Bitcoin mining still profitable because the price has risen sky rocketed?

I just want to give a quick update of my Bitcoin mining rig. So my last blog I have a couple Radeon HD 7970 up and running, each produced about 500 to 550 mega-hash, and now guess what? I have six of these running, and each produced same 500 to 50 mega-hash, sometime higher for some reason.

I use stock GPU speed, never over clock or do anything special than leaving it bare one in the garage and two in the basement, they all very loud due to the fan unit running to keep it cool, fan speed at 50%, and GPU temperature one at 82 degree C and others at 70-80 C.

So a total of 3000 to 3300 mega-hash, 24 hours a day, based on the current price of $94 per BTC and current level of difficulty¬†6695826.2826 I’m making about 7 BTC per month and about $700 to $800 a month if convert BTC to USD. The electricity cost would be about $3 a day or $90 a month and I need to pay a monthly payment of another $90 to pay off my no interest purchase on these GPU, so the cost of $180 a month, net $800, pocket about $620, sp why not do mining Bitcoin huh?

Well, the future of Bitcoin we would see mining will become more difficult as level of difficulty rise, but if the BTC value rise also, then we would still make money, if the level of difficulty rise and BTC drop then we’re in big trouble, loss big time. Furthermore people are seeing the potential and opportunity using methods to mine bitcoin such as the ASIC chip FPGA chips and so on which mine at a stunning speed $600 system can mine 30 giga-hash and $1250 system can mine 60 giga-hash, and so one, pretty crazy if these unit on the hand of consumer soon, we would see the level of difficulty rise dramatically and Bitcoin miner with GPU will start t drop off and go away because GPU cannot compete with these ASIC chips, hence GPU miner started to loose money and quit mining with GPU. The good news is, GPU miner can sell there rig or equipment on ebay to get some money back, while the ASIC if it’s obsolete then we can’t do anything because it’s specially designed for Bitcoin mining.

Bitcoin miner massive electricity bill

Bitcoin miner massive electricity bill