January 05, 2016, 05:44:00 PM
#42
With free power, what would be the ROI on a 1TH/s miner? Thinking of an S7 for a pool.
legendary
Activity: 1610
Merit: 1000
Well hello there!
January 04, 2016, 01:48:18 AM
#41
Yup.  faucets are pretty much just a good introduction for people that aren't ready to jump on board the bitcoin bandwagon with their own hard earned cash at this point.

I also agree with @fr4nkthetank regarding the efficiency of the chips continuing to amaze however I do think the drastic gains in power efficiency are going to start slowing down pretty dramatically this year.
legendary
Activity: 1456
Merit: 1000
January 03, 2016, 11:23:16 PM
#40
I don't mine, I use faucets. Much easier.
Just out of curiosity, how much do you earn by doing that?
Can't be much, right...

Begging is NOT earning.

Edit:  Let me rephrase that.  Taking advantage of the charity of others is not earning.

meh faucets arent really charity.  they have ads and stuff, and they give out small amounts.  a good faucet should make money.

They are not worth the time.   They pay pennies per hour.  I know people say what if BTC is worth X times in 5 years... it could be a ton!

Fact is you are better off buying 5 dollars and spend that time on something else.   I don't think faucets have much to do with state of mining though.  It has nothing to do with mining.
legendary
Activity: 2294
Merit: 1182
Now the money is free, and so the people will be
January 03, 2016, 10:20:14 PM
#39
I don't mine, I use faucets. Much easier.
Just out of curiosity, how much do you earn by doing that?
Can't be much, right...

Begging is NOT earning.

Edit:  Let me rephrase that.  Taking advantage of the charity of others is not earning.

meh faucets arent really charity.  they have ads and stuff, and they give out small amounts.  a good faucet should make money.
legendary
Activity: 1470
Merit: 1004
December 26, 2015, 10:54:34 PM
#38
based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
+1 this

Home mining is for the most part basically dead unless you have free or near free electric.  And the situation is going to get quite a bit worse in < 6 months when the block reward drops from 25/BTC to 12.5/BTC (*)

(*) If bitcoin price isn't well over $420-$450 by around 07-24 of next year it's going to get really interesting (not in a good way) in the mining community...even for the larger farms running the most efficient gear currently available!  Particularly if bitcoin difficulty continues along it's current path.

no worry, the price can be easily manipulated so, it will be how much it's necessary Smiley
legendary
Activity: 2294
Merit: 1182
Now the money is free, and so the people will be
November 17, 2015, 01:43:57 PM
#37
m
legendary
Activity: 1610
Merit: 1000
Well hello there!
November 14, 2015, 07:25:46 PM
#36
I'm in Quebec, Canada.  I have heating oil in my home, and the is a program called bi-energy (because here pretty much all heating is electric, and all our electric is hydroelectric).  so warmer than -12celcius = little less than 0.05, and colder its 0.23 cents or something.  so when its colder i switch the heating oil on.  Of course you have initial fee to pay, etc but yeah its pretty cheap.  even at 0.23 cents, I can underclock the miner and still come out profitable.  even break even is okay, because you are heating the home too.  summer, well, its cheap so the garage is pretty hot when i mine.  
Gotta love that hydro electric!!

Gotta say, wee bit jealous here. Smiley


huehuehue but now I have no more miners, i'm small scale.  had s1, 2xs3, an s5.  I sold them all.  maybe going to get an s7. 
Very nice.  It amazes me just how energy efficient these units have gotten in such a short period of time.
legendary
Activity: 2294
Merit: 1182
Now the money is free, and so the people will be
November 14, 2015, 06:14:09 PM
#35
m
legendary
Activity: 1610
Merit: 1000
Well hello there!
November 13, 2015, 11:21:55 AM
#34
I'm in Quebec, Canada.  I have heating oil in my home, and the is a program called bi-energy (because here pretty much all heating is electric, and all our electric is hydroelectric).  so warmer than -12celcius = little less than 0.05, and colder its 0.23 cents or something.  so when its colder i switch the heating oil on.  Of course you have initial fee to pay, etc but yeah its pretty cheap.  even at 0.23 cents, I can underclock the miner and still come out profitable.  even break even is okay, because you are heating the home too.  summer, well, its cheap so the garage is pretty hot when i mine.  
Gotta love that hydro electric!!

Gotta say, wee bit jealous here. Smiley
legendary
Activity: 2294
Merit: 1182
Now the money is free, and so the people will be
November 12, 2015, 10:21:10 PM
#33
rm
legendary
Activity: 1610
Merit: 1000
Well hello there!
November 11, 2015, 10:33:29 PM
#32
based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
+1 this

Home mining is for the most part basically dead unless you have free or near free electric.  And the situation is going to get quite a bit worse in < 6 months when the block reward drops from 25/BTC to 12.5/BTC (*)

(*) If bitcoin price isn't well over $420-$450 by around 07-24 of next year it's going to get really interesting (not in a good way) in the mining community...even for the larger farms running the most efficient gear currently available!  Particularly if bitcoin difficulty continues along it's current path.

anyone know what the chinese farms are paying on average for electricity ?  this could get interesting....in north america...there are places with VERY cheap electricity...for example I pay 0.048...thats 0.036 US DOLLARS...When its over -12c outside.
Your rates are extremely low.  Mind if I ask what country those rates are in?

According to https://www.ovoenergy.com/guides/energy-guides/average-electricity-prices-kwh.html (circa 2011) it appears as though on average China and India have the overall lowest electricity costs for developed countries.  The thing about China you have to remember though is that a great deal of people over there are setting up humongous hydro power plants to run their mining farms.  (for reference take a look at this setup in China https://bitcointalksearch.org/topic/--1072474)

Also, I have heard that China offers all sorts of subsidies insofar as energy is concerned for the 'right actors'.  Whether or not this applies to the above farm I'm not entirely sure.  Either way, with the rates that you currently have you've got a far better chance than the 'snowball in hell chance at ROI' scenario that 99% of the rest of the world is currently in Smiley
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