Mining BTC from home is a thing of the past. There are now actual farms devoted to mining Bitcoin, and the computers used there are beyond powerful. The era of using your MacBook to mine bitcoin is over.
Or is it?
In this post, I'll look at exactly what you'd need to mine 1 whole Bitcoin from the comfort of your house. You won't join a mining pool. You won't pay money to anybody. This post is all about what it takes to make 1 BTC today from home.
Let's get started.
Ps: I recently reviewed IOTA. Check out my in-depth review here.
You are going to need a miner of course.
Not a person, but a machine.
At the current difficulty level of the Bitcoin blockchain, only the AntMiner S17 possesses the power to mine 1 Bitcoin. The only caveats here are:
- The miner would mine 1 BTC, but it will take a year.
- The electricity costs that would be taken into consideration would be slightly less than the price of 1BTC(about $50 less at current market price)
One of these miners costs about $2000 right now, although there was a time their prices went as high as $4000 when they were in high demand.
You could theoretically mine 1BTC if you could set up your miner somewhere that no one would see it. Like in your school dorm or in your workplace. Then you'd be on a roll.😅
But for now, the price of mining one bitcoin with this machine is just slightly less than the price of the bitcoin itself.
Should prices fluctuate even a little bit to the downside, you would no longer be close to break even, but would be running at a loss.
Unfortunately this is the price we have to pay now.
So what can you do instead of mining Bitcoin?
Well you could mine Monero and then convert it to Bitcoin. With something as powerful as the AntMiner S17, you would make a lot of Monero in a day, and you'd be able to convert it to BTC using a service like Changelly.
But it's more or less impossible to mine 1 Bitcoin from home today without incurring severe electricity bills.
Thanks for reading! I hope you found this helpful.