Mining Operation From Your Apartment - Estimated Cost + Estimated Profit

[Audrey Simmons]

This may not be the specific amount to run the lowest mining operation from your apartment, it is only an estimate.

Step 1

We start by knowing how much it cost to have 24hrs electricity.

From an online store, 100 watt solar panel cost N70,000+

An estimate of N90,000-100,000 (100watt) for a new panel, including every other expenses. Giving the panel 4 years warranty based on the market cycle which is 1460 days, the cost of panel will be divided into the number of days (1460).

100,000/1460 = N68.4 electricity cost for 24hrs, each day.

Step 2

Calculate power consumption of ASIC Miner on Electricity bill

100 watt of solar panel produce - 2.4kwh

ASIC Miner of 4.2 TH/s with 75W prduces - 1.8kwh

Step 3

Calculate daily electricity cost to mine uninterrupted for 24hrs

Solar Panel - N95.8X1.8kwh = N123 per 24hrs

Step 4

Calculate how much BTC can be mined in a day.

BTC/day= Miner Hashrate/Blockchain Hashrate X Block per day X Block Reward

Miner Hashrate - 4.2TH/s

Blockchain Hashrate - According to Coinwarz, current Bitcoin Hashrate = 1.082 ZH/s, convert it to TH/s to match the miner own hashrate = 1,082,000,000 TH/s

Block Reward - 3.125 BTC

Block per day - the average time for a miner to pick up a new block is 10 minutes, in 1 hour we have 60 minutes, calculating for 24 hrs, we get 60 minutes multiply by 24 hrs divided by 10 minutes for a single block = 60X24÷10 = 144 block per day.

4.2TH/s ÷ 1,082,000,000 TH/s = 0.00000000388

0.00000000388X144X 3.125 = 0.000001746 BTC per day

Step 5

Convert the BTC per day to Naira by multiplying using the last ATH price, since the miner will prefer to hold over seasons.

0.000001746 X 172,000,000 = N300 per day

Step 6

Minus costs of operation from the profits per day

Solar Panel= N300 - 177 = N128 in profit per day (The idea is holding the mined Bitcoin not converting to Fiat sooner.)

Mining Pool Fees 1-2% of profits per day

2% of N300 = N6, therefore, N128-N6 = N122 in profit per day. Estimated to be higher than this.

[Fiatless]

Baba you need to do your research well. Almost every Nigerian would have been a Bitcoin miner if it was as simple as your analysis. First do you think you just need only solar panel for electric power. The panel is the cheapest component of the solar system. You have not considered the price of batteries  and inverters.

What is the chance of hitting a block since your mining machine is not as powerful as bigger mining farms. It is better to use chaep electricity to mine Bitcoin and Nigeria seems to be expensive.

[Hypnotizer]

What of the Cost of the ASIC Miners?

You just basically made a calculation for the electricity using renewable energy..Solar in particular and I don’t think this Solar can even provide enough power for the ASIC to work efficiently and effectively..N70k-100k solar? I don’t think it can really provide that.

Running a Bitcoin mining operation as a solo miner is really expensive if you want to succeed and generally I don’t think this your calculation is right..

[Mhizlove]

What of the Cost of the ASIC Miners?

You just basically made a calculation for the electricity using renewable energy..Solar in particular and I don’t think this Solar can even provide enough power for the ASIC to work efficiently and effectively..N70k-100k solar? I don’t think it can really provide that.

Running a Bitcoin mining operation as a solo miner is really expensive if you want to succeed and generally I don’t think this your calculation is right..

I get wetin you dey talk e dey obvious say the solo mining no dey  easy and with little setup self e no go still give you that stable result wey you want or dey find and with how the cost be e go even shock you at the end  all wetin person need na proper planning and investmeng wey big so that e go fit work m, na so me I carry see m

[Audrey Simmons]

Baba you need to do your research well. Almost every Nigerian would have been a Bitcoin miner if it was as simple as your analysis. First do you think you just need only solar panel for electric power. The panel is the cheapest component of the solar system. You have not considered the price of batteries  and inverters.

What is the chance of hitting a block since your mining machine is not as powerful as bigger mining farms. It is better to use chaep electricity to mine Bitcoin and Nigeria seems to be expensive.

This sort of mining is simple, it is not a heavy miner that consumes heavy energy, makes noise or require much set up. This miner consumes the same energy as our rechargeable fan, it doesn't drain power at all.

Solar energy will only be used in the absence of no light, most of the times it will run on standard electricity supply, it can also run on your prepaid meter without draining the unit.

TH/s of the miner is what determines how fast a block can be picked up, which is 4.2TH/s meaning you get 4,200,000,000,000 guesses per second.

[Agbamoni]

If you want a 24 hours electricity, excluding postpaid and prepaid, you will spend around N12M to set up a complete solar inverter, in a case where you have more than one mining machine.

The cost for an ASIC Bitcoin machine varies from around $3k (N4M) to $10k (N13.5M), whether used or new ones. Imagine you need  3 to 4 machines actively running.

As for the internet, luckily, the MTN fibre has solved the problem of unlimited data supply. So that wont be a problem.

My question for you OP, is, as a Nigerian struggling in this hard ecnonmy will you use up to N50M to set a bitcoin mining farm? Be sincere?

Omo na to go use that money start to they import goods from China they sell, the kind profit ah go get eh 

[ZeroVinsonN]

If you want a 24 hours electricity, excluding postpaid and prepaid, you will spend around N12M to set up a complete solar inverter, in a case where you have more than one mining machine.

The cost for an ASIC Bitcoin machine varies from around $3k (N4M) to $10k (N13.5M), whether used or new ones. Imagine you need  3 to 4 machines actively running.

As for the internet, luckily, the MTN fibre has solved the problem of unlimited data supply. So that wont be a problem.

My question for you OP, is, as a Nigerian struggling in this hard ecnonmy will you use up to N50M to set a bitcoin mining farm? Be sincere?

Omo na to go use that money start to they import goods from China they sell, the kind profit ah go get eh 

Real matters boss, the whole idea don sweet for paper but na to actually carry am out go be the problem, especially since from OP calculations the profit no really work out well compared to the money way person go spend to fund the whole process, just order one container from Malaysia like this now with that 50 million make you life for just stew from there.
Until the country fit provide solid electricity all these ones na dream ezy never get head for this country, for now.

[Felicity_Tide]

In as much as I understand what you're trying to address, I still feel that a lot of things in your writeup are a bit over exaggerated. But before I go forward, have you attempted to test your theory and calculations?, because if you ask me, i think it is best that put something to test before actually sharing.

This sort of mining is simple, it is not a heavy miner that consumes heavy energy, makes noise or require much set up. This miner consumes the same energy as our rechargeable fan, it doesn't drain power at all.

It seems your theory is based on participation and not competition.
Bro, the mining game is a massive competition. You need very good equipment to keep up with the difficulty.

Solar energy will only be used in the absence of no light, most of the times it will run on standard electricity supply, it can also run on your prepaid meter without draining the unit.

TH/s of the miner is what determines how fast a block can be picked up, which is 4.2TH/s meaning you get 4,200,000,000,000 guesses per second.

A mining process that doesn't drain your electricity?, meanwhile a lot of countries are putting a ban to illegal mining activities, because of the too many power being drained of the records. Like I said, it seems you're more concerned with just participating, and not competing. I'm not exactly sure of these figures and what they do, but how about you put everything to test?. I hope you live in the part of the country that uses 24hr power, because it's going to be of great benefits in the experiment, I guess 

[Stepstowealth]

~

Simple advice to you is to avoid thinking mining will be profitable in Nigeria. Conditions do not always remain the same in our country and even if you choose a mining location where electricity is free or cheap, it may not be so long before situation changes and the electricity is no longer free and cheap. Solar panels cannot be fully relied on because they do not provide as much power as we think they do and even if you calculate the electricity based on one solar panel and what one mining machine will consume we also have to put into consideration the cooling aspect because the machines generate a lot of heat and your apartment will need a lot of cooling equipment like air conditioners which also consume a lot of power.