Is it worth mining?

[Hexram]

Hey guys.

I am currently living in a place where I will get free power for the next 4 years. With the price of miners at the moment should I buy a miner and start mining? If so will it be profitable?

If so what type of miner should I buy?

Thanks

[1715243863]

1715243863

[Atomictie]

Even if you have free electricity ROI is hard to reach if you spend money for miners

[jeffthebaker]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

[notlist3d]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

Some are pretty anti-mining.   Best way to calculate ROI is something like this - https://bitcoinwisdom.com/bitcoin/calculator

OP add up all costs including if you have VAT, etc.   That will help you see how long a miner would take to pay off.   Also when you say 4 years are you talking about some kinda student housing where you just have one room?

[VirosaGITS]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

Tell us more about your mining capacity, and your location.

The way i would do it right now is grab all the S3 for under 80$ i can. Grab all the S5 for under 250$ and mine them for the next year. Wait until the halving to see what happen. But these generate Heat and Noise. So free electricity is not the only concern.

Give us more information.

[tiggytomb]

I think you might have more luck mining some altcoins rather than Bitcoin to make any profit.

[notlist3d]

I think you might have more luck mining some altcoins rather than Bitcoin to make any profit.

What gear do you suggest doing this with?   Mining altcoins is much easier said then done.

Most of R/D goes into bitcoin (sha) miners.  The best chance of ROI is likely with a btc asic not some old scrypt asic.

[VirosaGITS]

I think you might have more luck mining some altcoins rather than Bitcoin to make any profit.

What gear do you suggest doing this with?   Mining altcoins is much easier said then done.

Most of R/D goes into bitcoin (sha) miners.  The best chance of ROI is likely with a btc asic not some old scrypt asic.

If you have free electricity, you could safely go with a proper rig of GPUs, but this discussion belong in another forum section.

So for the limit of this topic, the only way to go is ASIC, the question is which ASIC which raise the following questions;

Your location;
Outside Temp;
Housing condition;
Electricity cost;
Electricity grid capacity

[TheRealSteve]

Best way to calculate ROI is something like this - https://bitcoinwisdom.com/bitcoin/calculator

Just make sure that if you get any long-term results before breaking even, you check whether the calculator being used takes the reward halving come half-way-ish 2016 into account; this one does not at this time.

[EthanB]

Asking questions like this regularly mean that you're not prepared to consider mining. You need to be aware of every cost involved before you get into a project. Mining is extremely competitive and extraordinarily saturated at this point. You may be better off mining alt-coins and selling them for BTC.

[jeffthebaker]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

Some are pretty anti-mining.   Best way to calculate ROI is something like this - https://bitcoinwisdom.com/bitcoin/calculator

OP add up all costs including if you have VAT, etc.   That will help you see how long a miner would take to pay off.   Also when you say 4 years are you talking about some kinda student housing where you just have one room?

Ahh I see, it makes sense that you would have to take other variables into account (like heat and bandwidth(?) I would assume). I've been in Bitcoin way too long to still have relatively no clue on mining, so trying to teach myself a little bit

[unholycactus]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

It is actually possible to not reach ROI even with free electricity.
I'm fairly certain any method used 4 years ago couldn't even get a single share in a pool or solve a block alone right now.

However, unless you buy a really outdated miner or difficulty goes up incredibly fast, people should be able to ROI in about 6 months (very rough estimate).

[VirosaGITS]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

It is actually possible to not reach ROI even with free electricity.
I'm fairly certain any method used 4 years ago couldn't even get a single share in a pool or solve a block alone right now.

However, unless you buy a really outdated miner or difficulty goes up incredibly fast, people should be able to ROI in about 6 months (very rough estimate).

Well if you buy S5's for 1.5k USD a piece, then i guess its possible, but unless you do a terrible investment, i'm pretty sure you can ROI any current miner and old gen decent miners like S1/2/3/4/5 SP's and Avalon.

[notlist3d]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

It is actually possible to not reach ROI even with free electricity.
I'm fairly certain any method used 4 years ago couldn't even get a single share in a pool or solve a block alone right now.

However, unless you buy a really outdated miner or difficulty goes up incredibly fast, people should be able to ROI in about 6 months (very rough estimate).

Well if you buy S5's for 1.5k USD a piece, then i guess its possible, but unless you do a terrible investment, i'm pretty sure you can ROI any current miner and old gen decent miners like S1/2/3/4/5 SP's and Avalon.

I think you mean S7's.  But the argument there is efficiency that it could mine twice as long as lets say S5 on same electricity remaining profitable.   It in most cases will be more then 6 months.  3 and even 6 months are pretty much done unless "free" electricity and old gear like S3 which have gotten very cheap considering you still get a good miner.

But long term S7 (as long as you dont have crazy VAT, or high electricity) should ROI if difficulty does not go crazy.   Some ROI might include selling the machine to get that ROI.  But likely with mining and selling I see most who did the math before hand ROI.   Like I said if you have 25 percent vat or .15+ electricity then yes most likely you lose. (And were getting close to winter so I'm sure some will say a little loss is for heating rooms but that highly varies)

[romjpn]

Haven't been digging it but know that you can also merge mine Bitcoin with other coins, Namecoin being the most well-known, maybe it can help with the ROI.

[jlauzon]

I agree with the "outdated hardware" strategy. A lot of slower ASICs to stack up hash power. Your operational costs will be small, but initial capital matters.

Remember:
1) The facility needs to have the electrical infrastructure to handle potentially high load. i.e. a 15 amp breaker can only handle so much
2) Waste heat - be able to vent (or use) the waste heat. I was running four Antminer S4s and they heated 1200 sq feet in northern NY through the winter...it can be a bonus or a huge pain in the ass.

[pumawolf]

the chances of profit with free eletro is  very high, as a miner u gotta be crazy not to do it. u just gotta be smart and not buy miners when the mining arms race is happening.  let the dust settle. unfortunaly  its happen right now.  so dont rush, study up first, practice with some low budget gear just to get a feel for what happens. and then strike hard  when u think its a good time.

[VirosaGITS]

Even if you have free electricity ROI is hard to reach if you spend money for miners

In 4 years with free electricity, one still may not make their money back? I'm personally not a miner, and I understand it's too late in the game for the general population to get involved... but that sounds ridiculous. With free electricity, OP still shouldn't expect to turn a profit?

It is actually possible to not reach ROI even with free electricity.
I'm fairly certain any method used 4 years ago couldn't even get a single share in a pool or solve a block alone right now.

However, unless you buy a really outdated miner or difficulty goes up incredibly fast, people should be able to ROI in about 6 months (very rough estimate).

Well if you buy S5's for 1.5k USD a piece, then i guess its possible, but unless you do a terrible investment, i'm pretty sure you can ROI any current miner and old gen decent miners like S1/2/3/4/5 SP's and Avalon.

I think you mean S7's.  But the argument there is efficiency that it could mine twice as long as lets say S5 on same electricity remaining profitable.   It in most cases will be more then 6 months.  3 and even 6 months are pretty much done unless "free" electricity and old gear like S3 which have gotten very cheap considering you still get a good miner.

But long term S7 (as long as you dont have crazy VAT, or high electricity) should ROI if difficulty does not go crazy.   Some ROI might include selling the machine to get that ROI.  But likely with mining and selling I see most who did the math before hand ROI.   Like I said if you have 25 percent vat or .15+ electricity then yes most likely you lose. (And were getting close to winter so I'm sure some will say a little loss is for heating rooms but that highly varies)

No i mean S5s. Since what i'm replying to is someone saying it can be possible to NOT roi in FOUR(4) YEARS with free electricity, you'd have to do a majorly bad investment in which miner you pick and which price you take them at to NOT roi in 4 years.

I just don't see how you can not roi in four years with free electricity.

[YuginKadoya]

I suggest using AntMiner S5 with the price of $370, but currently Discontinued Shipping if not available in your country
then I suggest to go to this site https://www.bitmaintech.com/product.htm to see what miner is still available, but you know other
sites that has available miner then stick to your trusted one.

Happy Mining

[QuintLeo]

The only miners Bitmain are currently selling are the 2 different S7 batches, and POSSIBLY a few leftover U3s.

 S5's were sold out months ago, even the "used" ones.


 I suspect they will introduce a "S7+" model at some point, possibly fairly soon, to try to compete with the Spondoolies SP50 - the engineering for a "S7+" has already been done, just a matter of building them.