Should i stop mining
-
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
-
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… -
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.
-
[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.
-
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.
-
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…
-
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 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
-
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 :)
-
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. :) -
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
-
Lol take it back unwanted gift lol
-
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…
-
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. :-)
-
[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. ;)
-
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…
-
Lol yeah the drive down would cost more than the meter itself lol.
-
To be honest I’ve found it handy to have one around for ‘tweaking’ my rigs :)
-
[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
-
Yea my Rig, is a normal PC I use for Gaming, Storage Etc… So the size of my rig is Antec 900 Advanced gaming Case ha… Not a bare bone case i have seen floating around.
Where abouts you from?
PM Location,
Im going ask around the weekend so im not at work, but if your not to far it may be an offer i cant turn down :) …
