What will be your advice to someone with an interest in mining in 2025?

[Queentoshi]

From your experience and the present landscape of the mining horizon, what will be your genuine advice for someone interested in mining bitcoin, to abandon the interest or to continue?
Also, if you think that they could still benefit well, what tips can you give from the lessons you have learned?

By tips I mean information like, best mining equipment name and model to use, and then other hacks you discovered on your own.

[_act_]

With the present price of bitcoin, bitcoin mining is still profitable with the recent mining difficult. But the first step the person should know is to know the hash rate of the miner he wants to buy, how much electricity it will consume per hour and how much the miner will cost. The person should have access to cheap electricity. Then he can get a mining calculator online and calculate if mining will be profitable for him in his area. These steps are very important to make decision of starting a mining business or not.

[TheUltraElite]

I would consider it a hobby at the most. Dont expect to make money out of it but rather add it to your spending list of having to buy some ASICs, power supply and a place to keep them chucked in for a few months depending on how long your enthusiasm takes to trickle down.

When it does trickle down, sell off your equipment to another hobbyist miner and watch them continue the same process.

Mining is no longer profitable for solo miners what it used to be. Buying bitcoin for long term is a rather safer and easier investment.

[Ambatman]

I'm not a miner but have heard a thing or two to know that if you are thinking of solo mining without having low cost of electricity
Or resources to compete with giants
Just abandon the idea except you don't care about making a profit or breaking even
Well you could if you want to improve Bitcoin security no matter how small. 


If you are in Ethiopia, it would be relatively better with their low cost of energy and government support
But to really compete with the ever increasing difficulty you need to join a pool / have the needed resources to even start small.

I would consider it a hobby at the most

Even as an hobby, it would help to just join a pool.

[NotFuzzyWarm]

I would go with any gear from Sidehack, www.gekkoscience.com decent speed, low power usage and good prices.

[Ivanelofanich]

I hope you don't mind me jumping on this thread but I'm also interested in learning to mine Bitcoin.

I am soon going to have about 16Kw of solar fitted onto an empty factory roof and would like to use the spare solar/battery combination to run a single, top spec, ASIC miner.

However I have zero experience so I would first like to buy some low power kit to learn on at home. I've looked at the BitAxe kit and it seems to tick all the boxes - Low power, reasonable hash rate for playing and inexpensive. However it seems to run it's own integrated OS and requires no outside PC.

So my question is, can someone please recommend some ASIC hardware that is low power and inexpensive, but connects to an external PC so that I can learn to use and tune the latest miner application software?

I have a reasonably good Bitcoin knowledge and already run my own full node (Bitcoin Core on Ubuntu) and would like to get up to speed with the technicalities of mining before I commit to 'Serious' kit.

Thanks in advance for your help.

[ABCbits]

However I have zero experience so I would first like to buy some low power kit to learn on at home. I've looked at the BitAxe kit and it seems to tick all the boxes - Low power, reasonable hash rate for playing and inexpensive. However it seems to run it's own integrated OS and requires no outside PC.

Yeah, most modern ASIC actually have it's own internal computer and OS solely for mining purpose.

However I have zero experience so I would first like to buy some low power kit to learn on at home. I've looked at the BitAxe kit and it seems to tick all the boxes - Low power, reasonable hash rate for playing and inexpensive. However it seems to run it's own integrated OS and requires no outside PC.

So my question is, can someone please recommend some ASIC hardware that is low power and inexpensive, but connects to an external PC so that I can learn to use and tune the latest miner application software?

I have a reasonably good Bitcoin knowledge and already run my own full node (Bitcoin Core on Ubuntu) and would like to get up to speed with the technicalities of mining before I commit to 'Serious' kit.

Thanks in advance for your help.

How about GekkoScience Compac F? It's USB powered, where you need to plug it on a PC. You can check [Guide] Solo mine testnet bitcoins with cgminer, Bitcoin Core, and a Compac F, but i doubt it'll help you much commit into serious mining.

[philipma1957]

From your experience and the present landscape of the mining horizon, what will be your genuine advice for someone interested in mining bitcoin, to abandon the interest or to continue?
Also, if you think that they could still benefit well, what tips can you give from the lessons you have learned?

By tips I mean information like, best mining equipment name and model to use, and then other hacks you discovered on your own.

Depends on a long list.

1) do you have 110/120 volt power or 220/240 power or both?
2) do you have cheap power ?
3) how much do you want to lose?
4) if you have a real needs for a space heater?

My recommendation varies.

You can go real cheap get a beagle as it offers more than mining does not cost a lot and mm it just works.

https://bitcointalk.org/index.php?topic=5521746.0


If you need a space heater and have 110/120 volt i recommend my 1 board version of an s19 xp


If you need a space heater and have 220/240 power i recommend a modded 2 board s19 xp or a modded 2 board t21

I BUILT A FEW 2 BOARD T21S they just run you can do 100th at 1850 watts.

Plus they last longer since you have less,heat density in them.

[FP91G]

From your experience and the present landscape of the mining horizon, what will be your genuine advice for someone interested in mining bitcoin, to abandon the interest or to continue?
Also, if you think that they could still benefit well, what tips can you give from the lessons you have learned?

By tips I mean information like, best mining equipment name and model to use, and then other hacks you discovered on your own.

If your electricity is more expensive than 6 cents, then you don't need to try.
If you really want to, then buy an old ASIC for 90-100 terahash s19 for 400-500 dollars and experiment with mining. If you like it, then buy more modern equipment.
If you don't like it, then sell this ASIC for the same price or a little cheaper.

[Davidvictorson]

From your experience and the present landscape of the mining horizon, what will be your genuine advice for someone interested in mining bitcoin, to abandon the interest or to continue?
Also, if you think that they could still benefit well, what tips can you give from the lessons you have learned?

By tips I mean information like, best mining equipment name and model to use, and then other hacks you discovered on your own.

It is not by buying the best mining equipment and all. Have you thought about the other running cost? Do you have a facility to install your mining rig? What type of power do you intend to use - solar, fossil, wind? And have you calculated how much it would cost for each of these, the advantages and disadvantages running them based on your location? Have you considered some local laws and regulations with regards to bitcoin mining? How about human resource, what is your plan for it? Do you plan to run it alone or employ the services of someone else? These are the no-so-big but important questions you need to think about.

[philipma1957]

yeah mining for profit is not very realistic at this time.

Even if you have free power and can run a 2 board t21 it will burn about 2000 watts and do 100th

that is just under 5 dollars earn a day.

and 2 x 24 =48 kwatts a day so

10 cent power 4.80 so 5-4.8 =0.2    20 cents a day profit
 9 cent power   4.32 and 5-4.32 =  68cents a day profit
 8 cent power  3.84                  =  1.16 a day profit
 7 cent power 3.36                    = 1.64 a day profit
6 cent power 2.88                     = 2.12 a day profit


a 2 board t21 runs close to 2000

so maybe 1000 days to break even

with 6 cent power cost

[doubletheprof]

#DYOR <--- ALWAYS Do Your Own Research

Mining altcoins then transfering and HOLDING in BTC can make you some really nice profits short terms with great ROI

Good electricity price is the key

Maintain the miners, or let them be hosted/buy your own container

[Z390]

Bitcoin mining is done for average people like you and I, the only option left is if you have free electricity or look around for Bitcoin miners that are less power hungry, I am sure you can find some that are still profitable to run with less than 1000watt power consumption.

[mindrust]

I would say Don’t even bother.

Unless you somehow have access to “free” electricity and very cheap hardware, mining is not a feasible business.

You can use the same money you are going to spend on miners and other stuff to buy bitcoin and make much more money in the long run.

If you are going to run only one miner, cool go do it it can’t harm.

If you are thinking about filling up a ware house with miners, you better let that crazy idea go.

[mikeywith]

Buy BTC instead, you still have the chance to get 2,3x easily, with mining, you are more likely to lose money than to breakeven.

[philipma1957]

Buy BTC instead, you still have the chance to get 2,3x easily, with mining, you are more likely to lose money than to breakeven.

yeah mining for profit is basically a done deal

[aphetor]

I disagree that i think mining for profit is gone or that you can't compete with the big PubCos, you can it's just not really with your bitaxe at home... You need to find an edge, and this means it really depends under what conditions you're mining, if you want to have something stable that you can actually project into the future you should aim for the following:

1. Power as close to (or under) 0.03/kWh as possible to compete with the majors
2. Scale... You need a place that hooked up to either a big transformer if you're on grid AT LEAST 1 MW or a large generator to put at least 300 rigs.
3. Stable voltage... (240V) you're going to blow out your PSU componentes (like MOSFETs) if you you have too much voltage variation.
4. Cooling... if you do air cool make sure you have analyzed your ventilation system in order to evacuate all that heat properly, oversize your airflow by a good margin, you gotta keep em cool!
5. Money... you need a lot of money to compete in mining. Having deep pockets or working with someone or multiple people with funds is key as you try and grow.
6. Try and get newer machines to maximize life cycle (payback is longer, but you'll make more sats in the end with a newer gen rig) and you'll be more insulated in market downturns.

I run a flare gas mining operation with sub $0.04 power and about 30 PH/s, with older rigs... shit's mad hard, mainly because of working in the oil field and generator issues, but mining economics can bite you in the ass real quick. It's a lot harder than it seems on paper, but as a bitcoiner, I also love mining.

[joniboini]

I disagree that i think mining for profit is gone or that you can't compete with the big PubCos, you can it's just not really with your bitaxe at home... You need to find an edge, and this means it really depends under what conditions you're mining,

I think what they mean by that is that to secure a chance to make a decent profit, there are too many lists you need to check, which is usually not worth it for the average joe. Especially if you're competing with a business that can sustain the loss of operation with no profits for a few months or more. Take a look at the previous posts too, I think the point is quite similar.

[finanzen101]

From your experience and the present landscape of the mining horizon, what will be your genuine advice for someone interested in mining bitcoin, to abandon the interest or to continue?
Also, if you think that they could still benefit well, what tips can you give from the lessons you have learned?

By tips I mean information like, best mining equipment name and model to use, and then other hacks you discovered on your own.

It is not by buying the best mining equipment and all. Have you thought about the other running cost? Do you have a facility to install your mining rig? What type of power do you intend to use - solar, fossil, wind? And have you calculated how much it would cost for each of these, the advantages and disadvantages running them based on your location? Have you considered some local laws and regulations with regards to bitcoin mining? How about human resource, what is your plan for it? Do you plan to run it alone or employ the services of someone else? These are the no-so-big but important questions you need to think about.

Considering costs, the facility where to mine, power, laws and taxes should come first. One could therefore consider test runs on a small setup and expand for there.   

[aphetor]

Especially if you're competing with a business that can sustain the loss of operation with no profits for a few months or more.

Yeah the fact that pubco's can mine at a loss and just take out debt through convertible notes and other financing options means they can leverage tools from US credit markets and the financial industry that give them a yuuuge competitive advantage in the short to medium term, especially since they're just playing to increase their stock price. But I don't think it's very sustainable in the long run... my sense is that's why they are all pivoting so hard to AI/HPC now; they see the writing on the wall.

I think what they mean by that is that to secure a chance to make a decent profit, there are too many lists you need to check, which is usually not worth it for the average joe.

And yes, I agree that mining sustainably at profit is difficult and requires a lot of checked boxes, as you say. The list I provided before is by no means easy to meet, but i think it gives some good guidelines as to what's required to participate and stay in the game. My experience has also been that mining is a game of survival so you just need to be able to hold on and keep chipping away at your operating costs and integrate upstream as much as you can, then i think you can still play and win in the long run. I guess my point was that I wouldn't underestimate the average joe, anyone can play as long as they find the right conditions: I think that's kind of the point.

For those that are interested in mining without all this hassle, I've been building a hashrate marketplace, rigly.io. We have a new product that we're still in early stages of fielding called fixed-return mining where the idea is you can finance a miner by paying for their hashrate upfront and they will mine to your pool account until you make a fixed-return over what you paid for. You can think of it as interest paid in hashrate.