Got ROI in 40 days with my Antminer S3+

[mavericklm]

what if he is heating his house only with electricity!?!? then is ''free''!

lucky you to find cheap miners

[1714006352]

1714006352

[1714006352]

1714006352

[sbogovac]

what if he is heating his house only with electricity!?!? then is ''free''!

lucky you to find cheap miners

Did you even read the topic?

Already went into that.

Please read before writing...  

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?

[mavericklm]

what if he is heating his house only with electricity!?!? then is ''free''!

lucky you to find cheap miners

Did you even read the topic?

Already went into that.

Please read before writing...  

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?

oh yeah! he said that he steals the energy from your house!

[sbogovac]

[...] oh yeah! he said that he steals the energy from your house!

Does it matter who is the victim?  

EDIT: nevermind, rhetorical question. What matters: no such thing as free electricity.

[mavericklm]

[...] oh yeah! he said that he steals the energy from your house!

Does it matter who is the victim?  

EDIT: nevermind, rhetorical question. What matters: no such thing as free electricity.

If you have a story behind all this crap of yours, why don't you make your own thread?!?!
is it nice to crap in his thread? do you know his story to shove shit on our throats?

play nice

[coinpr0n]

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.

Ftw. Wow, nice country, nice people and a friendly government (or are these privately owned electric companies). Anyway, ROI in just over a month is great. It's all fun and games now.

[Salomon12]

adaseb - thanks for the information. interesting to know that you made back your initial investment which isn't a bad idea. if you don't mind me asking, free power as in solar?


I am also in the market looking for used equipment and would like to go this route as I do have free power from testing equipment at our office with Air Conditioned cage for equipment...

[sbogovac]

[...]If you have a story behind all this crap of yours, why don't you make your own thread?!?!
is it nice to crap in his thread? do you know his story to shove shit on our throats?

play nice

Because it is misleading. Just a few examples:

a. it gives others a wrong impression; providing them with motivation to do the same on wrong assumptions...

b. he could be having ulterior motives; for instance he is selling Antminer's himself and trying to mislead people into believing this...

c. he could be plain stupid, not understanding some basic economics and therefore needs correction as this is a public thread, remember?

Further more: where is your prove of me "crapping" anywhere? Have I been purposefully hurtful? Off-topic? Told things that are untrue? Whatever dude...

[sbogovac]

[...] free power as in solar? [...]

And here's the next mislead soul... No such thing as "free electricity"... Please read...

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

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...[...]

[Salomon12]

sbogovac, sorry if you think I'm mislead. Knowing OP's initial free would be nice to clarify and quench both your hard hand on answers as well insight the rest. Yes there is the initial investment for "solar" power panels (etc) but once purchased its done, no turning back.

However in my case, as the power is not paid by me then I consider it free. With a dedicated room for equipment testing and tinkering then what else can a enthusiast want.

[sbogovac]

sbogovac, sorry if you think I'm mislead. Knowing OP's initial free would be nice to clarify and quench both your hard hand on answers as well insight the rest. Yes there is the initial investment for "solar" power panels (etc) but once purchased its done, no turning back.

However in my case, as the power is not paid by me then I consider it free. With a dedicated room for equipment testing and tinkering then what else can a enthusiast want.

No problem there, as long as the one who invested in the solar panels is aware (especially because of the accelerated break down - of the batteries especially) and it is not "done" there are still maintenance fees (unless the owner chooses not to maintain them, which would be a pity because of diminished generation of electricity and more rapid write off thus higher costs).

You can consider it free, but it is not free... ever. (And it's misleading to others.)

[dogie]

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...).

Heating by mining is only less efficient when you have gas central heating, and even then it just sets your mining electricity equivalent rates as elec - gas cost.

[sbogovac]

[...]100% agreed. Some people should get a sleep, then see the life is more beautiful than proving a point.

Not about any "point". It's simply misleading - to both yourself and especially to others - considering it "free" electricity.

[sbogovac]

[...] Heating by mining is only less efficient when you have gas central heating, and even then it just sets your mining electricity equivalent rates as elec - gas cost.

I expected more from you Dogie, even though you do represent Bitmain you should know better: Heat is only a byproduct from mining so by definition is always less efficient than using dedicated heating devices. Leaving those calculations out of your considerations is stupid at best and misleading at worst...

[adaseb]

My electricity technically isn't free, its more like a fixed cost thats included with my other utilities, whether I use 1kwh or 1000kwh it all costs the same. And yes in the winter typically in old buildings many have to use electricity to heat their apartments because insulation is very bad and the built-in heaters don't work very well.

In my area many old buildings are like this probably because we have the cheapest electricity rates in north america.


My buddy is a student at the university and he gets free electricity at his dorm. My IT friend gets free electricity with his lease at work. So I have no idea why everybody is upset because I have the advantage of " free electricity".

The point of this thread wasn't to brag but to show that its actually possible to make money with mining. Even if I had to pay for electricity I would of got ROI soon anyways.

I would never be mining if 75% of my mining revenue went straight to pay my power bill, it just doesn't make sense. I would rather sell the miners and buy BTC directly.

[sbogovac]

Thanks for the clarification adaseb. Great/sweet deal!!!

Just one tip: check your lease (if there is one, or Canadian jurisprudence on the matter). There are often clauses (or previous rulings) that determine some kind of "fair use" policy. If the owner / rent agency considers there has been used too much electricity they might be able to charge you for it... That would not be a pleasant surprise.

Sorry for dragging this out, that was not my intention, but some people just insisted to keep reacting instead of awaiting your - quite plausible (same here BTW; my all-in-rented-office is also heated by several S3's) - explanation!

Thanks and good luck!!!  

[sbogovac]

[...] Heating by mining is only less efficient when you have gas central heating, and even then it just sets your mining electricity equivalent rates as elec - gas cost.

Any idea on a comparison to standard electric home heating system?

That comparison would be easy if we had numbers/measurements on the heat production of an S3, but...

[...] Heating by mining is only less efficient when you have gas central heating, and even then it just sets your mining electricity equivalent rates as elec - gas cost.

[...]Heat is only a byproduct from mining so by definition is always less efficient than using dedicated heating devices.[...]

[MrTeal]

[...] Heating by mining is only less efficient when you have gas central heating, and even then it just sets your mining electricity equivalent rates as elec - gas cost.

Any idea on a comparison to standard electric home heating system?

That comparison would be easy if we had numbers/measurements on the heat production of an S3, but...

[...] Heating by mining is only less efficient when you have gas central heating, and even then it just sets your mining electricity equivalent rates as elec - gas cost.

[...]Heat is only a byproduct from mining so by definition is always less efficient than using dedicated heating devices.[...]

No, a Bitcoin miner is essentially 100% efficient at converting electricity into heat, just as a standard electrical heater is. If you were really pedantic you could say that an S3 creates a couple milliwatts of light and some of that might escape through a window, or if some acoustic energy isn't absorbed by the house and you can hear it outside that might be a small loss, or that the slight increase in home internet bandwidth used by your miner could cause a slight loss of power into your phone/cable/fibre line (debatable), but that's about it.

Any idea on a comparison to standard electric home heating system?

I believe when I calculated it I figured I could discount ~CAD0.03/kWh due to offsetting natural gas usage, but this was a couple years ago.
Just look up the energy in a cubic meter of natural gas (37.3MJ), multiply that by your furnace efficiency to get the amount of energy imparted imparted into your home, and then divide your gas cost by that number to get your energy cost in $/MJ.
For me, that's $0.0078/MJ.
For electricity, I pay $0.138/kWh. One kWh = 3.6MJ, so I pay $0.03833/MJ

IE, even with 92% furnace efficiency take into account, gas is ~5x more efficient than electric for me.

[MrTeal]

So I live in a place with only electric heat as an option, I would save more on using Asics to heat my home than the standard heater and make BTC off them?

If you use electric heat, your heating cost will be exactly the same whether you use a baseboard heater, oil filled heater, or Bitcoin miner. With the miner you will earn BTC from them, but you'll have to deal with (potentially) more noise.

[dogie]

[...] Heating by mining is only less efficient when you have gas central heating, and even then it just sets your mining electricity equivalent rates as elec - gas cost.

I expected more from you Dogie, even though you do represent Bitmain you should know better: Heat is only a byproduct from mining so by definition is always less efficient than using dedicated heating devices. Leaving those calculations out of your considerations is stupid at best and misleading at worst...

Um. 99.99% of the energy into a processor gets exhausted as heat, the rest is vibration -> heat or EM radiation -> heat. 'Mining' is a byproduct of flicking transistors between 1 and 0, utilising electricity and outputting heat.

tldr, heat.