Topic: Can mining be relied on for financial stability? (Read 509 times)
It's profitable to have a mining farm, although I don't know much about it. Being a miner has its challenges, particularly when it comes to the use of electricity, but the cost of usage in different countries varies and is actually profitable. Personally, I don't believe in putting all of my eggs in one basket and instead i believe in having multiple sources of income.
5 cent power.
a proper area to mine.
ie stable 220-240 volt power
stable internet.
so lets say you are in an empty enough spot that noise is not an issue.
a s19 110 th pulls 3100 watts or 3.1 x 24 kwatts a day which is 74.4 kwatts. round up to 85 kwatts
at a nickel that is $4.25 power cost
and 110 x 9.2 cents is $10.10 earned
you net $5.85 a day on a piece of gear that will cost about 4700 usd.
so
4700/5.85= 803 days. once you pass that point in time i would argue you can rely on making money kind of.
but thats over 2 years.
you really cant expect to get to a good spot in under two years
and in the case above i argue you can expect to make 2-7 a day on that one unit for 2-4 years after you paid it off.
so if you buy 10 units and are at 47000
you will likely spend at least 3 k more to handle power and heat issues
so 50k in to reach breakeven in two years and two months .
then expect to earn 20 to 70 a day all clear.
a lot of us long time miners have been doing this for years and may clear 200 a day and own 300k worth of paid off gear. but it is real work. can i tell you i am rich no i am not.
will i get rich . i do not think so. but i mine on.
65 years old and mining away.
a proper area to mine.
ie stable 220-240 volt power
stable internet.
so lets say you are in an empty enough spot that noise is not an issue.
a s19 110 th pulls 3100 watts or 3.1 x 24 kwatts a day which is 74.4 kwatts. round up to 85 kwatts
at a nickel that is $4.25 power cost
and 110 x 9.2 cents is $10.10 earned
you net $5.85 a day on a piece of gear that will cost about 4700 usd.
so
4700/5.85= 803 days. once you pass that point in time i would argue you can rely on making money kind of.
but thats over 2 years.
you really cant expect to get to a good spot in under two years
and in the case above i argue you can expect to make 2-7 a day on that one unit for 2-4 years after you paid it off.
so if you buy 10 units and are at 47000
you will likely spend at least 3 k more to handle power and heat issues
so 50k in to reach breakeven in two years and two months .
then expect to earn 20 to 70 a day all clear.
a lot of us long time miners have been doing this for years and may clear 200 a day and own 300k worth of paid off gear. but it is real work. can i tell you i am rich no i am not.
will i get rich . i do not think so. but i mine on.
65 years old and mining away.
your answer is detailed and its got me thinking. [please anyone else comment too] - hypothetically over a horizon of 3-5 years, for the purposes of accumulating and stacking BTC, isnt it easier to just DCA? i ask as i am currently at a cross roads with wanting to diversify into mining and weighing up pros and cons. note here: im on the other side of earth and cost per kw here is 0.16c/kw
thanks in advance
make sure that in a bear market you are making at least 300$ a day, this will bring better comfort in a bull market too as the profit will increase.
In fact, if possible, make so much in the bull market, so you don't have to sell off your coins so cheap during the bear market in order to survive.Mining investment also involves perfect time from buying the gear to selling off your stash. For a start, you don't want to buy the mining gear when prices are off the roof, only for everything to plummet a few weeks later due to the bear market.
Your so called financial freedom will be shake if an intense bear season hit the market, your 500$ per day will turn 50$ and you will have to lower your eating habit and family spendings too, mining is seasonal base just like many businesses out there, so it's a no for me, you have to get involve in another thing that brings extra income.
It depends on your current condition where you live and if you have a very cheap or free electricity source.
Financial freedom can be achieved if you know how to keep holding them and only sell them at the right time.
Using the mine coins for trading is very risky unless you have knowledge and skills in trading and if you also have free power you don't need to worry about the monthly electricity bill and risk of loss in trading but mining units have a lifespan we do not know how long your mining units can mine. So you must manage them well if you want to achieve financial freedom(Always HODL is the best).
Financial freedom can be achieved if you know how to keep holding them and only sell them at the right time.
Using the mine coins for trading is very risky unless you have knowledge and skills in trading and if you also have free power you don't need to worry about the monthly electricity bill and risk of loss in trading but mining units have a lifespan we do not know how long your mining units can mine. So you must manage them well if you want to achieve financial freedom(Always HODL is the best).
TRUE! It is not just an investment(like luck or not kind of "gambling") , it has some math in it. You got to think and figure it out with your sensible mind. The most safe and not risky way is to hold it and "don't let it go".lool
https://xtrading.com/financial-questions/what-are-the-math-problems-in-bitcoin-mining/
make sure that in a bear market you are making at least 300$ a day, this will bring better comfort in a bull market too as the profit will increase.
In fact, if possible, make so much in the bull market, so you don't have to sell off your coins so cheap during the bear market in order to survive.Mining investment also involves perfect time from buying the gear to selling off your stash. For a start, you don't want to buy the mining gear when prices are off the roof, only for everything to plummet a few weeks later due to the bear market.
Not if I am already a millionaire, crypto mining is seasonal base so to be able to feed your family you need to set up a mining farm that worth thousands of dollars, make sure that in a bear market you are making at least 300$ a day, this will bring better comfort in a bull market too as the profit will increase.
5 cent power.
a proper area to mine.
ie stable 220-240 volt power
stable internet.
so lets say you are in an empty enough spot that noise is not an issue.
a s19 110 th pulls 3100 watts or 3.1 x 24 kwatts a day which is 74.4 kwatts. round up to 85 kwatts
at a nickel that is $4.25 power cost
and 110 x 9.2 cents is $10.10 earned
you net $5.85 a day on a piece of gear that will cost about 4700 usd.
so
4700/5.85= 803 days. once you pass that point in time i would argue you can rely on making money kind of.
but thats over 2 years.
you really cant expect to get to a good spot in under two years
and in the case above i argue you can expect to make 2-7 a day on that one unit for 2-4 years after you paid it off.
so if you buy 10 units and are at 47000
you will likely spend at least 3 k more to handle power and heat issues
so 50k in to reach breakeven in two years and two months .
then expect to earn 20 to 70 a day all clear.
a lot of us long time miners have been doing this for years and may clear 200 a day and own 300k worth of paid off gear. but it is real work. can i tell you i am rich no i am not.
will i get rich . i do not think so. but i mine on.
65 years old and mining away.
a proper area to mine.
ie stable 220-240 volt power
stable internet.
so lets say you are in an empty enough spot that noise is not an issue.
a s19 110 th pulls 3100 watts or 3.1 x 24 kwatts a day which is 74.4 kwatts. round up to 85 kwatts
at a nickel that is $4.25 power cost
and 110 x 9.2 cents is $10.10 earned
you net $5.85 a day on a piece of gear that will cost about 4700 usd.
so
4700/5.85= 803 days. once you pass that point in time i would argue you can rely on making money kind of.
but thats over 2 years.
you really cant expect to get to a good spot in under two years
and in the case above i argue you can expect to make 2-7 a day on that one unit for 2-4 years after you paid it off.
so if you buy 10 units and are at 47000
you will likely spend at least 3 k more to handle power and heat issues
so 50k in to reach breakeven in two years and two months .
then expect to earn 20 to 70 a day all clear.
a lot of us long time miners have been doing this for years and may clear 200 a day and own 300k worth of paid off gear. but it is real work. can i tell you i am rich no i am not.
will i get rich . i do not think so. but i mine on.
65 years old and mining away.
Mining (at least for me) is running a business, you need that business to be profitable, or otherwise, you shut it down.
I like this perspective. Permit me to ask further for clarity. Since it is a business and I understand correctly that bitcoin mining requires technical knowledge which I sincerely do not possess completely right now, if it is within my means to get all the equipments for it, would you advice I seek to employ a technical person to handle it or I broaden my knowledge first before starting to mine?Before you pay a dime for anyone to come up with a business plan for you you can simply seek help on this topic or in this section, as always with mining there is a simple trial right at the start:
Do you have access to cheap power? How much per kWh and how much power can you get at that price? Do you have a location and the budget for this at hand? If you do have the favorable conditions you can start expanding on the subject but otherwise, well...
Of course, since we're in the bitcoin section of the forum I assume we talk about bitcoin mining, if you're interested in GPU then you can start a topic in altcoin>mining
Mining (at least for me) is running a business, you need that business to be profitable, or otherwise, you shut it down.
I like this perspective. Permit me to ask further for clarity. Since it is a business and I understand correctly that bitcoin mining requires technical knowledge which I sincerely do not possess completely right now, if it is within my means to get all the equipments for it, would you advice I seek to employ a technical person to handle it or I broaden my knowledge first before starting to mine? 
As a miner, can you say mining is fairly profitable for you and can be completely relied on to give financial freedom from acquiring bitcoins
NO, the only thing you can rely on would be a solid set of skills or physical effort you put into something that turns into a value which you can use to eat/ feed your family, counting on any form of business is risky, mining is just another form of business that is a lot riskier than most other businesses out there, your revenue could drop by 80% in a few months, the whole farm can go on fire, everything can happen, treat mining is an extra/side income and only risk what you can afford to lose, do not treat it as a business that you will pass onto your kids, it won't happen.
As a miner, can you say mining is fairly profitable for you and can be completely relied on to give financial freedom from acquiring bitcoins, Or have you considered involving yourself with other methods of acquiring bitcoins like trading and DCA?
Crypto is volatile and mining not always is profitable and so is crypto trading either.Meanwhile, for your mining to be profitable it will be determined by your mining rig, maintenance, what you mine, and the cost of electricity while trading solely depends on the market price and your trading decision.
Both mining and trading have their own risk but solo mining is not that profitable anymore and I will advise you to evaluate using whattomine before making your decision.
As a miner, can you say mining is fairly profitable for you and can be completely relied on to give financial freedom from acquiring bitcoins, Or have you considered involving yourself with other methods of acquiring bitcoins like trading and DCA?
Mining (at least for me) is running a business, you need that business to be profitable, or otherwise, you shut it down.
DCA is a way of accumulating bitcoins, a way of investing, you already have the money and you assume the risks.
Trading is in most cases pure gambling, and it's the only one of the three that can actually land you pennyless in a single day.
Also, from the start, don't think that you can achieve "financial freedom" anymore by investing 100$ and hoping to make millions, those times are long gone.
As a miner, can you say mining is fairly profitable for you and can be completely relied on to give financial freedom from acquiring bitcoins, Or have you considered involving yourself with other methods of acquiring bitcoins like trading and DCA?
Mining (at least for me) is running a business, you need that business to be profitable, or otherwise, you shut it down.
DCA is a way of accumulating bitcoins, a way of investing, you already have the money and you assume the risks.
Trading is in most cases pure gambling, and it's the only one of the three that can actually land you pennyless in a single day.
Also, from the start, don't think that you can achieve "financial freedom" anymore by investing 100$ and hoping to make millions, those times are long gone.
Mining is the producing of new bitcoins.
Mining is the confirmation of transactions in blocks inorder to receive the coinbase reward which is halved every ~4 years or 210,000 blocks.If you buy a bitcoin you will own only a bitcoin or the amount of bitcoin you bought. but if you buy mining equipments to mine bitcoins. you can produce and accumulate a lot more bitcoins.
Mining depends heavily on the amount/quality of equipment you can purchase to be competitive.There is no easier or cheaper way to own bitcoins; So many variables play a part.
I'm not a miner, but I understand that the profitability of mining depends largely on your location and the availability of electricity around you.
There are also lots of other variables to consider such as; purchasing quality equipments and its maintenance, etc. Buying bitcoins on the other hand does not have extra requirements, besides maybe owning a hardware wallet or a steel backup.
Mining is the producing of new bitcoins. and buying a bitcoin on other hand is easier but it is not same. if you buy a bitcoin you will own only a bitcoin or the amount of bitcoin you bought. but if you buy mining equipments to mine bitcoins. you can produce and accumulate a lot more bitcoins.There are also lots of other variables to consider such as; purchasing quality equipments and its maintenance, etc. Buying bitcoins on the other hand does not have extra requirements, besides maybe owning a hardware wallet or a steel backup.
but yeah it all depends on the equipment and the available electricity.
While not mining per se, you can gain some mining exposure by investing in the mining companies. I haven't done it but I bet they trade close to BTC values. Some my use them to sneak BTC in their portfolio or a company heavy in it like MicroStrategy.
You can duck in and out of stocks but with your own equip the ROI is going to look like at least over a year or more.
Some want clean coin off the radar I suppose.
You can duck in and out of stocks but with your own equip the ROI is going to look like at least over a year or more.
Some want clean coin off the radar I suppose.
As a miner, can you say mining is fairly profitable for you and can be completely relied on to give financial freedom from acquiring bitcoins, Or have you considered involving yourself with other methods of acquiring bitcoins like trading and DCA?
I wouldn't rely on mining because crypto prices are way too volatile and from time to time the prices become so low, most small miners will have no other choice than closing down their rigs because they can't afford to run them anymore.
This happens almost during every bear market. Small miners leave the business, big miners take over their spots.
You should probably invest in something else.
I'm sure there are many people on this board with sustainable, small mining operations, but that is because they don't use the profits for risky ventures (e.g. trading).
It's best to get the mining hardware at a discount and mine in the US if at all possible.
It's best to get the mining hardware at a discount and mine in the US if at all possible.
It depends on your current condition where you live and if you have a very cheap or free electricity source.
Financial freedom can be achieved if you know how to keep holding them and only sell them at the right time.
Using the mine coins for trading is very risky unless you have knowledge and skills in trading and if you also have free power you don't need to worry about the monthly electricity bill and risk of loss in trading but mining units have a lifespan we do not know how long your mining units can mine. So you must manage them well if you want to achieve financial freedom(Always HODL is the best).
Financial freedom can be achieved if you know how to keep holding them and only sell them at the right time.
Using the mine coins for trading is very risky unless you have knowledge and skills in trading and if you also have free power you don't need to worry about the monthly electricity bill and risk of loss in trading but mining units have a lifespan we do not know how long your mining units can mine. So you must manage them well if you want to achieve financial freedom(Always HODL is the best).
I'm not a miner, but I understand that the profitability of mining depends largely on your location and the availability of electricity around you.
There are also lots of other variables to consider such as; purchasing quality equipments and its maintenance, etc. Buying bitcoins on the other hand does not have extra requirements, besides maybe owning a hardware wallet or a steel backup.
There are also lots of other variables to consider such as; purchasing quality equipments and its maintenance, etc. Buying bitcoins on the other hand does not have extra requirements, besides maybe owning a hardware wallet or a steel backup.
As a miner, can you say mining is fairly profitable for you and can be completely relied on to give financial freedom from acquiring bitcoins, Or have you considered involving yourself with other methods of acquiring bitcoins like trading and DCA?
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