Will all those new miners ever see a profit

JohnDoeCrypto

newbie

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Quote from: kalus on January 09, 2014, 01:48:48 AM

Quote from: delovan on January 08, 2014, 02:11:04 PM

Quote from: grendel25 on January 06, 2014, 07:37:23 AM

Show your actual calculations.

http://bitcoinwisdom.com/litecoin/calculator

As mining LTC, atm, a Radeon 7950 breaks even in 71 days with 0% increasing difficulty. One month ago it was like 20 days.

I bought 10 7950s 60 days ago. i wish it had taken 20 days to break-even.

I made my mining rig with 2x r9 290 for ~1500$. It started working on 2013.12.05. Up to this day I cashed out 1300$.
And I completely missed DOGE train...

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: delovan on January 08, 2014, 02:11:04 PM

Quote from: grendel25 on January 06, 2014, 07:37:23 AM

Show your actual calculations.

http://bitcoinwisdom.com/litecoin/calculator

As mining LTC, atm, a Radeon 7950 breaks even in 71 days with 0% increasing difficulty. One month ago it was like 20 days.

I bought 10 7950s 60 days ago. i wish it had taken 20 days to break-even.

judyballhairy

newbie

Activity: 33

Merit: 0

If you're mining litecoin you might not see a profit, but you have to adapt. mine other alts and sell at the end of the day for bitcoin/litecoin. Ignore all the coinwarz type sites and find profitable coins yourself so you can mine before everyone jumps in. Or better yet, mine dead coins with no difficulty, then wait for them to be revived. It happens quite a bit and even if the revival is a failure, you can usually grab a huge gain on the hype.

grendel25

legendary

Activity: 2296

Merit: 1031

Thanks, even though you weren't the OP. But.. your calcs don't consider mining varous coins. this is better and more advantageous/profitable: http://dustcoin.com/

better break even times so I still think that miners will see profit.

delovan

newbie

Activity: 31

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Quote from: grendel25 on January 06, 2014, 07:37:23 AM

Show your actual calculations.

http://bitcoinwisdom.com/litecoin/calculator

As mining LTC, atm, a Radeon 7950 breaks even in 71 days with 0% increasing difficulty. One month ago it was like 20 days. Considering difficulty increase 15% (which is what I can observe on the past month), the card doesn't bother to break even (even the 25 Mh/s Alpha-T ASIC miner breaks even).

atomiccloud

member

Activity: 104

Merit: 10

COMM:CUA9LQiSKXG8Ed79qNz6bZv4NbSCS6RUb7

I've recently bought some used GPUs here on the forums. I have mined with them and easily made back what I payed and then some. I am now selling because the ltc difficulty is skyrocketing and I really need some cash right now lol.

But yes, I think if people are smart then they will definitely make a profit.

madmartyk

legendary

Activity: 2702

Merit: 1030

Yes I am a pirate, 300 years too late!

Quote from: maardein on January 07, 2014, 03:23:21 PM

Quote from: avidwriter on January 07, 2014, 09:02:38 AM

Quote from: CrimsonGT on January 06, 2014, 09:44:40 AM

Most of us are mining Alt Coins with lower difficulties and then using exchanges to trade them for BTC/LTC. With about 300Kh/s from an old card right now I still make around 4-5$/day and will be doing considerably better when my R9 280x arrives.

which pool are you using? i'm only getting $5/day on 600KH/s on multipool. thanks

Try middlecoin. I am getting ~0.01BTC/day with 750kh/s

http://middlecoin2.s3-website-us-west-2.amazonaws.com/reports/1BgQKjvQMoomb5FMSuoTeeVhJJAoNyXWcH.html

I'm getting almost .02/day on Middlecoin, I keep switching off to go mine shitcoins!! (facepalm)... Going to leave the 1.4 Mh/s rig on Middlecoin from now on.

kalnas

member

Activity: 98

Merit: 10

Quote from: kalus on January 06, 2014, 10:18:20 PM

asics will destroy what little profit there was left in altcoins for the gpu miner.

SHA256 asics didn't destroy GPU mining, srypt asics will neither. We already seeing new algorithms arise like scrypt-jane, something used for memorycoin, have strong CPU coins, which will get into GPU sooner or later.

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

Quote from: SimonG on January 07, 2014, 02:40:27 PM

Quote from: kalus on January 06, 2014, 10:18:20 PM

asics will destroy what little profit there was left in altcoins for the gpu miner.

no. asic will only provide less power usage but they will never be the same revolution as asic for bitcoin. Scrypt algorithm is very memory dependent and GDDR5 is not cheap.

Its actually cheaper to buy GPU one by one.

in q1, 2014.

technology moves forward though, and it looks like the new model radeons will be adding cores (and watts) on existing cards, rather than redesigning the architecture. they're doing the same thing, just more of it, and they'll be outpaced soon by not single asics, but warehouses full of operating, mining asics.

maardein

sr. member

Activity: 420

Merit: 250

Quote from: avidwriter on January 07, 2014, 09:02:38 AM

Quote from: CrimsonGT on January 06, 2014, 09:44:40 AM

Most of us are mining Alt Coins with lower difficulties and then using exchanges to trade them for BTC/LTC. With about 300Kh/s from an old card right now I still make around 4-5$/day and will be doing considerably better when my R9 280x arrives.

which pool are you using? i'm only getting $5/day on 600KH/s on multipool. thanks

Try middlecoin. I am getting ~0.01BTC/day with 750kh/s

http://middlecoin2.s3-website-us-west-2.amazonaws.com/reports/1BgQKjvQMoomb5FMSuoTeeVhJJAoNyXWcH.html

SimonG

member

Activity: 84

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Quote from: kalus on January 06, 2014, 10:18:20 PM

asics will destroy what little profit there was left in altcoins for the gpu miner.

no. asic will only provide less power usage but they will never be the same revolution as asic for bitcoin. Scrypt algorithm is very memory dependent and GDDR5 is not cheap.

Its actually cheaper to buy GPU one by one.

cryptomining

sr. member

Activity: 434

Merit: 250

Quote from: kalus on January 06, 2014, 10:18:20 PM

asics will destroy what little profit there was left in altcoins for the gpu miner.

no ascis coming any time soon, maybe ever.

avidwriter

newbie

Activity: 45

Merit: 0

Quote from: CrimsonGT on January 06, 2014, 09:44:40 AM

Most of us are mining Alt Coins with lower difficulties and then using exchanges to trade them for BTC/LTC. With about 300Kh/s from an old card right now I still make around 4-5$/day and will be doing considerably better when my R9 280x arrives.

which pool are you using? i'm only getting $5/day on 600KH/s on multipool. thanks

kalus

sr. member

Activity: 420

Merit: 263

let's make a deal.

asics will destroy what little profit there was left in altcoins for the gpu miner.

KOTKA

newbie

Activity: 20

Merit: 0

Quote from: CrimsonGT on January 06, 2014, 09:44:40 AM

Most of us are mining Alt Coins with lower difficulties and then using exchanges to trade them for BTC/LTC. With about 300Kh/s from an old card right now I still make around 4-5$/day and will be doing considerably better when my R9 280x arrives.

4-5$/day on 300Kh/s ?? what a curreencies could u mine for such a big value ?

CrimsonGT

full member

Activity: 462

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Most of us are mining Alt Coins with lower difficulties and then using exchanges to trade them for BTC/LTC. With about 300Kh/s from an old card right now I still make around 4-5$/day and will be doing considerably better when my R9 280x arrives.

grendel25

legendary

Activity: 2296

Merit: 1031

Show your actual calculations.

Takeshi_Kovacs

member

Activity: 65

Merit: 10

Since litecoin shot up in value, the network hash rate has jumped by the equivalent of over 100,000 GPUs.

Accordingly, difficulty has shot up and, despite a pause over the holidays, it continues to rise. According to my calculations, if miners continue to buy high end Radeons as fast as they can be built, the difficulty will continue to rise at a rate the will mean that none of these cards will ever earn its cost back.

Topic: Will all those new miners ever see a profit (Read 1523 times)