Biggest correction in a long time. Monero had been holding up ok but now it's in the toilet too.
How's the rest of STH feeling?
How's the rest of STH feeling?
So assuming you have 100k of modern retail hardware dedicated to mining. You sell as the coins ar generated and assume that the returns over time are flat vs today's prices and you are paying for electricity like everyone else - how long before my returns can pay for the hardware?@Davewolfs Blanket statements are easy to make but hard to defend. Whether or not you are able to make money mining XMR depends on a vast number of things - how much you paid for the hardware, its efficiency in terms of H/s/W, the cost of electricity in your region, the price of XMR, the current difficulty etc.
It also depends on what your money-making strategy actually is. Are you mining and holding in hope that XMR follows XBT and ends up being worth thousands of dollars? Or are you exchanging all the XMR you mine for fiat on a periodic basis to pay for the electricity that your mining hardware consumes? Or maybe doing a combination of both? What is your timeline, expected ROI?
If you have access to free hardware, then that certainly improves the chances of being able to make a profit - free electricity even more so. But even if neither of these apply, you still have the option of treating the capital and running costs of your mining hardware as a business expense and claiming against them for tax purposes. You can also sell the hardware at any time between now and when its book value is zero.
lol it's an expense!Even the "make money" is variable - what to include in the equation? Cold season is nearing, so should I include the electricity used by the miner as expense, or should I add it as a saving for heating? ...
With what STH published on 7601s maybe 300w? Can plug that into calculators. 7301 is cheapest with 64MB L3 and from single results that is the cheapest 2 socket mining.So say dual 7451 with board and memory costs about $2500 to put together.
How much can it make a day at today's prices. How much energy would that setup uses 24/7 at 30 days?
No. it would take 2 years if all the parameters would be the same in 2 years from now. But they change over time. Difficulty and reward change. XMR price doesn't necessarily follow. So you are attached to a rubber band, but the rabbit is not...So basically takes at least 2 years to pay off initial investment. And a single system produces enough income to pay for my internet and cable per month.
Like a non fat decaf latte - why bother?
So basically takes at least 2 years to pay off initial investment. And a single system produces enough income to pay for my internet and cable per month.
Like a non fat decaf latte - why bother?
I guess if you think it's fun and you're a true believer and you manage to find some sucker to give you real money for the bits, it's a hobby? The trick is getting out before the suckers move on to some other worthless investment and this all ends up on the rubbish pile. I thought people were nuts investing in gold, then this happened.So basically takes at least 2 years to pay off initial investment. And a single system produces enough income to pay for my internet and cable per month.
Like a non fat decaf latte - why bother?