The powerful Bitcoin mining rigs you can buy in South Africa

Hmmm..

If the Antminer uses 1274 watts, at the roughly R2 per kw I pay for usage over 600kw that would add ~R1900 to my electricity bill if it runs continuously. This will mine 0.2089 BTC which is currently worth around R3500. So I'd be making R1600 pm profit on a R40k investment. Would break even in roughly two years if BTC remains at this price. So I guess it all depends on what the future price is and whether after 2 yrs the rig will still be current and mining at the same rate.

Also - how much bandwidth does mining use, as this could be a cost factor that kills the equation entirely.
 
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garp said:
Hmmm..

If the Antminer uses 1274 watts, at the roughly R2 per kw I pay for usage over 600kw that would add ~R1900 to my electricity bill if it runs continuously. This will mine 0.2089 BTC which is currently worth around R3500. So I'd be making R1600 pm profit on a R40k investment. Would break even in roughly two years if BTC remains at this price. So I guess it all depends on what the future price is and whether after 2 yrs the rig will still be current and mining at the same rate.

Also - how much bandwidth does mining use, as this could be a cost factor that kills the equation entirely.
Click to expand...

As the difficulty of the hashing increases, the ability for this machine to mine profitably will decrease. It will not be mining profitably in 2 years.

There is almost no one mining profitably at the moment. Most of it happens at major companies in China (Where the ASIC machines are also made). And the machines need to be replaced with newer ones fairly frequently.

Bitcoin mining only works if you have access to really cheap electricity (Ours is fairly averagely priced these days) and cheap cooling (Colder climate helps) and cheap access to the latest ASIC miners
 
JStrike said:
As the difficulty of the hashing increases, the ability for this machine to mine profitably will decrease. It will not be mining profitably in 2 years.

There is almost no one mining profitably at the moment. Most of it happens at major companies in China (Where the ASIC machines are also made). And the machines need to be replaced with newer ones fairly frequently.

Bitcoin mining only works if you have access to really cheap electricity (Ours is fairly averagely priced these days) and cheap cooling (Colder climate helps) and cheap access to the latest ASIC miners
Click to expand...

Yes, I can see that this is a very narrow margin game, but there is still a bit of potential margin if you finesse things, although whether or not it's worth the effort and risk is debatable.
 
garp said:
Hmmm..

If the Antminer uses 1274 watts, at the roughly R2 per kw I pay for usage over 600kw that would add ~R1900 to my electricity bill if it runs continuously. This will mine 0.2089 BTC which is currently worth around R3500. So I'd be making R1600 pm profit on a R40k investment. Would break even in roughly two years if BTC remains at this price. So I guess it all depends on what the future price is and whether after 2 yrs the rig will still be current and mining at the same rate.

Also - how much bandwidth does mining use, as this could be a cost factor that kills the equation entirely.
Click to expand...

That's why people have moved on to Ethereum, you can buy a six GPU rig for R28999 that uses ~R37 per day to run while making ~R185 per day, so ~R148 per day x 30 is ~R4440 per month.

In six months the rig pays for itself and you make ~R4500 per month.
 
garp said:
Hmmm..

If the Antminer uses 1274 watts, at the roughly R2 per kw I pay for usage over 600kw that would add ~R1900 to my electricity bill if it runs continuously. This will mine 0.2089 BTC which is currently worth around R3500. So I'd be making R1600 pm profit on a R40k investment. Would break even in roughly two years if BTC remains at this price. So I guess it all depends on what the future price is and whether after 2 yrs the rig will still be current and mining at the same rate.

Also - how much bandwidth does mining use, as this could be a cost factor that kills the equation entirely.
Click to expand...

hmm..using some of your assumtions

Thorium 4480 GPU Mining Rig – R33,499
750w -> 540KwH per month @ R2/KwH = R1080
5.8 ETH @R600/ETH = R3480
R2400 pm after cost ~ 14months

Disclaimer: *based on lots of assumptions*
 
Well I really wanted to make the point that if you are trying to get into mining now you are almost 2 years too late, unless you are able to find someone who is selling their equipment on the cheap. So I found a positive in the negatives :)
 
LCBXX said:
Well I really wanted to make the point that if you are trying to get into mining now you are almost 2 years too late, unless you are able to find someone who is selling their equipment on the cheap. So I found a positive in the negatives :)
Click to expand...

I'd question the conclusion that you're too late. It seems like it's still possible to make a little profit if current crypto prices hold, and you do things as efficiently as possible - i.e. possibly sourcing components and building your own rigs for cheaper, using a bit of solar if you've got excess capacity (I do).

But it's equally clear that if you get it even a little wrong or the prices drop you're going to be wasting money. The big possible upside is if the BTC/ETH prices keep rising. Definitely none of this works if BTC drops below $1000 or ETH back to $10 (if you're into ETH) - but if, say, BTC doubles again in a year or so??
 
All I can say is that if the fork happens you're forked...
 
LCBXX said:
Well I really wanted to make the point that if you are trying to get into mining now you are almost 2 years too late, unless you are able to find someone who is selling their equipment on the cheap. So I found a positive in the negatives :)
Click to expand...
4 years too late.
 
garp said:
I'd question the conclusion that you're too late. It seems like it's still possible to make a little profit if current crypto prices hold, and you do things as efficiently as possible - i.e. possibly sourcing components and building your own rigs for cheaper, using a bit of solar if you've got excess capacity (I do).

But it's equally clear that if you get it even a little wrong or the prices drop you're going to be wasting money. The big possible upside is if the BTC/ETH prices keep rising. Definitely none of this works if BTC drops below $1000 or ETH back to $10 (if you're into ETH) - but if, say, BTC doubles again in a year or so??
Click to expand...
That is why I'm working it into my new Ryzen rig. Even if things don't hold and it only starts making profit after 3 years I still got my pc for free. If Ether keeps going up and the RX 480 prices fall to hit the sweet spot I can build a mining only rig to make profit.
 
blaaislaai said:
Don't bother mining BTC, rather mine ethereum

Those GPU rigs are profitable
Click to expand...

If you don't mind me asking are you yourself mining ethereum? I see a lot of analysis but it would be appreciated to get some feedback from someone mining in South Africa.
 
garp said:
I'd question the conclusion that you're too late. It seems like it's still possible to make a little profit if current crypto prices hold, and you do things as efficiently as possible - i.e. possibly sourcing components and building your own rigs for cheaper, using a bit of solar if you've got excess capacity (I do).

But it's equally clear that if you get it even a little wrong or the prices drop you're going to be wasting money. The big possible upside is if the BTC/ETH prices keep rising. Definitely none of this works if BTC drops below $1000 or ETH back to $10 (if you're into ETH) - but if, say, BTC doubles again in a year or so??
Click to expand...
Rather "rent" some mining capability from a established miner and offset the potential losses faced with hardware CAPEX if indeed the price dunks.
 
Azg said:
If you don't mind me asking are you yourself mining ethereum? I see a lot of analysis but it would be appreciated to get some feedback from someone mining in South Africa.
Click to expand...

Yes I am

Athe moment running 3x RX480's, all 3 are underclocked and undervolted thus resulting in Lower powerusage and higher hashrate.
Right now, based on the current exchange rate, my estimated income per month is $173

Will be adding 2x RX470's to the mix for at least $250+ may not seem much but because of the weak rand, it's a nice 'extra' income. Power usage is about R300 - R400 per month
 
blaaislaai said:
Yes I am

Athe moment running 3x RX480's, all 3 are underclocked and undervolted thus resulting in Lower powerusage and higher hashrate.
Right now, based on the current exchange rate, my estimated income per month is $173

Will be adding 2x RX470's to the mix for at least $250+ may not seem much but because of the weak rand, it's a nice 'extra' income. Power usage is about R300 - R400 per month
Click to expand...
Sorry, if you don't mind, how can underclocking result in higher hashrate? I've seen the comment elsewhere but I don't understand it and it doesn't make sense to me.
 
Can somebody tell me what those things are you plug into the motherboard and then into the GPUs?
 
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