Quote from: Damnsammit on December 07, 2013, 05:47:34 PM

Quote from: itayl2 on December 07, 2013, 11:12:47 AM

Quote from: Damnsammit on December 07, 2013, 09:00:34 AM

Quote from: shliie on December 07, 2013, 07:42:42 AM

Why do you keep hearing mining is unprofitable?
Because, mining really is unprofitable, when you take electricity costs and increasing difficulty into consideration.

Another sockpuppet that doesn't understand math...
Sad

Perhaps you could use your condescending tone to enlighten us as to the profitability of it?

With the expected spike in difficulty, and the shipping time of the ASICs out there, how is one to make a profit?

Also an answer comprised of more than 1 line would be great.

Sorry for the condescending tone, but I have already explained this in several threads many times over. I'll copy and paste from a previous post I made a few days ago. I am planning on making a website explaining this information because it seems too many people are misinformed.

Also, Scrypt mining is now directly related to Bitcoin as sites like middlecoin.com exist where you hash Scrypt directly for Bitcoin and not some shit alt-coin.

Quote from: Damnsammit on December 05, 2013, 03:13:10 PM

Quote from: gwigokon on December 05, 2013, 02:54:28 PM

I will probably buy 3 Used amd 7950 for around 200$ each in Sweden new 7950 cost around 400$ so it's tio much i already got à CPU ram etc i Will only need to buy a motherboard and some cables
I got totally free electricity how
Much should I expect to get in 1 month and when does Asics
come to scrypt

1) You can use this information to find the hashrate for your cards that you want to use:

https://litecoin.info/Mining_hardware_comparison

As you can see you should expect 600-700kH/s with those cards... if you get 3 then you can expect 1.8-2.1MH/s. Then go to a calculator like this one:

https://www.litecoinpool.org/calc?hashrate=2000&difficulty=1964.83427079&power=&energycost=0.10¤cy=USD

And you can plug in the numbers. You should get right around 1LTC a day which is worth about $40 right now.

2) ASICs will never come to Scrypt. Something new will come along before someone takes the time and money to properly develop a Scrypt ASIC. Of course, I hope I am wrong on that.

Quote from: nerFohanzo on December 05, 2013, 02:54:08 PM

It is not so easy, If you want GPU mine, check your electricity rates and use mining calculator before buying GPUs Wink

That is an understatement. GPU mining can be very tedious, time consuming, and frustrating. It can take several trips to electronics stores to find parts, and then wait times on ordering supplies like risers, PSU cables, etc. But it can also be quite fun and definitely profitable. I don't know anywhere in the world that the electricity rates would be so high as to you not turn a profit if you don't factor in the cost of the GPU. And I don't factor that in because most of the GPUs still retain their value through resale. The 5850 I bought in April for $60 will still sell for about $60 today.

3x5850 = 1MH/s hashrate and supplied on 850W PSU, if 850W is used 24/7 for a month, the profit expected is:

.491 LTC a day * 30 days = 14.73 LTC = $534 at current price

Total kilowatt hours used during the month = 30(days) x 24(hours) x .850 (kilowatts per hour) = 612 KW hours*
*it will be lower than this since I don't think it's possible for a 850W PSU to constantly draw 850W from the wall, but we will just say that it does anyways

For a mining rig of this nature to be unprofitable then your electricity would have to be $0.87/KW hour or higher. In comparison, the typical high average that I have seen is $0.15-0.25 which would mean you are turning electricity into 300-600% of the cost of straight up buying the coins.

I see absolutely no reason why anyone would have idle miners at this time, and cannot for the life of me understand why so many people can blindly say "mining is not profitable anymore"

Thanks a bunch for the detailed reply.
Mining LTC is definitely profitable, I know that. I was referring to Bitcoin.. Anything I'm missing there?
increase in difficulty in Jan + Feb combined with shipping dates = sucks to be btc miners?

itayl2

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