Topic: a beginner wanting to start bitcoin mining (Read 368 times)

Staking is when cryptocurrency is frozen in an account to support the blockchain network and receive rewards.$WATER Users help ensure the security and decentralization of the network, for which they receive interest or new tokens. This process is typical for cryptocurrencies with the Proof-of-Stake (PoS) algorithm, such as Ethereum.

You're being very formal about mining.
I work with what I have now, and my ability to mine is limited by power consumption and controllers of power companies that fight against mining.
In Russia, experts already call the capacity for mining 2.5 Gigawatts and in these capacities there are tariffs of 1 cent and 0.005 cents and even less if you have own  a hydroelectric power plant

I did not say 5 cents is the minimum in the U.S, but sure thing 2 cents is, so if your country really had 2 cents power rate for anything "good scale" then it would have dominated the mining industry, but it is not, so where is the problem?


I am not talking about a hobby miner who runs an old miner ont their balcony to generate 50 cents worth of profit a day, those things happen everywhere, I am talking about mining Bitcoin for a business, so tell me, that guy with 1 gear in their balcony, can they run 1MW worth of gear? if they can't and they are limited by the 60amp main breaker they have, then that's a different story.

And what makes you think the minimum price in the US is 5 cents? I've seen data that mining companies in Texas buy electricity cheaper.

In my country I will say that every miner uses as many Asics as he can if it is profitable.
I posted a picture with 1 asic on the balcony, and those who can do more, use several dozens of asics.

how many miners can you run at that 2 cents price? 3 of them? all these unrealistically low prices are non-expandable and unsustainble, i am talking about a reasonable and legal mining business, not someone outsmarting/ cheating thier landlords.

if any place on planet earth had 2 cents power rate for actuall mining, the U.S farms with 5 cents would have gone under the water.

Furthermore, mining at home is difficult, the noise, the cooling, still, even with close to cheap power, in the long run Hodling beats mining, you still need to consider gear failire, maintance, cooling and infrastructure,  it is not just power rate.

Why do you think that mining is not profitable?
In my country there are places where electricity costs 2 cents, another miner's electricity costs $0.002.
https://bitcointalksearch.org/topic/--5508149

If your electricity is more than 10 cents, then you only have one option, and that is HODL.

Allow me to make a very bold statement

Bitcoin mining isn't going to work for any small-scale miner anymore, long gone are the days when you could grab a few miners and make a profit at home, mining isn't even profitable at large scale anymore, you need to be mega large to compete, or be in a very special case where you don't have to pay for electricity, aside from that --  everyone will lose money if you got money to invest in mining, it would be best if you buy the coin and HODL instead, in fact, Hodling outperformed mining even when mining at home was a thing, there were only a few cases of which mining outperformed Hodling, and since things have become what they are now, Holding will most certainly beat mining.

Anything buying mining gear after reading this post, please post your status so we can review them in 3 years and see what would have been the result.

Where in the Philippines are you from? The cost of Manila electricity tariff this year varies from 9-11 pesos and that's equivalent to $0.18 in U.S dollars.

Mate, Bitcoin mining isn't good for you, I don't know about other cities in the Philippines but I am this sure about Manila because I have someone over there right now. Find something else to do with your money.

You can just DCA into Bitcoin and Starr holding for future sake, you will still make a lot of profits a few years to this time, it is not too late to get into Bitcoin right now because millions of people around the world don't have or own Bitcoin yet.

Avoid other alternative coins, their mining strategy feels a lot like ponzi, especially that Kaspa and Alephium, many people have lost tons of money because the money they make back everyday keeps shrinking and now they can't even afford to run the machine.

If you are still considering the cost of things, maybe you should not be considering mining because it involves a big budget. Have a very big budget that you will not need to consider the cost of electricity or the cost of equipment if you must consider mining because everything has become more expensive, the electricity tariff has risen in some places, and the cost of buying and maintaining the equipment has also increased. As a beginner, unless you really love mining, there are other ways you can earn from bitcoins because mining is very cost-intensive.

If you compare the cost of bitcoin asics to Antminer AL1 Pro asics, I would say that bitcoin asics are cheap. It has been said many times that the main expense in mining is the electricity bill, and this is not favourable everywhere.

Why are you suggesting cloud mining?

Not a single educated person in this forum will disagree that cloud mining is nothing but a scam and all newbies should steer clear of that phrase unless they are fully aware of what they are doing.

There is no hardware in cloud mining, its all a gimmick running the show. Real mining is buying ASICs and running them to mine.

You'll need ASIC miners for Bitcoin mining, which can be pricey. Don't forget to factor in electricity costs to determine if mining will be profitable in your area.

But for a more affordable start, you might consider cloud mining services or using older, less expensive hardware, but be sure to check if the returns justify the cost.

I think it was as difficult as it is now to mine a new shitcoin.
The new coin has no pool, so you have to set up a node, wallet and start solo mining according to the instructions.
Whoever mined Kaspa in the beginning and didn't sell then, would make a good profit when selling now. Maybe it's a bad comparison, but back then nobody thought bitcoin would be worth anything.

I am grateful for your advice. Bitcoin mining in recent times is very expensive and in most cases causes damage to the environment. In electricity generation using fossil fuels and expensive. My question is how easy was mining using a laptop or computer in the early days of Bitcoin ?

I don't think there's someone who will mine BTC with a negative profit unless you are willing to contribute to the network some people use USB miner(Compac F) just for lottery and the power cost of running this for a month is around $1-2 it won't hurt your pocket compared to big units like s21 mention above.

Or people who mine BTC are those who live with a pretty cheap electricity rate I think around $0.06 cents or less should be profitable and breakeven 2 to 3 years for a sample Antminer s21 pro with the current Bitmain price around $6,300.


I don't think you can mine these coins you can only get rewarded from those coins through staking not mining.
There are still other coins to mine if you are looking for profitable then check this one for ASIC units https://www.asicminervalue.com/
GPU mining is currently not profitable so I can't suggest building a mining rig.

Thank you I will read everything that you have suggested. So my question now is who are the people that mine Bitcoin if the profit will only be negative?

Xrp or trx is a coin I'm really interested in. Do you think mining these coins will be profitable or just the same as Bitcoin?

For a constant consumption of 200 watts for 12 hours you need at least 4 65 Ah 12 volt car batteries. And in sunny times you need energy to charge the batteries and power the ASIC.
I think that solar energy is effective for daytime mining, but at night time it is better to use another source of electricity.

Well based on my last month's bill the current rate is around $0.23 and 15 cents a day for 110 watts still shows negative profit unless BTC keeps going up we can maybe make a profit someday by holding them but still not worth it if you keep paying bills with negative profit.
Maybe having a small solar setup only for this unit 110 watts I saw recently a complete solar setup portable that can be brought everywhere for around $100, limit load is 200w, and with a capacity of 78k mAh this might be a good option for small units it can I think able to run 24hrs straight if the solar can harvest enough power.

he could get the avalon for about 175 usd. psu and shipping.

it does 3.3 th and 110 watts.

mine it to nicehash and get 15 cents a day in btc.

in around 400 days he will get a payout of 0.001 btc  or say 63 bucks. if btc goes up he will turn a profit.

at worse he loses a few hundred. he does help the network. and no one will know the owner of the btc if he uses a core wallet address.

not the way to riches.

That was the reason why I stopped mining with BTC ASIC units since the profitability dropped a lot and the electricity rate increased.

Maybe you can try other units that can mine other coins but for BTC ASIC units your profit is negative I've tried that I also lost in d3 units it just makes noise with negative profit.

Check this site for profitable ASIC units https://www.asicminervalue.com/

And I suggest to read this "First time/Small miner reference for getting started."
But if your plan is for learning purposes then you can try USB ASIC miner like Compac F or for DIY check BitAxe. It consumes less power compared to big units like antminer s21.

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.