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    Should i stop mining

    Mining
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    • J
      j0k3rhd last edited by

      Hi all,

      Im wondering if its best to slow my mining down and with any free cash buy coins, or do you think its worth holding on a little bit longer mining. I currently mine with a ADM7950, not really overclocked because i dont want the ware on my card as i do enjoy gaming and not planning on selling card.

      At this moment in time i believe i can mine about 10FTC within 24Hours, but my electric is a little pricy, So i only really mine when i need to keep pc on.

      So my question is, who is still mining on a single GPU,

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      • U
        uncle_muddy administrators last edited by

        Do some maths man, and work out how much it costs you to mine a single coin.

        Electricity cost / coins produced

        Once you have that, in your mind go along to an exchange and see what a coin is worth on the day. If you can see your coin that day for more than it costs to mine, then mine if not don’t mine for the day.

        I’m not saying you should sell on the day of mining, but it does give you a starting point to work out if mining is still an option for you.

        I have a rig with a single card in it at the moment, (I have a couple of other as well) but the single card rig is mining at about 1/3 of the cost of coins on the exchanges at the moment :D

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        • M
          mirrax last edited by

          Even if you do some math it give you only short term result.

          From my point of view there are two tactics that work very well.
          1st, conservative: mine and hold long term (your todays math might look very funny from 1-2years perspective)
          2nd, radical: do exact opposite of what multipools are doing (mining most profitable coin at the moment), instead find cheapest coins (compared to previous price spike) with lowest difficulty and mine those. Dump when the price rally up. Repeat the whole proces again and again…

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          • S
            StrangeAtoms last edited by

            If mining gets too pricey for you I would sell all my mining equipment and stored coins and either invest in ASIC’s or buy and resell coins.

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            • ?
              A Former User last edited by

              [quote name=“j0k3rhd” post=“55187” timestamp=“1390734010”]
              At this moment in time i believe i can mine about 10FTC within 24Hours, but my electric is a little pricy, So i only really mine when i need to keep pc on.

              So my question is, who is still mining on a single GPU,
              [/quote]

              Me. For one.

              But I’m mining for fun. I also buy where I can.

              Think about mining like your buying ftc with your electricity when you pay the power bill. Right now, you might mine $5 for every $3 worth of power… But in 2 years, the coins you mine today and pay off every x weeks your power bill is charged, will be worth, well, let’s just say a lot more then what they are worth right now.

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              • M
                mmyhre Regular Member last edited by

                There are some sides to this but in the end it depends why you are doing what you are doing. By mining you get a reward and support the network with your hash power small or big.

                With my setup a get about 60-65 coins a day mining FTC. While that is good, i get enough BTC to buy 140-160 FTC by mining with middlecoin.

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                • J
                  j0k3rhd last edited by

                  Yea at the moment i can see the electric is not more then the coin so i think i will slow down the mining, maybe leave pc for night times only instead of all day. :)

                  Thanks for all your inputs tho…

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                  • kris_davison
                    kris_davison last edited by

                    Or you could leave the PC on mining 24/7 until the electricity costs rise above cost of coins produced.

                    Make hay while the sun is shining… etc etc

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                    • S
                      svennand Regular Member last edited by

                      [quote name=“kris_davison” post=“55337” timestamp=“1390773435”]
                      Or you could leave the PC on mining 24/7 until the electricity costs rise above cost of coins produced.

                      Make hay while the sun is shining… etc etc
                      [/quote]

                      +1

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                      • J
                        j0k3rhd last edited by

                        Ye i think i may leave pc on mining a lot more :) wanna try and get a little wallet full of coins before i cant mine any more :)…

                        Currently looking into a eletric reader, so i can see the amount of power it is taking from the wall to get a better reading :)

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                        • kris_davison
                          kris_davison last edited by

                          yeah I have one of those there pretty good and cheap I think mine was about £10 from maplins.
                          Just plug your extension cable into it and plug it into the wall socket. :)

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                          • J
                            j0k3rhd last edited by

                            Yea im going to have a look over the wkend, :) May pop into maplins, … trouble is i only need to lend 1 … I need it for like 1Hour of mining and then i got my figure … So i can slap it in calculator

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                            • kris_davison
                              kris_davison last edited by

                              Lol take it back unwanted gift lol

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                              • J
                                j0k3rhd last edited by

                                Thats a very gd idea, I need to think of something else because i bet they tell me i need to have voucher not cash haha…

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                                • kris_davison
                                  kris_davison last edited by

                                  Where about in the UK are you?

                                  I’d be happy to lend you mine if you are in Newcastle and promise not to steal it. :-)

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                                  • T
                                    Tuck Fheman last edited by

                                    [quote name=“j0k3rhd” post=“55187” timestamp=“1390734010”]
                                    So my question is, who is still mining on a single GPU,
                                    [/quote]

                                    heh, I’m still mining on a single 7850. Due to my low hashrate, my strategy has always been to get in early (0-1 day) and hold all mined coins.

                                    When I have no new coins to mine, I come back to FTC for my 4-7 per day. At FTC’s [i]perceived future rate[/i], that’s a nice profit for a 7850 per day. ;)

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                                    • J
                                      j0k3rhd last edited by

                                      That is a really nice offer, I live in Birmingham mate… not really a simple meet up… :( …

                                      Thank you so much for the offer tho…

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                                      • kris_davison
                                        kris_davison last edited by

                                        Lol yeah the drive down would cost more than the meter itself lol.

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                                        • S
                                          scruffters last edited by

                                          To be honest I’ve found it handy to have one around for ‘tweaking’ my rigs :)

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                                          • U
                                            uncle_muddy administrators last edited by

                                            [quote name=“j0k3rhd” post=“55810” timestamp=“1390979836”]
                                            That is a really nice offer, I live in Birmingham mate… not really a simple meet up… :( …

                                            Thank you so much for the offer tho…
                                            [/quote]

                                            Is your rig portable? I’m not far from Birmingham and more than happy for you to pop over for a coffee and a chat whilst you take some numbers from your rig.

                                            UM

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