Mining On 2023 from home

[Fuso.hp]

First, you need to confirm the electricity prices and services in your area. If the cost of electricity is low in your area and if you have good electricity service then Bitcoin mining at home can be a good and proper plan for you. At the moment if I'm not mistaken the price of electricity is high enough that with the higher price of electricity if you want to operate Bitcoin mining you are more likely to lose money than make a profit.  
Or if you think the cost of electricity in your area is low enough but in that case you can go a step further by building a bitcoin mining facility in your home. Before setting up Bitcoin mining, you should know what the government of your country may decide on this matter or what the government of your country's opinion is about Bitcoin and then take such steps.

[@sriyan]

Hello Everyone!!

I post this topic to discuss what is the best mining devise to use for mining Bitcoin from home and what is the expected time period to get the investment back?

Experts please don't hesitate to share your thoughts.

The best practice is to understand the process first. Otherwise, it will be really difficult for you.

Process :

1. Familiarize yourself with how Bitcoin mining works.
2. Purchase specialized mining hardware.

Eg: the ASIC model : This model is especially for bitcoin mining. There are newer models in the market now.

3. Set up your mining machine in a proper location with proper cooling.

4. You have to install the mining software compatible with your hardware.

5. Start the mining and monitor the process.

[Yuriy799]

Has anyone studied the legality of mining taxes? In which countries can you officially mine, pay taxes and sleep peacefully?

[light_warrior]

Has anyone studied the legality of mining taxes? In which countries can you officially mine, pay taxes and sleep peacefully?

Just look at which countries have fully legalized cryptocurrency. As of today, cryptocurrency is fully legalized in 15 countries. These are Belarus, Canada, Germany, Canada, El Salvador, Germany, Italy, Malta, Norway, Spain, El Salvador, USA, Ukraine, Philippines, Spain, Czech Republic, Switzerland, Estonia, Japan. And if cryptocurrency is fully legalized, it means that cryptocurrency mining is also allowed. Please, pay taxes and do mining for health I think so.

P.S. You know Russian, you can read it yourself here.

[FP91G]

Has anyone studied the legality of mining taxes? In which countries can you officially mine, pay taxes and sleep peacefully?

Just look at which countries have fully legalized cryptocurrency. As of today, cryptocurrency is fully legalized in 15 countries. These are Belarus, Canada, Germany, Canada, El Salvador, Germany, Italy, Malta, Norway, Spain, El Salvador, USA, Ukraine, Philippines, Spain, Czech Republic, Switzerland, Estonia, Japan. And if cryptocurrency is fully legalized, it means that cryptocurrency mining is also allowed. Please, pay taxes and do mining for health I think so.

P.S. You know Russian, you can read it yourself here.

Germany, Italy, Malta, Norway, Spain, Czech Republic, Switzerland, Estonia. These countries have very expensive electricity. There is no tax on mining in Russia, but not in all regions it is profitable. I am sure that you will not be able to sleep well in the mining business, because in many countries laws change as soon as there are a lot of miners.

[welshhana]

Hello Everyone!!

I post this topic to discuss what is the best mining devise to use for mining Bitcoin from home and what is the expected time period to get the investment back?

Experts please don't hesitate to share your thoughts.

well, first of all, you need to invest much in mining equipment + electricity costs. At this time, I'd prefer staking over mining

[FP91G]

Hello Everyone!!

I post this topic to discuss what is the best mining devise to use for mining Bitcoin from home and what is the expected time period to get the investment back?

Experts please don't hesitate to share your thoughts.

well, first of all, you need to invest much in mining equipment + electricity costs. At this time, I'd prefer staking over mining

First, you must have a well-equipped room with good energy consumption limits and a price no more than 6 cents per kilowatt. Otherwise, you might think that any investor with money can start mining. Otherwise, while you spend investments on finding such a place and equipping it, the profit may fall.

[promise444c5]

Hello Everyone!!

I post this topic to discuss what is the best mining devise to use for mining Bitcoin from home and what is the expected time period to get the investment back?

Experts please don't hesitate to share your thoughts.

I'm not condemning this but even you get the best miners there're other factor to be considered  else you incur debt on your self even with the best miner .I don't know if I'm making some sense here

[FP91G]

Hello Everyone!!

I post this topic to discuss what is the best mining devise to use for mining Bitcoin from home and what is the expected time period to get the investment back?

Experts please don't hesitate to share your thoughts.

I'm not condemning this but even you get the best miners there're other factor to be considered  else you incur debt on your self even with the best miner .I don't know if I'm making some sense here

He is going to mine from home, so his risks are in ASIC breakdowns or in a fire if the wiring is not done correctly. But at home it is impossible to put a lot of asics and it is desirable that asics be in a separate non-wooden room, a garage is well suited for this if there are no quickly flammable materials.

[so98nn]

It seems you are just getting started with it and do not know how it works. Though many users have suggested some technical ways to achieve this I would say mining at home and eventually profiting from it could be dreamy. If you have good space in the house like the garage, or a giant space in the back yard or something then you may be able to achieve some goals. The mining setup will definitely take up a lot of space. If it is going to be bigger (if space is there) then it may happen you will be charged commercial rates since your meter will start noting down huge unit usage. The only way to go around it is to have dedicated space, and get into the mining business with full field study just like what our fellow members has mentioned up here. Or else you can option out for small project like Gekko USB miners, HeatBeat miners, that heats up your house and at the same time helps you solo mine. Though I do not believe any of this considering the current network difficulty.

[FP91G]

It seems you are just getting started with it and do not know how it works. Though many users have suggested some technical ways to achieve this I would say mining at home and eventually profiting from it could be dreamy. If you have good space in the house like the garage, or a giant space in the back yard or something then you may be able to achieve some goals. The mining setup will definitely take up a lot of space. If it is going to be bigger (if space is there) then it may happen you will be charged commercial rates since your meter will start noting down huge unit usage. The only way to go around it is to have dedicated space, and get into the mining business with full field study just like what our fellow members has mentioned up here. Or else you can option out for small project like Gekko USB miners, HeatBeat miners, that heats up your house and at the same time helps you solo mine. Though I do not believe any of this considering the current network difficulty.

Miner heaters have long been outdated in terms of characteristics and they have a high cost. Unfortunately, it is very difficult to use asics with fans at home because of the noise even in the garage, although there are options with noise boxes, but on average it is 2-3 asics at 3 kilowatts, and even then not in every private house. Now all the energy companies know about mining, so high power consumption will be a red flag.

[Winterfrost]

Use the ASICs, I believe the payback is shorter due to their superior performance efficiency when mining Bitcoin.

[promise444c5]

Hello Everyone!!

I post this topic to discuss what is the best mining devise to use for mining Bitcoin from home and what is the expected time period to get the investment back?

Experts please don't hesitate to share your thoughts.

I'm not condemning this but even you get the best miners there're other factor to be considered  else you incur debt on your self even with the best miner .I don't know if I'm making some sense here

He is going to mine from home, so his risks are in ASIC breakdowns or in a fire if the wiring is not done correctly. But at home it is impossible to put a lot of asics and it is desirable that asics be in a separate non-wooden room, a garage is well suited for this if there are no quickly flammable materials.

What of cooling  he should be Aware of that too that he needs a cooling machine as the minning hardware goes extremely hot

[FP91G]

Firstly, you'll need a large space at home for your mining equipment. Make sure you have it.
Secondly, as for the period to get the investment back: as others mentioned, it depends on the BTC price, your electricity cost, etc. But, ballpark, you could get your investment back in about a year or two if conditions stay favorable (but we all know they never do). Keep in mind, that crypto is volatile, so there are no certainties.

Asics do not need a lot of space. I saw very interesting solutions, when several dozen asics were beautifully installed in the container of an old small truck with forced ventilation and exhaust. The most mobile mining farm. But where do you get such a lot of power in a private house to connect ASICs?