Sirwin
Sirwin

Mining Cryptocurrencies - is it worth it?


When you google "Bitcoin", the first thing you see (or close to) is "bitcoin mining". But is it worth it? Let's look at the factors.

we'll be using a Antminer s9 pro, using 16 kWh, running 24/7 with a 2% fee at a constant temperature of 25 degrees.

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We'll assume electricity costs will be average, at $0.1 per kWh. It's out at 110TH, so let's calculate....

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Yep, we'll be losing about 38 dollars per hour. And that's not including the miner becoming obsolete after a few months.

But that's not always the case. If we move to Africa, with cheaper electricity......

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We lose about $19 per hour.

So how can people profit from it?

Well, if you buy about 1000 more, and mine solo (you will then have enough hashpower) in the deepest parts of Africa (or another popular alternative, China), where electricity fees are almost nonexistent......

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Well, we've finally started making a profit.

But notice the electricity fees?

Almost no company sells electricity fees that cheap. So what do you do? Normally, most mining farms have their own dedicated power plants. But are you willing to spend that much to mine Bitcoin? and of course, to use cheap fuels, you usually need to get government permits. So is it worth it?

For the normal person: no.

For the wealthy investor: perhaps. How much do you want to spend? A million perhaps?

 

 

 

 

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Explaining Cryptocurrencies
Explaining Cryptocurrencies

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