Bitcoin Mining - House Heating System

[Gala]

I'm planning to heat my house with PC's, posted a topic in offtopic, never mind that...

My plan is to run 12 AMD Radeon 7970's in 3 seperate rigs. This would be a total of 4500W of power from the wall (3x1500W PSU's). Now, i need some calculations, as i have no idea how to calculate this.

The rig would be running 24/7/365.

The cost of electricity here in Europe is 0.07USD/kWh.

How much money am i gooing to spend on power?
What is the hasrate of 12 7970's?
How much Bitcoins am I going to have monthly of pure profit to pay the bills?


Sorry I'm a beginner in the mining world.

[AlwaysFSX]

Anyone want to take this one or me?

 

Ah hell, I'll do it.

How much Bitcoins am I going to have monthly of pure profit to pay the bills?

You aren't, ASICs are your best bet to make profit but don't produce tons of heat.

 

7970s will surely warm your rooms, but the money would be better spent on a heating bill because it will cost less.

[FloRolf]

Guide to bitcoin mining:

1. Built time machine

2. ...

[Oshino Shinobu]

You're likely going to make a loss. The money you get from Bitcoins isn't going to be enough to cover the cost of electricity. 

[Hans Christian | Teri]

You're likely going to make a loss. The money you get from Bitcoins isn't going to be enough to cover the cost of electricity. 

 

Not even to mention the cost of hardware. Heating your house with PCs is extremely inefficient, mining bitcoins meanwhile will not change this fact.

[Gala]

Oh, shoot, wasn't expecting that. LOL, well, yeah...

[FloRolf]

Oh, shoot, wasn't expecting that. LOL, well, yeah...

But you could fold with your 12x 7970!

That'd help a lot and you'll also become addicted lol

[Gala]

But you could fold with your 12x 7970!

That'd help a lot and you'll also become addicted lol

 

Whats the difference?

Sorry im a total noob when it comes to mining :mellow:

[Extingquish]

But you could fold with your 12x 7970!

That'd help a lot and you'll also become addicted lol

I second this, but instead of R9 280s, use 970s

 

EDIT:

Whats the difference?

Sorry im a total noob when it comes to mining  :mellow:

 

Folding is using your computer for medical research, whereas mining is running your computer to do mathematical calculations to keep the bitcoin (or any other coin's) network running, and so they reward you with bitcoins (again, or whatever currency you're mining in) 

 

I'm not exactly the best person to talk to about this though, @AK0490 has done both folding and mining with his rigs AFAIK, so he might give a better answer than me

[FloRolf]

Whats the difference?

Sorry im a total noob when it comes to mining :mellow:

main difference:

Mining gives you money

Folding gives you satisfaction

[Gala]

I second this, but instead of R9 280s, use 970s

 

EDIT:

 

 

Folding is using your computer for medical research, whereas mining is running your computer to do mathematical calculations to keep the bitcoin (or any other coin's) network running, and so they reward you with bitcoins (again, or whatever currency you're mining in) 

 

I'm not exactly the best person to talk to about this though, @AK0490 has done both folding and mining with his rigs AFAIK, so he might give a better answer than me

 

Hm, folding@home sounds awsome. Bitcoin is also awsome.

Mining sounds like its interesting!

[Extingquish]

Hm, folding@home sounds awsome. Bitcoin is also awsome.

Mining sounds like its interesting!

Mining is more of a hobby, especially if you're doing it only with GPUs, as you will most likely lose money on it

 

It is possible to mine using an ASIC, though if you're power is cheap enough, and you're smart about what pool to pick etc. Just I'm not the person to speak to about mining, and I wouldn't be able to advise you on it

 

EDIT: I forgot to mention that folding is simulating proteins in my last post

[Vavetti]

You'll need to watch this video if you haven't already