Regarding making bitcoin with pooled mining?

[yeni_ceri]

Hi so I was looking into this forum, and I was thinking about setting up a small mining operation.

My idea was buying a few micro computers (like beagle bones), maybe 20 or 30 and doing pooled mining. I have some knowledge of linux and it isn't my first time using or even mounting a micro computer. The objective of such task would be making some bitcoin, which part would be for savings and part would be turned into hard cash.

My question is, would such an operation be viable? I was looking into this guide here, and it seems not very updated.

Kind regards

[bob123]

If you really want to start mining, you need to get some ASICs.

Mining with CPU / GPU or any other kind of 'mini computer' is not possible.
You wouldn't even be able to solve a single share, therefore not earning anything.

To properly start mining, you need to invest into the hardware first. And you need access to cheap electricity for it to be profitable.

[crairezx20]

Computers won't mine bitcoin if you want to mine bitcoin you need ASIC hardware to be able to mine bitcoin.
Sample ASIC is Antminer s9 that you can buy in Bitmain Shop here https://shop.bitmain.com/promote/antminer_s9i_asic_bitcoin_miner/overview

Computers can mine only altcoins using CPUs or GPUs.

Some useful guides including how to setup antminer s9 here https://bitcointalk.org/index.php?topic=2676763.0

For CPU mining guide you can check this https://bitcointalk.org/index.php?topic=2683343.640

Or follow Voskcoin videos here https://www.youtube.com/channel/UCT44w6854K62cSiwA1aiXfw
you will learn more about mining both ASIC and GPUs.

[yeni_ceri]

Well regarding electricity I'm located in the South of Europe, I think it won't be a problem.

Edit: Would such operation be viable and profitable? If so much one of such machines would be enough?

Thanks for the info.

Kind regards,

Carlos

[Jet Cash]

The mining difficulty is getting harder all the time. I think you will have more chance of winning the lottery, than of mining a block with the setup you suggest.

That raises a minor point. You can't mine Bitcoin, all of the coins that will ever exist were created at the time the genesis block was laid. Bitcoin miners mine blocks, and are rewarded with coins from this initial pool, and they also get transaction fees as well. The transaction fees will allow Bitcoin to continue when all of the initial coins have been allocated.

[yeni_ceri]

The mining difficulty is getting harder all the time. I think you will have more chance of winning the lottery, than of mining a block with the setup you suggest.

That raises a minor point. You can't mine Bitcoin, all of the coins that will ever exist were created at the time the genesis block was laid. Bitcoin miners mine blocks, and are rewarded with coins from this initial pool, and they also get transaction fees as well. The transaction fees will allow Bitcoin to continue when all of the initial coins have been allocated.

Now I was actually speaking about mining blocks with an Asic, would buy an Asic be a wise decision, that is what I'm asking...

Kind regards

[yeni_ceri]

Actually let me rephrase the question in case I'm misunderstood.

Taking in consideration the expense of such a machine, the cost of electricity in the EU, the limited supply of coins, the ever increasing difficulty of mining blocks, the fees of transactions, and any other expense, would such project be viable, that is my question...

Kind regards,

[bob123]

This mostly depends on the price you have to pay for each kWh.

Since you are in the EU, it probably isn't going to be that low ? May i ask how much you pay per kWh ?

If you have access to cheap electricity, it definitely is worth it. Otherwise, not.

[yeni_ceri]

This mostly depends on the price you have to pay for each kWh.

Since you are in the EU, it probably isn't going to be that low ? May i ask how much you pay per kWh ?

If you have access to cheap electricity, it definitely is worth it. Otherwise, not.

Yeah I was looking into that, actually the best price I find right now is KWH = 0,1495 euro cents. I think is good, what do you say? Btw I live in a country with a lot of left wing tendencies, ruled by a socialist inspired constitution, so it might get lower.

[BitMaxz]

Yeah I was looking into that, actually the best price I find right now is KWH = 0,1495 euro cents. I think is good, what do you say? Btw I live in a country with a lot of left wing tendencies, ruled by a socialist inspired constitution, so it might get lower.

Your electricity rate is too expensive not worth it to mine with PC or GPU mining it will give you negative profit if you start.

I don't know which ASIC miner will give you profit it seem not worth it to mine in your country.

I already tried to calculate antminer s11 and the earnings daily is negative $6 so I think other ASIC miner too will give you negative profit with this 0.1495/KWH

Check this website https://www.asicminervalue.com/ for other ASIC miner but I think there is no ASIC will give you profit with your Electricity except if you build a solar.

[yeni_ceri]

Yeah I was looking into that, actually the best price I find right now is KWH = 0,1495 euro cents. I think is good, what do you say? Btw I live in a country with a lot of left wing tendencies, ruled by a socialist inspired constitution, so it might get lower.

Your electricity rate is too expensive not worth it to mine with PC or GPU mining it will give you negative profit if you start.

I don't know which ASIC miner will give you profit it seem not worth it to mine in your country.

I already tried to calculate antminer s11 and the earnings daily is negative $6 so I think other ASIC miner too will give you negative profit with this 0.1495/KWH

Check this website https://www.asicminervalue.com/ for other ASIC miner but I think there is no ASIC will give you profit with your Electricity except if you build a solar.

With s17 works, I have doing some calculations in order to be profitable actually I would need 50 to 70 th/s, but maybe I am wrong...