Have anyone ROIed on his miner ?

[Noristos]

Hello,
I'm a longtime lurker, i finally found a stable job to acquire a miner.

But from the calculations that i did on older models like the Antminer L7 (Scrypt) or the Antminer KS3/Ice river KS5L (KHeavyHash), i always found that the money made from mining over the months would not recoup the initial investment, especially in KHeavyHash machines where they don't even last a full year before plummeting.

Do the miners usually HODL their coins and wait for it to appreciate or do they sell every day ? Because if it's the first option, HODLing the coin directly would yield more benefice and if they sell everyday then that would mean that the Asic would never pay for itself before becoming obsolete, especially if bought in it's first months when the price is at it highest.

I should mention that the electricity price is 0.08$.

I would appreciate if someone would clarify if i missed something.

Thanks!

[philipma1957]

Hello,
I'm a longtime lurker, i finally found a stable job to acquire a miner.

But from the calculations that i did on older models like the Antminer L7 (Scrypt) or the Antminer KS3/Ice river KS5L (KHeavyHash), i always found that the money made from mining over the months would not recoup the initial investment, especially in KHeavyHash machines where they don't even last a full year before plummeting.

Do the miners usually HODL their coins and wait for it to appreciate or do they sell every day ? Because if it's the first option, HODLing the coin directly would yield more benefice and if they sell everyday then that would mean that the Asic would never pay for itself before becoming obsolete, especially if bought in it's first months when the price is at it highest.

I should mention that the electricity price is 0.08$.

I would appreciate if someone would clarify if i missed something.

Thanks!

yeah if you purchased the L7 preorder it was 17000 usd.

I mined well over 35,000 in LTC and doge from it.

Jan 2021 to Aug 2024

[Noristos]

yeah if you purchased the L7 preorder it was 17000 usd.

I mined well over 35,000 in LTC and doge from it.

Jan 2021 to Aug 2024

According to whatomine : https://whattomine.com/asics/150-bitmain-antminer-l7-9500mh

Having your L7 running from the first of january 2022 until july 2024 (that's as far as they go) would've rendered you : 17429,67 USD if you sold your coins every day, that means if i did the same i would only break even after two years and half of mining.

Here's the google sheet of the breakdown of every day:

https://docs.google.com/spreadsheets/d/189MQVFsntqXQqfyRN_-BQRRCAX2NQYqGpOMOHoHjPOM

[paid2]

According to whatomine : https://whattomine.com/asics/150-bitmain-antminer-l7-9500mh

Having your L7 running from the first of january 2022 until july 2024 (that's as far as they go) would've rendered you : 17429,67 USD if you sold your coins every day, that means if i did the same i would only break even after two years and half of mining.

Here's the google sheet of the breakdown of every day:
https://docs.google.com/spreadsheets/d/189MQVFsntqXQqfyRN_-BQRRCAX2NQYqGpOMOHoHjPOM

Not everyone is paying so much for electricity

[philipma1957]

yeah if you purchased the L7 preorder it was 17000 usd.

I mined well over 35,000 in LTC and doge from it.

Jan 2021 to Aug 2024

According to whatomine : https://whattomine.com/asics/150-bitmain-antminer-l7-9500mh

Having your L7 running from the first of january 2022 until july 2024 (that's as far as they go) would've rendered you : 17429,67 USD if you sold your coins every day, that means if i did the same i would only break even after two years and half of mining.

Here's the google sheet of the breakdown of every day:

https://docs.google.com/spreadsheets/d/189MQVFsntqXQqfyRN_-BQRRCAX2NQYqGpOMOHoHjPOM

So you are missing the year doge went to 70 cents a coin Jan 2021 to Jan 2022 the L7 made bank.

in fact the bitmain L7 preorder is one of the best machines to have owned.

I have profited a lot of money mining. but mining pretty much sucks now.

[mikeywith]

Here's the google sheet of the breakdown of every day:

https://docs.google.com/spreadsheets/d/189MQVFsntqXQqfyRN_-BQRRCAX2NQYqGpOMOHoHjPOM

different power rate, different selling strategy, you just can't tell, but i would take phill's words for it.

As for me، i did hit ROI on my gears i bought, screwed up with the rest, overall, I can say that I do regret mining, had I spend it all on just buying coins -- I would have had a lot more profit overall, but ya, it is a great learning  experience.

[philipma1957]

Here's the google sheet of the breakdown of every day:

https://docs.google.com/spreadsheets/d/189MQVFsntqXQqfyRN_-BQRRCAX2NQYqGpOMOHoHjPOM

different power rate, different selling strategy, you just can't tell, but i would take phill's words for it.

As for me، i did hit ROI on my gears i bought, screwed up with the rest, overall, I can say that I do regret mining, had I spend it all on just buying coins -- I would have had a lot more profit overall, but ya, it is a great learning  experience.

mining is too fucking hard.

you need $$$ to get in.

lets say I have 1,000,000 usd.

pretend I source 250 t21s cost of 700,000 and a proper box / container along with a proper transformer.

install permits blah blah blah.

I spent the million. I get a two year 5 cent contract form a megawatt. that is 50 bucks per hour or a bit over 36,000 power cost per month.

so 24 x 36,000 is 864,000 in power for the two years.

1,000,000 up front.

 total of 1,864,000 usd .

What do I earn. 250 x 160 = 40000 th about 1680 a day x 730 days = 1,224,000

no where near the 1,864,000 cost.

but what if prices go up? well since you put 1 mill up front you could choose to buy coins instead.

mining bigly is really kind of dead 💀.   unless you are in then you laid out the infrastructure and the gear. as long as you make some profit over the power it works.

in my example if you are all set up . you power is 864k and you collect 1,224k you are a bit ahead so mine on.

[mikeywith]

@Phill, I agree, in general, you need BTC price to go up to be in profit, even if you were only looking at it from BTC perspective, you still got bills to pay, so the higher the price of BTC goes -- the less BTC you spend on power and other expenses.

On the other hand, if the price does indeed go up, you might as well just buy the coin instead, the problem with mining is that you kind of follow a lump sum approach, so once you are in you are stuck, whereby with buying the coin directly you can always do cost averaging, buy more coins for the same price when price goes down (with mining you spend more BTC when price goes down).

Mining does work for some very specific cases, you need the right conditions to beat the buy and hodl strategy.

[DaveF]

I have but I run my miners in environments that have cheap power only.
And, at times I also look at it differently due to my situation.

As in during the winter at home I can run a L3+ or a 1 board S9 as a space heater.
I loose a little bit $ of only get even for the cost of the electricity I am using.

BUT, I would be paying for heat otherwise. So, looking at it that way am I making money getting heat for free?

-Dave

[philipma1957]

I have but I run my miners in environments that have cheap power only.
And, at times I also look at it differently due to my situation.

As in during the winter at home I can run a L3+ or a 1 board S9 as a space heater.
I loose a little bit $ of only get even for the cost of the electricity I am using.

BUT, I would be paying for heat otherwise. So, looking at it that way am I making money getting heat for free?

-Dave

small scale home heating can work.

the bill is not high so you can afford to hodl the coin.

you can mine it to a virgin address and let it sit a long time

[mikeywith]

As in during the winter at home I can run a L3+ or a 1 board S9 as a space heater.
I loose a little bit $ of only get even for the cost of the electricity I am using.

Mining does work for some very specfic cases

When it is winter and you use electricity (not gas or shared diesel heater) and already have the gear or you buy an old cheap one, then that would add up to be one of the specific cases, on the other hand, buying a brand new S21 just for that purpose might not work, so ya, lots of factors to consider.

[shield132]

Do the miners usually HODL their coins and wait for it to appreciate or do they sell every day ? Because if it's the first option, HODLing the coin directly would yield more benefice and if they sell everyday then that would mean that the Asic would never pay for itself before becoming obsolete, especially if bought in it's first months when the price is at it highest.

Some miners HODL their coins and I find it very boring. If I mine, I mine because I expect to make a good ROI by mining itself but if I have to mine at a loss to HODL coins with the hope of price increment in the next months or years, then isn't it better to invest in coins instead of buying miners and doing all the headaches that are associated with building a mining rig?

I was mining with some GPUs in 2017, mining was very profitable during the early times. Now it has become a commercial business where only gigant companies like BetFury and The Foundry can mine with profit.
I don't risk buying ASICs because they are shipped from China and I'm afraid I will be at a huge loss if I receive a damaged miner because then I'll have to send it back, which is very expensive in my country.

[philipma1957]

Do the miners usually HODL their coins and wait for it to appreciate or do they sell every day ? Because if it's the first option, HODLing the coin directly would yield more benefice and if they sell everyday then that would mean that the Asic would never pay for itself before becoming obsolete, especially if bought in it's first months when the price is at it highest.

Some miners HODL their coins and I find it very boring. If I mine, I mine because I expect to make a good ROI by mining itself but if I have to mine at a loss to HODL coins with the hope of price increment in the next months or years, then isn't it better to invest in coins instead of buying miners and doing all the headaches that are associated with building a mining rig?

I was mining with some GPUs in 2017, mining was very profitable during the early times. Now it has become a commercial business where only gigant companies like BetFury and The Foundry can mine with profit.
I don't risk buying ASICs because they are shipped from China and I'm afraid I will be at a huge loss if I receive a damaged miner because then I'll have to send it back, which is very expensive in my country.

this is pretty much the case.

If you are not really big with really good power costs it is hard to turn a profit.


As for space heater use in the winter and to a virgin address it mostly works.

My summer power = 21 cents
My winter power = 15 cents

So Oct 1 to May 1
7 months I can get heat so the 15 cents is closer to 12 cents.

Mine to nicehash with a virgin address and hodl.

It arguably works with a t21 cost of 3k set to 160th burning 2.5 kwatts an hour.

for 7 months where I live.

210 x 24 x 2.5 = 12600 kwatts at 12 cents or 1512 usd

160 x 0.044 x 210 = 1478 a tiny loss

now my big mine closed and I had the gear on hand

so running 1 for 7 months makes sense as I am not buying the t21


if you want to lay out 3k for the gear and not buy coins I would argue it is foolish.

but if coins go up a win plus the address is unknown till you cash it out.

[DaveF]

Sometime in October I hit ROI on an old Used S19 [Figuring BTC @ $68000] that I bought that has been running in the DC for a while now.

Onc of the DCs I use STILL forces a minimum power bill per rack that you have. If you make me pay for it I'm going to use it, so I have just been running it in lower power mode so I don't go over what they force me to buy.

Would move all the equipment out and go elsewhere, but everything else they offer is so cheap.

-Dave

[philipma1957]

my L7 s now making 36 a day and burning 8 in power this is a 28usd a day profit.

I paid 17,000 cash for it it went on line 2021 Jan

I got a second one for 4000 cash it went on line dec 2023.

I net 36+36= 72

8+8 =          16 power cost

56 a day. I am in the black on the gear and adding to it day by day.

The L7 units are the best in the world for long term profits.

[alh]

my L7 s now making 36 a day and burning 8 in power this is a 28usd a day profit.

..........

The L7 units are the best in the world for long term profits.

Just so I am clear, an L7 is a Alt-coin miner, right? I am not whining about the mention of an Alt-coin, just trying to understand. Thanks for any additional context or background.

[philipma1957]

my L7 s now making 36 a day and burning 8 in power this is a 28usd a day profit.

..........

The L7 units are the best in the world for long term profits.

Just so I am clear, an L7 is a Alt-coin miner, right? I am not whining about the mention of an Alt-coin, just trying to understand. Thanks for any additional context or background.

pointed to nicehash paid in btc.

no btc miner earns more per watt.