fMy rig was running around £7 a day in electricity, hence why I turned it off yesterday! The coin profit isn't worth my time plus electric costs. Better off smoking some pole on the street corner if you want to make a quick 50 notes with minimal investment providing you have a close shave and already own denim hot-pants and some high heels!
I put in a few K on 7970 GPU rigs as an addition to the SHA-256 mining gear that's already paid for itself. Luckily I managed to sell the GPUs for decent coin so overall, I've walked out of that in profit
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People need to remember that these items are just tools, and if the tools are
*** Dont Swear! *** - Will Gill, its time to upgrade or bail.
Its not worth it unless you are prepared to lay out large amounts of money and/or have electricity included in your rent, providing your landlord doesn't see the 3kW spike! If you want to make fast money, see my above recommendation, or you should have purchased BTC at £66 a coin in the last month and sold it when it temp broke £100 a coin... That would be a better way to spend your money for quick very good % profits! I know, I did...
Perhaps spend more time reading charts, learning about the 'currency' you are dealing with and learn to trade efficiently with coin you have mined. I mine my coin, meaning my final LTC value is/was ~26%-27% cheaper including all expenses and depreciation of kit, so when I trade with it (including charges) You can make a better profit.
So my £66.68 per BTC, I purchased the majority of my BTC in mined LTC, which was reduced rate ~31%-35% (off top of my head) so could make a better margin. Obviously now I've turned the GPUs off, but with the difficulties and seeing people move 3 phase GPU rigs and solar setups from SHA-256 onto Scrypt, it wont be long before GPU mining doesn't cover the energy bills. Hence turning off early to make better return on the kit, which I will/have for the most part reinvested in other things (shares).
My only advice is ONLY INVEST WHAT YOU CAN AFFORD TO LOOSE and do the math. Which is applicable for everything (other than gold, but that's a whole other case!) Simple equation to work out your profit/return of/on investment:
ROI %=(Net/Inv)x100
Net=Net profit. Inv=Investment. Remember to include kit depreciation over length of time you plan to keep the kit in the investment total e.g. if it costs 5000 and you sell for 3000 and you owned for 6 months, then your depreciation is 2000/6 providing you do monthly figures. Also you need to include ALL running costs; electricity etc including your time (time is not free unless your on benefits! think about it...) into your total investment.
Remember, the difficulty is constantly rising, so read the graphs and charts to calculate your own estimates to calculate your profitability. Forget final values, its all about the percentages. If you make 80% on your investment, then you have done very well, regardless of the physical value,
its all relative, and don't forget to include inflation rates. If you make 3% on your investment, that's also good! But I don't know how many fingers peeps have in how many pies etc and what investment gains you want is up to you... If you want a high ROI maybe look elsewhere if your not prepared to make it really work for you.
IMO we're not going to see overnight millionaires again for a long long time with alt coins unless you stink down £40k on 10x 600gh/s BFL monarch's first pre-orders (if you think they will deliver) and play the market with every coin you mine...
Safe
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