I put GPU mining profits (Q2 2010) into a 1.5kWh solar array, grid connected. So now the elec from that is thought of as free as I do not owe anything on it 
Nice, but are you earning anything substantial?
Topic: To those who say mining is unprofitable: (Read 3140 times)
Nice, but are you earning anything substantial?
I put GPU mining profits (Q2 2010) into a 1.5kWh solar array, grid connected. So now the elec from that is thought of as free as I do not owe anything on it
I believe the only constraint is power. If you don't have at least 200 amps of power dedicated to mining, then your earning is very low.
Planning on an increase in value is the only reason to mine.
No, mining and speculation are separate businesses. We've been through this before here.That said, in a topic titled mining speculation, I might be forgiven for munging the two notions together. In a thread entitled "To those who say mining is unprofitable:" helping to think through the profit elements of mining is useful. To make a profit mining today you need one of the following:
- Very inexpensive power
- A slowdown in the rate of difficulty increases (may be in process).
- An increase in bitcoin value.
- Less than $1/GHS hardware.
A slow down in the rate of difficulty? lol.. thats cute...
Planning on an increase in value is the only reason to mine.
No, mining and speculation are separate businesses. We've been through this before here.That said, in a topic titled mining speculation, I might be forgiven for munging the two notions together. In a thread entitled "To those who say mining is unprofitable:" helping to think through the profit elements of mining is useful. To make a profit mining today you need one of the following:
- Very inexpensive power
- A slowdown in the rate of difficulty increases (may be in process).
- An increase in bitcoin value.
- Less than $1/GHS hardware.
Planning on an increase in value is the only reason to mine.
No, mining and speculation are separate businesses. We've been through this before here.I think you'll be good for a few months. Lots of miners say they don't know how long it will be profitable but I'm curious if they are holding the coins the bulk of the coins they mine.
Planning on an increase in value is the only reason to mine. That said, I just spent my first BTC on a miner upgrade. 
I think you'll be good for a few months. Lots of miners say they don't know how long it will be profitable but I'm curious if they are holding the coins the bulk of the coins they mine.
I am not speculating... I am a miner :/
I'm gathering that you got ripped off by over-priced hardware...
Not at all... by your comment i'm gathering you bought 3-4 antminers and think that is what I meant by I am a 'miner'
If you really were mining at any serious hash speeds you would understand what I am saying by this is really not as profitable as people dream it would be. I should be selling hot dogs on the side of the road for 40% margins
S3 antminer is among the best right now but 14 and 20 nm is coming. Hopefully you have ROI by then..
BFL set out to go for 65nm before Avalons 110nm tech that BFL failed horribly (of course BFL would fail at making a peanut butter & jelly sandwich). Better design will lead to greater efficiency now - not the race to the smallest node.
Mining just seems to be crazier and crazier. I mean, it seems at this point that people and companies have realized how profitable it can be so there are just newer and newer miners coming out. It doesn't seem to show any sign of slowing down so you have to hope you can get positive ROI fast...or just go with cloud mining at least there if diff. stays low you can positive ROI and then not worry about having defunct hardware.
S3 antminer is among the best right now but 14 and 20 nm is coming. Hopefully you have ROI by then..
20nm is here... see the KNC Neptune. Disappointing. It barely beats the efficiency of Bitfury's 55nm from a year ago. 14nm is a long way away. And smaller dies size doesn't always mean better.
What do you think the difficulty rate will average out to being over the next few months? Because even 15% is roughly break-even for S3's. I'm back in the game with these little bastards. If the difficulty rate stays reasonable, there's a nice little bit of money to be made still.
A lot of ASICs are designed and shipped. I won't be surprised to see bigger increases sooner or later. If people see it as a profitable investment, they would buy ASICs to mine, for people with cheap electricity, they can host much more. The difficulty would increase significantly and it won't be profitable any longer.
S3 antminer is among the best right now but 14 and 20 nm is coming. Hopefully you have ROI by then..
What do you think the difficulty rate will average out to being over the next few months? Because even 15% is roughly break-even for S3's. I'm back in the game with these little bastards. If the difficulty rate stays reasonable, there's a nice little bit of money to be made still.
Those antminers are one of the only miners that seem profitable and able to access.
The best post I've read in ages!
99% of the people who say, "I have free electricity" are in dorm rooms or apartments. And they have no idea just how much electricity it takes to earn significant BTC income. AND they have no idea just how much heat and noise mining will generate.
A standard dorm room's electricity will be capable of earning about $4.00 per day. An apartment, maybe 3 times that... before the landlord comes-a-knockin' and starts asking if you have a grow-farm in your apartment.
99% of the people who say, "I have free electricity" are in dorm rooms or apartments. And they have no idea just how much electricity it takes to earn significant BTC income. AND they have no idea just how much heat and noise mining will generate.
A standard dorm room's electricity will be capable of earning about $4.00 per day. An apartment, maybe 3 times that... before the landlord comes-a-knockin' and starts asking if you have a grow-farm in your apartment.
Heh or until they plug in that new miner and
It's the old 15A wiring that is going to really go pop. I've seen some homes and apartments that use the crappiest 14guage wire and you can even see it charred at the socket terminals. Stick a couple S3s on that socket and you'll be asking for trouble with anything else on the line.
The best post I've read in ages!
99% of the people who say, "I have free electricity" are in dorm rooms or apartments. And they have no idea just how much electricity it takes to earn significant BTC income. AND they have no idea just how much heat and noise mining will generate.
A standard dorm room's electricity will be capable of earning about $4.00 per day. An apartment, maybe 3 times that... before the landlord comes-a-knockin' and starts asking if you have a grow-farm in your apartment.
99% of the people who say, "I have free electricity" are in dorm rooms or apartments. And they have no idea just how much electricity it takes to earn significant BTC income. AND they have no idea just how much heat and noise mining will generate.
A standard dorm room's electricity will be capable of earning about $4.00 per day. An apartment, maybe 3 times that... before the landlord comes-a-knockin' and starts asking if you have a grow-farm in your apartment.
Heh or until they plug in that new miner and
I have access to free electricity, soi have very good profit of my antminers.
How much free electricity? Unless you have access to megawatts, it's barely worth mining any more.The best post I've read in ages!
99% of the people who say, "I have free electricity" are in dorm rooms or apartments. And they have no idea just how much electricity it takes to earn significant BTC income. AND they have no idea just how much heat and noise mining will generate.
A standard dorm room's electricity will be capable of earning about $4.00 per day. An apartment, maybe 3 times that... before the landlord comes-a-knockin' and starts asking if you have a grow-farm in your apartment.
Unfortunately there are so many scams out there. 
I had a BFL preorder a long time ago and I was one of the lucky ones who actually was able to get a refund.
I had a BFL preorder a long time ago and I was one of the lucky ones who actually was able to get a refund. I am not speculating... I am a miner :/
I'm gathering that you got ripped off by over-priced hardware...
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