i have known about bitcoin since year 2012, but i never did mining until now because i dont have knowledge about technical in mining and also the main considering is the cost of hardware of mining, but i want to try to mine btc and have a target to make 1 btc in a month.
my question is :
1. what hardware i need to create a mining rig ?
2. how much its cost ?
3. what the minimum hashrate to produce 1 btc in a month by mining?
thank you
At the current difficulty levels, to be mining 1 BTC per month you'll need around 66 TH/s. For that, you're going to need 5 antminer S9s which would come to $10,500 Of course you will have to also include electricity costs and contribution to initial cost in your earning per month too... If that seems a bit high I think you should lower your aspirations a little  thank you very much for your info, that to produce 1 btc in a month i need around 66 TH/s and cost of buying hardware of 5 antminer S9to need $10,500 ..wowww it is very surpricing for me and it is very expensive for me. you need to look at the roi time, with the current value of bitcoin, investing 10k is not that bad, because you are looking for 10 months, roi which is standard in crypto if you factor that bitcoin can go to 2k this year it look even better, but thee diff will increase long before that making the possible increase of the value kinda pointless if you can afford those antminer, a good strategy would be to mine until 66% of roi and then sell the asic, they should retain a good price in 6-7 months |
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well litecoin doesn't have other competitors in choosing what to do next for scaling right? i mean they don't have litecoin unlimited, they don't even have any scaling issue, therwfore it's a different story then bitcoin
hopefully miners recognized that BU was a wrong way to scale and will choose segwit UASF will force this nayway, i also don't believe that they were doing it to cause fud and buying back cheap coin, mining have all the interest to see bitcoin increase
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I think as long as you don't exchange them into fiat ,you can't to pay taxes,but if you have to exchange them into fiat,then you have to pay taxes because the gov know your money!
this depend it's controversial, some government may track your bitcoin address to see if you are going to use them to purchase soemthing and avoid paying taxes they can do this if you use some known exchange which have link with are controlled by your government, but anyway i doubt you can live 100% on bitcoin, and try this way to avoid taxes, not feasible for now |
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russian people were already using bitcoin, even before this new attempt to make it regulated, therefore i'm in doubt that this new decision could lead to a better marketcap of bitcoin
those who were using it, were using bitcoin because of freedom, now that thye want to strict regulate it, there are chances that it would bring away some of the old people that were using it
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except that Apple Pay doesn't cost you $1 every time you use it and doesn't take 10+ minutes (or possibly hours) for your payment to process.... what merchant is going to let you walk out of a shop with $20 worth of goods hoping the payment will go through sometime in the next hour or so?
On the other hand, Apple Pay is also centralised and doesn't provide even pseudo anonymity.
Bitcoin is fast moving away from being a viable solution for every day payments toward being useful only as a method of storing wealth. It is likely to get even further away in the future as block rewards get halved and transaction fees increase even more.
The days of shifting bitcoins around for pennies are long gone... unless you want to wait.
when segwit will be activated and LN used, you will havenot to pay anymore so much and merchants will not have to wait for confirmations don't compare a finished system of payment with an experimental one, which still need to grow, also any centralized system can't be compared to bitcoin i would be glad to pay a little more to have my decentralization, which i find more important than anything else |
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Library got pumped today.
LBRY have a 7.58 Btc emission/inflation every day. $9,227.91 Free lunch to the miners. you mean 12.5 btc every day, reward is still too high |
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yeah i concur, the bitcoin network is as secured as it get, no place for casual mining all is in big farm now
The only reason big farms are profitable because they have profitable conditions. You could equally have a small amount of miners, or just one, in good conditions and it would still be profitable. For example, you live in a place with low electricity costs, you buy an Antminer or Avalon miner and put it in your basement/garage, then boom you're mining and it's profitable. Often it'll still be more profitable than most investments which we forget tend to actually only get ~10-20% per year for people, and this is riskier but it's not so risky that it makes it unreasonable. Cooling systems etc don't necessarily need to be very good or even in place at all unless you're already doing a big operation. it's peanuts you are making with just one, you will never roi, having more than one guarantee roi on at least part of the other miners and also having a very large farm guarantee that you can add more easily new miners, without compromising your roi time too much this si a huge difference between a person casually mining bitcoin with a single asic and a chinese mega farm |
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thx for your answer,
but why are you guys mining bitcoin when altcoin like ETH looks more profitable, what do i miss ?
one reason could be that you have directly your bitcoin, the satisfaction to mine directly bitcoin instead of another coins and losing somethigng when you exchnage(fee, swing of the value for the other coin etc...) is important nicehash is doing here a good thing with the auto-conversion of what you mine in bitcoin, and it make like you are mining directly BTC |
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but the point is, if bitcoin usage like a currency, is not taxed, why i should declare and pay tax for it? therefore it's not a matter of evasion here
the problem is that there is no law that say that bitcoin is taxable if you don't convert to fiat, then you have complex case like somoone ordering stuff from abroad and pay directly in bitcoin
so even if that country say that i need to declare my income when i use bitcoin as a currency, other country may say otherwise
You shouldn't be concerned about what the other country is saying. You pay taxes where you live and you have to obey its laws. If in your country Bitcoin isn't taxed in its original form you don't have to pay anything. From what I've read the majority of countries treat Bitcoin like investments and you have to calculate your gains and pay taxes based on what you've earned. How do you know how much you've earned? When you decide to buy something with your coins you calculate how much you paid for it when you bought it and how much it's worth right now, when you're cashing out or buying a property and pay your taxes. the problem is more complex than that, because not all coins are bought some are generated via mining, and many country don't know how to view this kind of revenue it's true that all revenue must be declared, if you dump for fiat, there is no escape from that, but i see that some country exempt bitcoin from taxation, because they see it as a currency also with altcoin and bitcoin is very cumbersome to keep track of everything to declare later, for now i just keep everything on cyrpto to avoid trouble |
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Bitcoin might not die but it could easily be replaced. For example, Monero is better in practically all the areas that bitcoin was initially praised for.
As the crypto currency sector grows it will split into factions like coins designed for smart contracts, coins designed to be used like cash today, etc.
Bitcoin is a lame duck compared to alot of the new tech out there but one must also remember that 95%+ of people still equate bitcoin with internet money - much like how tissues are called kleenex and to photocopy is to Xerox.
The brand keeps it alive for now but it will die surely.
monero only have the upper hand on anonymity, but you can without much doubt make bitcoin anonymous, if you work hard with mixer and other altcoin, monero is only good in deepweb, and not even there because i hard that it's not as used as many claim to be the only advantage currently that bitcoin have over other crypto, is the most important one, which is the usage as a currency and acceptnce buy merchants, monero isn't accpeting by anybody like a for of payments... |
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i see it as better tool for corruption, tahn fiat electronic payment, so maybe in the future yes, more cases of corruption could be possible in comaprison to know
this because bitcoin it's more hard to track if the one who corrupt, know how to hide his trace well, and it's also better than cash, because you can do it digitally with a wider range of targets
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they finally admitted that they can have a revenue from the taxing of bitcoin, or they simply following what japan is doing, which is good either way
i remember when they were going to ban bitcoin because of presumably linked CP activity and terrorism, when RUB, their currency was used more for this
if all countries will follow we can expect a huge jump on the value, $10k would not be only a dream anymore
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preserving the idea of satoshi is what i can call the mother of all HF, don't change the rules at will because you think they are better
try to maitaining bitcoin as it is, and add only what it's needed to make it accepting a wider usersbase, if you tink about ti bitcoin only luck this at the moment
if the only solution for now is segwit + LN everyone should just accept it via consensus, when a better one will be found it can be implemented additionally or on top of that
no one said that bitcoin could not have many simultaneously ways of scaling
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Depends 100% on what you pay for power.
not even that anymore, even with free electricity roi time is very long, unless you plan to sell back the equipment, the casual mining for bitcoin is done and not profitable anymore low efficiency but relative small cost miner that mine sha256 are preferable i think, with a low investment you can direct them to other sha256 coin and early mine those for decent return |
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cpu coin are also bad, and worse than asic, because a random dude could use aws instances to own a large amount of hash in no time and centralized the mining activity
Well, is a GPU coin also bad then? A random dude can use AWS GPU instances to own a large amount of hash in no time. https://aws.amazon.com/ec2/Elastic-GPUs/no they are not as efficient as cpu aws instances, they are far worse, inf act you don't see it often used, instead aws instaces are perfect for cpu coin, but they will centralized the hashrate too much and kill the coin |
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With the current chinese mining mafia ?
I think it's not possible unless we get rid of these chinese miner mafia.
And we can safely say that Bitcoin will reach $500000 in 2030.
chinese mafia or not, they have all the intent to see bitcoin with a very high value, why they should hinder this? it doesn't make sense in fact they are desperetely find the fastest solution to scale, like BU and they are tired of consensus mechanics which require too much time and is hampering bitcoin adoption what you see with antpool is an attempt to move on the next step, even if it is done in the wrong way |
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i support it but not because i really find it the best solution, but because for now there are no better solution, the other solution is a broken attempt to scale in a centralized way with unlimited block, and it's clear that this isn't working
but i'm looking forward to extension blocks, which seems a good proposal, but still lack testing, i wondering if it can be added to segwit in the future, instead of hindering it
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volatility in bitcoin is rigged, it's artificially manipulated until at least we move to 10k value or more, it's done by miners or big whales to acquire more cheap coins
you can rise both a fake wall and a buy wall, which are very big to trap and scare investors, and make them dump at your desired price point, and it work all the time
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i have also been scammed with HYIP, but very few amount of bitcoin, 0.2, 0.1, nothing too drastic, i was just trying and hope to use the profit from the website to keep my investment running
but they run away very fast these day, not like the old day where bitcoin was at 200 and they give you some time, when you invest big, before steal your money
now thye run away evne if you invest small amount, better to leave all the HYIP behind, mining is more profitable and legit
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actually you can with mining , they won't be able to find your income if you keep it in bitcoin, also IRS isn't in all country, don't pretend that what happen in USA happen everywhere
but it's true that you need to pay taxes if you ump your bitcoin fiat, it's better to leave them in bitcoin and try to use it as a currency
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