worth it to build a mining rig now??

Swishercutter

full member

Activity: 210

Merit: 100

Quote from: Hook^ on June 18, 2011, 05:22:07 PM

Quote from: Karen Palen on June 18, 2011, 05:16:34 PM

Quote from: Swishercutter on June 18, 2011, 04:56:56 PM

So what if you pay .05usd/kwh? Like me.

I pay US$0.06/Kwh "off peak" and all it does is move the "drop dead" date about two weeks.

This all depends on the Difficulty Factor and value of each BTC - BOTH of these numbers are very "volatile" just now and I don't see that changing for several months.

Once the crooks latch on to a way to make money it is VERY hard to kill them off - just like the small rodent type of rat.

The Difficulty Factor almost exactly follows the computing horsepower, which is growing at 4%/day. It has been like this for the last year or so, so it isn't volitile at all. It is very predictable, at least until people stop adding to the network, which no one knows when.

Price per BTC doesn't matter, because if it goes up, you would be better off buying bitcoins directly. If it goes down, you would be better of not doing anything

I would have made more trading so far for sure...but I like the idea of mining better. I pay $.05/kwh all day...it actually might be less since the average for my state (not my area) is .046/kwh (pacific northwest, industrial grade power)...I may end up being one of the last miners...you never know.

Hook^

newbie

Activity: 56

Merit: 0

Quote from: Karen Palen on June 18, 2011, 05:16:34 PM

Quote from: Swishercutter on June 18, 2011, 04:56:56 PM

So what if you pay .05usd/kwh? Like me.

I pay US$0.06/Kwh "off peak" and all it does is move the "drop dead" date about two weeks.

This all depends on the Difficulty Factor and value of each BTC - BOTH of these numbers are very "volatile" just now and I don't see that changing for several months.

Once the crooks latch on to a way to make money it is VERY hard to kill them off - just like the small rodent type of rat.

The Difficulty Factor almost exactly follows the computing horsepower, which is growing at 4%/day. It has been like this for the last year or so, so it isn't volitile at all. It is very predictable, at least until people stop adding to the network, which no one knows when.

Price per BTC doesn't matter, because if it goes up, you would be better off buying bitcoins directly. If it goes down, you would be better of not doing anything

Karen Palen

newbie

Activity: 14

Merit: 0

Quote from: Swishercutter on June 18, 2011, 04:56:56 PM

So what if you pay .05usd/kwh? Like me.

I pay US$0.06/Kwh "off peak" and all it does is move the "drop dead" date about two weeks.

This all depends on the Difficulty Factor and value of each BTC - BOTH of these numbers are very "volatile" just now and I don't see that changing for several months.

Once the crooks latch on to a way to make money it is VERY hard to kill them off - just like the small rodent type of rat.

jack_jones

newbie

Activity: 14

Merit: 0

I think you're just much better off buying some BTC now and holding. Assuming you've taken the necessary precautions with you're wallet, you could buy over 65 BTC with that rig... unlikely you'll ever make up that difference.

Swishercutter

full member

Activity: 210

Merit: 100

Quote from: tekwarrior on June 18, 2011, 02:10:07 PM

I wouldn't recommend building a mining rig right now, except if you want to use the components for computer games. If you factor in electricity costs and the increasing difficulty, it will take a long time until you break even. You will get about 10 BTC until the difficulty increases, after that you will get less (I'd guesstimate it to be about 30-40% every 2 weeks). So without electrity costs and a stable price of 16 USD per BTC you might be able to break even in 4 months.

I have to pay about 0,35 USD per kW/h (after converting it from my local currency). Your system will probably use about 800W, which would be about 200 USD for me in just one month. So with this rig I would lose about 50% of my BTC to the electricity bill in the first month, and even more in the following months due to the increasing difficulty.

So expect it to be at least 9 months (probably even more or never) with your rig running 24/7 until you might break even.

So what if you pay .05usd/kwh? Like me.

Hook^

newbie

Activity: 56

Merit: 0

Quote from: kais3r on June 18, 2011, 10:01:23 AM

I would put in
1x XFX ATI Radeon HD 5850
1x Sapphire Radeon HD 5850
, and the total would come to about 600.
Do you think if i ordered these components and build the pc i could return my money by the end of summer?(3 months)

You will never get a return because the network is growing so fast, and you have to compete with everyone else. You lose about 4% of return each day. You will start at around $17/day today, but will be down to less than a dollar a day in 3 weeks. You will reach the cost of electricity in about 60 days. And in the end you will have $200 worth of bitcoins total for all your work. I hope you can enjoy the cards for gaming afterwords Roll Eyes

EpiClock

newbie

Activity: 98

Merit: 0

Quote from: Scompee on June 18, 2011, 03:50:51 PM

My coin miner is powered by an elliptical exercise bike

Man found dead from exhaustion and dehydration: Are bitcoins to blame?

Scompee

newbie

Activity: 10

Merit: 0

My coin miner is powered by an elliptical exercise bike

EpiClock

newbie

Activity: 98

Merit: 0

It's pretty clear to me that unless you have the following things on your side:

1. Free cooling and electricity
2. A reason to have the gear *besides* mining

It's not worth it. I've got a miner running because, well, I bought a decent graphics card for games and other GPU computing projects. By the time most people (including myself) were even faintly aware of Bitcoin, the productivity from production was already pretty shot.

vulgata

newbie

Activity: 55

Merit: 0

For anyone thinking about this question (like myself and OP) please read this first: http://forum.bitcoin.org/index.php?topic=18803.0

tekwarrior

newbie

Activity: 12

Merit: 0

I wouldn't recommend building a mining rig right now, except if you want to use the components for computer games. If you factor in electricity costs and the increasing difficulty, it will take a long time until you break even. You will get about 10 BTC until the difficulty increases, after that you will get less (I'd guesstimate it to be about 30-40% every 2 weeks). So without electrity costs and a stable price of 16 USD per BTC you might be able to break even in 4 months.

I have to pay about 0,35 USD per kW/h (after converting it from my local currency). Your system will probably use about 800W, which would be about 200 USD for me in just one month. So with this rig I would lose about 50% of my BTC to the electricity bill in the first month, and even more in the following months due to the increasing difficulty.

So expect it to be at least 9 months (probably even more or never) with your rig running 24/7 until you might break even.

iamzill

sr. member

Activity: 677

Merit: 250

Quote from: frizzl on June 18, 2011, 01:44:46 PM

Quote from: iamzill on June 18, 2011, 01:15:44 PM

At the current rate of difficulty increase you will never break even, even assuming free cooling and electricity.

I dont like the word never here, there are a lot of ways to turn a few btc into even more btc, mining isnt the only way to make btc its just the easiest to let your pc hash away and be afk

Since OP never mentioned anything about trading I assumed this thread pertains purely to mining.

drknark

newbie

Activity: 28

Merit: 0

The market is too unstable to make any real predictions. You might break even in a month (though not likely), you might never. Point is; this is a high-risk investment. Only spend money that you can afford to lose.

MrWizard

sr. member

Activity: 252

Merit: 250

Not in 3 months, maybe 9. Use a Bitcoin Mining Calculator like the one at: http://www.alloscomp.com/bitcoin/calculator.php
to play around with mining rates and exchange rates to find your break even point.

frizzl

newbie

Activity: 28

Merit: 0

Quote from: iamzill on June 18, 2011, 01:15:44 PM

At the current rate of difficulty increase you will never break even, even assuming free cooling and electricity.

I dont like the word never here, there are a lot of ways to turn a few btc into even more btc, mining isnt the only way to make btc its just the easiest to let your pc hash away and be afk

iamzill

sr. member

Activity: 677

Merit: 250

At the current rate of difficulty increase you will never break even, even assuming free cooling and electricity.

kais3r

newbie

Activity: 85

Merit: 0

newegg

bob

newbie

Activity: 8

Merit: 0

yes.

But where will you get these parts?

SomeoneWeird

hero member

Activity: 700

Merit: 500

Quote from: kais3r on June 18, 2011, 11:57:59 AM

well how long do you think it would take to get a return of my money?

I'm not sure, but with the difficulty increasing every 2 weeks, it will be a while depending on what parts you have, and how much you spend.

kais3r

newbie

Activity: 85

Merit: 0

well how long do you think it would take to get a return of my money?

Topic: worth it to build a mining rig now?? (Read 2329 times)