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pacomartin
pacomartin
Joined: Jan 14, 2010
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April 9th, 2013 at 5:02:58 PM permalink
Quote: bigfoot66

Cool. How does the cost of electricity compare to what you make daily/weekly mining?



website that calculates profit based on cost of electricity

Total Miners Revenue $957,045.46 @ $211.55 USD per bitcoin
Electricity Consumption * 1,065.10 megawatt hours
Electricity Cost $159,764.47 @ $150 per megawatt hour

That price of electricity is pretty high for where I live (roughly $105 per megawatt hour) , but it is low for New York City. The electricity argument made some sense when bitcoins were less than $40 apiece. It cost more to make them then they were worth. But all those people who made them anyway are now getting rewarded!=


Current Value of bitcoins is $234.50
bbvk05
bbvk05
Joined: Jan 12, 2011
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April 9th, 2013 at 10:35:50 PM permalink
Quote: Ahigh

No I'm using https://mining.bitcoin.cz and cgminer on an Nvidia-based CPU with 60Mh/s.

It's not that fantastic compared to the giga-hash. I may get 1.5 Gh/s setup, I just don't know if I want to invest in mining bitcoins, but I probably will if the cost to run and cool my CPU is not prohibitively large compared to the money I can generate from it.



Graphics card setups are going to become obsolete soon. Your 60mh/s setup is only going to make $40/year after power costs at the current difficulty and value. But the difficulty goes up every day. Odds are that in 3 months your card will be losing money when you factor power---and that is only counting the card's power. If you could have your computer off instead of mining you are already losing money. Nvidia totally sucks for mining.

You'll still be able to mine litecoin with a GPU setup I guess, but you need AMD. Get 3x 7970 and you have potential.
Ahigh
Ahigh
Joined: May 19, 2010
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April 10th, 2013 at 1:48:39 AM permalink
Thanks for all of the detailed analysis folks! 3x 7970 .. I'll look into that! Electricity for the computer is only part of the equation in summertime here in Nevada. The A/C to cool the room that the computer is heating up goes on top of that effectively adding another 20% to 40%.

Maybe you need a swamp cooler and an outdoor computer room to make it cost effective so that the computer room can run at 90' instead of 72' or something. Then I could run about ten or more computers and buy some sort of outdoor setup. I'd probably run up a bill so high the Metro PD would be knocking on my door expecting to find me growing a bunch of marijuana.

I think you could probably use some sort of custom mount setup instead of using cases so you just have a really big fan running over a bunch of motherboards all mounted onto a custom wooden wall or something.
EvenBob
EvenBob
Joined: Jul 18, 2010
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April 10th, 2013 at 5:28:03 AM permalink
Quote: Ahigh

Thanks for all of the detailed analysis folks!



Now that Bitcoin is a phenom, there are so many people
jumping on the get rich quick Gold Rush bandwagon that
its epic fail is inevitible. Just like a Bernie Madoff investment
scheme, don't invest the kids college money in it just yet.
"It's not enough to succeed, your friends must fail." Gore Vidal
P90
P90
Joined: Jan 8, 2011
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April 10th, 2013 at 6:58:04 AM permalink
Bitcoins are a pyramid scheme due to how it was set up. Early coins were silly easy to earn, the later it is, the harder they get to mine. Guess who it's good for?

Early ROI was as high as 1000%/year even at cent value back then, now ROI is falling below 100%/year.
Unlike ponzi schemes, however, it's not a scheme prone to crashing, as long as real value is attached to bitcoins. Right now they are popular for certain recreational purchases. It's not so much guys on the corner as web stores.

It can fall down or keep growing, but there's little risk of a true "bubble burst" to nothing.
Resist ANFO Boston PRISM Stormfront IRA Freedom CIA Obama
dwheatley
dwheatley
Joined: Nov 16, 2009
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April 10th, 2013 at 8:29:40 AM permalink
Quote: P90

It can fall down or keep growing, but there's little risk of a true "bubble burst" to nothing.



In a sense there is, acknowledged by the founders themselves. If a competing digitial/crypto-currency were to gain broader acceptance, bitcoin would fade into obscurity. The value could go to 0 fairly quickly.

I believe this is the single biggest downside risk to the currency.
Wisdom is the quality that keeps you out of situations where you would otherwise need it
AceCrAAckers
AceCrAAckers
Joined: Jul 12, 2011
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April 10th, 2013 at 8:36:52 AM permalink
Hey, lets start our own digit coins. Say we give out to WOV members and for every post they make, they will be rewarded one a day. We can build up excitement and have others buy into this illusion. As long as we are not the last one to be holding this when no one wants it we should be good.

Why hold onto gold or silver. Lets go digital. dwheatley is right when he called it a currency, not money. This only had inherent value and zero intrinsic value.

Let the price of silver go down some more so I can keep stacking. Others can mine bitcoins.
Edward Snowden is not the criminal, the government is for violating the constitution!
24Bingo
24Bingo
Joined: Jul 4, 2012
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April 10th, 2013 at 8:58:50 AM permalink
Just signed up for a pool.

My name is "tulip farmer."
The trick to poker is learning not to beat yourself up for your mistakes too much, and certainly not too little, but just the right amount.
EvenBob
EvenBob
Joined: Jul 18, 2010
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April 10th, 2013 at 12:13:09 PM permalink
Why Bitcoin Is Doomed to Fail http://www.dailyfinance.com/2013/04/05/why-bitcoin-is-doomed-to-fail/

It has to fail and it will fail, wait and see.
"It's not enough to succeed, your friends must fail." Gore Vidal
24Bingo
24Bingo
Joined: Jul 4, 2012
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April 10th, 2013 at 12:17:54 PM permalink
And now you're just spamming articles it's clear you half-understand.
The trick to poker is learning not to beat yourself up for your mistakes too much, and certainly not too little, but just the right amount.

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