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Author Topic: Bitcoin Rewards From Mining - Still Economically Viable?  (Read 145 times)
JollyGood
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June 06, 2018, 12:41:35 AM
 #1

So the question is with so many people all over the world mining Bitcoin especially those with Bitmain type miners and farms, apart from the pool operators who continue to benefit, is the share received viable for others to mine Bitcoin when keeping electricity, time and effort in mind?

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June 06, 2018, 01:00:30 AM
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The proof is really in the fact that it is still happening. Mining must still be financially viable or else people would pull the plug because otherwise they are acting irrationally (or derive benefit from continuing the bitcoin fight at their own detriment, but that is hard to quantify). Maybe for small scale home miners you are priced out of the market.

In terms of sustainability and electricity prices there are numerous operations that are springing up in locations where they are able to minimise their overheads or costs (such as on cooling or actually powering the miners). Places in the swis alps are cold and therefore cooling can be reducing saving money and places near power plants are cheaper meaning your operating expenses are lower.
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June 06, 2018, 05:40:23 AM
 #3

The proof is really in the fact that it is still happening. Mining must still be financially viable or else people would pull the plug because otherwise they are acting irrationally (or derive benefit from continuing the bitcoin fight at their own detriment, but that is hard to quantify). Maybe for small scale home miners you are priced out of the market.

this I agree with. and about small scale home miners I have to say most of them won't go out of the mining market because as a small scale miner you don't have such a high cost and you don't need to cover those costs by selling bitcoin as a result many of them can just mine and hold bitcoin while paying their bills from pocket. something like an investment.

additionally there is always improvement in mining scene. for example Japan is now producing better mining chips which they claim is going to top Bitmain https://bitnewstoday.com/news/technology/gmo-introduces-new-mining-chip-ceo-reportedly-vows/

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June 06, 2018, 05:53:16 AM
 #4

I agree .. not only have big bitcoin plants but also small scale bitcoin exploited  models. And the economic potential in this industry is still very high. The amount of electricity they consume as well as the amount of work they put into it brings about their stable profit each month. In addition, they retain the bitcoin number that exploits to bring about greater economic potential in the future

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June 06, 2018, 06:09:32 AM
 #5

The proof is really in the fact that it is still happening. Mining must still be financially viable or else people would pull the plug because otherwise they are acting irrationally (or derive benefit from continuing the bitcoin fight at their own detriment, but that is hard to quantify). Maybe for small scale home miners you are priced out of the market.

this I agree with. and about small scale home miners I have to say most of them won't go out of the mining market because as a small scale miner you don't have such a high cost and you don't need to cover those costs by selling bitcoin as a result many of them can just mine and hold bitcoin while paying their bills from pocket. something like an investment.

additionally there is always improvement in mining scene. for example Japan is now producing better mining chips which they claim is going to top Bitmain https://bitnewstoday.com/news/technology/gmo-introduces-new-mining-chip-ceo-reportedly-vows/

I believe the only time that small scale miners come in is when there is a large increase in price. Check the data, it shows that hash power usually lags the price, showing that many of them might be small scale miners.

What may cause the lag is the time taken in the small scale miners' Asic orders and the time taken to set up their equipment. By the time they start mining, the market has already crashed. Haha.


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JollyGood
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June 06, 2018, 09:56:30 AM
 #6

The proof is really in the fact that it is still happening. Mining must still be financially viable or else people would pull the plug because otherwise they are acting irrationally (or derive benefit from continuing the bitcoin fight at their own detriment, but that is hard to quantify). Maybe for small scale home miners you are priced out of the market.

In terms of sustainability and electricity prices there are numerous operations that are springing up in locations where they are able to minimise their overheads or costs (such as on cooling or actually powering the miners). Places in the swis alps are cold and therefore cooling can be reducing saving money and places near power plants are cheaper meaning your operating expenses are lower.

Not just about lowering costs, it is about the share of rewards too. When the Pizza Event happened miners were getting thousands of Bitcoins weekly, now there are so few being mined as difficulty increases with an ever growing number of miners so the distribution received for the individual miner is tiny. 

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June 06, 2018, 10:02:48 AM
 #7

So the question is with so many people all over the world mining Bitcoin especially those with Bitmain type miners and farms, apart from the pool operators who continue to benefit, is the share received viable for others to mine Bitcoin when keeping electricity, time and effort in mind?

I'm not sure whether mining bitcoin is still effective, I guess it largely depends on the current price. Usually there are huge mining farms that are able to benefit of bitcoin mining.
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June 06, 2018, 10:14:00 AM
 #8

So the question is with so many people all over the world mining Bitcoin especially those with Bitmain type miners and farms, apart from the pool operators who continue to benefit, is the share received viable for others to mine Bitcoin when keeping electricity, time and effort in mind?

There is an excellent tool available in the market to help you decide about pursuing mining. Try it,

https://www.cryptocompare.com/mining/calculator/

I would rather suggest to get some different source of electricity than the conventional one to make your mining operations profitable for longer term. Probably you want to add some solar panels installed as a capital/one time investment. That would make sense in longer terms because mining difficulty will continue to increase so have a source of free electricity will make more impact on your income. But if you try to use conventional electricity source, your mining operation may not be sustainable in long run.

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June 06, 2018, 10:28:21 AM
 #9

The proof is really in the fact that it is still happening. Mining must still be financially viable or else people would pull the plug because otherwise they are acting irrationally (or derive benefit from continuing the bitcoin fight at their own detriment, but that is hard to quantify). Maybe for small scale home miners you are priced out of the market.

this I agree with. and about small scale home miners I have to say most of them won't go out of the mining market because as a small scale miner you don't have such a high cost and you don't need to cover those costs by selling bitcoin as a result many of them can just mine and hold bitcoin while paying their bills from pocket. something like an investment.

additionally there is always improvement in mining scene. for example Japan is now producing better mining chips which they claim is going to top Bitmain https://bitnewstoday.com/news/technology/gmo-introduces-new-mining-chip-ceo-reportedly-vows/
What may cause the lag is the time taken in the small scale miners' Asic orders and the time taken to set up their equipment. By the time they start mining, the market has already crashed. Haha.
if they really believe bitcoin they should mine bitcoin regardless the price of it i dont mind mining bitcoin while the price is dumpster if i had asic.


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JollyGood
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June 06, 2018, 10:55:06 AM
 #10

There is an excellent tool available in the market to help you decide about pursuing mining. Try it,

https://www.cryptocompare.com/mining/calculator/

I would rather suggest to get some different source of electricity than the conventional one to make your mining operations profitable for longer term. Probably you want to add some solar panels installed as a capital/one time investment. That would make sense in longer terms because mining difficulty will continue to increase so have a source of free electricity will make more impact on your income. But if you try to use conventional electricity source, your mining operation may not be sustainable in long run.

Excellent link, thanks because it gives a chance to check various scenarios. Very interesting to see what happens to profit/loss margins when you move the figures around.

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June 06, 2018, 11:07:23 AM
 #11

The proof is really in the fact that it is still happening. Mining must still be financially viable or else people would pull the plug because otherwise they are acting irrationally (or derive benefit from continuing the bitcoin fight at their own detriment, but that is hard to quantify). Maybe for small scale home miners you are priced out of the market.

this I agree with. and about small scale home miners I have to say most of them won't go out of the mining market because as a small scale miner you don't have such a high cost and you don't need to cover those costs by selling bitcoin as a result many of them can just mine and hold bitcoin while paying their bills from pocket. something like an investment.

additionally there is always improvement in mining scene. for example Japan is now producing better mining chips which they claim is going to top Bitmain https://bitnewstoday.com/news/technology/gmo-introduces-new-mining-chip-ceo-reportedly-vows/
What may cause the lag is the time taken in the small scale miners' Asic orders and the time taken to set up their equipment. By the time they start mining, the market has already crashed. Haha.
if they really believe bitcoin they should mine bitcoin regardless the price of it i dont mind mining bitcoin while the price is dumpster if i had asic.

Well if you can afford it, we also have miners who need to sell and who need to stop their miners if btc reaches a certain price.
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June 06, 2018, 11:16:46 AM
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 #12

those calculaters are only good for the 1 day/one week profit after electric
because after a fornight the difficulty changes and profit changes which those calculators DO NOT account for. so ignore the monthly/yearly profit calculations.

also the calculator does not account for the cost of the equipment
previous batch S9 were $3k recently so a daily cost per asic is $8..22(under the premiss of spreading the cost over a year)  so deduct that from the daily 'profitability'

yes there are new batches this month for ~$950 which breaks down as $2.60 a day cost. so even that when deleiverd by july. and deducting that from daily profitability of now. doesnt give much wiggle room unless free/cheap electric

and as i said. difficulty jumps every fortnight that cut more into your profitability..


the reason pools/manufacturers mine is because they creat the asics. so there is no hardware cost. infact for every asic a user buys. the manufacturer can create more than one asic and keep the spare.

they occassionally do deals to reduce the asic price so the random population can buy them and then mine with the hopes that the speculative price(bubble prices) above the support value line is high enough to make it profitable. but no one can predict the speculative price of the next week, month, year

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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June 06, 2018, 11:22:06 AM
 #13

Mining farm operators sure know where to place their rigs and have taken into account all the necessities in mining and the operational costs, so yeah, IMO, mining is still economically viable and profitable even with the current price and difficulty. Most are still earning incredible amount of money by just letting their miners on 24/7, and have you seen large mining farms closing down their doors? No? It's because the bigger your farms are, the more profits you will be raking in in this business. For small-time miners though, I'm not sure whether they still make a buck by keeping their trusty miners running for the day, but I'm pretty sure most of them already quit even before 2017 and have switched to GPU mining for altcoins.

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June 06, 2018, 11:48:38 AM
 #14

So the question is with so many people all over the world mining Bitcoin especially those with Bitmain type miners and farms, apart from the pool operators who continue to benefit, is the share received viable for others to mine Bitcoin when keeping electricity, time and effort in mind?

Only pool operators and with big mining farms can benefit from Bitcoin mining, and it also depends on your location if the electricity is much lower, if you are an individual and you are looking to mine alone, you are going to regret if you calculate your cost and your profit.

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June 06, 2018, 12:09:40 PM
 #15

Mining farm operators sure know where to place their rigs and have taken into account all the necessities in mining and the operational costs, so yeah, IMO, mining is still economically viable and profitable even with the current price and difficulty. Most are still earning incredible amount of money by just letting their miners on 24/7, and have you seen large mining farms closing down their doors? No? It's because the bigger your farms are, the more profits you will be raking in in this business. For small-time miners though, I'm not sure whether they still make a buck by keeping their trusty miners running for the day, but I'm pretty sure most of them already quit even before 2017 and have switched to GPU mining for altcoins.

Yes farms are not closing their doors therefore for them the rewards are still good. It is all about individual miners whether they make anything if they buy say a Bitmain 14ths for thousands of US$ and still get next to nothing in return because of the competition mining alongside them.

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June 06, 2018, 12:10:04 PM
 #16

as far as the profit is concerned when it comes to mining bitcoin and the rewards it is always a dynamic thing which is why it always remains profitable for majority of miners and also it is the reason why bitcoin will always be mined by some miners.
it is all about the difficulty. if some day it becomes less profitable then miners will start leaving until it becomes profitable again. and when it becomes more profitable then more miners will come in until it becomes normal-profitable again.














 

 

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June 07, 2018, 05:25:26 AM
 #17

The proof is really in the fact that it is still happening. Mining must still be financially viable or else people would pull the plug because otherwise they are acting irrationally (or derive benefit from continuing the bitcoin fight at their own detriment, but that is hard to quantify). Maybe for small scale home miners you are priced out of the market.

this I agree with. and about small scale home miners I have to say most of them won't go out of the mining market because as a small scale miner you don't have such a high cost and you don't need to cover those costs by selling bitcoin as a result many of them can just mine and hold bitcoin while paying their bills from pocket. something like an investment.

additionally there is always improvement in mining scene. for example Japan is now producing better mining chips which they claim is going to top Bitmain https://bitnewstoday.com/news/technology/gmo-introduces-new-mining-chip-ceo-reportedly-vows/
What may cause the lag is the time taken in the small scale miners' Asic orders and the time taken to set up their equipment. By the time they start mining, the market has already crashed. Haha.
if they really believe bitcoin they should mine bitcoin regardless the price of it i dont mind mining bitcoin while the price is dumpster if i had asic.

If you has some Asic miners then it would be easier to sell your equipment, and save yourself from all the problems of mining, then buy and hold Bitcoins from the earnings received from the sale. Hahaha.

I believe, in due time, that happens to most small scale miners upon realization that they will lose money.



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June 07, 2018, 05:38:31 AM
 #18

If you has some Asic miners then it would be easier to sell your equipment, and save yourself from all the problems of mining, then buy and hold Bitcoins from the earnings received from the sale. Hahaha.

I believe, in due time, that happens to most small scale miners upon realization that they will lose money.

that depends on whether they are actually losing money and also depends on how much.
for example if the average price of 1BTC is $7500 and it costs somewhere around that price like $7450-$7550 to mine one bitcoin then they are not losing money they are in fact making profit. specially with bitcoin price  rising in long term so instead of paying $7500 to buy bitcoin today you spend $7500ish on mining it.
but i don't think the reality is like that. the profit is a lot more than just a small margin.  it costs a lot less to mine bitcoin still. that is one of the reasons why the hashrate is still rising.

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June 07, 2018, 10:30:27 AM
 #19

So the question is with so many people all over the world mining Bitcoin especially those with Bitmain type miners and farms, apart from the pool operators who continue to benefit, is the share received viable for others to mine Bitcoin when keeping electricity, time and effort in mind?

Only pool operators and with big mining farms can benefit from Bitcoin mining, and it also depends on your location if the electricity is much lower, if you are an individual and you are looking to mine alone, you are going to regret if you calculate your cost and your profit.
The emergence of ASIC already made it obvious that Bitcoin mining is not for all comers and so unless your drive is to support in upholding the Bitcoin network - I doubt, a more economic decision would be that of channeling your hashing power to mining a selection of altcoins and then having them exchanged subsequently to Bitcoin.

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June 07, 2018, 11:36:24 AM
 #20

Only pool operators and with big mining farms can benefit from Bitcoin mining, and it also depends on your location if the electricity is much lower, if you are an individual and you are looking to mine alone, you are going to regret if you calculate your cost and your profit.

Without doubt you are correct about pool operators still making money. Individual miners probably are not maximising their potential whereas commercial corporation miners are still making lots of money.

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