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What about Return on Investment?

Ok Phil (on Facebook) here we go!

Before I start! The value of Bitcoins against other currencies go up  and down. Also the difficulty of mining goes up and down so I’ve just grabbed a day out of one of my test mining accounts.

This one is with Splitit Mining, In this account I have put about £100 worth of Bitcoins. This purchases 1587.50 or so GH/s (giga hashes) of processing power. When I earn Bitcoin with them they deduct the cost of the power to do the processing. This is VERY important if you are doing home mining with your own hardware! So to start with I would stick with an online mining processor.

So here is a day’s mining, actually yesterday 1st April 2017.

2017.04.01 21:43 POWER -0.00000109
2017.04.01 21:43 MINED 0.00000839
2017.04.01 21:41 POWER -0.00000109
2017.04.01 21:41 MINED 0.00000839
2017.04.01 18:44 POWER -0.00000109
2017.04.01 18:44 MINED 0.00000839
2017.04.01 14:56 POWER -0.00002346
2017.04.01 14:55 MINED 0.0001809
2017.04.01 12:58 POWER -0.00000081
2017.04.01 12:58 MINED 0.00000629
2017.04.01 12:56 POWER -0.0000008
2017.04.01 12:56 MINED 0.00000629
2017.04.01 10:25 POWER -0.0000008
2017.04.01 10:25 MINED 0.00000629
2017.04.01 08:01 POWER -0.00002322
2017.04.01 08:01 MINED 0.0001809
2017.04.01 06:45 POWER -0.00000082
2017.04.01 06:45 MINED 0.00000629
2017.04.01 06:43 POWER -0.00000082
2017.04.01 06:43 MINED 0.00000629
2017.04.01 04:26 POWER -0.00000082
2017.04.01 04:26 MINED 0.00000629
2017.04.01 02:07 POWER -0.00010588
2017.04.01 02:07 MINED 0.000814
2017.04.01 00:48 POWER -0.00000367
2017.04.01 00:48 MINED 0.00002831
2017.04.01 00:47 POWER -0.00000367
2017.04.01 00:47 MINED 0.00002831
Daily Total 0.00112729

 

As you can see It made 0.00112729 Bitcoins for the day. This is around £1.00 GBP profit! 1% in one day.

Now to add to that – I have a setting on the system to re-invest so when the balance reaches a level where it can increase the GH it will automatically spend the money, this is rather like having cumulative interest on a savings account.

So the figures here do vary but that gives you an idea of where you could go with it. – Remember that the value of the bitcoin changes against other currencies, so in fact when I did this test yesterday it was about £1.20.

Anyway – that gives you an idea!. But it does vary from mining pool to mining pool but I like Splitit because it’s the most professional, it’s not the only one I use and I’ve listed some on the right hand side.

Phil asked about effort, to be honest, there is none, because the computer is doing the work – well setting up I suppose and monitoring if you are a bit OCD about this sort of thing (oh, like me)

2 Comments

  1. Phil Phil April 2, 2017

    That sounds to me like one percent in a day. If you did one percent every day for a year and reinvested daily, that would give about £3600 over a year. (If the compound interest calculator i used is right) An astronomical rate of interest
    Phil

    • admin admin Post author | April 2, 2017

      Hi Phil,

      Yes – agreed, I will probably do a while weeks worth of data to see how it performs this week on this account, it’s quite useful as it has a nice round number of money in it!

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