Topic: It Takes 9343$ to mine one bitcoin, so no way i am selling it below 12000$ - page 2. (Read 678 times)

You've written a lot here. I only had enough for 2 pages. I have the main question. What equipment should I buy so that I can mine bitcoins. I know many here expert and I am interested in your experience. What are equipment costs? Help me choose the best equipment for maximum performance. I think to buy a small farm of 3 Asics.

It is why most of the miners live in China. Because as I know, In China, Electricity costs are low enough. In my country, we have a farm to mine bitcoin, though it is not big, but we mine one bitcoin and it cost 5748 USD! Here the electricity bill is also not high. The sad news is our government recently announced Mining is illegal, but we are continuously mining bitcoin until we recover our investment.

By reading your concern, I think Bitcoin price will pump to more than 12K USD to give all miners a profit. Without profits, miners will stop mining bitcoin. So, we can except Bitcoin at 12K USD in this year.

I see that some countries are raising electricity prices to reduce the need for crypto mining. Big men have moved their businesses to cold climates and low electricity prices to cut costs. Reducing this cost will help reduce the gap.

The cost of mining fluctuates because the difficulty can go up and down just like your electricity bill. I have some coins bought at lows not long ago and I'm ready to wait until they go above 10k USD again, but I'm also ready to sell if we start going lower than 6000.

It's all about how cheap electricity you have, no one mines with 0.12 kwh/usd price. For big mining companies, who have a lot of mining hardwares and cheap electricity, it worths to mine bitcoin and be leader in network. As you say, if we want bitcoin to be profitable for simple miners, we need at least 12K price, then imagine what will happen after upcoming halving, this is the time when price will skyrocket.

a very well formatted search & explaination but know this.

we are still talking about most of public not everyone can invest in solar panels

There is nothing stopping people who have solar from running their miners off unused solar.

Then the electricity cost approaches 0 (unless you want to add extra solar and batteries just to get a bigger farm.

Then the cost of electricity will be (solar panels + batteries).

Without doing the math, you could probably bring the cost down to 5 cents per kWh.

With future tech, you could bring the cost down a lot as well.


It also costs under $2.71 to $3.57  per watt of power installed. So the startup cost for panels could still be significant but manageable.

With existing solar, you can just use your excess and subsidize your own solar panels (especially if the government doesn't allow you to sell electricity or maybe short-changes you).


One part of the argument that fails is that a lot of miners are hodlers. That is to say they speculate that the price must increase.


Therefore they are not using the current price for profitability but the potential future price they have in mind.

This is where renewable energy comes into play, solar power springs to mind as the obvious choice but there are large cattle ranches in the states. At some point there will be an ico for a methane powered mining farm, this will bring new meaning for the term shitcoin

Is this the cost of electricity alone in mining one bitcoin or did you also considered the cost of hardware?
Last time I checked, To mine 1 bitcoin, You'd need to spend around $6,000. Maybe as others have suggested, It is different from location to location. However I think that if you are a manufacturer, The cost would be much less than $6,000.
Best thing you could do as a miner or anyone who's mining right now is to hodl, If everyone hodles their bitcoins, Price would have no other way than rising.

Different electricity cost at different locations bud. The average is a bit too much though. Considering the  electricity price you mentioned the price of bitcoin is definitely lower than it should have been. I guess most of the panic sellers have already sols their BTC and the others would be holding until BTC reaches a higher price. So a bull run is inevitable. Mining bitcoin now won't be a bad deal after all for we know that it has to rise some day.

All of it can come from crypto, but it doesn't have to come from crypto today.

here is what the smart mining farms do

they have a contract with private investors who want bitcoin.
the private investors say 'we want X coin at X price for the next year'.
thy do this because they know if they just bought on the market. the market would jump high for only getting a few hundred btc. but they can buy via miners thousands of btc without impacting the markets.


they pay fiat upfront which purchases the rigs and covers electric for the year.
its been calculated. the difficulty may rise at a predictable rate and other contingencies are put in place

then the mining pool go ahead.
if the price on the market goes down. great the pool doesnt have to mine as much. they just buy it cheaper on the market
and hand the contracted amount of bitcoin to the investor.
(this keeps prices on the market up)

if the price goes up.. the pool continue mining normally and they sell a little(of their own uncontracted coin) and keep it for future
what they do not do is put a crap tonne of rigs onto the network when the price jumps. because they are just shooting their selves in the foot when the price goes back down and they are left with extra miners that are costing them extra.

BTCC learned the hard way. they now only have 1% of network hashrate because they were price followers rather than doing the smart thing of sticking to a long term view.

lol logic of a kid, this is not how business works, let the real people run the mining, we need to pay maintenance, upgrade, all these things require money, which should come from crypto as if we had any other source of income we would not be doing 1000TH/s farms.

yes exactly what i am trying to tell these guys

yes thats what i said avg in America, i am from india its like 70$ per bitcoin here so i definitely understand the point you are trying to make

PATIENCE IS A VIRTUE...
it will be applicable for all the cryptocurrency holder today especially with those who have bitcoins.
aside from helping ourselves by holding we will also be able to somehow help the community in general if we continue to do so.
in order to avoid greater fall on prices we must realize that each of us has a role to play.
but nevertheless it is your coins therefore you can do anything you want to do with it...

Yeah I think he is fuckered up.  In the past 12 months, I have mined and traded for approx. 3 btc.  Those three btc cost me approx 6k usd in electricity.  The hardware cost me approx. 20k usd.  I plan on holding them for the next several years, if need be.  You do the math.

How to pay for the electrical cost of mining today, if you hold your mined coins for years?  Simple ... Pay for it with other fiat that isn't invested in crypto.

price follows speculation

but the LOW (value people refuse to sell) follows mining and long term acquisition cost

its why you dont see antpool btc.com and the other farms 4X thier hashrate in december 17 and then 3x down their hashrate in 2018 because the big farms dont sheep follow price
no one can predict the next ATH
but knowing the bottomline mining costs of the majority. and looking at how much of the coins UTXO changed after a certain bottomline price gives a good judgement of the scope of the majority wont sell below.

im still measuring a safe $5800-$6k bottom. due to august data which got tested in the first week of september so still to early to raise what i believe the bottom line is above $6k. but definitely above the high $5k range, though $6.1k seems a healthy low to mark in pencil as a the bottom line. just not permanent marker for me

current hashrate is 52exa 7 day average

at 14 th per asic
thats 3714286 asics always running fighting to get blocks and btc

asics get replaced once a year on average. current cost of an asic is $850
so thats $3157143100 a year of equipment= $4805.392846270928 a btc of equipment (/365/24/6/12.5)

3714286 asics at 1.3kwh = 4828571.8kwh always running all the time at the hashrate
which is 64380.95733333333kwh per btc

now looking at where all the main mining farms are and stuff. its actually about 3cents per kwh
(sorry to the guy that linked a world electric price.. but thats consumer retail rate. mining farms get wholesale discount, which is the majority of hashrate.. yea china is 3cents not 8.6cents)
=1931.42872 of electric per btc

so $6736.821566270928 electric and ASIC hardware

i wont go into the math for everyones unique variables of if they bought rigs at X price or electric is at Y

but if anyone is interested in some simple math

ASIC cost X * 0.1087192951645006 * exahashrate (where X is the dollar amount you paid for hardware)
electric Y * 12.38095333333333 * exahashrate (where Y is cent per kwh)
then just X+Y

EG 850 unit and 3 cent electric

lets take the asic 1750 cost of start of year and take january hashrate of 15exa (2853.8540625)
and chinas electric557.142899985
=$3411

im guessing the linked study that was based in january used a 14exa range for its math which would then make china correct at he $3100 range for china in that study (5 january '18 =14exa)

anyway. knowing the low 3cent electric and a low price rig of $850 and the hashrate.. its good to know that the majority of hashrate is on par with the current price..
when farming pools can buy coin cheaper than mine them, they will.
when they can make profit selling coin they will

which is why this week we have seen the prices around the mid $6k range.

as for everyone else that bought rigs at higher prices or have higher electric. they are gonna hold.
thus not want to sell