Bitcoin mining investment vs profit

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rcfant89

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Oct 6, 2011
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I've been reading a lot about bitcoin mining recently. It appears to me that there is no way to profitably mine bitcoin with any enthusiast or even top level pc hardware due to the electricity costs and difficulty.

My question is, is there a way to mine bitcoin profitably with some industrial grade hardware? ASCI/Butterfly rigs or something like that?

Obviously there must be or else it wouldn't be done so how is it done?

Is there a way to invest say $5,000-10,000 in some ASCI/Butterfly/other/etc hardware that will turn a profit?
 
Solution
V
It is very difficult to predict the profitability for a asic miner .
things that you need
1) exchange rate btc to usd
2) difficulty increment - difficulty change in around every 11 days
3) will the manufacture deliver your miner on time
4) cost of your miner
5) miner haze rate
6) electricity cost
7) how can you trust the prediction calculation ?

The only Bitcoin mining profitability calculator that will do all that
http://www.vnbitcoin.org/bitcoincalculator.php

1) exchange rate is instant update into their calculation
2) not body can predict the future haze rate . so they are using the average of the last 15 difficulty increments . that is the average difficulty change of the last 5 months haze rate.
3) they list all of the miners...
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BasedCereal

BasedCereal

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Nov 10, 2013
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That would be cool, but you'd probably only make about $15 a day with a good mining setup (or so bitcoinx.com says) and that would take a while to pay off the gear (about half a year), let alone cover electricity costs. I think you'd be better off buying bitcoin and selling it.
It can't be too hard, being the radical fluctuation of btc value between silk road's being shut down and another version popping up (about a 200% increase).
 
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R

rcfant89

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Oct 6, 2011
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Thanks for the reply. I was thinking the same thing but I am curious about the actual figures, rather than speculations. I know some people must have hardware running that is profiting them money so I'd like to know what it is and how much they are making.
 
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vnbitcoin

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Nov 11, 2013
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It is very difficult to predict the profitability for a asic miner .
things that you need
1) exchange rate btc to usd
2) difficulty increment - difficulty change in around every 11 days
3) will the manufacture deliver your miner on time
4) cost of your miner
5) miner haze rate
6) electricity cost
7) how can you trust the prediction calculation ?

The only Bitcoin mining profitability calculator that will do all that
http://www.vnbitcoin.org/bitcoincalculator.php

1) exchange rate is instant update into their calculation
2) not body can predict the future haze rate . so they are using the average of the last 15 difficulty increments . that is the average difficulty change of the last 5 months haze rate.
3) they list all of the miners available to buy in the market. They let you adjust the delivery date to early or late up to 90 days . it is very important to take into consideration about delivery time because so far no one have deliver on time.
4) you input your miner cost
5) you input your miner haze rate
6) you input your electricity cost kilowatts per usd
7) They are showing their calculations in details . just click on the " show calculation " link
 
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Solution
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vnbitcoin

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Nov 11, 2013
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Nope I don't mine bitcoin .
I am not going to tell you what to buy I am just going to tell you what to avoid.
try to pay through paypal with a credict card so you can get refunds if things go wrong.

check the bitcoin exchange rate and market often
http://www.vnbitcoin.org/bitcoinhashrateandmarket.php

avoid paying bitcoin for a miner due to no refunds or exchange rate change risk.

hoping that the manufacture will deliver on time and so far none of them have deliver on time .

do you own homework and good luck .
if you have somethings you can't figure out I will glad to help .
 
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rbbrdckybk

rbbrdckybk

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Mar 14, 2013
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If you want to mine, you can still mine litecoins (or other scrypt-based altcoins) with GPUs very profitably. You can always trade the altcoins for bitcoins on an exchange as you go. Here is an excellent guide:

http://www.cryptobadger.com/build-your-own-litecoin-mining-rig/

I built 2 mining rigs following this guide back in May/June, and I've made my hardware costs back fourfold since then. I learned quite a bit, too.
 
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R

rcfant89

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Oct 6, 2011
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Thanks for the replies guys and thanks for that calculator, Spook24. When I go to the expert side of the calculator, it defaults to a 2% difficulty increase per day, is that right? I thought it only went up 2% every 2 weeks or so? By that rate, even if you buy an actual ASIC miner (like this one: http://charlotte.craigslist.org/sys/4180323447.html) which has 60Gh/s, it would only be profitable for a couple months if that. That seems wrong to me, especially with bitcoin prices at 750$ a piece right now. I realize the cost of power is there but it's negligible; a 500 watt psu will cost like a buck a day. So what is the deal with this?
 
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