How a total n00b mined $700 in bitcoins

Re:How a total n00b mined $700 in bitcoins by joejohnson on Saturday June 29, 2013 @09:22PM (#5964346)

For everyone wondering how much you'd need to mine to pay for the equipment, here is a handy calculator: http://www.bitcoinx.com/profit/

The BFL Jalapeño (5GH/s) is $274 and where I live electricity costs $0.19/kWh. From the article, the device "pulled 50 watts of power when actively hashing". So, this will pay off in 3 days, and will generate 9321.64 USD over 3 months (given 0.61 profitability decline per year).

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Re:How a total n00b mined $700 in bitcoins by notaddicted on Saturday June 29, 2013 @10:00PM (#5964411)

The timing of when you get the device is crucial, check out how fast the total power of the mining network is going up: http://bitcoin.sipa.be/ (it is the 1st graph).

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