Mining Bitcoin

[Rabi3]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

[1714679919]

1714679919

[1714679919]

1714679919

[1714679919]

1714679919

[Oshosondy]

It depends on the cost of electricity that you are using, if the cost is high, do not just go into bitcoin mining. But if electricity is cheap in your country, you can make further research if it is profitable.

You will need to buy mining equipments like application-specific integrated circuit (ASIC). They are costly but would worth it. Bitcoin mining might not be profitable, but you can hold the coins mined and wait for the price to increase is good so that you can sell at high price too, but making sure that at least, you earn profitable amount after you join a mining pool.

Bitcoin mining is profitable, but you have to calculate the electricity you will spend on miners and other mining equipments before you should start buying and setting up mining equipments. If you do not make right calculation, you could end up losing.

The loss can be from the cost of running mining equipments to be more than the reward given you from the mining pool you joined. The reward is based on the hashrates your miners are adding up in the total mining hashrates the pool is producing.

[KennyR]

Mining bitcoin is based on the person's financial ability along with the lowest electricity consumption charge. Lower the electricity consumption charge, higher will be the profit out of mining. It also requires regular maintenance as well as knowledge to set-up mining operations through which one can switch mining of different cryptocurrencies based on the market variation.

[Bitcoin_Arena]

and do you think it's still worth trying on 2022 ??

If you are looking to make a ton of money out of mining like it was in the early years where people would even mine with CPUs, stack some coins and then realize a few years later that they are worth hundreds of thousands of dollars, then forget about it.
Currently mining profitability is dependent on so many factors from power costs, difficulty of the network, market conditions etc

Most small farm owners now days mine for small profits and some keep the coins for the bull market in hope that the value will multiply before selling off.

[BitMaxz]

Based on this https://www.asicminervalue.com/efficiency/sha-256

It's not worth mining with an ASIC miner if you have an Electricity cost of $0.15/kWh above but if you have an electricity rate of around 0.04 or below or free it's profitable.
And actually, it also depends on the lifespan of your unit and you will never reach the ROI if you don't know how you maintain them.

[LegendaryK]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Many people lie, if mining bitcoin was as profitable as they claimed , everyone you know would already have two ASICS in their house.

https://www.gemini.com/cryptopedia/crypto-mining-operation-crypto-mining-rig-asic-miner

1. You need at least 3000 ASICS to be competitive with the rich elite.
2. You need a cold climate to help dissipate the heat.
3. You need to rent a warehouse to house the ASICs. (included are security costs to make sure no steals asics or burns the warehouse down.)
4. You need to get industrial transformers from the power utility.
5. You need as low energy prices as you can find.

* Even if you did all of the above, PoW is on the verge of being banned worldwide due to it's excessive waste.*

So why even bother, PoW is a dead tech. 


 

[UserU]

Just "fake" mine. Use some miner to mine profitable altcoins, cashout in an altcoin, then convert the holdings into BTC.

OG mining ain't cutting it unless you have the financial capacity to build a hangar of miners.

[stompix]

1. You need at least 3000 ASICS to be competitive with the rich elite.

Nope, my case for example.

2. You need a cold climate to help dissipate the heat.

Nope, see Mikey's case!

3. You need to rent a warehouse to house the ASICs. (included are security costs to make sure no steals asics or burns the warehouse down.)

Not necessarily, my case again.

5. You need as low energy prices as you can find.

That's for every single activity out there, people are not growing tomatoes in greenhouses in the artic or in the mountains, you don't have steel mills in Manhattan, nor are most ice cream factories situated in Tamanrasset.  

Just "fake" mine. Use some miner to mine profitable altcoins, cashout in an altcoin, then convert the holdings into BTC.

Maybe you haven't read the news, profitable coins have gone extinct since the asteroid merge hit.

[LegendaryK]

@stompix

Since you are promoting your case,  

Show the specs along with your input costs.

Include Cost to buy asics
Include energy cost to run asics and costs to cool them
Internet connection cost
do you run a full node, include cost of PC and energy used
do you rent the location where the miners are stored
are you using renewals is so include their purchase cost
Which pool do you mine with


Are you making a living off it,
or
is it nothing more than a hobby?

If you run it in your home, is your spouse on the verge of leaving because of the noise?

If you did the math, would you not have been better off to just buy the coins?

 

[alik111]

Bitcoin mining is still profitable in 2022 but we should take a look about electricity bill and graphics card cost. If they are cheap then can you can try mining Bitcoin otherwise it's better to leave Bitcoin mining and you can try other coins to mine.
 

[UserU]

Maybe you haven't read the news, profitable coins have gone extinct since the asteroid merge hit.

Whoops, I was referring to the miner algorithm (i.e. ETC since it still uses PoW). Should have made it clearer.

[stompix]

Since you are promoting your case,  

I am not promoting my case, I'm telling you I can mine and I can still make a profit without 3000 ASICs, and I'm not the only guy on this board not having that many and still mining. If I would be losing money on it I would definitely turn it off as it makes no sense continuing, but as you can obviously see from the hashrate, mining is still profitable, despite the price going down the hashrate is still up, so,what more do you want?

Show the specs along with your input costs.
do you run a full node, include cost of PC and energy used

Are you serious? No, not joking, are u serious?
Even for a complete anti-pow person like you, this is really searching for some more straws to grasp on.

If you did the math, would you not have been better off to just buy the coins?

Since I bought the gear it has always run on a profit,  starting at the same time, the value of my coins in $ terms has almost gone down by 2/3, and as you have probably realized, mining can be profitable even when holding is taking losses.

Maybe you haven't read the news, profitable coins have gone extinct since the asteroid merge hit.

Whoops, I was referring to the miner algorithm (i.e. ETC since it still uses PoW). Should have made it clearer.

It's still the same thing, I'm quoting online calculators here so it might be a bit of up or down but with a 3090 at 3cents/kwh you're making 44 cents a day with the most profitable coin, you're way better just dumping the damn GPU and buying BTC directly rather than getting one satoshi every hour with it.

Bitcoin mining is still profitable in 2022 but we should take a look about electricity bill and graphics card cost.  

And what have you found out looking at graphics card cost?  

[LegendaryK]

Since you are promoting your case,  

I am not promoting my case, I'm telling you I can mine and I can still make a profit without 3000 ASICs, and I'm not the only guy on this board not having that many and still mining. If I would be losing money on it I would definitely turn it off as it makes no sense continuing, but as you can obviously see from the hashrate, mining is still profitable, despite the price going down the hashrate is still up, so,what more do you want?

Show the specs along with your input costs.
do you run a full node, include cost of PC and energy used

Are you serious? No, not joking, are u serious?
Even for a complete anti-pow person like you, this is really searching for some more straws to grasp on.

If you did the math, would you not have been better off to just buy the coins?

Since I bought the gear it has always run on a profit,  starting at the same time, the value of my coins in $ terms has almost gone down by 2/3, and as you have probably realized, mining can be profitable even when holding is taking losses.

What I am saying , is I don't believe you.
ASICS don't earn a profit for long, you are leaving out all kinds of input costs, which would make your return negative,
trying to give you the benefit of the doubt, but your apparent decline of information points to your not making a real profit.

Again, feel free to show your specs , after all that is what the OP was asking for,
how to be profitable mining BTC PoW coin.
Otherwise, I shall consider you making a profit from BTC PoW mining , a fantasy.  

If you ever run a business,
you totaled up your input costs and compared against income earned.
Are you saying you have never done this with your BTC PoW mining?
If you have not, you don't have an accurate calculation of a profit or a loss.
If you made so little , you never paid taxes, then you are just wasting money on a hobby.
Which their is nothing wrong with that , except you need to admit it is a hobby and not a business you can survive off of.
 
Usually the only way a small miner can make a profit,
1.  Steal the ASICS
2.  Steal the Electricity
3.  Don't Pay their Taxes.
*None of which is worth the jail time when caught.*

The Big Miners survive by getting dumb VC money to fund their operations.

[stompix]

What I am saying , is I don't believe you.
ASICS don't earn a profit for long, you are leaving out all kinds of input costs, which would make your return negative,
trying to give you the benefit of the doubt, but your apparent decline of information points to your not making a real profit.

Yeah, you don't believe me unless I give you numbers when I will give numbers you will say those are fake, when I print you the bills and sign your addresses you will say those are photoshopped and that is not my address, even if I show you the privkeys you will say it's not my somebody lent it to me, right?
Unlike you, somebody who is clearly here with an agenda against something I have nothing, really nothing to gain with lying.

Price per kWh quoted here, 7 cents at max, day of the purchase of the first batch here a year and 5 months ago, since those are s19 you can obviously to the profitability math for yourself.

If you ever run a business,
you totaled up your input costs and compared against income earned.

I've done accounting for a business for 10 years, something way more complicated than inserting some cost and income, stop discussing what you think a person is doing and focus on reality, if you are again here just to troll you will simply start starving to death as everyone will put you on ignore.

[romero121]

In the past I've mined ethereum. During those days there is profit when the price was around $800, and later it dropped down to $200. By the time electricity costs me higher than what I got as reward through mining ethereum. For miners with large number of GPU they'll have minimum profit unlike the market. For small miners with very few number of mining machines the profit is much dependent over the market as well as the electricity charges.

During the bear market I experienced it is quite easy to buy one ethereum, but for the same through mining is truly difficult. Even with mining for users who have the ability to keep hold can profit out of mining.

[LegendaryK]

What I am saying , is I don't believe you.
ASICS don't earn a profit for long, you are leaving out all kinds of input costs, which would make your return negative,
trying to give you the benefit of the doubt, but your apparent decline of information points to your not making a real profit.

Yeah, you don't believe me unless I give you numbers when I will give numbers you will say those are fake, when I print you the bills and sign your addresses you will say those are photoshopped and that is not my address, even if I show you the privkeys you will say it's not my somebody lent it to me, right?
Unlike you, somebody who is clearly here with an agenda against something I have nothing, really nothing to gain with lying.

Price per kWh quoted here, 7 cents at max, day of the purchase of the first batch here a year and 5 months ago, since those are s19 you can obviously to the profitability math for yourself.

If you ever run a business,
you totaled up your input costs and compared against income earned.

I've done accounting for a business for 10 years, something way more complicated than inserting some cost and income, stop discussing what you think a person is doing and focus on reality, if you are again here just to troll you will simply start starving to death as everyone will put you on ignore.

No one wants your personal info, at least I don't.
What I wanted was for you to show a blueprint design , and in that you have utterly failed.
What was the mining equipment cost, what was the energy cost and any other small costs that add up , and yes even the tax amount, so the OP could decide for himself if he could pull off this imaginary feat only you and your unicorn have accomplished.
By the way, one of your posts implied your parents covered some of your energy costs, if so that would have to be excluded for anyone not living when their parents.
I still don't believe your PoW mining is profitable, if all true input costs are factored in.
I do believe it is possible you might be mooching off someone , but even with that , I doubt your PoW mining is worth the effort.
7 cents per KWH, yeah right.    
if True, Up front cost of solar panels would have to be in the input costs, even if Mummy and Daddy purchased it, others may not be as fortunate.

Maybe a more accurate description,
is You can make money mining BTC PoW, if your Mum and Dad cover the majority of your input costs.
However if you have to cover the normal inputs costs on your own to mine BTC PoW, you'll never earn a profit, once input costs are factored in.  
* Personally never seen an ASIC that was worth a shit after 8 months.*

[stompix]

What I wanted was for you to show a blueprint design , and in that you have utterly failed.
What was the mining equipment cost, what was the energy cost and any other small costs that add up , and yes even the tax amount, so the OP could decide for himself if he could pull off this imaginary feat only you and your unicorn have accomplished.

As I said before if I give you the data you start saying it's not what you have asked, the numbers don't match, it's not real.

I still don't believe your PoW mining is profitable, if all true input costs are factored in.

Of course, because that's your purpose here, everything you have done on this forum from the very first post was anti-pow propaganda and nothing else other that a bit of shitcoin shilling.

By the way, one of your posts implied your parents covered some of your energy costs, if so that would have to be excluded for anyone not living when their parents.

Yeah, if you're completely illiterate and you don't understand two lines of text you might understand that, if you would spend two seconds actually trying to grasp what's written you would have understood that the energy is bought in bulk, there is no meter for the miners or individual bills for the grain mill or for the wood chipper, for the door bell or anything like that, I host them on that location and that's it, the 7c was the end price of the entire business.
Too hard for you?

[TheUltraElite]

i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Specifically for Bitcoin mining, to be able to make a decent ROI and profit, you would need to compete with the hashpower delivered by the biggest pools in this world. For that you would need a comparable mining facility that includes not just ASICs but also electricity, cooling methods, maintainance and manpower. Not to mention an open plot to run all these.

So if you can afford all that you could go for mining. But most of us cannot and hence we prefer to buy Bitcoin when it is at the lower average prices to hold for long term.

[LegendaryK]

What I wanted was for you to show a blueprint design , and in that you have utterly failed.
What was the mining equipment cost, what was the energy cost and any other small costs that add up , and yes even the tax amount, so the OP could decide for himself if he could pull off this imaginary feat only you and your unicorn have accomplished.

As I said before if I give you the data you start saying it's not what you have asked, the numbers don't match, it's not real.

I still don't believe your PoW mining is profitable, if all true input costs are factored in.

Of course, because that's your purpose here, everything you have done on this forum from the very first post was anti-pow propaganda and nothing else other that a bit of shitcoin shilling.

By the way, one of your posts implied your parents covered some of your energy costs, if so that would have to be excluded for anyone not living when their parents.

Yeah, if you're completely illiterate and you don't understand two lines of text you might understand that, if you would spend two seconds actually trying to grasp what's written you would have understood that the energy is bought in bulk, there is no meter for the miners or individual bills for the grain mill or for the wood chipper, for the door bell or anything like that, I host them on that location and that's it, the 7c was the end price of the entire business.
Too hard for you?

Nope, you are mooching off the energy from the business.
Which I did list stealing energy as one way to be profitable, and while you are being allowed access to almost free energy.

You listed a VAT tax, I thought you were in the US?

As far as me shilling, I say the small guy can't make a profit with BTC PoW mining.
Trying to keep the OP from wasting his time and money on a guaranteed negative return.

I was giving you the chance to show the OP a blueprint, that would help him earn a positive return.
What you shown is the average person that paids all of his own bills, without a subsidy from an outside source can't make a profit from BTC PoW mining.

[livingfree]

@OP, it is profitable for the mining farms out there that has huge hash for their farms and have been there early as we are. And that means, if you're a small fish/miner, you'll probably just make a little for a month or break even.

That's usually the case and those small miners that have made a lot, it's likely that they've been mining throughout the bear market, held and sustained their electricity bills through their other source of income and waited until the bull run came.

Sold at the peak and rinse and repeat.