Is there anyone here still running bitcoin mining setup in India ?

[simonova]

Is this profitable anymore ?

[Charles-Tim]

I think this thread should be on India local board where you can get the best reply.

But you should take note of the cost of ASICs that you will want to buy, the electricity the ASICs will be consuming and the cost of the electricity.

Use any of these calculators to know if bitcoin mining will be profitable in your location:
https://www.nicehash.com/profitability-calculator
https://www.coinwarz.com/mining/bitcoin/calculator
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=100&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1

[Bitcoin Smith]

I think this thread should be on India local board where you can get the best reply.

And there is even a dedicated sub for Mining (India)

You may want to state which state you are from and what the source of electricity (direct eb provider/ solar/ hybrid) to give an appropriate answer. Here in my state, the electricity cost is like tripled in the last 5 years, even for domestic usage, unless you are someone who consumes less than 500kwh for the cycle. And I knew some guys tried mining in 2020 or around that period and said it is not profitable at all, so they sold the equipment and bought bitcoin with it.

[Bastketsrus]

I think this thread should be on India local board where you can get the best reply.

And there is even a dedicated sub for Mining (India)

You may want to state which state you are from and what the source of electricity (direct eb provider/ solar/ hybrid) to give an appropriate answer. Here in my state, the electricity cost is like tripled in the last 5 years, even for domestic usage, unless you are someone who consumes less than 500kwh for the cycle. And I knew some guys tried mining in 2020 or around that period and said it is not profitable at all, so they sold the equipment and bought bitcoin with it.

Yeah that’s a good point, electricity cost really makes or breaks mining. In many places it’s just not worth it anymore, so buying Bitcoin directly often ends up being the better option.

[henmark]

I had a setup a couple of years back, but I sold the entire setup and kept just one card when ETH moved from PoW to PoS. I was mining ETH back then as I had a GPU rig consisting top end unlocked cards. I did make decent profit back then. I remember I was able to recover the entire invested amount in under a year which for me was a great ROI. I do have a friend who still has a small setup and mines using HiveOS. He is still able to make profits but is on the verge to sell his setup so I guess he is not really happy. You can consider various things like hardware cost, maintenance, rent & electricity, etc before you can jump into mining.

Instead of mining, why don't you explore staking? You can make comparably same profits here with no hardware stress. You don't have to buy anything, and you can start right away(only if you have made the necessary research).

[BitDiscussion]

I think this thread should be on India local board where you can get the best reply.

And there is even a dedicated sub for Mining (India)

You may want to state which state you are from and what the source of electricity (direct eb provider/ solar/ hybrid) to give an appropriate answer. Here in my state, the electricity cost is like tripled in the last 5 years, even for domestic usage, unless you are someone who consumes less than 500kwh for the cycle. And I knew some guys tried mining in 2020 or around that period and said it is not profitable at all, so they sold the equipment and bought bitcoin with it.

Right, electricity cost has hiked a lot from that time. Now, solar is an easily available option but that is not a piece of cake for setup. It takes huge funds without the government subsidy to setup the entire solar system along with batteries.

Usually, people do not purchase batteries as their solar would be connected to their main line where they can reverse the power to the state which will bring arrears in their electricity bill.

Mining now can only be profitable if someone is not really paying for the electricity. In rural areas, people usually hang a wire to the main line and start using the electricity for water pumps, etc. Mining can be profitable in those kinds of places.

[Bitcoin Smith]

~
Right, electricity cost has hiked a lot from that time. Now, solar is an easily available option but that is not a piece of cake for setup. It takes huge funds without the government subsidy to setup the entire solar system along with batteries.

Usually, people do not purchase batteries as their solar would be connected to their main line where they can reverse the power to the state which will bring arrears in their electricity bill.

Mining now can only be profitable if someone is not really paying for the electricity. In rural areas, people usually hang a wire to the main line and start using the electricity for water pumps, etc. Mining can be profitable in those kinds of places.

AFAIK, the government offers only upto 78 thousand rupees for 10KW solar for house and commercial purposes won't even get that but that is not really needed, they can do that with imported panels to even lower the cost than the subsidy amount.

There are different types of solar grids available, the best cost effective is ongrid which doesn't require battery and will be connected to main electricity meter so you can transport excessive power from your solar setup to the electricity board and retract them later with zero cost but this is not ideal of minin which needs to be run 24/7, so the off grid is the best option but adding battery is like adding 100% capital to the setup.

Hung wires or sleeving that is not gonna work for mining since it draws high electricity so the connection need to be made properly.

[eaLiTy]

~
And I knew some guys tried mining in 2020 or around that period and said it is not profitable at all, so they sold the equipment and bought bitcoin with it.

BTCitcoin mining at home was not profitable even in 2014, so there is no way anyone could dream about getting a profit mining BTCitcoin after 2014, that being said it was profitable till 2013 until Avalon and Butterfly Labs came with their ASIC machines and started mass shipping later that year. ETH mining was different and it was profitable in the beginning.

I had a setup a couple of years back, but I sold the entire setup and kept just one card when ETH moved from PoW to PoS. I was mining ETH back then as I had a GPU rig consisting top end unlocked cards. I did make decent profit back then. I remember I was able to recover the entire invested amount in under a year which for me was a great ROI. I do have a friend who still has a small setup and mines using HiveOS. He is still able to make profits but is on the verge to sell his setup so I guess he is not really happy. You can consider various things like hardware cost, maintenance, rent & electricity, etc before you can jump into mining.

ETH moved from PoW to PoS in September 2022, so were you mining other tokens after that or you stopped mining altogether.

Anyone who pursued mining even after AMD Radeon RX and Nvidia GeForce GTX 1060 doubled their price since the demand was so high, huge respect to anyone who followed that path, personally was furious as it was so hard to get a good graphic card for gamers especially during COVID period.

~
Mining now can only be profitable if someone is not really paying for the electricity. In rural areas, people usually hang a wire to the main line and start using the electricity for water pumps, etc. Mining can be profitable in those kinds of places.

Imagine you get free electricity, mining BTCitcoin is a costly affair. You need the infrastructure and ASIC machines which will cost you millions and you cannot run a mining farm without the authorities noticing as it will consume way more electricity than any small factories.

~
AFAIK, the government offers only upto 78 thousand rupees for 10KW solar for house and commercial purposes won't even get that but that is not really needed, they can do that with imported panels to even lower the cost than the subsidy amount.

There are different types of solar grids available, the best cost effective is ongrid which doesn't require battery and will be connected to main electricity meter so you can transport excessive power from your solar setup to the electricity board and retract them later with zero cost but this is not ideal of minin which needs to be run 24/7, so the off grid is the best option but adding battery is like adding 100% capital to the setup.

Lets say we use Bitmain Antminer S23 Hydro Bitcoin Miner, lets say you can cover the cost of ₹12,37,801 per machine, you need 35 kW solar panel system to run a single machine.  

[Funvin12]

Is this profitable anymore ?

Yep I am running