Author Topic: Profit?????  (Read 6546 times)

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Offline y0urpa1nltcTopic starter

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Profit?????
« on: June 20, 2013, 11:18:38 PM »
Hi im a bit new, i work my summers off to invest in stocks, this summer i found out about bitcoin and litecoin, litecoin looked way more profitable and easier to try. Ive done the research and im going to spend 4 grand on 2 mining rigs, each rig will have 3 7970s. I researched the hash benchmark and it said a 7970 could be configured from about 440 ghash to 640 ghash, i did the math with a online profitabilty calculator and it doesent take much to find a block. at a difficulty of hovering around 620. It came out at about 7000 ltcoin per day, added the exchangerate i would offer, 3 dol per coin, witch that a lot of other people are offering, at 20 fucking grand per day, 5 x what you spend in fucking day, is this correct i really think its too good to be true, but right there my data.


Offline Phillip Scandle

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Re: Profit maybe / maybe not
« Reply #1 on: June 22, 2013, 03:53:49 PM »
Hi im a bit new, i work my summers off to invest in stocks, this summer i found out about bitcoin and litecoin, litecoin looked way more profitable and easier to try. Ive done the research and im going to spend 4 grand on 2 mining rigs, each rig will have 3 7970s. I researched the hash benchmark and it said a 7970 could be configured from about 440 ghash to 640 ghash, i did the math with a online profitabilty calculator and it doesent take much to find a block. at a difficulty of hovering around 620. It came out at about 7000 ltcoin per day, added the exchangerate i would offer, 3 dol per coin, witch that a lot of other people are offering, at 20 fucking grand per day, 5 x what you spend in fucking day, is this correct i really think its too good to be true, but right there my data.

Boy are your numbers wrong!

1. Ghash is Bitcoin with ASIC. Try Kilo hash, thousand not billion.
2. Difficulty of 620 is unlikely to be seen again. Currently 746.  So many people have moved from mining Bitcoin! Increase in Litecoin value over last couple of days will result in most staying mining hoping for a positive return.
3. Cost of electricity is very high when mining so needs to be carefully looked at.
4. Getting highest hash rate is not automatic.
5. Think 250W per card + processor & efficiency of power supply.
6. Pool fee will need to be deducted. Bitcoin tends to be 3%! Litecoin maybe 1.5%. If you mine on your own you may never find a block.
7. Success can vary widely. The pool I use (one of the biggest & best) had only 88% of predicted success yesterday so I was borderline breakeven!
8. Actual payout also depends on difficulty of work your GPUs process

Current total litecoin hash rate is 23,817,288 kH/s (23GH) vs around 18 Ghash early June. Like Bitcoin consider there is a total pool of coins able to be mined in a given time frame. More GPU power mining means higher difficulty, reduced returns.

Based on 600Khash/s x 6 & power 6x250+200 (both conservative):
electricity 12c earns $14.76 day running cost $4.90 profit $9.86
If electricity is 20c p/kWh then profit is $6.60 & your monthly power bill $252. Now earlier this week the profit would have been $2.59 day. Depreciation on rigs costing 4 grand, say 1 grand year or $2.74 day. Loss earlier this week 20c day.

Now consider you can't expect 100% up time for your computers. Also what you actually pay for electricity. Depreciation when you come to sell your rigs. If you give up after a few months you lose heaps. Expect to be checking you rigs are working constantly (at first, anyway) & it being stressful if money is tight.

 

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