Topic: Mining at home - Small operation (Read 665 times)

Chill for now cos bears are slowly taking down the bulls and it this becomes a reality in coming weeks ETH won't be profitable again and some miners will sell their GPU at cheaper price, this is the perfect time to buy GPUs for mining

This is the bitcoin section so we would only ask about bitcoin in this section.

Gpus can not directly mine bitcoin so we would ask gpu questions in the alt coin section.

But before I rush you off to altcoins a new small quiet bitcoin miner has been developed.

it is for sale and there is a thread on it. In hard ware section .
i will link it in a minute.


https://bitcointalk.org/index.php?topic=5314398.new#new

it is low power low noise and may actually be worth getting.

gpus are costly and hard to get.

I am getting my model from the seller in a few days.

I will review it 🔜.

A general question what country do you live it as these ship to the USA and to europe.

Hi all,
Im new in mining and wanted to which will be the best case scenario for a new person like me to mine.
I have been looking for many ways and confused.
Hope asking here with experts will give me good advice.
Cost of electricity is no for me.
I'm ready to invest more in this around 1500-2000$.
Thinking of GPU.
PLEASE SUGGEST.
THANK YOU.

Depending on hashrate desired and a few other things yes sound levels can become an issue.

GPU's are off topic here and whole different mining matter. There are dedicated areas for them.

If you decide to buy another one down the road; wouldn't sound become a factor?
GPUS are quiet and they do not require soundproofing as mocacinno mentioned..& philipma1957 knows this too.

TBH I wouldn't go into asic operation with such budget. You will be spending money on old hardware that'll become an expensive paper weight in a year or so.

If you were to start with ASIC mining, to begin with... maximum initial budget of 2000€ (approx $2400), which ASIC would you choose to start with?

Electricity cost 0.00€ / 0.00$, up to 3500W, then 0.14€/kwh (0.17$/kwh)

Regards

Hello,

Excuse me, I heard a lot about ASIC mining, what is this? Can I do it ar home?
I am a newbie, sooo, its pretty tricky till i get it.
Thanks

Hello,

It depends on your electricity cost...

ASIC miners are good, they are very productive; it really depends what your elelctricity costs are.

It is better for sure than GPU Mining!

The late 2018-2019 drop in difficulty was very short-lived and it wasn't even a fraction of the drop in price, you are totally right about difficulty not being on a vertical uptrend where it only goes up every 2016 blocks but it's it goes up as opposed of down at leats 90% of the time, and until something major happens to this industry the safest bet would be "up", if you randomly bet 10 times on 10 future epochs you will most likely end up winning big.

I have to agree with Kano although I seldom do, ROI should be based purely on BTC, if you can't get the BTC amount you spent, just save yourself the trouble and buy the coin, especially given the fact that more often than not gears lose their value over time and are subject to die at any second (ignoring the crazy times we are seeing now because of the global chip shortage).

With that being said, those who place everything based on fiat are not doing anything wrong, you invest $1000 and you want to earn back $1000 + profit regardless of where bitcoin goes or what happens to it, that's completely fine, the problem with this approach, however, is the fact that your fiat profit will ENTIELRY depend on the price of bitcoin throughout the period you mine, which forces you to look back at the BTC valuation even if you think BTC value is irrevent.

I personally use the term ROI and attach it for fiat for simplicity purposes, but personally, if it does not make sense BTC wise, I rather store the coin safe and sound than going through all the troubles with mining.

Alas as we all know, there is at least 5-6 months worth of miner pre-orders that will almost certainly ensure the average difficulty will go up for quite a while ... even if there are a few downs over that time.

$0.06 is a good electric rate. With current mining earnings, virtually any ASIC miner manufactured in the past few years will be profitable.

Take the power consumption of the miner in watts, multiply by 24 then divide 1000 - this will tell you how many kWh the miner uses each day.

Example: S9 that uses 1300w. 1300 x 24 = 31,200. 31,200 / 1000 = 31.2.

31.2 * $0.06 = $1.87 per day electric usage.

Current earnings on my preferred pool are $0.40 per T.

S9 hashes at 14T. 14 x $0.40 = $5.60.

$5.60 - $1.87 = $3.73 profit per day (AT CURRENT EARNINGS AND BTC VALUE).

But as others have pointed out, earnings AND BTC value change all the time. You could be making $3.73 profit a day today, $4.50 profit tomorrow, $1.50 daily a week later, and in a month it may be $0.50 loss every day. We can only go on current figures and make estimates for where we think difficulty / BTC value will go, and then decide if the risk is worthwhile. The more efficient the miner, the more likely it will stay profitable throughout various difficulty / BTC price changes. 

For example I pay 6 cents full cost per kwatt. It means that price is good and I can mine? Is it better to use asic or video card?

 no one knows the future.

and difficulty does not always go up .  We have long streaks of lower difficulty periods.

so it is possible that the -25% scheduled drop comes in at -25%

or at -30% or at -15%.

we had a long down trend in difficulty in late 2018 say october. it lasted a while. maybe till may 2019.

So maybe op is on to something. Maybe not.

at op good and have whatever you.

If you are betting on a higher BTC price to avoid losses, then you are simply better to buy BTC and not mine.

Mining costs are the miners, which currently are ridiculously over priced (and 5-6 months for delivery on new ones so NO income for 5-6 months at all for new miners) and the electricity to run them for that year or two and the time spent looking after them.

BTC costs is ... whatever you spend to buy BTC

Not sure I agree with this. My equipment ROI'd much quicker than expected due to the huge increase in value of BTC between this time last year and now. It's important to note that actual ROI time could indeed be later than expected, but there are also variables which could result in ROI coming much sooner than anticipated.

Also remember than any supposed 'break even' someone tells you will be wrong.
It will be certainly longer since difficulty changes every 2 weeks to make it longer.

Once someone starts quoting numbers as large as 300 days for old hardware,
then you know it will more likely be something like 600 days or possibly even never.

@ op

10 cents full cost per kwatt is okay not great but okay

5 cents full cost per kwatt is good.


If I were to sell you a modded s9 designed to not be loud with 2 boards not three. it can be set to do  6 th and 500 watts.

I built 20 or so of these they are okay.

The lowest price on ebay for a loud full power s9 is about 500

https://www.ebay.com/itm/Bitcoin-Miner-Bitmain-Antminer-S9i-14TH-s-BTC-Free-US-Shipping-crypto/303240079326?

I can't tell you to buy that as it will be loud.

If I sold you my modded version with braiins firmware for 350 it earns 6 x .36 = $2.16 a day

it burns 500 x 24 = 12 kwatts a day

the math is :

15 cent power 1.80 power cost. 36 cents profit  972 days to break even
14 cent power 1.68 power cost  48 cents profit
13 cent power 1.56 power cost  60 cents profit
12 cent power 1.44 power cost  72 cents profit
11 cent power 1.32 power cost  84 cents profit
10 cent power 1.20 power cost  96 cents profit 364 days to break even
 9 cent power  1.08 power cost  1.08 profit



So I did 9 to 15 cent power using my modded gear.

If you did get the gear on ebay for 500 and maybe would a good psu for 100

you would be at 600 and if heat and sound meant nothing it would do 14 x .36 = 5.04 a day. and burn 1300 x 24 = 32 kwatts a day

so

at 15 cents  4.80 power cost  5.04-4.80 = .24 profit  600/.24 = 2500 days to break even

at 10 cents 3.20 power cost 5.04-3.20 = 1.84 profit  600/1.84 =  326 days to  break even


you would be at 600 and if heat and sound meant nothing it would do 14 x .36 = 8.40 a day. and burn 1300 x 24 = 32 kwatts a day

so
at 15 cents  4.80 power cost  8.40-4.80 = 3.60 profit  600/3.60 = 167 days to break even

at 10 cents 3.20 power cost 8.40-3.20 = 5.20 profit  600/5.20 = 115 days to  break even bad math ignore correct math is above


you need to understand the numbers above for profit can go up or down day by day

that s9 gear is being used as it is cheaper.

If you are over 15 cents a k-watt do not bother

I am not offering to sell you a modded quiet s9

I have zero idea if the ebay seller  I mention is any good.

an s9 runs better on 240 volt circuits when it runs full speed.

but braiins software will allow decent lower clocks to allow lower power use  and run on 120 volts.

Good luck

This is indeed the first question to ask... OP says his electricity is cheap, but how cheap is cheap?
I pay ~30 cents/Kwh, if i'd be presented with a contract that allows me to buy my electricity at 15 cents/kwh, i'd be dirt cheap from my point of view... but still, i'd be mining at a loss.

@OP: what do you mean by cheap? <5 cents/kwh? <10 cents/kwh? <20 cents/kwh? "free", as in: my mother/landlord/boss is paying the bill and will probably beat/expell/fire me if he/she finds out....

You're in the bitcoin mining subforum... Without telling us your exact electricity rate, there's no point in answering anything else... Even if you have a good electricity rate, other things do pop up: knowledge, a mining room with proper wiring and soundproofing and A/C, the total cost of the miner (including PSU, S&H, taxes, VAT, import duties,...),... but without knowing your exact electricity price, it's not even a good idear to start discussing these...