Profitable?

[Alien]

generally cards have 3 years right? let it run...if it *** within 3 years...RMA it

thing is, what happens if it survives 3 years. then you sell it and it breaks after a month.. you gonna give the guy some sort of rebate because you essentially killed the card by mining. Personally i wont buy a card that someone has been using to mine, unless its for much cheaper since theres a greater risk of failure

 

[SaltyCv2]

I’ve had quite a few PM’s on mining and profitability So this is my simple lower grade math calculation Based on a single home user rig “Using what you have” being two MSI 6970’s and some random bits to get them booting and mining.

KWH Rate 2.20 @ >700kwh (This can vary from municipality to municipality)
Kilo hash rate of 990k/hs (Average of 480 per card)
Usage per hour 650 watts +100 watts peripherals (Host Mobo, Fans, etc). 750 watts 75% of a kilowatt
R2.20 x 24 (hrs) less 25% (actual usage of the rig) = R39.6 Electricity cost per day
LTC Production per day: 0.26 LTC @ current difficulty of 3891.3 due to increase in a few hours.
@ 24 LTC/USD
6.24 USD per 24hrs
@ 10.5 ZAR/USD looking at R65.52 a day

Profit 25.92

Excludes hardware or any initial startup cost.

So in my opinion enough to buy a pie and a coke every day for the rest of your life and essentially still a hobby that is easily justifiable to the wife
If the difficulty goes up, which it most certainly will you may just be able to afford a pie.

 

[Alien]

KWH Rate 2.20 @ >700kwh (This can vary from municipality to municipality)
Kilo hash rate of 990k/hs (Average of 480 per card)
Usage per hour 650 watts +100 watts peripherals (Host Mobo, Fans, etc). 750 watts 75% of a kilowatt
R2.20 x 24 (hrs) less 25% (actual usage of the rig) = R39.6 Electricity cost per day
LTC Production per day: 0.26 LTC @ current difficulty of 3891.3 due to increase in a few hours.
@ 24 LTC/USD
6.24 USD per 24hrs
@ 10.5 ZAR/USD looking at R65.52 a day

Profit 25.92

Excludes hardware or any initial startup cost.

Great stuff! so lets try work out if its worth it with what data we have and plenty assumptions
Please note that if you have a business you can actually factor in depreciation and claim it back so that's an advantage but wont use here.

so assuming a rig has a lifespan of 3 years of mining
average mining rig~R3000
and R2000/gpu
total cost R7000 / (365*3) ~ R6.40

even if you round it up you still end up netting around R19 per day. cost is approx R47 per day. which is about 40% ROI.... hmm maybe there is something in this. But to be clever and remove the obvious risk of cards failing out of warranty... it will cost more. and with electricity prices always going up... this will probably be a bad investment in 2 years time

 

[SaltyCv2]

So i have a question for the miners

How much profit have you made thus far. I'm not talking about buying coins as an investment, but rather how much have you sold and how much net profit you have made off of it?

Please post:
Coins sold:
Total sold for(if used to buy things then use that):
Time taken to mine:
Cost of electricity: try give good estimate
Components(oc?) | Cost

No need to add chassis but please post PSU

Im currently turning over 80 to 90 LTC a month with a 100k Capital Investment.

Holding out on the best time to sell LTC/ conver to BTC seems to be the tricky part. LoL.
if you have the Cojones to wait you can make a fraction more.

 

[SaltyCv2]

Great stuff! so lets try work out if its worth it with what data we have and plenty assumptions
Please note that if you have a business you can actually factor in depreciation and claim it back so that's an advantage but wont use here.

so assuming a rig has a lifespan of 3 years of mining
average mining rig~R3000
and R2000/gpu
total cost R7000 / (365*3) ~ R6.40

even if you round it up you still end up netting around R19 per day. cost is approx R47 per day. which is about 40% ROI.... hmm maybe there is something in this. But to be clever and remove the obvious risk of cards failing out of warranty... it will cost more. and with electricity prices always going up... this will probably be a bad investment in 2 years time

Makes good business sense “Now” but no way of guaranteeing the investment or return for 2 years, not like selling cars. Crypto could lose all its value tomorrow and you sit with a repayment on a nil return.
If they release an ASIC equivalent tomorrow your investment worthless and you would need to reinvest in upgraded hardware.

 

[SaltyCv2]

Scary Volumes in CHY.

OKCoin trading pairs and other informations and statistics

 

[SaltyCv2]

Ok so todays update, I had 100 ltc i sold at 0.02972 which I bought at 0.27724.
Essentially I made more trading LTC than I did mining it over the same period. LOL

 

[gox1201]

By my observation:

An astute currency trader can make a lot more than you can mining. But you have to watch it like there is nothing else. Its not a 10m / day business.

Mining is sort of set and forget currently for me, so less income, but less hassle (maybe 1h a day of tinkering)

I have 290 cards that are mining away, say 10 or so.

They each use exactly 300w per card (measured with a kill-a-watt equivalent meter) and deliver 900hash / card
My electricity is R1,24/kwh

So my math is fairly rosy CURRENTLY, but is half the profit it would have been a month ago.
The setup cost for 10x 290 cards was R55k just for the gpu's add in PSU,MB,etc and your touching R70k

To see what I'll make in a month, remains a bit of a speculation.

In a perfect world, I would make make us$1400 profit this month from it.
.
.
.
.

We will wait and see, but I can tell you now I'll be happy if I hit half that, I don't believe in easy money, and so far I've had incredible amount of **** with my miners
Amongst other things
My 1 motherboard won't detect cards linked with 1x risers (asus maximus extreme z77)
Two of my motherboards won't boot off a Win 8 Go stick, so I had to add SSD and win8.1 copies
The 290 cards are different PER card , so lots of custom settings, no one size fits all setting
Risers - these things are the BANE of my existence. I WISH I could get 16-16 risers powered by USB. That would literally solve about 90% of my problems.
HEAT - the 290s generate 300w of heat per card. The fans are LOUD - at 80% fanspeed my cards are hitting 80 degrees easily, since its bloody 35 degrees in dbn.
Did I mention I hate customs? My risers have been stuck in customs for almost 2 weeks.
CGWatcher stalls out Win8 if cgminer closes a 290 while mining. Known bug. FUN
So 1phase home supply kinda caps around 20 gpus. Anything more and you start having fun with breakers etc.
It costs R13k in dbn to switch to 3-phase....
3phase needs special powerleads etc.... they are quite expensive
COOLING - ask [MENTION=22181]roligov[/MENTION] how that little garage area of his feels. These things are like heaters on steroids.
Normal aircons aren't meant to operate 24/7, so essentially you are looking at 2 units, probably 18000btu or more, running constantly.
This DOUBLES your power cost!!!


So all in all, its been a very painful learning experience.

In an ideal world I want to
Add another 40 gpus
Rise them all on USB risers
Get non reference cards for more effective cooling
Repaste most of them
Get motherboards that don't give me **** with 1x risers in 16x slots

 

[Senshi]

By my observation:

An astute currency trader can make a lot more than you can mining. But you have to watch it like there is nothing else. Its not a 10m / day business.

Mining is sort of set and forget currently for me, so less income, but less hassle (maybe 1h a day of tinkering)

I have 290 cards that are mining away, say 10 or so.

They each use exactly 300w per card (measured with a kill-a-watt equivalent meter) and deliver 900hash / card
My electricity is R1,24/kwh

So my math is fairly rosy CURRENTLY, but is half the profit it would have been a month ago.
The setup cost for 10x 290 cards was R55k just for the gpu's add in PSU,MB,etc and your touching R70k

To see what I'll make in a month, remains a bit of a speculation.

In a perfect world, I would make make us$1400 profit this month from it.
.
.
.
.

We will wait and see, but I can tell you now I'll be happy if I hit half that, I don't believe in easy money, and so far I've had incredible amount of **** with my miners
Amongst other things
My 1 motherboard won't detect cards linked with 1x risers (asus maximus extreme z77)
Two of my motherboards won't boot off a Win 8 Go stick, so I had to add SSD and win8.1 copies
The 290 cards are different PER card , so lots of custom settings, no one size fits all setting
Risers - these things are the BANE of my existence. I WISH I could get 16-16 risers powered by USB. That would literally solve about 90% of my problems.
HEAT - the 290s generate 300w of heat per card. The fans are LOUD - at 80% fanspeed my cards are hitting 80 degrees easily, since its bloody 35 degrees in dbn.
Did I mention I hate customs? My risers have been stuck in customs for almost 2 weeks.
CGWatcher stalls out Win8 if cgminer closes a 290 while mining. Known bug. FUN
So 1phase home supply kinda caps around 20 gpus. Anything more and you start having fun with breakers etc.
It costs R13k in dbn to switch to 3-phase....
3phase needs special powerleads etc.... they are quite expensive
COOLING - ask @roligov how that little garage area of his feels. These things are like heaters on steroids.
Normal aircons aren't meant to operate 24/7, so essentially you are looking at 2 units, probably 18000btu or more, running constantly.
This DOUBLES your power cost!!!


So all in all, its been a very painful learning experience.

In an ideal world I want to
Add another 40 gpus
Rise them all on USB risers
Get non reference cards for more effective cooling
Repaste most of them
Get motherboards that don't give me **** with 1x risers in 16x slots

Or just invest with us

Our Aircon bill is around R20k for our mining setup which I mentioned to you over the phone.

A lot of people attempt mining without considering how much of a ballache it really is getting it setup, installed and maintaining it. The cards are almost 99% efficient in terms of heat (ie heat drawn = heat generated). That's effectively putting heaters in a room and trying to keep them cool.

I know your pain bud, believe me, I've been dealing with this over 2 months already, welcome to my life!
[MENTION=1912]CracK[/MENTION] just like trading can be very profitable it can be very unprofitable as well (high risk vs high reward approach).

I'd like to elaborate on this more but I can't as I'd be giving away vital company secrets we've based a business model off of.

 

[Oj0]

USB powered risers? That means the power is coming from the motherboard, almost the same as running unpowered risers.

 

[roligov]

They not actually powered via USB. Just a USB 3 cable is used from mobo to 16x connector. It's powered by a Sata plug, instead of a molex.

Sent from my GT-N7100 using Tapatalk

 

[Scryyyyym]

The base of the game is simple. Play around with it. Buy a R800 mobo that has 2 Pci-e slots. A 800w PSU. Secondhand or cheapest from your local pc shop. A celeron cpu and some gumtree or new cards. I did this and all I got out was learning how to solve a sheetload of pc problems. Was a lotra fun but getting the settings right etc can chew 10 hours a day. Have fun with it but don't quit your day job.

i used to be a miner like u..... but then i took an arrow to the knee...

 

[Machine]

Interesting topic - I would also like to know more in terms of profit % and total return...form an investors perspective. So lets say I provide a few hundred K's and you as the mining expert run the setup and day to day admin.

What type of net return (% pa) can one expect on this?
Now I know it would be no more than a guestimate as the difficulty in mining and coin prices are quite volatile.

 

[Alien]

Interesting topic - I would also like to know more in terms of profit % and total return...form an investors perspective. So lets say I provide a few hundred K's and you as the mining expert run the setup and day to day admin.

What type of net return (% pa) can one expect on this?
Now I know it would be no more than a guestimate as the difficulty in mining and coin prices are quite volatile.

Crack and i worked out an esimated ROI on previous page. but once you start setting up several/many miners, then you also need to take cooling into account in terms of airconditioners or watercooling depending on gpu's/miner.. There are several people beginning to offer mining to investors since you can share cooling and other running costs(monitoring etc). so maybe speak to them or wait until this thread has more enough data that it can become more conclusive

 

[Visi_Ace]

I am also busy setting up. I have 3 phase power at my home and will set up my first rig next week with 3 x 290 cards. Should get my 16X-16X powered risers next week as well. Should have done this 2 years ago instead of wasting my time with Folding @ Home.

After doing somie research the question is do one throw a lot of money at ASIC SHA256 cards or rather at consumer cards for Scrypt? I think the boat has passed for pure Bicoin mining unless you have a lot of capital and get your hands on these rare high hash rate ASIC cards now.

 

[radrichard]

Mining at 10ghs for about R20 a day before elec. So no, not profitable.

Sent from my GT-I9500 using Tapatalk

 

[Pyro]

My 7770 is making a LTC every 26 days or so.

With gaming on the 760GTX at night and i7-2600 it uses about R7/day.

So - to be fair, not making much money, but it no longer costs me money to pay for the gaming electricity

 

[Oj0]

Mining at 10ghs for about R20 a day before elec. So no, not profitable.

Sent from my GT-I9500 using Tapatalk

Get off of Bitcoin and start making a few hundred a day - possibly even over R1,000 a day.

 

[radrichard]

What do you suggest?

Sent from my GT-I9500 using Tapatalk

 

[pXius]

By my observation:

An astute currency trader can make a lot more than you can mining. But you have to watch it like there is nothing else. Its not a 10m / day business.

Mining is sort of set and forget currently for me, so less income, but less hassle (maybe 1h a day of tinkering)

I have 290 cards that are mining away, say 10 or so.

They each use exactly 300w per card (measured with a kill-a-watt equivalent meter) and deliver 900hash / card
My electricity is R1,24/kwh

So my math is fairly rosy CURRENTLY, but is half the profit it would have been a month ago.
The setup cost for 10x 290 cards was R55k just for the gpu's add in PSU,MB,etc and your touching R70k

To see what I'll make in a month, remains a bit of a speculation.

In a perfect world, I would make make us$1400 profit this month from it.
.
.
.
.

We will wait and see, but I can tell you now I'll be happy if I hit half that, I don't believe in easy money, and so far I've had incredible amount of **** with my miners
Amongst other things
My 1 motherboard won't detect cards linked with 1x risers (asus maximus extreme z77)
Two of my motherboards won't boot off a Win 8 Go stick, so I had to add SSD and win8.1 copies
The 290 cards are different PER card , so lots of custom settings, no one size fits all setting
Risers - these things are the BANE of my existence. I WISH I could get 16-16 risers powered by USB. That would literally solve about 90% of my problems.
HEAT - the 290s generate 300w of heat per card. The fans are LOUD - at 80% fanspeed my cards are hitting 80 degrees easily, since its bloody 35 degrees in dbn.
Did I mention I hate customs? My risers have been stuck in customs for almost 2 weeks.
CGWatcher stalls out Win8 if cgminer closes a 290 while mining. Known bug. FUN
So 1phase home supply kinda caps around 20 gpus. Anything more and you start having fun with breakers etc.
It costs R13k in dbn to switch to 3-phase....
3phase needs special powerleads etc.... they are quite expensive
COOLING - ask [MENTION=22181]roligov[/MENTION] how that little garage area of his feels. These things are like heaters on steroids.
Normal aircons aren't meant to operate 24/7, so essentially you are looking at 2 units, probably 18000btu or more, running constantly.
This DOUBLES your power cost!!!


So all in all, its been a very painful learning experience.

In an ideal world I want to
Add another 40 gpus
Rise them all on USB risers
Get non reference cards for more effective cooling
Repaste most of them
Get motherboards that don't give me **** with 1x risers in 16x slots

I'll be honest I also got a surprise when it came to heat. Had a 36 000 BTU Air-con installed today and it makes a huge difference. I'm now hashing at the 15Mhs mark and I'm hoping to hit 20Mhs by month end, that's of course if the suppliers stick to their ETA's. hopefully I can get away without adding another air-con.

Electrician coming in tomorrow morning to do some upgrades including a dedicated DB box to the mining room. Depending on the next two month's earnings I might consider going 3 phase. I really do hope we see a increase in value along with recent mining difficulty spikes.

 

[gox1201]

[MENTION=40]pXius[/MENTION] please update us on what the electrician charges you in the end please? I need to get one out as well, but they won't give me a guesstimate before hand

Sent from my GT-N7100 using Tapatalk

 

[Visi_Ace]

[MENTION=40]pXius[/MENTION] What size PSU do you use and how many cards do you run per PSU?

 

[pXius]

[MENTION=40]pXius[/MENTION] please update us on what the electrician charges you in the end please? I need to get one out as well, but they won't give me a guesstimate before hand

Sent from my GT-N7100 using Tapatalk

Will do.

[MENTION=40]pXius[/MENTION] What size PSU do you use and how many cards do you run per PSU?

Mostly using mostly 1100W PSU's because of the price I can source them at.

I'm using different cards ie. 7970's/280x's, R9 290's, 270x's, 5870's and there's a 5970 in the mix as well.

Mostly I run 4 cards off a psu, aside from the 290's and 5970. All cards undervolted obviously.

 

[gox1201]

[MENTION=40]pXius[/MENTION] any news on what the electrician charges were to change your DB board?

 

[pXius]

[MENTION=40]pXius[/MENTION] any news on what the electrician charges were to change your DB board?

I had a few things done, few plugs installed, air-con wired, 3 phase power cable pulled through to DB board from street and then obviously the separate DB board for the mining. Just waiting on municipality to come and install the 3 phase meter.

Without the 3 phase meter I clocked in at R12k.

I'll check the invoice specifically for the DB board but I can tell you that labor was R2.7k and they worked pretty much all day.

 

[gox1201]

Did the municipality also charge you for switching to 3 phase. Here in dbn they want 12k to switch and another 3k for the meter

Sent from my GT-N7100 using Tapatalk

 

[pXius]

Did the municipality also charge you for switching to 3 phase. Here in dbn they want 12k to switch and another 3k for the meter

Sent from my GT-N7100 using Tapatalk

Everything was apparently already in place and I just need to pay R5k for the switch along with the meter.

 

[Dibzzz]

[MENTION=40]pXius[/MENTION] any idea what your watt and amp limit will be on 3 phase? I know household is 13KW and 60-80amps? Will 3 phase triple that?

 

[pXius]

[MENTION=40]pXius[/MENTION] any idea what your watt and amp limit will be on 3 phase? I know household is 13KW and 60-80amps? Will 3 phase triple that?

Household, especially newer developments are 60 amps and yes, 3 phase will effectively triple that.