FP91G
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April 07, 2023, 11:53:55 AM |
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If there is suitable electricity, it is definitely more suitable for mining
Actually what you said is true, electricity is one of the most important components for Bitcoin mining, of course, but what we understand is what you mean, maybe this is in terms of the electricity cost factor for calculating income from mining, it seems like using ASIC and also like Rig mining, this really requires a higher Power Empowerment Performance, and from here the electricity cost factor greatly influences the profits of a Bitcoin mining. Choosing between Mining or buying in the bear market, maybe I think these are the same two jobs even though the methods and nature are significantly different, but basically they both have the same goals to be achieved. Especially we say that people's point of view is different as well as the technicals that brands use, most take advantage of the bear market to buy and increase their assets, and maybe most people choose the option of Bitcoin mining. The problem we see is that it will take several years before the investor's capital is recovered. If the cost of electricity is at 0.07$ per Kwh. Its ROI seems to be in 2 to 3 years but that depends on the situation maybe. So I think that if practicality is the basis for investing here in bitcoin is a really good way in my opinion. Did you take into account the Bitcoin halving in April 2024 in your calculations? After that, the miner's income will drop by about 50%, while the mining difficulty and the cost of electricity will increase. This business gives good profits when some big miner shuts down their equipment, as was the case in China, and others get an increased profit.
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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philipma1957
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'The right to privacy matters'
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April 07, 2023, 07:47:12 PM |
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Buying coins is almost always wrong if you have cheap power.
Buying gear is almost always correct if you have cheap power.
For all the years I mined 6 cent power turns power almost every day mining ever existed.
not so true for 10 cent power.
Bear markets are good for me as I get to buy gear cheaper.
we went from 1.2 ph in sept 2022 to 2.7 ph in march 2023
cost of gear was far far lower than it was in April 2021.
power cost 0 to 6 cents buy gear slow but sure = winner
power cost 6 to 9 cents harder to know if coins or gear is better.
power cost 9 to 14 cents very tough to mine buying coins is more often best shot.
over 14 cents don't mine maybe a little for fun or hobby
over 25 cents forget about it. buy coins via DCA method.
If all cases above do not buy so much that you are in real financial trouble.
A week ago a f2 Tornado with winds at 120-130 miles per hour missed my house by 2500 feet.
So you could have a great mine with great gear and by by if Mother Nature says so.
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Lida93
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April 09, 2023, 09:47:14 PM |
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Should I buy two S19j Pro's for $3,700 USD and mine it for the next few years or just buy $3,700 worth of bitcoin (0.16 BTC) ?
My worry is that mining difficulty will keep going up and I will run out of time being profitable before I reach 0.16 BTC.
If you're not seriously ready to face the difficulties associated with mining then it's better you avoid going into it and not to be consumed by the difficulties along the way where you may have to abandon what you have already spent much time and energy to build. If your guts tells you to buy $3700 worth of bitcoin then it's also a rational decision as you don't have to face hassles in making profits compared to mining. All you get to do is to HODL which may not even get to 250 days before you start making profits from concurrent rise's in bitcoin price.
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kano
Legendary
Online
Activity: 4494
Merit: 1800
Linux since 1997 RedHat 4
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April 09, 2023, 10:12:36 PM |
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Buying coins is almost always wrong if you have cheap power.
Buying gear is almost always correct if you have cheap power. ...
Well from a simplistic BTC view, you'll probably never buy a miner that will mine more BTC than it cost to buy.
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philipma1957
Legendary
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Activity: 4116
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'The right to privacy matters'
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April 09, 2023, 11:06:02 PM |
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Buying coins is almost always wrong if you have cheap power.
Buying gear is almost always correct if you have cheap power. ...
Well from a simplistic BTC view, you'll probably never buy a miner that will mine more BTC than it cost to buy. I purchase most of my miners with one year free credit. And I can’t buy BTC on one year free credit. But yea if you can’t buy miners properly (credit or cash) buy and hold btc is okay.In fact I recently cut a deal for a ‘free’ miner. I take 2 from the dealer. He gives me one The other I let him mine for zero power cost for one year. Thus no btc out of pocket. no cash out of pocket. Can only do this with cheap power. better yet he repairs gear. So I get good repairs. Our expansion issues are cooling. Still waiting on the liquid coolers from octominer they are now sixty nine days late.
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panganib999
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April 10, 2023, 06:02:34 PM |
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I pay $0.07cents USD per kw.
Provided that there's no active bans for crypto-mining within your state/country, you should be good to go. I reckon that the next couple years will be relatively the same difficulty-wise since there's only so few bitcoins left to be mined and crackdowns left and right are of course expected even with apparent signs of a bull market approaching. In any case, both is profitable, but if you want to have the power in yours hands, I would highly suggest you look into mining bitcoins instead of buying them, gives you the power to earn more if you want to, since I guess electricity's not really going to be a problem given the fact that you pay dirt cheap for lights, and idk, buying bitcoins right now is a little less appealing to many compared to mining (my personal observation).
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Litzki1990
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April 13, 2023, 03:50:33 PM |
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Mining usually requires different equipment. And along with machinery, electricity is the most needed. If you have enough knowledge about mining and if you can connect the electricity line at low cost and if your mining cost is relatively low then you can decide to mine. If we have the capacity to do mining then we should think about mining. If you think like this, if you can buy bitcoins with the amount of money it costs to mine, is it possible to earn more profit from mining? It all depends on you if you can invest by monitoring the market movement on time then you will have a chance to earn good profit.
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wahyuagung26
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April 13, 2023, 07:01:28 PM |
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Mining usually requires different equipment. And along with machinery, electricity is the most needed. If you have enough knowledge about mining and if you can connect the electricity line at low cost and if your mining cost is relatively low then you can decide to mine.
In general Mining and also buying in a bear market are two different things, as well as different risks later. maybe so far there have been several ways for them to do mining, some have used Rig mining and also ASIC for them to make it a mining tool, but between Rig Mining and ASIC of course if it is used to mine Bitcoin I think ASIC is much more effective, and the problem is here is the cost and electricity. ASIC itself has a higher power for its use, and an important factor here is to investigate the cost of electricity around, maybe we agree when the cost of electricity around is relatively low you can try to do Bitcoin mining. You will be able to calculate the profit later, to get the maximum profit maybe you can hold it to wait for the Bull Market and try to spend it.
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cydrix
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April 19, 2023, 03:45:19 PM |
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Buying bitcoin has less risk than mining because having a miner requires maintenance, which can be more expensive, and power rate changes, but because you stated it's free then it's lucrative. Both mining and buying have various risk tolerances, and it relies on you what is your investment goal. The only issue I can see with purchasing bitcoin is that it does not directly provide income like mine does.
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ChixX
Newbie
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Merit: 0
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April 21, 2023, 03:28:02 AM |
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Should I buy two S19j Pro's for $3,700 USD and mine it for the next few years or just buy $3,700 worth of bitcoin (0.16 BTC) ?
My worry is that mining difficulty will keep going up and I will run out of time being profitable before I reach 0.16 BTC.
At the current difficulty of mining, it will take over 250 days to mine 0.16 BTC with two S19j Pro's (assuming electricity is free) but the difficulty will be WAY higher in the next 250 days...
I love the idea of mining because it allows me to dollar cost average into the market and there is no KYC involved.
Buying bitcoin has less risk than mining because having a miner requires maintenance, which can be more expensive, and power rate changes, but because you stated it's free then it's lucrative. Both mining and buying have various risk tolerances, and it relies on you what is your investment goal. The only issue I can see with purchasing bitcoin is that it does not directly provide income like mine does.
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KiaKia
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April 22, 2023, 09:58:08 AM |
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If you have free good amount of money you can embark on bItcoin mining but make sure you are deriving more than money from mining, it has to be fun for you to enjoy mining, those who are into mining for the gains only don't always last long, the end up selling their mining machines and quit.
Right now Bitcoin halving is coming and your earning will go lower, if you are not ready to hold your Bitcoin for the long term do not buy Asic Miner. Also, it's advisable to have an affordable power grid, if it's not affordable or cheap don't buy an Asic miner.
For most people, they are better off buying Bitcoin vs mining Bitcoin, some people don't find mining as fun or something that could be turned into a hobby.
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Lantind
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April 22, 2023, 02:11:39 PM |
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Buying bitcoin has less risk than mining because having a miner requires maintenance, which can be more expensive, and power rate changes, but because you stated it's free then it's lucrative. Both mining and buying have various risk tolerances, and it relies on you what is your investment goal. The only issue I can see with purchasing bitcoin is that it does not directly provide income like mine does.
Basically both are equally good jobs to do, buying in a bear market and mining I don't think they differ significantly, just different levels of risk maybe. mining actually needs to pay attention to several factors, one of which is mining equipment and also power and costs, electricity costs are very influential in the success of crypto mining, but if the investment is just waiting for the right time or the desired price target to get a profit.
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