Bitcoin mining as an individual

[evan3k]

Hi everyone,

Me and my friend want to get started mining Bitcoin.
We have a little bit of background only, we're beginners.

We want to buy a 57TH/s machine. We have a place for it, with A/C etc..
We're doing this for making money, because we believe that the value will only go upwards from here.

Now, I've read on this forums that mining BTC as an individual is not profitable. We will obviously be working on a pool.
In websites like https://www.asicminervalue.com/ or www.whattomine.com, it says profit will be around 20USD per day

Which basically means we will be paying back the machine within 5-6 months (taking into account increasing difficulty of mining).

So, it's not true?
If we enter a big pool, will we not reach this sum of 20USD per day average per month?

Please advise.

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[NeuroticFish]

Please advise.

Please start with the most important part: what's the electricity price in your area (in USD cents/kWh)?
Then keep in mind that the miner produces heat an noise and you'll have to deal with that too.

[evan3k]

Price is 0.16 kW/$

The profit of approx. 20 USD per day is after electricity.

The question is - is it really true that you make a profit similar to the ones stated in these websites?
Someone can approve this?

[NeuroticFish]

I don't mine and I don't know how good are those sites. Basically the diff is low because companies are moving gears out of China (in theory) and it'll go back up. Then you may be in trouble.
My advice is to read this thread: https://bitcointalk.org/index.php?topic=5348076
That guy was talking about 16 euro cents, you talk about 16 cents, not a big difference, still too expensive.

If your bet is on bitcoin price rising I can tell that:
1. That's not what you should rely on for a mining business. Mining difficulty will probably rise too.
2. You may end up on better profit if you buy Bitcoin instead of gear for that money. (however, don't take this as an investment advice, please decide for yourself what you do with your money).

[mocacinno]

57Th/s, so i guess you're going for an innosilicon T3?
This one draws ~3300 Watt

Coinwarz says the following:
https://www.coinwarz.com/mining/bitcoin/calculator?h=57&p=3300&pc=0.16&pf=0.00&d=14496442856349.00000000&r=6.25000000&er=1&btcer=46223.97430000&ha=TH&hc=2407.00&hs=-1&hq=1

That's $10/day, not $20.

This also makes it a full year before you make enough money to pay the hardware back... Not including things you might have forgotten... Switches, cables, breakers, shelves, S&H, import duties,...
And it only works if the difficulty stays more or less the same, and the price doesn't drop...

Offcourse, the choice is yours, not everybody likes to take a lot of risk tough... Personally, i'd never mine if i'd had to pay $0.16/Kwh. I shut my miner down waaaay earlyer...

[mikeywith]

57TH will make you a bout $21.5 a day before the power bill, since you posted this 2 days ago, i'll just worth with the highest number you could have had then which is $22.5 with btc price at $46,800.

This means, you think you will be paying $2.5 a day to run a  57TH gear, for that to be accurate you need to spend 10 cents an hour, based on your 16c kWh, you will need a gear that consumes 625w and puts out a 57TH, that means a gear that has an efficiency of 11w/th, which is about 30% of the consumption of the most effienct gear known to mankind, so no, your numbers are WRONG.

The best gear you could buy will be in the 30w/th range, which will be $6.5 for the power bill per day, and the cost will be in the 7k range, so as it stands it's  437.5 days to pay back for the machine, not sure what you did wrong, but your numbers are far off.

But just to answer your question, the numbers you see on whattomine.com and the other website are rather accurate (assuming you input the right power consumption which I think you didn't), it's not a guessing game, they take your "potential" hashrate and divide it by the total hashrate and since the block reward is constant, it's easy to accurately (not 100% accurate since luck and block fees vary) tell you how much you could have made today, but here is a recent incident, 2 days ago when you did the math, you could have got $22.5, now it shows $21.5, it goes out to show that it's very normal for this number to keep dropping.

[N8twon]

If you're in America you're looking at a $650 tariff too

But yes its worth it