Minimum Electric Bill

[meangoat]

Hello everyone and thank you in advance for your thoughts.

I am building a new rural home that requires extensive electrical investment.  The Electricity provider is building to me but I have a minimum usage rate of $350 per month for 60 months.  The current rate is $.119895/kWh which, after fees, comes to 2,735kWh per month.  I am paying for it whether I use the full amount or not.  I wont have any usage the first 8 months and then i'll use around 1,200kWh per month leaving a deficit of 1,535kWh unused.  To avoid this waste I am looking into mining BTC.

Sunk Electricity - 21k ($350/mo X 60/mo)
Miner cost ?
Internet Cost ($800 to begin 8 months earlier than planned)
Dedicated PC - $400

At the end of 60 months I would expect to have earned around .80 BTC so any price over $45k should be net positive.

Please point me in the right direction, poke holes in my plan and point out anything I am not thinking of.

Thank you in advance.

[Lucius]

I am not an expert in BTC mining, but I will tell you that if you want to mine seriously, you need to invest a large amount of money in mining devices. I also think that it is difficult to calculate in advance that you will earn 0.8 BTC, because you have to count on many factors - and also take into account possible device failures and interruptions in the supply of electricity.

There is a mining board, so I recommend that you look for the move button and move the topic there, or that you lock this topic and open a new one. Mining

[ABCbits]

leaving a deficit of 1,535kWh unused.

Using electricity calculator[1], you'll need ASIC that use around 2100 watt to use about 1.5K kWh per month. But looking at Bitcoin ASIC by most energy efficient[2], most of them have higher watt usage (Antminer and other bulky ASIC) or have poor price/hashrate ratio (Bitaxe).

Dedicated PC - $400

ASIC these days usually have it's own "computer". So you just need to connect the ASIC to network and use browser to open ASIC dashboard and configure it. So i think you could just bring your phone to do that one time.

[1] https://www.calculator.net/electricity-calculator.html
[2] https://www.asicminervalue.com/efficiency/sha-256

[FP91G]

1535 kWh per month is 2.13 kW/kilowatt per hour.
This is very little available power for Bitcoin mining. And if you pay extra for excess consumption at a price of 11 cents, you'll be mining at a loss. Perhaps I misunderstood your post; I'd like to see your calculations.

[Cricktor]

At the end of 60 months I would expect to have earned around .80 BTC so any price over $45k should be net positive.

How did you calculate to expect to mine .8 BTC during such a long period of mining (60 months)?

You buy some mining gear and with that you basically have a somewhat constant but limited hashrate (unless you add gear). Did you take difficulty adjustments into account? (I didn't do a quick napkin calculation to estimate if you've taken this into account; my gutt feeling tells me, you didn't).

Have a closer look how global hashrate evolves over past months and calculate a few scenarios for your 60 months time frame how global hashrate might develop (you can extrapolate the past into the future; block subsidy adjustments could pose some challenges, depending how Bitcoin rate develops). When your own hashrate is constant and global hashrate and difficulty rise, guess what that means! Hint: your mining gear earns you less and less coins because your hashrate proportion sinks...

[btcwoot]

At the end of 60 months I would expect to have earned around .80 BTC so any price over $45k should be net positive.

How did you calculate to expect to mine .8 BTC during such a long period of mining (60 months)?

You buy some mining gear and with that you basically have a somewhat constant but limited hashrate (unless you add gear). Did you take difficulty adjustments into account? (I didn't do a quick napkin calculation to estimate if you've taken this into account; my gutt feeling tells me, you didn't).

Have a closer look how global hashrate evolves over past months and calculate a few scenarios for your 60 months time frame how global hashrate might develop (you can extrapolate the past into the future; block subsidy adjustments could pose some challenges, depending how Bitcoin rate develops). When your own hashrate is constant and global hashrate and difficulty rise, guess what that means! Hint: your mining gear earns you less and less coins because your hashrate proportion sinks...

60 months is smart but if you can calculate that way correctly you shouldn't be mining and just buying it at the low points and selling at highs

[FP91G]

is there any way to find a 3rd world ppl to make the mining for you? i heard about some countrys where the electric power dont cost nothing at all

I'm assuming you're too old to believe in such fabulous conditions. If that were possible, all these places would already be occupied by local miners. Even in my country, there's cheap electricity or government-subsidized tariffs, but they have consumption limits. Once the limit is exceeded, the price isn't so attractive.

[Riceandbean]

1535 kWh per month is 2.13 kW/kilowatt per hour.
This is very little available power for Bitcoin mining. And if you pay extra for excess consumption at a price of 11 cents, you'll be mining at a loss. Perhaps I misunderstood your post; I'd like to see your calculations.

op can use just one Bitmain Antminer S17 Pro with 53TH/S, which pentencia is 2000w,
can generate 1.5 to 2 usd per day if btc price stay in 85k

[ABCbits]

1535 kWh per month is 2.13 kW/kilowatt per hour.
This is very little available power for Bitcoin mining. And if you pay extra for excess consumption at a price of 11 cents, you'll be mining at a loss. Perhaps I misunderstood your post; I'd like to see your calculations.

op can use just one Bitmain Antminer S17 Pro with 53TH/S, which pentencia is 2000w,
can generate 1.5 to 2 usd per day if btc price stay in 85k

45-60 USD per month barely cover OP's monthly electricity price though. In addition, you need to consider the ASIC price (which is less than $500 for used one from quick google search). I doubt OP would put that much effort.

[philipma1957]

Op needs to buy a 1 board t21 for 800 dollars.

look at mine

https://bitcointalk.org/index.php?topic=5568422.0















only 911 watts to do 53th

53x 3.69 cents = 1.95 a day and watts are far less than 2000

[FP91G]

1535 kWh per month is 2.13 kW/kilowatt per hour.
This is very little available power for Bitcoin mining. And if you pay extra for excess consumption at a price of 11 cents, you'll be mining at a loss. Perhaps I misunderstood your post; I'd like to see your calculations.

op can use just one Bitmain Antminer S17 Pro with 53TH/S, which pentencia is 2000w,
can generate 1.5 to 2 usd per day if btc price stay in 85k

45-60 USD per month barely cover OP's monthly electricity price though. In addition, you need to consider the ASIC price (which is less than $500 for used one from quick google search). I doubt OP would put that much effort.

First, you need to find a working Bitmain Antminer S17 Pro ASIC with 53TH/S that will run smoothly. To use an analogy, it's like buying a 15-year-old car and turning it into a taxi service.
These are very strange ideas for making money; I wouldn't bother with them.

[philipma1957]

1535 kWh per month is 2.13 kW/kilowatt per hour.
This is very little available power for Bitcoin mining. And if you pay extra for excess consumption at a price of 11 cents, you'll be mining at a loss. Perhaps I misunderstood your post; I'd like to see your calculations.

op can use just one Bitmain Antminer S17 Pro with 53TH/S, which pentencia is 2000w,
can generate 1.5 to 2 usd per day if btc price stay in 85k

45-60 USD per month barely cover OP's monthly electricity price though. In addition, you need to consider the ASIC price (which is less than $500 for used one from quick google search). I doubt OP would put that much effort.

First, you need to find a working Bitmain Antminer S17 Pro ASIC with 53TH/S that will run smoothly. To use an analogy, it's like buying a 15-year-old car and turning it into a taxi service.
These are very strange ideas for making money; I wouldn't bother with them.

he is so much better off with a 1 board t21 they run cool they are quiet and you can fully control how fast to run it.

Most of the parts come from altairtech.io

or he could get the 2 board one for 1600 it will do 110x0.0369=4.059 a day

he is prepaid for 60 months. He can do the 110 th and then dial it down if it is too much power.


the 1 board t21

 https://www.youtube.com/watch?v=elFBWMKimmM

the 2 board t21

https://www.youtube.com/watch?v=KR9NQyfi2wk&t=1s


I do not want to say these do not break often, but due to the lower power density and better temperature controls these do not break as often.

As the 3 board going full tilt


here is a new screen shot with the gear juiced up just a bit. it is 930 at night in New Jersey by the morning it will be colder and these numbers will get just a bit better

[FP91G]

1535 kWh per month is 2.13 kW/kilowatt per hour.
This is very little available power for Bitcoin mining. And if you pay extra for excess consumption at a price of 11 cents, you'll be mining at a loss. Perhaps I misunderstood your post; I'd like to see your calculations.

op can use just one Bitmain Antminer S17 Pro with 53TH/S, which pentencia is 2000w,
can generate 1.5 to 2 usd per day if btc price stay in 85k

45-60 USD per month barely cover OP's monthly electricity price though. In addition, you need to consider the ASIC price (which is less than $500 for used one from quick google search). I doubt OP would put that much effort.

First, you need to find a working Bitmain Antminer S17 Pro ASIC with 53TH/S that will run smoothly. To use an analogy, it's like buying a 15-year-old car and turning it into a taxi service.
These are very strange ideas for making money; I wouldn't bother with them.

he is so much better off with a 1 board t21 they run cool they are quiet and you can fully control how fast to run it.

Most of the parts come from altairtech.io

or he could get the 2 board one for 1600 it will do 110x0.0369=4.059 a day

he is prepaid for 60 months. He can do the 110 th and then dial it down if it is too much power.


the 1 board t21

 https://www.youtube.com/watch?v=elFBWMKimmM

the 2 board t21

https://www.youtube.com/watch?v=KR9NQyfi2wk&t=1s


I do not want to say these do not break often, but due to the lower power density and better temperature controls these do not break as often.

As the 3 board going full tilt


here is a new screen shot with the gear juiced up just a bit. it is 930 at night in New Jersey by the morning it will be colder and these numbers will get just a bit better

$1,600 is very expensive. In Russia, if there's cheap or free electricity, a miner would rather buy a S19 ASIC for $200 with 90-100 terahash and build a noisebox, or buy one used for $30-50. 
I understand that in the US this is a small amount of money, but in many countries around the world $1,600 is an expensive investment for the average miner.

[philipma1957]

Yeah 1600 or 800 is a chunk of change.

But he prepaid over 10,000 for 6 years of power.

SO a more durable unit for more money should be okay for him.

[munham]

Hello everyone and thank you in advance for your thoughts.

I am building a new rural home that requires extensive electrical investment.  The Electricity provider is building to me but I have a minimum usage rate of $350 per month for 60 months.  The current rate is $.119895/kWh which, after fees, comes to 2,735kWh per month.  I am paying for it whether I use the full amount or not.  I wont have any usage the first 8 months and then i'll use around 1,200kWh per month leaving a deficit of 1,535kWh unused.  To avoid this waste I am looking into mining BTC.

Sunk Electricity - 21k ($350/mo X 60/mo)
Miner cost ?
Internet Cost ($800 to begin 8 months earlier than planned)
Dedicated PC - $400

At the end of 60 months I would expect to have earned around .80 BTC so any price over $45k should be net positive.

Please point me in the right direction, poke holes in my plan and point out anything I am not thinking of.

Thank you in advance.

Since you are essentially pre-paying for the power, your marginal cost for electricity is $0, which makes you more profitable than 99% of home miners. You don't need a $400 PC for mining. ASICs are standalone units; you just need an Ethernet cable and a browser to set them up. Redirect that $400 toward better hardware.Look for a near-new Antminer S19j Pro or S19k Pro. They are the most reliable workhorses right now. Since your power is low cost, your only real risk is the hardware failing before it pays for itself.

[philipma1957]

Hello everyone and thank you in advance for your thoughts.

I am building a new rural home that requires extensive electrical investment.  The Electricity provider is building to me but I have a minimum usage rate of $350 per month for 60 months.  The current rate is $.119895/kWh which, after fees, comes to 2,735kWh per month.  I am paying for it whether I use the full amount or not.  I wont have any usage the first 8 months and then i'll use around 1,200kWh per month leaving a deficit of 1,535kWh unused.  To avoid this waste I am looking into mining BTC.

Sunk Electricity - 21k ($350/mo X 60/mo)
Miner cost ?
Internet Cost ($800 to begin 8 months earlier than planned)
Dedicated PC - $400

At the end of 60 months I would expect to have earned around .80 BTC so any price over $45k should be net positive.

Please point me in the right direction, poke holes in my plan and point out anything I am not thinking of.

Thank you in advance.

Since you are essentially pre-paying for the power, your marginal cost for electricity is $0, which makes you more profitable than 99% of home miners. You don't need a $400 PC for mining. ASICs are standalone units; you just need an Ethernet cable and a browser to set them up. Redirect that $400 toward better hardware.Look for a near-new Antminer S19j Pro or S19k Pro. They are the most reliable workhorses right now. Since your power is low cost, your only real risk is the hardware failing before it pays for itself.

They burn too much power. He needs to burn 2000 watts .

The s19 's burn close to 3000

[pliego]

Hello everyone and thank you in advance for your thoughts.

I am building a new rural home that requires extensive electrical investment.  The Electricity provider is building to me but I have a minimum usage rate of $350 per month for 60 months.  The current rate is $.119895/kWh which, after fees, comes to 2,735kWh per month.  I am paying for it whether I use the full amount or not.  I wont have any usage the first 8 months and then i'll use around 1,200kWh per month leaving a deficit of 1,535kWh unused.  To avoid this waste I am looking into mining BTC.

Sunk Electricity - 21k ($350/mo X 60/mo)
Miner cost ?
Internet Cost ($800 to begin 8 months earlier than planned)
Dedicated PC - $400

At the end of 60 months I would expect to have earned around .80 BTC so any price over $45k should be net positive.

Please point me in the right direction, poke holes in my plan and point out anything I am not thinking of.

Thank you in advance.

using that 1500kwh deficit for mining is a smart way to offset the bill, just make sure you can handle the heat and noise in a residential setup

[FP91G]

Yeah 1600 or 800 is a chunk of change.

But he prepaid over 10,000 for 6 years of power.

SO a more durable unit for more money should be okay for him.

Have you tried calculating its payback?
With such a limited power consumption, the idea may not pay off, and if the equipment fails, it could even result in a loss. Alternatively, you could try solo mining, but you need to account for the constant growth of the hashrate.