So the electricity at my apartment is a fixed rate...

[RexPowercolt]

My electric bill is actually included in my rent, it never varies, and Im paying for it anyway. Does this make bitcoin/litecoin mining more profitable? if so, where should I start? I have a few older PCs, enough income to get a couple of GPUs or ASIC cards?

[1Scotty1]

Wat? Never varies?

 

Here we have it like this - you pay a fixed amount, BUT at the yearly check, there are two options - EITHER you didn't use all electricity you "pre-paid" and they refund the leftover money, OR you used up too much and therefore must pay the remaining difference.

[PetiteBob]

If it's a fixed rate then go for it mate. Just buy some Asic cards and stuff and you will be making money in not time.

[Guest]

I'd double check with the fine print and ensure that there isn't something which states, if you use more than x amount then you pay for the difference... If not, then absolutely. 

[RexPowercolt]

Wat? Never varies?

 

Here we have it like this - you pay a fixed amount, BUT at the yearly check, there are two options - EITHER you didn't use all electricity you "pre-paid" and they refund the leftover money, OR you used up too much and therefore must pay the remaining difference.

I read the whole lease when I signed it, I don't recall something like that, but it would be good to check, especially since I just installed a window AC unit for the summer.

For you more experienced joes, what would you buy if your electricity was essentially free? ASIC? Radeon cards? Fast cpu? Value cpu? Which currency would you mine too?

[IM_mysticzyyy]

I would start with folding @ home and it's for a good cause so as cancer

[RexPowercolt]

I would start with folding @ home and it's for a good cause so as cancer

Money makes the world go round mate, if i can pay for the hardware and my rent with a bitcoin rig, then any expansion after that can be a snowball effect into one of the best folding rigs in the world. But it has to pay for itself. Ive got a gaming rig Ill set up in the meantime to fold, but having fixed overhead can make for great profitability and expansion.

[Imakuni]

Money makes the world go round mate, if i can pay for the hardware and my rent with a bitcoin rig, then any expansion after that can be a snowball effect into one of the best folding rigs in the world. But it has to pay for itself. Ive got a gaming rig Ill set up in the meantime to fold, but having fixed overhead can make for great profitability and expansion.

With the only problem being, it won't. Getting into mining is pretty much dead nowadays. If you already had the correct hardware, it would be "ok" to go on, but investing in it now is just stupid.

[Trik'Stari]

Wat? Never varies?

 

Here we have it like this - you pay a fixed amount, BUT at the yearly check, there are two options - EITHER you didn't use all electricity you "pre-paid" and they refund the leftover money, OR you used up too much and therefore must pay the remaining difference.

That's how our tax system works lol

[DaRk0]

Wat? Never varies?

 

Here we have it like this - you pay a fixed amount, BUT at the yearly check, there are two options - EITHER you didn't use all electricity you "pre-paid" and they refund the leftover money, OR you used up too much and therefore must pay the remaining difference.

 

Same here, so if I were OP, I would check contract or ask the landlord just in case.

[Whaler_99]

Essentially bit coin, or any of the "profitable" ones, is dead to the average user. A company with a LOT of very high end ASIC units, renting things out, they make money, from renting the stuff out, not from mining.

 

Honestly, even with free power, if you bought a few ASIC units, it would be a LONG time before you saw a return, if in fact you could ever cash out...

[GlassBomb]

Essentially bit coin, or any of the "profitable" ones, is dead to the average user. A company with a LOT of very high end ASIC units, renting things out, they make money, from renting the stuff out, not from mining.

Honestly, even with free power, if you bought a few ASIC units, it would be a LONG time before you saw a return, if in fact you could ever cash out...

I think that if you bought a $400 machine that had a hash rate of 1,000GH/s. Then you'd go even in roughly half a year. (Not counting running costs, etc.)

That's slow "profit". And I imagine some people beginning to ask questions why you used so much power the last few months.

[DoubleUx2]

First of all, everyone who is saying he should start folding just be quiet.

He wants to make money and asks about Bitcoin mining, not folding.

 

Ontopic:

There is a quite easy way to find out how much you can make.

http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Just fill in all the information you have (in your case you only need to fill in the hashrate and remove the wattage)

Buy an ASIC unit if you want to start mining, mining with a normal computer isnt worth it.

 

Just remember when you purchase a ASIC miner you may have to pay importcost. (differs per country)

 

I bought myself 2 antminers august of last year @ http://bitmaintech.com(They are the makers)

Unfortunatly for me it was over before it started because of the rising difficulty level and power cost.

[Imakuni]

First of all, everyone who is saying he should start folding just be quiet.

He wants to make money and asks about Bitcoin mining, not folding.

 

Ontopic:

There is a quite easy way to find out how much you can make.

http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Just fill in all the information you have (in your case you only need to fill in the hashrate and remove the wattage)

Buy an ASIC unit if you want to start mining, mining with a normal computer isnt worth it.

 

Just remember when you purchase a ASIC miner you may have to pay importcost. (differs per country)

 

I bought myself 2 antminers august of last year @ http://bitmaintech.com(They are the makers)

Unfortunatly for me it was over before it started because of the rising difficulty level and power cost.

Oh, I'm sorry that we are trying to tell him that he won't be able to make any money, and instead of wasting the planet's resources, he should aid the scientific community.

[DoubleUx2]

Oh, I'm sorry that we are trying to tell him that he won't be able to make any money, and instead of wasting the planet's resources, he should aid the scientific community.

 

 

If he asked for it okay, but don't go around like a Jehovah Witness shoving things down people throats who don't want any of that.

If he wants to mine he can, and not being able to make any money is bollocks.

 

First year profit will be around $1400 if things stay the same (both difficulty and the value of the bitcoin are a bit stable at the moment).

After that you can look at a profit of around $2300 a year. I used the Antminer S4 in this example, its a bit loud and there are more suitable options like the Antminer S5.

 

Example Antminer S5

Cost: 340 dollars (including shipping)

You do need a 600 watt PSU to feed the thing so lets add another 80 dollars to be save.

420 dollars total, (he said he doesnt have to pay for electricity so that is the info I am using).

You earn a total of $1,035.05 

(REMINDER! THIS IS ONLY IF THE DIFFICULTY AND THE VALUE STAYS THE SAME. IF VALUE GOES DOWN OR DIFFICULTY GOES UP YOU WILL END UP WITH LESS PROFIT OR EVEN LOSE MONEY!)

Minus the cost of the equipment: $615.05 in the first year

The next year you can use the same equipment and make $1,035.05, again if the value and difficulty stay the same.

 

But it is still a gamble, nothing is set in stone and there is always a possibility you will lose money.