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Author Topic: Is it profitable to mine in the US?  (Read 823 times)
bongiu
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November 27, 2017, 05:43:17 AM
 #1

I'm new in the world of mining but I do know that mining consumes a lot of energy so it is quite profitable to mine in countries where there's cheap energy, but I'd like to know how profitable can be mining in places like the US given the average cost of energy there.

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November 27, 2017, 06:10:30 AM
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Each state probably has different electricity rates.
It's not difficult to calculate profitability of each Antminer S9 using a mining profitability calculator.
Just use this: https://www.coinwarz.com/calculators/bitcoin-mining-calculator put in the power consumption, electricity cost and hashrate and you'll have your result.

   
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John777
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November 27, 2017, 06:15:18 AM
 #3

I'm new in the world of mining but I do know that mining consumes a lot of energy so it is quite profitable to mine in countries where there's cheap energy, but I'd like to know how profitable can be mining in places like the US given the average cost of energy there.

It is advantageous to mine not where the cost is lower, but where you yourself will make your source of energy and will not depend on prices. This is understandably much more costly, but it pays off literally for 10 years, and then already and in pleasure you can mine.

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November 27, 2017, 06:22:42 AM
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I think the most important decided this one is the price of electricity . I think in US the electricity isn't that cheap , so i guess it's not profitable if you're mining in US.

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November 27, 2017, 06:07:05 PM
 #5

I'm new in the world of mining but I do know that mining consumes a lot of energy so it is quite profitable to mine in countries where there's cheap energy, but I'd like to know how profitable can be mining in places like the US given the average cost of energy there.


There is plenty of cheap energy in the US if you know where to look.

Stop buying industrial miners, running them at home, and then complaining about the noise.
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November 27, 2017, 06:15:59 PM
 #6

For me, profitability has to do with the future of the coin. If I would have quit mining btc or anything back when my 1st and 2nd gen asics got to 1:1 or less, I would have much less. Mining something that has future gaining potential is the key. Keep mining btc and you can bank on it doubling in a few years. Mine LTC or Monero etc and you could potentially make much more in the same time. All depends on the future.
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November 27, 2017, 07:15:23 PM
 #7

I'm new in the world of mining but I do know that mining consumes a lot of energy so it is quite profitable to mine in countries where there's cheap energy, but I'd like to know how profitable can be mining in places like the US given the average cost of energy there.


It is according to the electricity charges applicable in your city. If that is not bigger than expected you will never be able to expect the bitcoin mining as a profitable. You have to choose ASIC miner which can give more hash rate to make the bitcoin mined with the multiple blocks very sooner.

There are mining calculator available in online. Like cryptocompare site you will get more mining calculator site available you can choose any one of them to learn what is the profit you will be able to make with the hash power and electricity cost per kw.

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November 28, 2017, 10:07:22 PM
 #8

I'm new in the world of mining but I do know that mining consumes a lot of energy so it is quite profitable to mine in countries where there's cheap energy, but I'd like to know how profitable can be mining in places like the US given the average cost of energy there.


 Never look at the "average cost of power" for an entire COUNTRY unless it's a "state owns all the power generation" type place.

 US electric rates vary widely depending on the specific POWER COMPANY (not by state, usually varies quite a bit WITHIN a state) from right around 3 cents/kwh all costs included for RESIDENTIAL service in 2 counties of Central Washington state, to well over 20 some places (California seems to tend to have VERY high rates in most areas, Hawaii is off the charts).


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November 29, 2017, 12:37:33 AM
 #9

I get around 6-7 cents a KW here in northwest Pennsylvania, location absolutely matters especially in a place as big as the US. A few miles into Erie and costs go into 10 cents per KW and NYC is very high from what I've heard for electrical costs. Best places to look are Oregon and Washington state for power, most farms I know of are there. Industrial power is also extremely cheap in some areas if you can get ahold of it.














 

 

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castiel0504
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November 29, 2017, 01:34:03 AM
 #10

I've talked one of people from my country. And their best place in US that he has found/opened facility is Nevada. Low electricity price, humidity is rather low. And they are located on high ground. Its great facility for storing miners. if you can find some renting house there or store place that would be first good starting point. After that you can try inspecting electricity type or circuits depending of how much miners you want to run, and so on and so on.

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November 29, 2017, 01:36:33 AM
 #11

Up north is a bit better. Cheap power and electric heat. A miner is 100% efficient, so during the winter months the electricity cost is a heating cost.
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November 30, 2017, 11:12:04 AM
 #12

It depends on your location because there are state have low electricity rate which is best to build a mining site, i can say that yes bitcoin mining is profitable but it always depends on the hardware you have.

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November 30, 2017, 04:39:42 PM
 #13

It depends on your location because there are state have low electricity rate which is best to build a mining site, i can say that yes bitcoin mining is profitable but it always depends on the hardware you have.

Some place you will find cheap electricity from the government to the residential area. So your profit will be calculated according to the hash power as well as electricity consumption. If you go with the higher end asic miner you do not worry about the profit you will able to make money with bitcoin. Nowadays if you go with xmr mining that is more profitable to you.

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November 30, 2017, 06:42:47 PM
 #14

i searched online and found this link:https://www.electricchoice.com/electricity-prices-by-state/
most of the states charge 10c / kw which is expensive.
My home electricity rate also increased several fold as kwh ramps up.

So it is challenging if not impossible. If you can find a pockets of areas of US where you can get electricity cheap then that might be a good starting point.
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November 30, 2017, 11:50:31 PM
 #15

Electricity price by state is an AVERAGES site - it is nearly WORTHLESS for finding cheap power in the USA.

 There IS a site out there that will let you check by city, but I can't remember what it is called and it does not have ANY sort of a "search for rate" function at all.


 As a general rule, look for areas that have LOTS of hydropower (Columbia River basin in both Western US and Western Canada, Quebec, Labrador, the Tennessee Valley Authority area).
 Then you have to "search down" from that point to find the LOWEST cost electric power areas in North America (which for the USA is 3 counties in Central Washington State each of which own THEIR OWN hydropower dam(s) on the Columbia).


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December 01, 2017, 02:12:38 AM
 #16

At current BTC price and diff, I could be paying 4 times what I pay for residential power and I'd STILL be making more in BTC than the power cost, and that's a static calculation with a very high power cost. As BTC rises it just looks better and better.  Cool
-Disclaimer: I have more hash running at a Hosting Center than I do at home, but the mining I do at home is what I'm considering above.  The miners at the HC are certainly even MORE profitable!

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