I was wondering whether mining is now more about the fun of mining and keeping Bitcoin going or if there was any chance of profit involved for miners like myself.
I currently have some Bitcoin saved up, not too much but enough to buy an antminer s7.
My electricity costs appear quite high to other peoples. I have a day and night rate which differ
11.89p/kWh - Day (0.18 USD)
6.63p/kWh - Night (0.10 USD)
each run for 12 hours 8 - 20, 20 - 8. So I say on average about 0.14 USD/kWh.
I really enjoyed the fun of mining when I had a 4 x GFX card system set up. I loved it. But I am now wondering whether this is just going to lose me money. I don't mind a small profit as long as I get my ROI. But is that likely to happen?
I currently have some Bitcoin saved up, not too much but enough to buy an antminer s7.
My electricity costs appear quite high to other peoples. I have a day and night rate which differ
11.89p/kWh - Day (0.18 USD)
6.63p/kWh - Night (0.10 USD)
each run for 12 hours 8 - 20, 20 - 8. So I say on average about 0.14 USD/kWh.
I really enjoyed the fun of mining when I had a 4 x GFX card system set up. I loved it. But I am now wondering whether this is just going to lose me money. I don't mind a small profit as long as I get my ROI. But is that likely to happen?
That's worse than my (3 months out of the year) SUMMER rates, the ones that have comitted me to moving to Washington this summer.
(My winter incrimental rates average close to 7.5 cents/KWH which profitable 'cause I already HAVE some mining gear - but I'm not sure my S5s and SP20 are going to achieve RoI even WITH the recent bump in Bitcoin pricing, even though I've had them a while already).
Your probability of achieving RoI on any current gear, if you have to pay current pricing to buy it, is pretty much zero.
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consumption with your rate is around $1.44(assuming 12 hours only for the best rate) x 30 days = $45
But then they'd only be grossing $180/month, net $135/month - which is not going to get even CLOSE to RoI on the cost of an S7 before the halfing kills most or all of it's profitability - and that's also NOT taking diff increases into account (over 10% on the last one, next one looks likely to match that, and the average diff increase since the S7 first was ANNOUNCED has been close to 5%).
