Topic: Why are you still mining? - page 3. (Read 4049 times)

Well most people know about this, but is there any rough stats on how much power is actually coming from botnets?

A lot of hashing power is coming from botnets (network of infected computers).
Even if the block reward drops, they will keep on mining and making money.

All this talk about electricity usage I'm wondering if anyone has a "green mining rig." All I can imagine is a bunch of ASICs hooked up to some solar panels.

In my case I'm covered by solar in the summer... and micro hydro in the winter.

But also, I use mining to heat my house and garage.

when people have the hardware and been mining for a while, what should they do if they stop mining? they prefer to do what they have been doing rather that just sit and see others doing the same thing they've been doin! u know?

Its already relatively wide used here.

6.1% of our country wide power consumption came from bio gas this year and increasing.

It's still relativity cheap, but with the current development it wouldn't be a save investment.

My neighbor has a huge 24kw Natural Gas generator... It's pretty cool.  Not loud at all for how large it is.

Innnnteresting idea. I'm already on the gas mains. Let me get back to you on that.

It's crazy that they are shutting down completely safe and profitable hardware. I'm not sure if it's wise at this point to invest at new reactors with all these renewables and stuff coming soon, but they should generate with the old hardware as long as they can.

In Finland electricity is so expensive partly because they have to fund those new reactors somehow.

Yeah that would be nuts..... How cheap is natural gas for you guys? Were I live in Canada it's DIRT cheap.. 

Would it make sense to run a natural gas generator to run your home?

But they don't see a 30% increase across the board all thanks to idiots voting "Oh, that Fukushima thing was pretty bad. I know, let's turn off all our nuclear reactors. That'll solve all our problems".  

Year, but due to our bolt plan to get rid of nuclear power and focus on renewable energy we will face an increase of average 32% next year.

And we already have high costs.

I still hope that this will pay off in a view years, when we have advanced technology renewable energy sector due to this plan in the and are able to sell this to other countries.

A lot of places pay ridiculous amounts for electricity. 

I'm just kidding about Germany's huge rises in electricity costs. 

What's the problem? I pay for my electricity at my house. I run 1 rig at home. I have multiple other rigs running at my friends house.

He pays for his rent with inclusive electricity....



Send me some rigs.. I'll host some for ya.. 50/50 split on the profits.. so everything it mines

The electricity is paid in the rent, so "free" is actually "paid by other tenants" .

Looks like the network speed has dropped 20% since I started this topic, so it just took longer than I expected. The next difficult is already ruined, but maybe it's possible still to mine for  a week or so before the asic's start to make a difference.

With all these people out their yelling about how they have free electricity, I think I'm beginning to understand why I pay so much for electricity. And I'm not even mining.

Not profitable with free energy?

Well if someone has hard to sell stuff, then it's profitable, but people should always think about economic opportunity costs. For example I have a 600mhas rig that I can sell easily for 200€. To mine that 200€ at current difficulty if nothing breaks down would take around 8 months, and if something breaks it's one month for a gpu fan, three months for a psu etc.. And most people have to pay for electricity, so the margin is even worse. Basically I think that people are ruining their hardware for less than nothing.


You can always buy coins and support economy that way.. I was expecting difficulty to drop in few weeks around 20-30%, so that this would be profitable for even some of us.

Even with my low hashrate and the risk of burning out my cards, it's worth it for me because I don't pay the electric bill.

I do pay for some things around here, and there will come a time (pretty much when ASICs come, and I have ordered one of those so I'm fine in that regard) when what I make in coins will not be worth it even with the electricity costs because I'm using my personal card and it could break or start to malfunction in the games that I play or I may be asked to pay part of the electric bill and that would put me in a position where I didn't care to pay that extra 5 - 10 bucks a month or whatever for my few dollars in coins. But that time has not come yet.

You also have to realize that as long as you pretty much break even, you can still mine. Most people made enough from their farms to pay for the electricity more than double, so they can still mine at a gain. It's not reasonable to turn off a card that might not have even paid for itself yet, just because it's only make a few cents on top of paying for the electricity bill. You are still making something... And the cost of coins fluctuates a good deal. You might mine at a loss for a bit and then start mining at a gain for a bit, back to loss, and so on.. yet overall always be making coin and in the end have a nice stockpile that is worth far more than you paid in. Bitcoin should also always go up in price over time, don't forget that.

You don't have to factor in the cost of your mining equipment once you are already mining, and if anything, if you do include the costs you paid then you need to keep them on as long as you can pay the electric bill and get a few more coins after that or you lose out completely.

I wouldn't tell someone that it was reasonable to buy new equipment in order to mine if that is what you are talking about. But that has nothing to do with why the total hashrate is still the same.

There is also something to be said about the ease of mining over using any of the Bitcoin buying services. The easy ones always give to a good deal less.