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Making $114 a day mining Bitcoin in Jakarta

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Re: Making $114 a day mining Bitcoin in Jakarta

#11

Post by mutagen »

acchow wrote: post #3

FTA: > Electricity in Jakarta, Indonesia costs three cents per kilowatt hour. That’s 30 cents less than power in the US and Europe. Uh...Power in the US costs 30+ cents/kWh? In which part of the country?? In Ontario, Canada, the price is about 6.7 cents/kWh during the night and peaks at 12.4 cents/kWh in the afternoon. http://www.ontarioenergyboard.ca/OEB/Consumers/Electricity/E...

I interpreted that as '30 percent less than', closer to power pricing I'm used to in the US.

Notably Tiyo Triyanto, the miner quoted in the opening paragraphs, is now mining Litecoin instead of Bitcoin and betting on prices increasing before the ASIC arms race starts for that cryptocurrency.

Re: Making $114 a day mining Bitcoin in Jakarta

#12

Post by smsm42 »

$114 a day is equivalent of $14.25 working 8 hrs/day. I think there are many ways to make $14/hr without investing in expensive equipment (which will also need to be replaced eventually running that hot). Actually, person that is capable of building such thing and keeping it working could probably easily fetch much more than $14/hr.

Re: Making $114 a day mining Bitcoin in Jakarta

#13

Post by ilyanep »

ryandrake wrote: post #10

Sounds like the only people making money off of bitcoin mining are the manufacturers of these increasingly more powerful ASIC mining hardware. Once one gets developed and released, it's only a matter of time until it costs more in electricity than it's mining. Then, lo and behold, they're ready with an even faster/more energy-efficient one.

When the gold rush happens, sell shovels!

Re: Making $114 a day mining Bitcoin in Jakarta

#14

Post by gibybo »

How much did he spend on the 105 GPUs?

From this calculator: http://dustcoin.com/, you need about 60,000 KH/S to make $114 a day (excluding power cost). One of the most efficient $/hashrate GPUs for litecoin mining is the ATI 7950 at about $210 a piece and ~600 KH/s. 105 * 600 KH/s = ~60000 KH/s = ~$114, so it works out. That's $20,000. So if you spend $20,000 you can buy yourself a job that pays $114 a day. It will take 6 months just to break even. Better hope the difficulty hasn't increased enough in that time to make your GPUs irrelevant (hint: it probably will).

Keep in mind that I was very generously excluding the very significant cost of power, the very significant cost of all the motherboards/cpu/ram/power supplies to run those GPUs, and the power and space required to cool them. Realistically we're looking at more like $50k.

>“Currently I’m making about 60 litecoin per day,” he said. “I’ve kept 95% of the mining profit since April and once the major exchanges start accepting LTC, others will follow, and price is expected to soar. So that 60 LTC could turn into $1,500.”

This is absurd. If he thinks 60 LTC will be worth $1,500, he should spend the $20,000 he spent on GPUs on LTC instead. He'd turn $20,000 into $250,000 with no work required (another hint: assuming you can turn $20k into $250k in 6 months with no work as a sure thing is also absurd).

Re: Making $114 a day mining Bitcoin in Jakarta

#15

Post by kbenson »

smsm42 wrote: post #12

$114 a day is equivalent of $14.25 working 8 hrs/day. I think there are many ways to make $14/hr without investing in expensive equipment (which will also need to be replaced eventually running that hot). Actually, person that is capable of building such thing and keeping it working could probably easily fetch much more than $14/hr.

Ah, but what does $114 a day buy you in Jakarta? If it pays for your housing and expenses, that's not a bad way to spend an extended beach vacation...

Edit: Also, depending on how you want to look at it, the hour value is a bit off. $114/day * 7 days/week / 40 hours/week = $19.95.

Re: Making $114 a day mining Bitcoin in Jakarta

#16

Post by smokinn »

acchow wrote: post #3

FTA: > Electricity in Jakarta, Indonesia costs three cents per kilowatt hour. That’s 30 cents less than power in the US and Europe. Uh...Power in the US costs 30+ cents/kWh? In which part of the country?? In Ontario, Canada, the price is about 6.7 cents/kWh during the night and peaks at 12.4 cents/kWh in the afternoon. http://www.ontarioenergyboard.ca/OEB/Consumers/Electricity/E...

The article certainly seems wrong. Other than Hawaii which is an obvious outlier (36.61) the most expensive mainland electricity in the US is in California at 16.71.

http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm...

In the Europe the story is quite similar. The country with the most expensive electricity is Denmark at 29.5 but most vary between 10 and 20 cents.

http://www.energy.eu/

Re: Making $114 a day mining Bitcoin in Jakarta

#17

Post by fleitz »

gibybo wrote: post #14

How much did he spend on the 105 GPUs? From this calculator: http://dustcoin.com/ , you need about 60,000 KH/S to make $114 a day (excluding power cost). One of the most efficient $/hashrate GPUs for litecoin mining is the ATI 7950 at about $210 a piece and ~600 KH/s. 105 * 600 KH/s = ~60000 KH/s = ~$114, so it works out. That's $20,000. So if you spend $20,000 you can buy yourself a job that pays $114 a day. It will…

The returns on BTC are atrocious, however, selling shovels to this industry seems wise.

He'd make far more money if he wrote an e-book on how to cram 105 GPUs into your apartment to mine BTC.

Re: Making $114 a day mining Bitcoin in Jakarta

#18

Post by g0lden »

fleitz wrote: post #17
gibybo wrote: post #14

How much did he spend on the 105 GPUs? From this calculator: http://dustcoin.com/ , you need about 60,000 KH/S to make $114 a day (excluding power cost). One of the most efficient $/hashrate GPUs for litecoin mining is the ATI 7950 at about $210 a piece and ~600 KH/s. 105 * 600 KH/s = ~60000 KH/s = ~$114, so it works out. That's $20,000. So if you spend $20,000 you can buy yourself a job that pays $114 a day. It will…

The returns on BTC are atrocious, however, selling shovels to this industry seems wise. He'd make far more money if he wrote an e-book on how to cram 105 GPUs into your apartment to mine BTC.

an illustrated e-book. I would pay to see how an apartment houses 105 GPU

Re: Making $114 a day mining Bitcoin in Jakarta

#19

Post by edvinbesic »

kbenson wrote: post #15
smsm42 wrote: post #12

$114 a day is equivalent of $14.25 working 8 hrs/day. I think there are many ways to make $14/hr without investing in expensive equipment (which will also need to be replaced eventually running that hot). Actually, person that is capable of building such thing and keeping it working could probably easily fetch much more than $14/hr.

Ah, but what does $114 a day buy you in Jakarta? If it pays for your housing and expenses, that's not a bad way to spend an extended beach vacation... Edit: Also, depending on how you want to look at it, the hour value is a bit off. $114/day * 7 days/week / 40 hours/week = $19.95.

Also, it doesn't exclude the option of a day job + the $114 you get "for free" once you've set up the farm.

Re: Making $114 a day mining Bitcoin in Jakarta

#20

Post by xyzzy123 »

asdfaoeu wrote: post #5
warrenmiller wrote: post #4

'105 GPU system ' it'll be redundant is about a week or two when ASICs hit hard

He's mining litecoin which isn't easily mined by asics. Any GPU bitcoin mining is already very unprofitable.

Actually, ASIC mining bitcoin is fairly unprofitable at the moment :/ A 60GH/s BFL machine nets 0.11 BTC (about $15/day at current exchange rates) right now.

Bitcoin difficulty has risen MASSIVELY lately.

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