Got ROI in 40 days with my Antminer S3+

[adaseb]

Back in January I ended up buying a couple of used Antminers. The individual decided that his power bill was too high and with BTC hitting ~$166 he decided to cut his losses and sell them to me at only $75 each. This was in Canadian funds.

Since that time I made a little over 0.40BTC with those 2 miners and today I took profit and they paid for themselves.

I am so happy that the risk I took ended up paying off. Even with free electricity it was still kind of scary buying mining equipment with difficulty hitting new highs and BTC hitting new lows.

So for new miners out there, YES you can still make money mining with a little bit of risk and luck.

[Finksy]

Back in January I ended up buying a couple of used Antminers. The individual decided that his power bill was too high and with BTC hitting ~$166 he decided to cut his losses and sell them to me at only $75 each. This was in Canadian funds.

Since that time I made a little over 0.40BTC with those 2 miners and today I took profit and they paid for themselves.

I am so happy that the risk I took ended up paying off. Even with free electricity it was still kind of scary buying mining equipment with difficulty hitting new highs and BTC hitting new lows.

So for new miners out there, YES you can still make money mining with a little bit of risk and luck.

Congratulations!  As far as small scale and home miners go, as Canadians we are very fortunate.  We get relatively cheap power compared to many parts of the world, the heat they provide for the winter helps offset a huge chunk of the power bill (not applicable in your case w/ "free" power, but still nice to keep toasty ) and the weak CDN dollar has actually made our miners more profitable in comparison.

Welcome to Neverland, where people can actually ROI and profit from mining

[neegeeboo]

Just curious, how much on avg do Canadians pay for electricity?

[notlist3d]

Just curious, how much on avg do Canadians pay for electricity?

Also curious how are you getting "free" electricity.

[Bananana]

Just curious, how much on avg do Canadians pay for electricity?

Also curious how are you getting "free" electricity.

Its winter, so its consider free electricity cause you need the heat.

[Enzyme]

Back in January I ended up buying a couple of used Antminers. The individual decided that his power bill was too high and with BTC hitting ~$166 he decided to cut his losses and sell them to me at only $75 each. This was in Canadian funds.

Since that time I made a little over 0.40BTC with those 2 miners and today I took profit and they paid for themselves.

I am so happy that the risk I took ended up paying off. Even with free electricity it was still kind of scary buying mining equipment with difficulty hitting new highs and BTC hitting new lows.

So for new miners out there, YES you can still make money mining with a little bit of risk and luck.

Free heating while making money, what more could you want

[sbogovac]

Just curious, how much on avg do Canadians pay for electricity?

Also curious how are you getting "free" electricity.

Its winter, so its consider free electricity cause you need the heat.

No such thing, even when using the heat. Heating on electricity by mining is still less efficient then dedicated heating devices (especially when they use other energy sources than electricity...)

PS I'm guessing OP meant his parents, some institute, an office, his work or a squat or who-/whatever else is stuck with the electric bill (still not free...).

[bitcoin4eva]

Congratulations! I'm awaiting for my ROI from my 2 S3's I bought a month ago. Shouldn't take long since electricity costs about 0.03$/kwh 

[RoadStress]

Title is misleading. You got ROI with a second hand S3, not with a new one...

[Bitcoin++]

Same here in Europe. When it's cold and I anyway would need electric heating, I turn on miners. For every 1 EUR spent on electricity I get back around 50 cents.

[sbogovac]

Same here in Europe. When it's cold and I anyway would need electric heating, I turn on miners. For every 1 EUR spent on electricity I get back around 50 cents.

And if you would use a space heater in stead of a miner you would be using 25 cents (instead of 1 EUR) for that same amount of heat, still losing 25 cents on mining... Heat is a byproduct of mining, remember?

[adaseb]

So much hate in this thread I don't understand why.

YES its with a second hand S3, its not smart buying any new miners and paying retail.

and YES its with free electricity, its not smart mining if you are paying for electricity.

[sbogovac]

[...]and YES its with free electricity[...]

No such thing.

[RoadStress]

So much hate in this thread I don't understand why.

YES its with a second hand S3, its not smart buying any new miners and paying retail.

and YES its with free electricity, its not smart mining if you are paying for electricity.

Why do you take is as hate? I am just point out the reality. It's not about hate, it's about not being misleading.

[NeuroticFish]

Unexpected happy story, nice to hear.
But yeah, I guess that the reason is the free electricity.

Good luck and happy mining!

[sbogovac]

Unexpected happy story, nice to hear.
But yeah, I guess that the reason is the free electricity.

Good luck and happy mining!

There is no such thing as free electricity. Either the cost are diverted to someone else, or the electricity is plain stolen. Either way not really a "happy story" for the one paying the electricity... eventually...

Example: even if mom/dad is paying the electric bill, they (all, incl. OP) would be better off just giving OP the money being spent on that electricity...

[NeuroticFish]

Unexpected happy story, nice to hear.
But yeah, I guess that the reason is the free electricity.

Good luck and happy mining!

There is no such thing as free electricity. Either the cost are diverted to someone else, or the electricity is plain stolen. Either way not really a "happy story" for the one paying the electricity... eventually...

Example: even if mom/dad is paying the electric bill, they (all, incl. OP) would be better off just giving OP the money being spent on that electricity...

If he's stealing the power, then it's bad.
If he's living with his parents and uses the power they pay for, then it's bad.
But what if his dad built a small water / wind "mill" in the backyard and that produces the power?

Why do you assume people guilty just like that?

I still hope for a good and fair story.

[sbogovac]

[...]
But what if his dad built a small water / wind "mill" in the backyard and that produces the power?

Why do you assume people guilty just like that?[...]

Even a water/wind mill or solar panels have costs; the building costs (both material as well as time/effort) and operating costs (maintenance et cetera) have to be taken into account...

So... to get to the second question:

Since we established there is no such thing as "free electricity"; asked and answered... (and this was actually the polite answer).


But... I am very much open to what OP has to say about it... 

[NeuroticFish]

Even a water/wind mill or solar panels have costs; the building costs (both material as well as time/effort) and operating costs (maintenance et cetera) have to be taken into account...

Interesting that you "forgot" to take into account the point of ROI in that case too.

But... I am very much open to what OP has to say about it...  Grin

Let's.

[sbogovac]

[...] Interesting that you "forgot" to take into account the point of ROI in that case too.[...]

No, I didn't... Even if the building costs already have been amortised it still has to be taken into account... And then there's still the operating costs... Hence - again - no such thing as "free electricity"...