21 cents per kw, Any way to mine?

[helloeverybody]

Iv been looking at mining for a while now but as you can see i pay quite high electricity fees. Ive done mining in the past with gpu but have always wanted to start btc mining. Is this even possible with such high electricity costs? Im even open to mining ltc and then converting to btc but maybe id just be as well buying any btc with flat?

[alh]

You can most certainly mine, you just can't do so at a profit with electricity costs of $.21/KWh. If your primary motivation for mining to make money, then you'll have to host your machine somewhere else with a lower electricity cost.

Sorry, but this grows ever more common across the world. Mining will continue to migrate to areas with the lowest electric cost.

[helloeverybody]

You can most certainly mine, you just can't do so at a profit with electricity costs of $.21/KWh. If your primary motivation for mining to make money, then you'll have to host your machine somewhere else with a lower electricity cost.

Sorry, but this grows ever more common across the world. Mining will continue to migrate to areas with the lowest electric cost.

Yeah i thought that much, It actually works out at more like 23 cents a kw/h. Would it not even be possible to mine alts then convert to btc at a profit? (off topic i know)

[pj40]

You can most certainly mine, you just can't do so at a profit with electricity costs of $.21/KWh. If your primary motivation for mining to make money, then you'll have to host your machine somewhere else with a lower electricity cost.

Sorry, but this grows ever more common across the world. Mining will continue to migrate to areas with the lowest electric cost.

Yeah i thought that much, It actually works out at more like 23 cents a kw/h. Would it not even be possible to mine alts then convert to btc at a profit?

I haven't seen any alt coins that can be mined for a profit at that rate, but I could be wrong.  I got out of the alt market last summer when I saw the trend slowing down.

[InvoKing]

Yeah i thought that much, It actually works out at more like 23 cents a kw/h. Would it not even be possible to mine alts then convert to btc at a profit? (off topic i know)

Dunno how accurate this website is but it may worth a try http://www.coinwarz.com/cryptocurrency
You can calculate your earning of several altcoins + bitcoin based on the difficulty, power cost...etc, i made my calculation and it showed that I will have a huge bill without a real profit.

[Magnesium Coin]

Nowadays mining Bitcoins is becoming worthless day by day!

This is only due to bigger miners with tons of Antminers/Spondoolies.

If you want to mine for a living, then consider buying 1000 of miners at once and make a personal mining hub for your own, or just quit thinking about mining since it's no longer profitable at all!

Bitcoin-mining is stepping towards centralization!

[PesiHUN]

dont forget that in 2016 btc income from mining will be half

[notlist3d]

Yeah i thought that much, It actually works out at more like 23 cents a kw/h. Would it not even be possible to mine alts then convert to btc at a profit? (off topic i know)

Dunno how accurate this website is but it may worth a try http://www.coinwarz.com/cryptocurrency
You can calculate your earning of several altcoins + bitcoin based on the difficulty, power cost...etc, i made my calculation and it showed that I will have a huge bill without a real profit.

Coinwarz is just good for current period. It's horrible long term as no difficulty change.  Use one like https://bitcoinwisdom.com/bitcoin/calculator  .  With it you can add difficulty.

But OP your could mine... just is not profitable and you won't roi on machine unless you mined with it and somehow sold for most of what you paid.  But would all involve selling.  Better solution is looking into hosting.  You can host at places much cheaper and you stand a chance at ROI.

[Amph]

dont forget that in 2016 btc income from mining will be half

but the value will be also very high, the current value already is about 100% more than what it was, so easily at this point will not count anything, incomparison when we were at 230

[ivanst776]

Your electricity price seems that is very high, maybe because it is the winter season? for the moment i don't think it worth mining even with s7.

[helloeverybody]

Your electricity price seems that is very high, maybe because it is the winter season? for the moment i don't think it worth mining even with s7.

That's just what electricity costs here year round.  I'd like to mine but think I'd be as well just sinking that cash straight into coin.

[QuintLeo]

You might make a short term profit, but you won't even come close to making enough back to pay for ANY currently available miner before it goes unprofitable (if it EVER makes a profit).

 Cryptocoin mining is a low-electric-cost game if you want to make anything at it.

[helloeverybody]

You might make a short term profit, but you won't even come close to making enough back to pay for ANY currently available miner before it goes unprofitable (if it EVER makes a profit).

 Cryptocoin mining is a low-electric-cost game if you want to make anything at it.

Looks like I will need to leave it to China.

[Bitsaurus]

If you want to support bitcoin better to set up a business that utilizes the coin instead of trying to mine with 21c/KWH.  It's just not feasible.

[MaritiJames3]

Iv been looking at mining for a while now but as you can see i pay quite high electricity fees. Ive done mining in the past with gpu but have always wanted to start btc mining. Is this even possible with such high electricity costs? Im even open to mining ltc and then converting to btc but maybe id just be as well buying any btc with flat?

If you pay that much you can take a risk and buy some energy efficent S7 miner. If the bitcoin value raises above 500 USD your chance to get ROI will increase.
But let me ask you something. Do you want to mine to earn or do you want to be 'part' of the revolution?

If you do it for earnings, buy and hold your bitcoins, you got a much bigger chance to achieve your goal.

[Tmdz]

Why bother paying those rates, buy some hash on hashnest and you will pay about 10 c a kw/hr, its the best option for situations like this.  When you want to cashout just sell your hash power on the market.

[notlist3d]

You might make a short term profit, but you won't even come close to making enough back to pay for ANY currently available miner before it goes unprofitable (if it EVER makes a profit).

 Cryptocoin mining is a low-electric-cost game if you want to make anything at it.

Looks like I will need to leave it to China.

There is hosting center you can put it in with China, US, Canada and others aswell those are just first 3 in my head.  But you can still own hardware but you need to send it somewhere where electricity is fair.

At current rate you really cannot run more then a miner for "fun" it will never be for profit, which is not what most want.

[mirakal]

If your electricity is $0.21/kWh, it is better not to mine if you do not think mining is your hobby. There are mining farms in China, paying $0.04/kWh.

[eternalgloom]

Iv been looking at mining for a while now but as you can see i pay quite high electricity fees. Ive done mining in the past with gpu but have always wanted to start btc mining. Is this even possible with such high electricity costs? Im even open to mining ltc and then converting to btc but maybe id just be as well buying any btc with flat?

You could set up a small solo mining rig and gamble basically. Something that doesn't use too much power and leave it on for a couple of months.
You might be really lucky and find a block

[elDano]

Honestly I wouldn't do it i mate. If it is a hobby then go ahead, but if you want some profit too it, it is a No Go.

In my country the price for elecrictiy is also very high. I try contact some datacenters and tried mining there, but eventually you are caught up with difficulty etc.
If you really want to mine, you could buy a second hand GPU and go for Monero or even Ethereum. This way it is more cost efficient.