Bitcoin mining numbers

[Armakar]

My friend wants to start bitcoin mining on his new PC. He's got a 1600X and an RX580 (hash rate of 29) and he's convinced he can make 20$ a day if he started mining with his RX580

 

pretty sure that's wrong as I saw a guy on here with 6 RX580's making 9$ a day on etheruum. He's convinced he wants to do it, is it profitable at 1 rx580? Does anyone have a graph or numbers that will show how much he'll make?

[iRileyx]

Since Eth got a lot harder to mine and the price dropped, it's not worth doing really.

[Coaxialgamer]

He'll make 2$/day at best 

https://www.coinwarz.com/calculators/ethereum-mining-calculator/?h=29&p=200&pc=0.10&pf=0.00&d=1292804913969050&r=5.00000000&er=0.08749994&btcer=2335.15730000&hc=0.00

[Guest]

He'll make 1.50 a day and it is going down. He obviously heard wrong from somewhere, I think even when it was profitible it was only like 5-6 a day...

[samcool55]

Nope, the mining craze is over. Bitcoin isn't profitable anymore since a few years ago and etherium value crashed so that's not exactly a great option anymore either.

[HunterSkater429]

it he alredy has the rig and doesn't pay the bills at the house why not do it and see, not gonna hurt 

[AnonymousGuy]

3 minutes ago, Coaxialgamer said:

He'll make 2$/day at best 

https://www.coinwarz.com/calculators/ethereum-mining-calculator/?h=29&p=200&pc=0.10&pf=0.00&d=1292804913969050&r=5.00000000&er=0.08749994&btcer=2335.15730000&hc=0.00

$1.50 after the electricity cost.  

 

Which also doesn't take into account HVAC costs.

[Coaxialgamer]

Just now, AnonymousGuy said:

$1.50 after the electricity cost.  

 

Which also doesn't take into account HVAC costs.

those numbers included electricity cost , but not hardware cost

[AnonymousGuy]

Just now, Coaxialgamer said:

those numbers included electricity cost , but not hardware cost

The Profit column has the electricity cost subtracted out.  I think you're just looking at the USD column?

[Coaxialgamer]

4 minutes ago, Abyss Gaming said:

He'll make 1.50 a day and it is going down. He obviously heard wrong from somewhere, I think even when it was profitible it was only like 5-6 a day...

it was profitable for quite a long time . 10$ per day on an rx 580 . why do you think people bought all the gpus ?

[Coaxialgamer]

Just now, AnonymousGuy said:

The Profit column has the electricity cost subtracted out.  I think you're just looking at the USD column?

I'm tired . 

[Guest]

Just now, Coaxialgamer said:

it was profitable for quite a long time . 10$ per day on an rx 580 . why do you think people bought all the gpus ?

Meh it wasn't long enough to make any profit on its own... They'll probably make some after selling the gpus. And people bought them cause they're super freaking annoying

[manikyath]

mining on GPU's.. even if you can get profit at all, it's gonna be so low its not worthy.

 

your friend needs to consider a few things before making the plunge, and probably do some math as well.

- coin values change, you can buy a mining setup today, and if the currency drops tomorrow, you're losing margin

- power costs money, if you dont pay the power bill, chances are the person who does wont be all too happy

- the cost of your system, even if you already have it, factors in. divide the buy price with the expected lifespan, multiply by the portion of that you intend to mine for, and thats your "uprfont investment". so if your system cost $2k, and you'll spend 12 hours a day mining for as long as it'll last you, the upfront investment is $1k, and you're essentially only "turning even" when that is paid off.

- when mentioning profits, there's A LOT to factor in, onto itself:

- - possible component failures are a cut of the profit.

- - power cost, as i said, wether you pay it yourself or not, it factors in.

- - coin price, this goes up and down, with small margins, its as much a gamble as playing the stock market.

- - productivity, while the newer coins are designed to be less asic-friendly, some chinese guy investing may turn your profits to losses overnight.

- - the "space" has value as well. adding in cooling requirements. heard that thing about facebook getting a datacenter in the arctic circle? some datacenters have expenses of almost 40% just going to cooling, you're creating the same in a small form, with a small profit.

 

EDIT: i just essentially repeated myself didnt i? RIP brain..

[Armakar]

just sent him this thread, ty guys!