|
Title: Is Bitcoin Mining viable for me? Post by: LordDomo44 on October 06, 2017, 06:35:41 PM Hello all,
I am sure there are many questions similar to this but I would very much like some help regarding bitcoin mining. I do not fully understand the concept but I have been interested in it for a long time. At my college, as a business studies student I am eligible for a £1000 GBP. I have convinced a friend to help me with this who also takes business studies so combined we have £2000 GBP. According to a bitcoin mining calculator, we could make approximately £2.60 if we bought an "Antminer S9" which from what I have gathered is one of the most popular miners. What other hardware would I need if any? Also, would I be able to run this operation from home, or would I need to move externally, perhaps to an apartment? Thank you all in advance and I am sorry again if this is obvious to you all, it's quite complex to us mortals. Title: Re: Is Bitcoin Mining viable for me? Post by: wavelengthsf on October 06, 2017, 07:12:15 PM The hardware is just part of what you need.
An S9 consumes around 1500 watts of power 24/7 - so you need cheap electricity. That 1500w of energy also turns into heat, so you need someway to deal with all that heat. It'd be the same as if you ran a medium sized heater (around 5000 btu) all the time. In order to keep the air flowing, it has very fast and loud fans. This is a louder than having a vacuum cleaner running in the same room as you. So you need a space with very good ventilation, its own power, that can have a loud noise running for 24 hours a day. Title: Re: Is Bitcoin Mining viable for me? Post by: LordDomo44 on October 06, 2017, 07:22:49 PM Thanks for this information. I knew that we would need cooling but that is more than I anticipated. The noise shouldn't be too much of an issue and I'm thinking of using my garage. It would be cool in there and there would be plenty of space - it seems quite optimal. As for the energy price, I will have to find out the KW/h but I knew that was also a risk. Do you have any sources I should read about bitcoin mining or have any advice? It is something I am getting more interested in the more I read and I love the idea of a self-regulating currency.
Title: Re: Is Bitcoin Mining viable for me? Post by: rockie2000 on October 08, 2017, 05:32:41 PM Hi there,
This question has been asked again and again so many times already. Please read through the forum before posting your question please. My suggestion is do the math, calculate how much you have to pay for the hardware (miners), electricity, how much you can earn and then finally the profit. Then you'll see by yourself. |