Quote from: GaryH on September 17, 2017, 02:25:03 PM

Quote from: Metroid on September 17, 2017, 01:46:36 PM

Quote from: GaryH on September 17, 2017, 01:16:09 PM

I pay 0.19 USD per KHw and mine Equihash and even with the market down I'm making $3 a day profit.

If you are saying $3 per day with 1 graphics card then I must say that your are the greatest liar ever, not even with 1 x gtx 1080 ti which you pay $700 - $800 makes $3 per day and it is the best card for mining to date, I just checked whattomine and it says 1 gtx 1080 ti $1.24 profit with electricity paid mining equihash, so where is the $3 per day you said is beyond me, see that is why people start get in mining cause you trolls are liars about the profit you are making, now tell me whatthehell did you say that? do you have a mental brain problem, illness or that kind sort?

And by the way, at the current price, $750 for a gtx 1080 ti divided by $1.24 = 604.8 days to get your money back, that is almost 2 years and if we also add other parts of the equipment for example motherboard, cpu and other things that will make the target to get back around $900 per card which the true value to get back is $850 divided 1.24 = 685.4 days to get your money invested back, so meaning mining is the worse thing to do right now. Go buy coins and hold, trust me you will earn a lot more money doing it without hassle.

what is it with the angry replies on this forum, where did you get one GPU from? I've got 5 x 1070s. I answered the OPs question with his concern with electricity and brought up the hardware ROI. You apparently have the mental brain problem as you read into things that are simply not there.

I don't know when you bought them, but if someone were to by them right now new they are over $400 each and that is what you need to consider when answering peoples questions who are considering getting into mining right now. So using your rig as an example you have 5 x $400 or $2000, plus another $300 for the rest of the system making for at least a $2300 investment in hardware.

Inputting this data into whattomine with a $0.19 electric rate shows about a $5/day profit after electrical costs, which is bit higher that the $3 day you listed. So even with this information you have $2300/5 = 460 days before getting your money back.

To the OP, using this same information, you will do slightly better with your $0.07 power rate, as you shoudl earn ~$6.70/day after electricity. So you have $2,300/6.7 = 343 days to achieve ROI.

Of course the problem with both of these predictions is that difficulty will continue to go up. This means the coins price will need to also continue to go up to keep profitability at the same levels. If the coins price goes down than you could be looking at 2 years or even never before achieving ROI.

So this brings up the point I usually give to people looking into buying a rig at this point in the game. Since both mining and directly purchasing a cryptocoin outright are counting on the fact that the coin's prices needs to increase to make any profit, you will be better off just buying the coin and skipping all the mining.

The time to get into mining is when the hardware prices are actually below MSRP and not when they are at a 150% premium. I expect over the next 3-6 months we may see a selloff of mining hardware as profits are continuing to go down, but people are still adding hashrate at a feverish pace expecting everything to correct.

The problem is is that difficulty usually lags price by some amount, so there will be a long period of negative profits coming up when mining. People will probably tough it out for a month or so expecting the correction, but eventually they will realize they are actually just paying more for the coins they are mining than if they simply just went out and bought them. At this point everything will come crashing down and you will be able to pick up those same 1070's new for probably under $300 and used for under $200.

UPDATE: As I was writing this I see someone else has posted just before me that illustrates my point perfectly:

Quote from: ahmedjamal1998 on September 17, 2017, 07:16:24 PM

Quote from: Dannymax333 on September 17, 2017, 01:06:01 PM

Hi was thinking about maybe starting to mine altcoins the only problem is would you say 0.07 USD per KHw is to expensive?

Well it's not "too" expensive and I can surely say that a lot of miners mine with a much higher rate.
Anyway I could only speak for myself.

I pay about 0.045 per kW/h where I live. And it's pretty awesome. Right now with three gtx 1060s I pay about $16 only in electricity.
If zcash pops back up to $245 per coin, I'd be getting about $5 per day from these three cards.

That's about $135 per month without almost any efforts. Do your calculations yourself and see if the profits are acceptable.
Each gtx 1060 takes about 120w and for the system itself add another 110w.

Do the math and decide (take into consideration how many months are needed to get roi).

So this guy is not doing his calculations at today's Zcash price of ~$175, but instead of a (hopeful) future price of $245 to make his calculations. So "if" Zcash goes up another $70 he will be making $5/day with a $660 investment in GPUs (not including the system).

So we have two scenarios, one invest $660 in GPUs today to earn $5/day (again if the price goes back to $245) and two just take that $660 and buy 3.77 Zcash coins. (I am leaving system costs out as to make the example easier.)

So let's look at the mining route. The 3 1060's are making closer to $3.60/day right now as Zcash is actually trading at $175 and not $245. So $660/$3.60 is 183 days to ROI. If the price does go back to $245 we are looking at only a 132 day ROI, which is quite good actually.

If we instead invest in Zcash we have 3.77 coins in our wallet for the same $660 investment. Those coins are worth $660 today, so in effect you already ROI on them. If the Zcash price "pops" back up to $245 as per the posters argument, your Zcash would then be worth $923.65. This represents a $263.65 profit.

If you are mining instead and the price pops up to $245, you still need to mine for those 132 days to just pay off the GPUs, much less make the extra $263. To earn the full $923.65 you would need to mine for 184 days even using the $5/day profit target.