Topic: a beginner wanting to start bitcoin mining - page 2. (Read 368 times)

As others have mentioned, the cost of electricity plays a significant role in determining the profitability of mining. In your case, with an average electricity price in the Philippines, it might be challenging to make a profit.

I want to add a little bit of my thoughts.
The key to success in mining is not only cheap electricity.
A home miner may use 1 or more asics because of the power consumption limit, but he also has the risk of these asics breaking down.
21 models have such a feature that if one chip board is damaged, the asic will not work.
And on older models if one of the chip boards was not working, the asiq worked with 2 chip boards instead of 3.
The most productive asics now use water or emmersion cooling. Water-cooled asics can be used at home, but an additional heatsink will be required. There are a lot of interesting solutions in youtube, but not every beginner will do it.

mining ⛏️ at :

20 cents = loser
15 cents = loser
10 cents = maybe some of the time if you know what you are doing
 5 cents = you should earn profit
 3 cents = makes profit pretty much certain.

To not waste a lot of your time, I will tell you that if your electricity is more expensive than 10 cents, then forget about bitcoin mining.
Even at 5 cents, there is now a very high payback period of up to 24 months and mining companies are constantly increasing mining capacity. Shitcoins such as Кaspa or Alephium carry other risks. The price will drop and you will be left with a useless box with or without a fan.

Ok, lest go, bro.
According to this site https://www.globalpetrolprices.com/Philippines/electricity_prices/, the average price of electricity in the Philippines is 0.156 - 0.2 USD per kWh. If you specifically want to engage in BTC mining, then I advise you to take a closer look at purchasing the Bitmain Antminer S21.
Electricity consumption is 3.5 kWh with a hashrate of 200 Th/s.
If we use the maximum tariff for households, then the costs remain -8.5 USD/day.
In the case of a business tariff, the costs will be -3.7 USD/day.

For the calculation, data from the site https://whattomine.com/asic was used.

At the moment, it turns out that it will be easier for you to buy BTC. Or you can focus on mining alternative cryptocurrencies. For example, Kaspa.
Let's take the top miner Bitmain Antminer KAS Miner KS5. With a consumption of 3.5 kWh and a hashrate of 20 TH/s, with the most expensive tariff (0.2 USD per kWh) you will receive 14.27 USD/day.

But don’t forget that this equipment will cost you $10k. And the profitability is indicated at the current moment. And, yes, since it is an alternative cryptocurrency, there is a chance of not recouping your investment. Therefore, think about whether you really need the equipment. Because it will also be necessary: ​​to monitor the temperature, carry out preventive measures, and make sure that the noise does not disturb you. DYOR, my friend)

I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth? i live in the philippines and the price of electricity average. not that expensive and also not that cheap. but if you live in the US and have average salary, you could live really comfotably in the philippines.