Mining FTC / Alt Coins profit becoming nill
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The Past few weeks I have been trying to determine what my cost basis is vs the profitability of the coins that are being mined.
Right now @ 3,000Kh/s I am generating ~45-55 FTC coins a day…
Average 50 FTC
(Exchanged @ .0003 FTC / BTC) = 0.015 BTC (@ $550/BTC) = $8.25
Power: ~2000 Watts @ .10cents / KWh = (.20cents/hr or $4.80/day)
Net Revenue: $3.45/Day
This does not even included the added BTU that has to be pulled out by the AC running because of the heat that is generated from 4 R9 280x cards and the box fan running to keep them cool.
At this point I think that I would be lucky if I was breaking even…
This is hardly worth my time to ensure the rig is working, checking rates, exchanges etc. I am seriously debating on just getting out of mining all together and selling equipment.
What is everybody’s thoughts?
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Yeah prices are low right now and margins are getting tight. I think my ROI for my new 750ti I just bought is about 6 months at today’s prices.
BUT…
When I first started mining it was just for fun with one graphics card and I was mining at a loss. (Cost more in electricity than the coins were worth)
9 months on and at today’s prices it turns out it was actually very profitable.
I guess it has gone from being actual and easy to measure to being more speculative but as long as you are at least breaking even and can pay off your cards then everything else is profit but only when you sell.
If I was you I wouldn’t join the buy high sell low club.
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Just keep on mining :-)
See it as a long term investment.
You can switch to some more profitable coins and sell them and buy back FTC for example.
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I’m mining Ultracoins, Vertcoin, SiliconValleyCoins, Execoins and buying FTC with the profits…
The trick is, be prepared to wait, set the price you want, leave it on the exchange, prices are cyclical, someone will buy them sooner or later…
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I am solo mining DarkCoin now :)
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The Past few weeks I have been trying to determine what my cost basis is vs the profitability of the coins that are being mined.
Right now @ 3,000Kh/s I am generating ~45-55 FTC coins a day…
Average 50 FTC
(Exchanged @ .0003 FTC / BTC) = 0.015 BTC (@ $550/BTC) = $8.25Power: ~2000 Watts @ .10cents
What is everybody’s thoughts?
Lucky man!!! :-)
I’m mining at 28.5 Eur cents and making a loss every day.
As Kris says, I do it for the fun of it and see it as a long term invest, if any. I simply like the idea of the crypto coin concept and hope, that the rate will go up and I get back my invest
The only thing I did was to reduce my hardware from 1x 7950 and 1x 6670 eating 380 watts from the AC for 560 khash to 1x Nvidia 750TI delivering 265 khash at 140 watts taken from the AC outlet.
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Well hopefully China quickly decides what they are going to do with Bitcoin and Mt. Gox can give back all their bit coins back to the rightful owners…
But unfortunately the damage has been done!
I wonder if there is an way to determine if miners are bailing out across all crypto currencies or not?
