Can You Make Money Mining Cryptocurrency At Home? Res. Elec. Rates Kill Profits!

[VoskCoin]

Can you still make money mining cryptocurrency at your own home?
Buy your own Mining Rig parts on Amazon - http://geni.us/CujsiX

https://www.youtube.com/watch?v=nLkbVWbddcM


One of the top questions I receive is if it is still profitable to mine cryptocurrency and if crypto mining is still one of my main sources of income. Unfortunately cryptocurrency mining has gained the interest of a lot of big players with a lot of money. . and with that that entire cryptocurrency mining ecosystem continues to change.

Today I breakdown my electric bill and compare it to what I was paying to mine crypto last year. Your electric rate will have a massive impact on whether or not cryptocurrency mining will be profitable for you. No matter if you are mining Bitcoin, Ethereum, Litecoin, or perhaps Aion / Loki / Ethereum Classic like me -- the biggest factor when determining if and what you should mine in a bear market will be influenced by your electric rate. My electric rate last year was effectively 10 cents per kWh (kilowatt hour) and with the hike / introduction of a higher summer electric rate for me, my electric rate increased to almost 14 cents per kWh.

Lets breakdown my crypto mining profitability, and how the increase in my electric rate impacted my overall earnings / profitability / ROI much more than many expected.

Links discussed in todays Crypto Mining Video

Loki Network Crypto Coin to USD - http://bit.ly/2CAO1Vu
What To Mine Profit Calc. 5x RX 570 Rig - http://bit.ly/2pMnrAk
Aion Network Coin Mining Profit Calc - http://bit.ly/2E7VPzu
Aion Network Crypto to USD CoinGecko - http://bit.ly/2A9oFxC
12x Rx 570 Mining Rig Profitability - http://bit.ly/2y6Vzva
8x Nvidia 1070 TI Mining Rig Profits - http://bit.ly/2yahbHb

Mining Rig Parts IN STOCK on Amazon - http://geni.us/WQd7cCs

VoskCoin Patreon - https://www.patreon.com/VoskCoin
VoskCoin Facebook - https://www.facebook.com/VoskCoin/
VoskCoin Reddit - https://www.reddit.com/r/voskcoin/
VoskCoin Discord Server Invite - https://discord.gg/FGGmS2z
VoskCoin Twitter - https://twitter.com/VoskCoin
VoskCoin Instagram - https://www.instagram.com/voskcoin/

VoskCoin Official Donation Addresses, support appreciated!
BTC - 12PsgKuhcJrEqJbD3oMN7rcEcuyqyqRznL
ETH - 0xDEe6A2ae293F8C58Ef71649658344BbF382b6e70
ZEC - t1ZoVF5t75NahSAfuwpcyHA8uzkPyocXpJZ
ZEN - znb1iNFP6VctF2AhXLXtMsSjP7emvYDmeXR
Loki - 
LScbLXmws9RA4SXVz5GhGm3N2YfKShw6MQGeyAjYc3bE5nYHUw3UUWxgKGN8kCnWQkfZEGN1PBxX7Zk y3aVJSpGxTZTuDLB
XMR - 484HoyS4h2fenvLKQkuUV7FwnJaGK8LMX43tiJ3UZdVU53d2MxFiQ1jbSfyorsXZVs1SvoPVh4nipjd 7b4GVgFGmCgygdpV
Doge - DHgX7vJjBsmYcB1GgubGtu3TVJkqQgCG6B


We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to http://Amazon.com and affiliated sites.

[adaseb]

I looked at your chart. So you are making about $2.16 a day mining ETH but after electric you only net $0.22 or so. This is for 5 GPUs.

If you take into account pool fees, exchange fees, transaction fees, bank fees, stale shares, crazy, you probably end up at a negative.

Its really crazy how much mining has decreased since the beginning of the year.

[ronnieb]

what about those sweet little acorns though

I have a single 215+ eventually on the way

[Dig Bicks]

I looked at your chart. So you are making about $2.16 a day mining ETH but after electric you only net $0.22 or so. This is for 5 GPUs.

If you take into account pool fees, exchange fees, transaction fees, bank fees, stale shares, crazy, you probably end up at a negative.

Its really crazy how much mining has decreased since the beginning of the year.

I know I expected a minor pullback but nowhere near where it is right now.  Its Shocking how low the profitability is.

[leowonderful]

I too expected mining revenue to decrease this year due to decreasing crypto prices and continually rising difficulty, but I never expected profitability to drop as low as it now either. I like your video so far, I'm still going through it but I like how you go into detail with math and your actual electric bill when discussing profitability. A lot of people don't realize that they potentially have added fees some utility companies charge on top of your basic electrical rate.

At least winter's coming soon at the least, temps are already going down where I live to the mid 50s. I don't have nearly as many machines ASICs and GPU rigs due to decreased profitability as I did the same time last year, but I'll still be able to use the remaining rigs I have left to heat my house. Hopefully profitability doesn't continue to drop more when the winter comes.

[johnnie18]

I guess you can make money in mining cryptocurrency but in a small amount of money you will gain. There is electricity you must pay and also the price of the video cards are high....

[stomachgrowls]

12x Rx 570 Mining Rig Profitability - http://bit.ly/2y6Vzva

Gaining $1.45- $150 for a day and end up negative due to high electricity cost.Then i do stopped right away.

I guess you can make money in mining cryptocurrency but in a small amount of money you will gain. There is electricity you must pay and also the price of the video cards are high....

If you already break even on the cost of your rig(only possible on previous year) then mining with some minimal profits will really be still a considerable reason but if profits will
be just almost equal on expense then i dont see the point.

[VoskCoin]

this video update is basically the next step after running all of these numbers if anyones interested

https://www.youtube.com/watch?v=ukoGzDfYZRE

[adaseb]

If you guys believe in BTC, then mine whatever alt you are mining and sell for BTC and hold that BTC for months...years

If you guys believe in ETH, then mine ETH, and cold storage it and hold it for months...years

If there are some promising alts/token that can change the world, then sell some of your mined BTC or ETH and buy those tokens and hold for months...years

There were many cycles like this in the past. The true believer kepts mining at a loss or break-even just to accululate some coins and in the end it always paid off.

[Marvell2]

If you guys believe in BTC, then mine whatever alt you are mining and sell for BTC and hold that BTC for months...years

If you guys believe in ETH, then mine ETH, and cold storage it and hold it for months...years

If there are some promising alts/token that can change the world, then sell some of your mined BTC or ETH and buy those tokens and hold for months...years

There were many cycles like this in the past. The true believer kepts mining at a loss or break-even just to accululate some coins and in the end it always paid off.

yup , those guys that kept mining dash and ltc and even vertcoin back in 2013 laugh at these posts

[vuli1]

yah, toooooo many people, who became a little too greedy, enter cryptoworld last/this year and this is result. It will recover, eventuly, so, if you chose promising project, mined and hold coins, I bet in a few years it will payoff.

[VoskCoin]

If you guys believe in BTC, then mine whatever alt you are mining and sell for BTC and hold that BTC for months...years

If you guys believe in ETH, then mine ETH, and cold storage it and hold it for months...years

If there are some promising alts/token that can change the world, then sell some of your mined BTC or ETH and buy those tokens and hold for months...years

There were many cycles like this in the past. The true believer kepts mining at a loss or break-even just to accululate some coins and in the end it always paid off.

yup , those guys that kept mining dash and ltc and even vertcoin back in 2013 laugh at these posts

I'm not here to hate on mining, just at my electric rate I would be better off simply buying most coins (currently) & I could sell my hardware for some change and dump that straight into any coins I want increasing my holdings w/ zero work after selling the gear

[mikeywith]

If you guys believe in BTC, then mine whatever alt you are mining and sell for BTC and hold that BTC for months...years

If you guys believe in ETH, then mine ETH, and cold storage it and hold it for months...years

If there are some promising alts/token that can change the world, then sell some of your mined BTC or ETH and buy those tokens and hold for months...years

There were many cycles like this in the past. The true believer kepts mining at a loss or break-even just to accululate some coins and in the end it always paid off.

yup , those guys that kept mining dash and ltc and even vertcoin back in 2013 laugh at these posts

I'm not here to hate on mining, just at my electric rate I would be better off simply buying most coins (currently) & I could sell my hardware for some change and dump that straight into any coins I want increasing my holdings w/ zero work after selling the gear

exactly, in fact in most cases investing directly in crypto is more profitable and less trouble. the mining game has changed, you can't compete with those large operators that have access to almost "free" power and buy mining rigs/asics at a much cheaper rate than any of us. also when it comes to large mining farms, a huge farm in the US can't compete with on in Georgia for an instance, based on 2 main factors 
1- power cost.
2- shipping cost.

if you look at large data you will be surprise how much does your location matter in terms of overall cost, when you want to transfer thousands of asics from mainland china to the states you don't expect to compete with a farm in china located next door to bitmain warehouse.

mining as for now is a big gamble, if you are not making in profit or barely making any , and you say to yourself , ok i will just turn my rigs/asics off till prices recover, then you putting yourself in a great risk, the technology is moving fast. your gears will be worthless in couple months.

in plain english, mining is not for everyone as of today, it's a real business that involves great risks and one should think twice and do all the research needed before jumping into the game. people need to understand that 2017 is long gone.

[Lookingfordarkskys]

If you guys believe in BTC, then mine whatever alt you are mining and sell for BTC and hold that BTC for months...years

If you guys believe in ETH, then mine ETH, and cold storage it and hold it for months...years

If there are some promising alts/token that can change the world, then sell some of your mined BTC or ETH and buy those tokens and hold for months...years

There were many cycles like this in the past. The true believer kepts mining at a loss or break-even just to accululate some coins and in the end it always paid off.

yup , those guys that kept mining dash and ltc and even vertcoin back in 2013 laugh at these posts

I'm not here to hate on mining, just at my electric rate I would be better off simply buying most coins (currently) & I could sell my hardware for some change and dump that straight into any coins I want increasing my holdings w/ zero work after selling the gear

VoskCoin your vids are spot on. Always seems to be the most relevant at the time. Can you comment on your buying coins argument with knowing in most cases people are buying them from an exchange and thus may not be as much of an anonymous transaction? When I'm mining to a crypto address using free email for instance with SMOS am I not in a roundabout way collecting coins that can't "easily" be traced to me as a taxpayer? Nobody really directly has been given my ID as if when using an exchange. If I have to pay a little in electricity cost isn't there some value to that? I know the blockchain isn't private and the transactions themselves in most cases can be traced to one another but it just seems a pretty difficult task for someone to go out of their way to find my front door. Nothing's impossible but in all the discussion I read so far no one seems to see value here. Before someone says it I'm not in it for criminal intent and I know that when you trade into anything else, crypto, fiat even goods and services you owe some taxes. Most times when you do that you've exposed yourself anyway.

[Metroid]

I looked at your chart. So you are making about $2.16 a day mining ETH but after electric you only net $0.22 or so. This is for 5 GPUs.

If you take into account pool fees, exchange fees, transaction fees, bank fees, stale shares, crazy, you probably end up at a negative.

Its really crazy how much mining has decreased since the beginning of the year.

Plus all the other things, you end up selling your house to pay the debts. GPU mining is dead at moment.

[Agozyen]

I looked at your chart. So you are making about $2.16 a day mining ETH but after electric you only net $0.22 or so. This is for 5 GPUs.

If you take into account pool fees, exchange fees, transaction fees, bank fees, stale shares, crazy, you probably end up at a negative.

Its really crazy how much mining has decreased since the beginning of the year.

Better off selling your mining equipment to buy Eth or if you are considering starting to mine, don't buy hardware at all and just buy the coins you want to mine. 

[Metroid]

As GPU mining is dead at moment, if people are smart then they will buy coins directly and wait for the next time coins jump 10 to 50 times, Bitcoin might reach 100k usd next year, eth 20k usd and so on.

[Jorandck]

For current conditions, I stopped first for mining. the risk of electricity costs is a major factor in mining. I experienced it, electricity costs are very large while mining products do not increase because the crypto market value is not in a favorable condition.

[BillieCrypt]

In winter, the profit increases slightly because you reduce heating costs. Rigs provides enough heat to heat nearby space. In addition, to reduce the cost of electricity, you need to reduce the consumption to a minimum, and undervolt the core of Rx 570 to 830-850 mV.

[adaseb]

In winter, the profit increases slightly because you reduce heating costs. Rigs provides enough heat to heat nearby space. In addition, to reduce the cost of electricity, you need to reduce the consumption to a minimum, and undervolt the core of Rx 570 to 830-850 mV.

This is not necessarily true. It depends where you live.

If you live in a cold climate and the main source of heat is by natural gas, then mining with electricity will not always offset your heating costs.

In general using electricity to a main source of heat is not very efficient so many cold climates adapted to natural gas. And natural gas is usually capped in the winter so even if its -30C people can still afford to heat their homes.