Mining, is it really profitable?

[DIV1D3]

K, so I just went onto CoinWarz.com and found out that the build specs and all isn't very profitable. 

http://www.coinwarz.com/calculators/litecoin-mining-calculator/?h=2200.00&p=800.00&pc=0.20&pf=0.00&d=5735.89666335&r=50.00000000&er=0.02742000&btcer=570.00190000&hc=1450.00

http://www.coinwarz.com/calculators/dogecoin-mining-calculator/?h=2200.00&p=800.00&pc=0.20&pf=0.00&d=1523.41348906&r=250000.00000000&er=0.00000123&btcer=570.00190000&hc=1450.00

So yeh, as you can see that's only 880AUD every year at the current exchange rate, and really I'm not quite sure about mining anymore. I know mining BTC atm is a very stupid act without tons of ASICs but what about LTC, DOGE, FTC or other (VTC for example). 

I was thinking about investing $1,630, so really that'll take me more than two years, most probably 2 and a 1/2 to even get my money back. I'd just like some reassurance really, and if what I get is the same as what I've already said than I don't want to get into mining anymore . 

[SAV1OUR]

you have to put allot into mining to get anything back

[BloodWithIce]

Trust me, it's not worth it. There are people with insane mining rigs like 4 7990 (8 GPUs) or 4 290x and they make 15-30 Aud a day. Not very profitable, since you also have to consider the increased cost of the bills.

[DIV1D3]

you have to put allot into mining to get anything back

 

Trust me, it's not worth it. There are people with insane mining rigs like 4 7990 (8 GPUs) or 4 290x and they make 15-30 Aud a day. Not very profitable, since you also have to consider the increased cost of the bills.

I'd like to know why no one informed me of the drastically low return rates, literally like 2 months ago I was sure I'd be able to get my money back as well as get a 290 and and SSD by the end of the year, obviously not anymore.  

[SAV1OUR]

I'd like to know why no one informed me of the drastically low return rates, literally like 2 months ago I was sure I'd be able to get my money back as well as get a 290 and and SSD by the end of the year, obviously not anymore.  

well now i guess you have some gpus so you could play games?

[DIV1D3]

well now i guess you have some gpus so you could play games?

I don't feel like having 3 R9 280Xs in a case when I could just be happy with a 290 for $540. 

[BloodWithIce]

I don't feel like having 3 R9 280Xs in a case when I could just be happy with a 290 for $540. 

Exactly, just make sure you get a 290 with a good non reference cooler.

[DIV1D3]

And the fuq?

http://www.coinwarz.com/calculators/vertcoin-mining-calculator/?h=2200&p=800.00&pc=0.20&pf=0.00&d=197.86017549&r=50.00000000&er=0.00320102&btcer=570.00000000&hc=1450

[DIV1D3]

20 cents per kWh? This site has more information on lower difficulty more profitable coins.

 

https://cointweak.com/calculator/index/scrypt

Idk why but with the same exact values that site you linked says I will get my money back 150 days earlier. I'm confused. 

[DIV1D3]

Vertcoin uses Scrypt-N.

I'd like to know why it is so much more profitable than anything else though, I know that it has memory adaptive thingomabob but I don't see how I would be able to get 6,000USD in return per year with it. 

[DIV1D3]

3 R9 280X getting 2.2MH/s with Scrypt would get 1MH/s with Scrypt-N.

But still that is quite high as profitability is ~2000 USD. 

 

If you don't trust calculators then here's the formula.

 

{Hours/(Diffculty*2^32/(MH/s*10^6)/3600)*Blockreward}*BTC/coin = Total BTC

 

Example

 

1 R9 280x @ 750KH/s in 24 hours with LTC

 

{24/(5700*2^32/(0.75*10^6)/3600)*50}*0.03 = 0.00397BTC

Arghhhh, maths  :wacko: . I can't do that, it's almost 11:30 here. 

[DIV1D3]

As more powerful Scrypt ASICs start coming into the market soon, people with GPUs will likely want to switch to coins based on algorithms even more ASIC resistant in order to make a competitive profit. These include Scrypt-Jane, Scrypt-N, SHA-3, Darkcoin, Blake, Cubehash, Groestl, Keccak130718, Myriadcoin-Groestl, Quakcoin, Qubircoin, Shavite, Simd, Skein.

*sigh* And I thought I was going to have everything sorted out by tomorrow . 

I'll have a look into most of them, which type of coin do you think will be the most profitable? And if you can which coin do you think will be more profitable?

[Osmium]

I'd like to know why no one informed me of the drastically low return rates, literally like 2 months ago I was sure I'd be able to get my money back as well as get a 290 and and SSD by the end of the year, obviously not anymore.  

 

Well to be fair mining is a serious investment. And like any investment nobody is in charge of informing you on what is going on with your investment. But you can still sell some of your 280x while mining is still a thing and make a decent amount of money. Or you could be a good human being and sell them for a reasonable price but still. Or you could stick with it in hopes you could mine a coin that takes off.

[DIV1D3]

I think more future coins will be based on Scrypt-N out of the ones I mentioned. Current popular Scrypt-N coins include VertCoin, EXECoin, GPUCoin.

Well I think I still have hope in mining because of VTC, probably what I will mine now that I've discovered whatever I just discovered. 

 

Well to be fair mining is a serious investment. And like any investment nobody is in charge of informing you on what is going on with your investment. But you can still sell some of your 280x while mining is still a thing and make a decent amount of money. Or you could be a good human being and sell them for a reasonable price but still. Or you could stick with it in hopes you could mine a coin that takes off.

I'll try that on VTC, then later on (hopefully not in a year) when it isn't profitable at all I'll just sell them all or keep two for gaming. 

Anyways, I'm fekd, I'm going to sleep. Hopefully I can get my mind sorted by tomorrow. 

[Osmium]

Well I think I still have hope in mining because of VTC, probably what I will mine now that I've discovered whatever I just discovered. 

 

I'll try that on VTC, then later on (hopefully not in a year) when it isn't profitable at all I'll just sell them all or keep two for gaming. 

Anyways, I'm fekd, I'm going to sleep. Hopefully I can get my mind sorted by tomorrow. 

 

Sorry to hear it did not work out for you. Good night(feels weird saying that in the morning for me).

[The Syndicate]

no.

[DIV1D3]

Sorry to hear it did not work out for you. Good night(feels weird saying that in the morning for me).

Lol, btw I haven't bought anything yet, I want to make sure if mining is profitable before I get into it. 

 

no.

Thank you for your very in depth comment and reasoning, I applaud you. 

[Lays]

The problem with mining, the later you get into the scene the worse it is, people do "get-rich quick" but they got in when parts were cheap still, and some only just broke even. @TheDoubleYGamer had like 20 GPU's mining for months now, and only managed to profit a little bit over breaking even. (Compared to the $ he sunk in and time he put in, it's not a whole lot.) Although it is free money essentially.

 

Asics are going to be released soon (august-september is what I've seen rumors of)  When that happens, prices will plummet at first probably, then difficulty+ price will skyrocket I'd imagine.  ( Same thing that happened with BTC essentially)

[Faa]

The thing with mining is, you should be mining as much as possible when the difficulty is so low to have a bunch of coins and hope the value would go up. It's more of a gamble really..

[Shack Tastic]

If you are truly serious about mining, I'd check out this chart and buy from this, as GPU-mining is becoming less and less profitable every week. My $80 power bill from only 2 7950's can attest to this. But if you just want a kick-ass computer, that can mine as well on the side, go for it, as long as you do something besides only mine with it. 

 

Link: https://docs.google.com/spreadsheet/ccc?key=0Ap8Q0nxk-daxdDlaeFZ0TW5kbHNWWXZqWm9xYWJySFE&usp=drive_web#gid=0

[Fred Castellum]

Rule of thumb if you spent $2000 for mining purposes and your only making 15 - 30 AUD per month your doing a lot of things wrong.... Remember mining isn't just about getting coins and straight up converting them to whatever coin is easy to exchange for money. It's about buying and selling coins at the right time to take advantage of coin price movements for maximum profit. 

[DIV1D3]

The problem with mining, the later you get into the scene the worse it is, people do "get-rich quick" but they got in when parts were cheap still, and some only just broke even. @TheDoubleYGamer had like 20 GPU's mining for months now, and only managed to profit a little bit over breaking even. (Compared to the $ he sunk in and time he put in, it's not a whole lot.) Although it is free money essentially.

 

Asics are going to be released soon (august-september is what I've seen rumors of)  When that happens, prices will plummet at first probably, then difficulty+ price will skyrocket I'd imagine.  ( Same thing that happened with BTC essentially)

Well I know ASICs are coming out for Scrypt (there has been already) but I'm now curios about Scrypt-N.

 

The thing with mining is, you should be mining as much as possible when the difficulty is so low to have a bunch of coins and hope the value would go up. It's more of a gamble really..

Well VTC is quite easy to mine atm, and it's ASIC resistant, that's where I'll maybe put my chips, if I decide to go on with it. 

 

 

If you are truly serious about mining, I'd check out this chart and buy from this, as GPU-mining is becoming less and less profitable every week. My $80 power bill from only 2 7950's can attest to this. But if you just want a kick-ass computer, that can mine as well on the side, go for it, as long as you do something besides only mine with it. 

 

Link: https://docs.google.com/spreadsheet/ccc?key=0Ap8Q0nxk-daxdDlaeFZ0TW5kbHNWWXZqWm9xYWJySFE&usp=drive_web#gid=0

Idk, I don't want to get into ASICs, rather just coin mine with GPUs. I still believe that it is profitable because of the new coin algorithms. Also do you get your power bill quarterly or is that half-yearly? I guess getting 3 R9 280Xs and then later on selling one of them would make this even more profitable, though I'd rather just one 290, but 2 280Xs will be extremely pleasant too . 

 

Rule of thumb if you spent $2000 for mining purposes and your only making 15 - 30 AUD per month your doing a lot of things wrong.... Remember mining isn't just about getting coins and straight up converting them to whatever coin is easy to exchange for money. It's about buying and selling coins at the right time to take advantage of coin price movements for maximum profit. 

Well mining VTC at the current exchange rate and difficulty would get me 25 USD a week with the power deducted, which I will mention how I will go about. 

 

These outline the reasons as why I think Scrypt-N will be profitable:

https://cryptocointalk.com/topic/8522-scrypt-n-asic-resistant-coins/

http://www.coinwarz.com/calculators/vertcoin-mining-calculator/?h=1100&p=800.00&pc=0.20&pf=0.00&d=242.84519071&r=50.00000000&er=0.00290112&btcer=572.00000000&hc=1450

Now I'd like to emphasis that I do not pay for electricity, but I do plan on giving my roommate a sum every month or so for doing it. So really I'd be able to get 2,300 AUD every year, if I give 600 AUD to him every year he will be more content, and so will I. 

[Mac]

Renting out your rig is profitable... https://www.betarigs.com/

[DIV1D3]

Renting out your rig is profitable... https://www.betarigs.com/

I'd rather not. 

[Mac]

I'd rather not. 

Then the only other option for mining to be really profitable is to mine new coins and hope they become worth a good amount after a few weeks.