It Takes 9343$ to mine one bitcoin, so no way i am selling it below 12000$

[Keeping Up]

PATIENCE IS A VIRTUE...
it will be applicable for all the cryptocurrency holder today especially with those who have bitcoins.
aside from helping ourselves by holding we will also be able to somehow help the community in general if we continue to do so.
in order to avoid greater fall on prices we must realize that each of us has a role to play.
but nevertheless it is your coins therefore you can do anything you want to do with it...

[bitcoinfuck]

First of all we should know that the mining cost for one bitcoin varies in different countries.For example,mining cost for one bitcoin is just 1,983 dollars in Kuwait and 2,177 dollars in Belarus.But the cost varies as 13,482 dollars in Belgium and 14,751 dollars in Marshall islands.So it depends upon the geographical location of where we mine.

yes thats what i said avg in America, i am from india its like 70$ per bitcoin here so i definitely understand the point you are trying to make

[bitcoinfuck]

I think you're misjudging the cost of mining. Many large miners spend about $ 6000 per bitcoin, in China about $ 5000. If you personally spend $ 12,000 on creating one bitcoin, this does not mean that everyone has such a situation.

Yeah I think he is fuckered up.  In the past 12 months, I have mined and traded for approx. 3 btc.  Those three btc cost me approx 6k usd in electricity.  The hardware cost me approx. 20k usd.  I plan on holding them for the next several years, if need be.  You do the math.

yes exactly what i am trying to tell these guys

[bitcoinfuck]

There are huge mining farms in the USA that have half that electricity cost.  I personally have a cost of slightly less than 0.10/kwh.  Bitmain certainly doesn't have a cost that high.  You're averaging USA electrical costs and coming up with a number that btc should be valued at?  We are not the only country in the world that is mining crypto.  

All of that aside ... I would never sell my btc at 12k.  The majority of the btc that I hold will not be sold under 50k.  It can either reach those levels or I'll watch it go to zero while I continue to hold.  I don't care if it takes 3-5-7-10 years to get to the point at which I would sell, I will wait or I will watch it go to zero.

Yea sell them at 50k, but how eill you oay mining cost ?

I pay nothing for mining, my electric costs are negotiable at very bulk. Anyways the point was to notify all panic sellers that atleast don't sell btc below the mining costs it takes to make the coin

How to pay for the electrical cost of mining today, if you hold your mined coins for years?  Simple ... Pay for it with other fiat that isn't invested in crypto.

lol logic of a kid, this is not how business works, let the real people run the mining, we need to pay maintenance, upgrade, all these things require money, which should come from crypto as if we had any other source of income we would not be doing 1000TH/s farms.

[franky1]

here is what the smart mining farms do

they have a contract with private investors who want bitcoin.
the private investors say 'we want X coin at X price for the next year'.
thy do this because they know if they just bought on the market. the market would jump high for only getting a few hundred btc. but they can buy via miners thousands of btc without impacting the markets.


they pay fiat upfront which purchases the rigs and covers electric for the year.
its been calculated. the difficulty may rise at a predictable rate and other contingencies are put in place

then the mining pool go ahead.
if the price on the market goes down. great the pool doesnt have to mine as much. they just buy it cheaper on the market
and hand the contracted amount of bitcoin to the investor.
(this keeps prices on the market up)

if the price goes up.. the pool continue mining normally and they sell a little(of their own uncontracted coin) and keep it for future
what they do not do is put a crap tonne of rigs onto the network when the price jumps. because they are just shooting their selves in the foot when the price goes back down and they are left with extra miners that are costing them extra.

BTCC learned the hard way. they now only have 1% of network hashrate because they were price followers rather than doing the smart thing of sticking to a long term view.

[gotminer]

There are huge mining farms in the USA that have half that electricity cost.  I personally have a cost of slightly less than 0.10/kwh.  Bitmain certainly doesn't have a cost that high.  You're averaging USA electrical costs and coming up with a number that btc should be valued at?  We are not the only country in the world that is mining crypto.  

All of that aside ... I would never sell my btc at 12k.  The majority of the btc that I hold will not be sold under 50k.  It can either reach those levels or I'll watch it go to zero while I continue to hold.  I don't care if it takes 3-5-7-10 years to get to the point at which I would sell, I will wait or I will watch it go to zero.

Yea sell them at 50k, but how eill you oay mining cost ?

I pay nothing for mining, my electric costs are negotiable at very bulk. Anyways the point was to notify all panic sellers that atleast don't sell btc below the mining costs it takes to make the coin

How to pay for the electrical cost of mining today, if you hold your mined coins for years?  Simple ... Pay for it with other fiat that isn't invested in crypto.

lol logic of a kid, this is not how business works, let the real people run the mining, we need to pay maintenance, upgrade, all these things require money, which should come from crypto as if we had any other source of income we would not be doing 1000TH/s farms.

All of it can come from crypto, but it doesn't have to come from crypto today.

[pawanjain]

Different electricity cost at different locations bud. The average is a bit too much though. Considering the  electricity price you mentioned the price of bitcoin is definitely lower than it should have been. I guess most of the panic sellers have already sols their BTC and the others would be holding until BTC reaches a higher price. So a bull run is inevitable. Mining bitcoin now won't be a bad deal after all for we know that it has to rise some day.

[ImHash]

Is this the cost of electricity alone in mining one bitcoin or did you also considered the cost of hardware?
Last time I checked, To mine 1 bitcoin, You'd need to spend around $6,000. Maybe as others have suggested, It is different from location to location. However I think that if you are a manufacturer, The cost would be much less than $6,000.
Best thing you could do as a miner or anyone who's mining right now is to hodl, If everyone hodles their bitcoins, Price would have no other way than rising.

[coinwizard_]

This is where renewable energy comes into play, solar power springs to mind as the obvious choice but there are large cattle ranches in the states. At some point there will be an ico for a methane powered mining farm, this will bring new meaning for the term shitcoin

[KonstantinosM]

There is nothing stopping people who have solar from running their miners off unused solar.

Then the electricity cost approaches 0 (unless you want to add extra solar and batteries just to get a bigger farm.

Then the cost of electricity will be (solar panels + batteries).

Without doing the math, you could probably bring the cost down to 5 cents per kWh.

With future tech, you could bring the cost down a lot as well.


It also costs under $2.71 to $3.57  per watt of power installed. So the startup cost for panels could still be significant but manageable.

With existing solar, you can just use your excess and subsidize your own solar panels (especially if the government doesn't allow you to sell electricity or maybe short-changes you).


One part of the argument that fails is that a lot of miners are hodlers. That is to say they speculate that the price must increase.


Therefore they are not using the current price for profitability but the potential future price they have in mind.

[bitcoinfuck]

There is nothing stopping people who have solar from running their miners off unused solar.

Then the electricity cost approaches 0 (unless you want to add extra solar and batteries just to get a bigger farm.

Then the cost of electricity will be (solar panels + batteries).

Without doing the math, you could probably bring the cost down to 5 cents per kWh.

With future tech, you could bring the cost down a lot as well.


It also costs under $2.71 to $3.57  per watt of power installed. So the startup cost for panels could still be significant but manageable.

With existing solar, you can just use your excess and subsidize your own solar panels (especially if the government doesn't allow you to sell electricity or maybe short-changes you).


One part of the argument that fails is that a lot of miners are hodlers. That is to say they speculate that the price must increase.


Therefore they are not using the current price for profitability but the potential future price they have in mind.

a very well formatted search & explaination but know this.

we are still talking about most of public not everyone can invest in solar panels

[shield132]

It's all about how cheap electricity you have, no one mines with 0.12 kwh/usd price. For big mining companies, who have a lot of mining hardwares and cheap electricity, it worths to mine bitcoin and be leader in network. As you say, if we want bitcoin to be profitable for simple miners, we need at least 12K price, then imagine what will happen after upcoming halving, this is the time when price will skyrocket.

[pixie85]

The cost of mining fluctuates because the difficulty can go up and down just like your electricity bill. I have some coins bought at lows not long ago and I'm ready to wait until they go above 10k USD again, but I'm also ready to sell if we start going lower than 6000.

[kissme09]

I see that some countries are raising electricity prices to reduce the need for crypto mining. Big men have moved their businesses to cold climates and low electricity prices to cut costs. Reducing this cost will help reduce the gap.

[FastSlots]

It is why most of the miners live in China. Because as I know, In China, Electricity costs are low enough. In my country, we have a farm to mine bitcoin, though it is not big, but we mine one bitcoin and it cost 5748 USD! Here the electricity bill is also not high. The sad news is our government recently announced Mining is illegal, but we are continuously mining bitcoin until we recover our investment.

By reading your concern, I think Bitcoin price will pump to more than 12K USD to give all miners a profit. Without profits, miners will stop mining bitcoin. So, we can except Bitcoin at 12K USD in this year.

[KocaEfe]

You've written a lot here. I only had enough for 2 pages. I have the main question. What equipment should I buy so that I can mine bitcoins. I know many here expert and I am interested in your experience. What are equipment costs? Help me choose the best equipment for maximum performance. I think to buy a small farm of 3 Asics.

[Myown55]

Bitcoin is an asset and not a gamble. Therefore, one needs to be patient when it comes to selling, just take advantage of the bubble and do not sell your bitcoin for only a few dollars.

[bangkecol]

it is one of the psychological tradings, if you look at the fluctuating price movements, bitcoin also declined because it did not escape the SEC's yesterday's refusal. And the possibility of investors is also waiting for the results of the ETF later next year to see developments.

By looking at the condition of ETFs that provide the positive potential for bitcoin, I believe that next year bitcoin will also experience a positive level.

I am waiting to get the right moment to buy

[farooqarahim]

9343$ to Mine

I think your Mining Rig Setup is too old... 

[trimulia]

That's right, we have to wait for market prices to improve. And embarrassing mining now is a good idea too