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| Thread ID: 136623 | 2014-03-23 22:01:00 | Litecoin miners, time to pull the plug? | dugimodo (138) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1371104 | 2014-03-25 04:01:00 | I think you underestimate the costs. You said 760W yes? If your figures are right you are doing much better than me. .76 KW x 24H x 30 days x .25$ a KWh = $136 a month my power prices just jumped slightly too with genesis and even if you get a better price than me I doubt it's half. also 7 days = $31.94 /4 means each of those LTC cost you $7.98 in power. But even then 4 LTC a week is about double what I'd expect at your hash rate and current difficulty, this calculator www.litecoinpool.org has always worked out pretty close for me, I'm doing a little better by using a different pool but not much. |
dugimodo (138) | ||
| 1371105 | 2014-03-25 04:22:00 | Sure Nick except LTC & BTC seem joined at the hip, LTC value tracks BTC almost perfectly so when BTC is low so is LTC. In other words buying 25 LTC worth of BTC now will likely result in a very similar amount of BTC as it will in 6 months so the only gain to be had is if the value of both rises or if you do as you suggest and BTC starts rising independantly of LTC - which hasn't happened apart from a very occasional spike. There are a lot of people playing the crypto coin market like they do the money market, just trying to buy low and sell high. Because it varies wildy at times you can make money very quickly but it's very unpredictable and you can lose it just as fast. I've been converting all my LTC to BTC before selling for $NZD and if you calculate the LTC - USD - NZD rate then compare it to the LTC - BTC - NZD rate you'll see it's pretty much always the same (no one buys LTC for NZD that I can find) Interesting. Do you know if other digital currencies are similarly closely tied to Bitcoin? |
Nick G (16709) | ||
| 1371106 | 2014-03-25 04:28:00 | Is income tax payable on mining? | plod (107) | ||
| 1371107 | 2014-03-25 04:30:00 | I've only really researched Litecoin as that's what I primarily was mining so I don't know about the others. Given that about the only way to get cash out of any of these coins is to trade them for BTC first though I suspect it has a strong influence on all of them. https://btc-e.com/ will buy LTC (and many others) for USD directly, the problem is getting the cash back to NZ. I use a local excahge Chill put me on to to cash out BTC here and that exchange to convert my LTC - BTC Lately though I've mined this pool www.clevermining.com which sells the coins for you and pays out in BTC, saves a step. |
dugimodo (138) | ||
| 1371108 | 2014-03-25 06:31:00 | Is income tax payable on mining? Yes but for the figures being quoted in this thread I cannot see IRD getting to excited about it. |
CliveM (6007) | ||
| 1371109 | 2014-03-26 06:11:00 | Nor can the IRD track it to you easily. A lot of coins have smaller dedicated exchanges to USD. Many still require transferring to BTC, specifically smaller Altcoins. What pool were you using dugimodo? I was on Coinotron but the Android app for WeMineLTC got me switched. Also is that current prices? I thought it was ~15c? |
Chilling_Silence (9) | ||
| 1371110 | 2014-03-26 17:52:00 | www.litecoinpool.org/ originally, http: lately 15c for KWh is that what you meant? Genesis is about 28c before the 10% prompt payment discount, it was a little lower but it just went up. I doubt you get it for 15c, I'd expect it to be in the 24-30c range. It's one thing that works against us, other countries have cheaper power - well some at least. |
dugimodo (138) | ||
| 1371111 | 2014-03-26 20:43:00 | PowerShop are currently showing 18 for their standard rate, tempted to switch, that's a 30% saving on the monthly power. I'm not looking to cash mine up immediately though, I'm holding them more 6-9 months. If it goes down, it goes down, whatevs... But if it goes up, then good for me :) Difficulty has skyrocketed over the past month, doubling: bitcoinwisdom.com That looks like growth to me :D Current 'calculators' show roughly 2.2 for me, per-week, which is USD$150-ish a month. Man it was only 3 weeks ago that was nearly double, due to the difficulty rise :( |
Chilling_Silence (9) | ||
| 1371112 | 2014-03-26 20:59:00 | Comparing power prices gets tricky, you have to factor in line costs etc too. When I divide my average monthly usage by final power bill and compare it between companies I haven't really seen a huge variation in price despite widely ranging prices per unit, haven't done it lately though. I turned mine off yesterday, man I didn't realise how used to the background noise I'd got. I can still make money but at < $5- $10 a week after power costs I'm not sure I can be bothered. I'm considering mining my way to 1 BTC then keeping that as an investment and selling off the hardware, would probaly take a while though and cost me only a bit less in power than current BTC prices. |
dugimodo (138) | ||
| 1371113 | 2014-03-26 21:30:00 | I'm presuming you wouldn't mine BTC directly, that'd be crazy :P | Chilling_Silence (9) | ||
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