Start now or later?

[Z390]

I started having an interest in mining some years back but that's for Ethereum mining and now that I am ready Ethereum is no longer a proof of work coin, so I have only bitcoin left, I want to know if it is still possible to start mining Bitcoin for someone like myself? I have some challenges blocking my way.

1. I heard that Asic miners like s19 are not capable anymore, not very profitable I meant, buying such right now won't bring better profit after the halving and even in a bull market.

2. I was told that to stay ahead of the game when others will be probably selling their s19 it's better to go for the best top asic miners, which Asic miner is the number 1 now?

3. For someone from a country with unstable grid power can we still mine Bitcoin and still be in profit?

My last question,  is this the right time to buy Asic miner or when the bull market beginnings? Which way will you prefer and why?

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[mikeywith]

None of the questions you asked will benefit you in any way, shape or form if you we don't know the following.

1- What is your electricity rate? how much do you pay per kWh?
2- By "unstable grid" do you mean power outages or voltage variations where voltage drops and spikes constantly?
3- What power capacity do you have? is this going to be placed in your home or where?

[Yamane_Keto]

Next to Bitcoin you can mining some POW crypto like Litecoin and Dogoin, but at the end, the rate of profits compared to cost will determine whether mining is successful.

Are you sure that you can buy mining devices, operate them and make a profit that covers operational costs before 1/2?
If the electricity is not stable in your country, and it can be cut for hours a day, then mining is not an option for you. What is the average electricity costs KW/h.

Have you calculated the costs of the lost opportunity, which means that if you purchase bitcoin now, will you achieve better profits than mining?

I advise you if the taxes are not high in your country (here mining may save you a lot of tax money), it is better for you to buy bitcoin

[FP91G]

I started having an interest in mining some years back but that's for Ethereum mining and now that I am ready Ethereum is no longer a proof of work coin, so I have only bitcoin left, I want to know if it is still possible to start mining Bitcoin for someone like myself? I have some challenges blocking my way.

1. I heard that Asic miners like s19 are not capable anymore, not very profitable I meant, buying such right now won't bring better profit after the halving and even in a bull market.

2. I was told that to stay ahead of the game when others will be probably selling their s19 it's better to go for the best top asic miners, which Asic miner is the number 1 now?

3. For someone from a country with unstable grid power can we still mine Bitcoin and still be in profit?

My last question,  is this the right time to buy Asic miner or when the bull market beginnings? Which way will you prefer and why?

If you have cheap electricity below 2 cents, then it is profitable for you to buy used S19 ASICs at a good discount and continue mining. What is unstable grid power?
If your power goes out every day or the voltage in the network is unstable, then you can burn out the ASICs.

[joniboini]

My last question,  is this the right time to buy Asic miner or when the bull market beginnings? Which way will you prefer and why?

I'd assume when the bull market happens the price of mining rigs would also increase, although it is probably not as big as how GPU prices inflated rapidly in the last few years. I've seen some news saying major producers are giving discount when the market is not that good, so I'd assume the opposite could also happen[1].

On the other hand, even if you buy now (and you have an ideal condition of everything), you still need time to mine to break even. I guess it depends on your risk profile most of the time. CMIIW.

[1] https://forkast.news/bitmain-cuts-mining-rig-prices/

[philipma1957]

miners are crazy loud.

miners are hot.

miners suck power like mad.

If you have 120 volt and live in the usa the easiest piece of gear to use is a single L3+

you can point it to nicehash and get btc for it.

you can point it to viabtc and get doge+ltc

the L3 is an okay home miner that will likely lose you money.

but it makes a good space heater as it burns 700-800 watts.

good luck whatever you do.

[HmmMAA]

It is currently one of the worst times to get into mining as a newbie . Halving is near , and even if you have a small profitability before it , you will be at a loss in a few months if the price doesn't at least double . Probably you won't be able to even get the cost of miners back . But you never know , everything's a gamble .

[FP91G]

One of the Russian miners calculated that the payback of Bitmain ASIC s19 series  after halving will be from 80 to 300 months, provided that the cost of electricity is 5 cents and the price of Bitcoin is $35,000.
https://t.me/Info4atlanin/9287
At 4 cents for electricity, you won't be in a better situation.

[Litzki1990]

Instead of deciding to mine based on where the price of Bitcoin is or how the price of Bitcoin may change in the coming days, you should make a decision to mine based on how much it will cost you to mine.
Electricity is a very important and essential element for mining so first of all you need to make sure you are getting your electricity supply at low cost. Or if your country has rules that the higher the unit of electricity you use, the more money you have to pay per unit, but you will have less chance of making money from mining. First select a place where you will get cheap electricity supply and good electricity supply system. If the electricity consumption is low and the electricity supply system is at a high level, then you can decide to start mining now.

[idarasun]

I think there is still time to start mining cryptocurrency coins, here is a little effort I made:

1. Select the cryptocurrency coin you want to mine.
2. Invest in appropriate mining hardware for the coins you want to choose.
3. Must have a stable and affordable electricity supply.
4. Install mining software that matches the hardware and configure it.
5. Making sure to keep up to date with cryptocurrency developments and market trends is a very important strategy.


Indeed, there are still many alternatives that can be done, but that is the effort I chose and did.

[NotFuzzyWarm]

3. Power Source: Make sure you have access to a stable and affordable power supply. Electricity costs can be an important factor in mining profitability.

Electricity cost can be an important factor?
There is no 'can' about it! Cost of power is the #1 concern. If the cost to run a miner exceeds potential returns there is no point in mining. Period.

[FP91G]

Top Bitcoin Mining Companies, by Bitcoins Owned
Top 14 Bitcoin Mining Companies by Bitcoins Owned
The top publicly-listed Bitcoin mining companies ranked by the number of Bitcoins held are:

https://www.coingecko.com/research/publications/top-bitcoin-mining-companies
Check out the electricity prices of these mining companies to gauge your prospects.

[Rruchi man]

3. For someone from a country with unstable grid power can we still mine Bitcoin and still be in profit?

I stay in a country with very bad power supply, unstable and unpredictable at the same time. The cost of electricity has not reduced under these conditions, but in fact has increased in price, the cost of gasoline and diesel to even run generators is very high right now too because the subsidy that the government pays for these products has been withdrawn. To have constant and a steady supply of electricity, you have to likely operate off grid with like solar panels, and that will cost a lot to set up.

A stable and cheap source of power should amongst the first considerations of someone who wants to start mining bitcoins.

[bittraffic]

Can I just insert my question here as I'm just as I'm also interested in mining but am unaware of which one and whether it's still profitable.
Unlike OP, our electric grip is stable but because it's going to be costly mining, I would probably choose to build a wind turbine or Solar for my power source, this however couldn't support mining BTC since the ASIC devices will need more power. Is there an altcoin that I can mine with just these sources of energy?

I will probably start when I get money after the bull run and if feasible. Seem a good idea to me.

[NotFuzzyWarm]

Can I just insert my question here as I'm just as I'm also interested in mining but am unaware of which one and whether it's still profitable.
Unlike OP, our electric grip is stable but because it's going to be costly mining, I would probably choose to build a wind turbine or Solar for my power source, this however couldn't support mining BTC since the ASIC devices will need more power. Is there an altcoin that I can mine with just these sources of energy?

I will probably start when I get money after the bull run and if feasible. Seem a good idea to me.

This better belongs in Beginners & Help or in Mining/Altcoins area as this one is for Bitcoin only. Plenty of discussion on those topics there.

[FP91G]

Can I just insert my question here as I'm just as I'm also interested in mining but am unaware of which one and whether it's still profitable.
Unlike OP, our electric grip is stable but because it's going to be costly mining, I would probably choose to build a wind turbine or Solar for my power source, this however couldn't support mining BTC since the ASIC devices will need more power. Is there an altcoin that I can mine with just these sources of energy?

I will probably start when I get money after the bull run and if feasible. Seem a good idea to me.

If you are talking about mining on video cards, then look at any calculator to understand that it is now unprofitable.
https://hashrate.no/gpus
But for altcoins, many different ASIC models have now also been released, and ASICs have a faster payback period.
Wind and solar energy are unstable, and you will need a stable source of electricity.

[bittraffic]

Can I just insert my question here as I'm just as I'm also interested in mining but am unaware of which one and whether it's still profitable.
Unlike OP, our electric grip is stable but because it's going to be costly mining, I would probably choose to build a wind turbine or Solar for my power source, this however couldn't support mining BTC since the ASIC devices will need more power. Is there an altcoin that I can mine with just these sources of energy?

I will probably start when I get money after the bull run and if feasible. Seem a good idea to me.

If you are talking about mining on video cards, then look at any calculator to understand that it is now unprofitable.
https://hashrate.no/gpus
But for altcoins, many different ASIC models have now also been released, and ASICs have a faster payback period.
Wind and solar energy are unstable, and you will need a stable source of electricity.

Aren't the miners these days using green energy?
It's been claimed that more of the Bitcoin miners are already using Solar and Wind because of ESG compliance? or I must have read the wrong articles.
What if you live on top of the mountain or just along the shoreline, I think the wind turbine works well in that kind of area. It will keep turning day and night.
And with just the right kind of battery, I think it can sustain. I just have not seen anyone doing it though.

[tjtonmoy]

Maybe this is not the best time to start mining. The Bitcoin halving it's not far away and profit will decrease significantly if you are mining. As a starter, I would have suggested buying used to rig to start your journey but if you start before the halving, that may not be profitable. Power to reward ratio is not going to be as efficient as before and you may not make any profit at all.

Instead what I suggest is, whatever you are planning to invest into mining, you should consider buying Bitcoin with it and hodl. Because the Bitcoin halving is near and as history tells us, we will see a bull market. By doing this, you are increasing the chance of profit with less risks. And if you wait there will be more advanced miner available in the market in the future. You will have more to invest and better equipment to start your journey.

[FP91G]

Can I just insert my question here as I'm just as I'm also interested in mining but am unaware of which one and whether it's still profitable.
Unlike OP, our electric grip is stable but because it's going to be costly mining, I would probably choose to build a wind turbine or Solar for my power source, this however couldn't support mining BTC since the ASIC devices will need more power. Is there an altcoin that I can mine with just these sources of energy?

I will probably start when I get money after the bull run and if feasible. Seem a good idea to me.

If you are talking about mining on video cards, then look at any calculator to understand that it is now unprofitable.
https://hashrate.no/gpus
But for altcoins, many different ASIC models have now also been released, and ASICs have a faster payback period.
Wind and solar energy are unstable, and you will need a stable source of electricity.

Aren't the miners these days using green energy?
It's been claimed that more of the Bitcoin miners are already using Solar and Wind because of ESG compliance? or I must have read the wrong articles.
What if you live on top of the mountain or just along the shoreline, I think the wind turbine works well in that kind of area. It will keep turning day and night.
And with just the right kind of battery, I think it can sustain. I just have not seen anyone doing it though.

I think the miners use a lot of nuclear power or hydropower. This is also considered green energy.
If the miner receives power from a common energy system, then there may be different energy, which can be green and can be generated by burning solid fuel.

[Z_MBFM]

Nice question. these who are the three things that can be backup and maintained properly. Mining is for them. I was very enthusiastic about mining for a while and wanted to take up mining ventures. But my confidence ended there when the question arose in my mind that how can I supply enough power

None of the questions you asked will benefit you in any way, shape or form if you we don't know the following.

1- What is your electricity rate? how much do you pay per kWh?

here is a residential power line costs $0.06 per Kwh but is limited to a maximum of 200 KWh.  Another commercial power line costs $0.12 per KWh.  And there is a lot of load shedding. And that's why I lost my desire to mine