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Author Topic: Start now or later?  (Read 374 times)
alastantiger
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November 17, 2023, 01:31:39 PM
 #21

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?

I am assuming that you have a good space for your mining machines...it must be a well ventilated and spacious room due to the heat and noise that comes from the miners. Living in a country where electricity supply is not stable which is what I believe you meant to say in your third question can be a snap and also be discouraging. But, electricity from the government is not the only way to power your  Asic miner. You can generate your power using other sources like solar. If you calculate the cost of installing it and what you may have to pay the government monthly or yearly on electricity bills, you will see that it is worth the investment especially if you plan on doing this for the long-term.

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FP91G
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November 17, 2023, 08:38:20 PM
 #22

At current prices, the mined block of Bitcoin brings the miner a profit of more than $231 thousand. However, against the backdrop of halving, this figure will decrease by 2 times.
Gregory Lewis, an analyst at brokerage BTIG, noted that there is now a clear sense of urgency among miners. Crypto miners are urgently upgrading their equipment and doing everything possible to increase capacity.

https://crypto.ru/analitiki-reuters-mining-btc/

The standard block reward is $219 000(6.25 BTC) and another $36,000 in commissions, so the article contains real data.

NotFuzzyWarm
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November 17, 2023, 09:46:59 PM
 #23

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 .
Depending on where the mine is located and ones cost of power, probably quite true.
BUT If you have very cheap power then halving is just an inconvenience - not a deal breaker.

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josgandosbro
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November 19, 2023, 08:58:58 AM
 #24

Mining is not easy status. This more investment and we need to tack time to mining process. It need to more spending money for this and electricity power need more for mining process. So tack time for mining process.

FP91G
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November 19, 2023, 10:34:42 AM
 #25

Mining is not easy status. This more investment and we need to tack time to mining process. It need to more spending money for this and electricity power need more for mining process. So tack time for mining process.
One ordinary container for 300 ASICs consumes an average of 1 megawatt of electricity per hour. For several such containers, 2 engineers who will work in shifts and several assistants are enough. Since this is a profitable business with a good price for electricity, there will be investors. Another thing is to ensure the security and constant operation of this mining facility.
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