Mining Bitcoin - page 4. | Bitcointalksearch.org

LegendaryK

member

Activity: 280

Merit: 30

@stompix

Since you are promoting your case,

Show the specs along with your input costs.

Include Cost to buy asics
Include energy cost to run asics and costs to cool them
Internet connection cost
do you run a full node, include cost of PC and energy used
do you rent the location where the miners are stored
are you using renewals is so include their purchase cost
Which pool do you mine with

Are you making a living off it,
or
is it nothing more than a hobby?

If you run it in your home, is your spouse on the verge of leaving because of the noise?

If you did the math, would you not have been better off to just buy the coins?

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: LegendaryK on September 19, 2022, 08:08:39 PM

1. You need at least 3000 ASICS to be competitive with the rich elite.

Nope, my case for example.

Quote from: UserU on September 19, 2022, 09:54:53 PM

Just "fake" mine. Use some miner to mine profitable altcoins, cashout in an altcoin, then convert the holdings into BTC.

Maybe you haven't read the news, profitable coins have gone extinct since ~~the asteroid~~ merge hit.

UserU

hero member

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Just "fake" mine. Use some miner to mine profitable altcoins, cashout in an altcoin, then convert the holdings into BTC.

OG mining ain't cutting it unless you have the financial capacity to build a hangar of miners.

LegendaryK

member

Activity: 280

Merit: 30

Quote from: Rabi3 on September 19, 2022, 05:08:14 PM

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Many people lie, if mining bitcoin was as profitable as they claimed , everyone you know would already have two ASICS in their house.

https://www.gemini.com/cryptopedia/crypto-mining-operation-crypto-mining-rig-asic-miner

1. You need at least 3000 ASICS to be competitive with the rich elite.
2. You need a cold climate to help dissipate the heat.
3. You need to rent a warehouse to house the ASICs. (included are security costs to make sure no steals asics or burns the warehouse down.)
4. You need to get industrial transformers from the power utility.
5. You need as low energy prices as you can find.

* Even if you did all of the above, PoW is on the verge of being banned worldwide due to it's excessive waste.*

So why even bother, PoW is a dead tech. Tongue

BitMaxz

legendary

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Playbet.io - Crypto Casino and Sportsbook

Based on this https://www.asicminervalue.com/efficiency/sha-256

It's not worth mining with an ASIC miner if you have an Electricity cost of $0.15/kWh above but if you have an electricity rate of around 0.04 or below or free it's profitable.
And actually, it also depends on the lifespan of your unit and you will never reach the ROI if you don't know how you maintain them.

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Quote from: Rabi3 on September 19, 2022, 05:08:14 PM

and do you think it's still worth trying on 2022 ??

If you are looking to make a ton of money out of mining like it was in the early years where people would even mine with CPUs, stack some coins and then realize a few years later that they are worth hundreds of thousands of dollars, then forget about it.
Currently mining profitability is dependent on so many factors from power costs, difficulty of the network, market conditions etc

Most small farm owners now days mine for small profits and some keep the coins for the bull market in hope that the value will multiply before selling off.

KennyR

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Mining bitcoin is based on the person's financial ability along with the lowest electricity consumption charge. Lower the electricity consumption charge, higher will be the profit out of mining. It also requires regular maintenance as well as knowledge to set-up mining operations through which one can switch mining of different cryptocurrencies based on the market variation.

Oshosondy

legendary

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Gamble responsibly

It depends on the cost of electricity that you are using, if the cost is high, do not just go into bitcoin mining. But if electricity is cheap in your country, you can make further research if it is profitable.

You will need to buy mining equipments like application-specific integrated circuit (ASIC). They are costly but would worth it. Bitcoin mining might not be profitable, but you can hold the coins mined and wait for the price to increase is good so that you can sell at high price too, but making sure that at least, you earn profitable amount after you join a mining pool.

Bitcoin mining is profitable, but you have to calculate the electricity you will spend on miners and other mining equipments before you should start buying and setting up mining equipments. If you do not make right calculation, you could end up losing.

The loss can be from the cost of running mining equipments to be more than the reward given you from the mining pool you joined. The reward is based on the hashrates your miners are adding up in the total mining hashrates the pool is producing.

Rabi3

full member

Activity: 1204

Merit: 100

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Topic: Mining Bitcoin - page 4. (Read 858 times)