Worth bitcoin mining?

[Hexram]

Hey guys.

 

I am looking into bitcoin mining at the moment as i am going to be getting free unlimited power for the next 4 years. Is it worth buying a bitcoin miner and if so what type should i buy.

 

Thanks for the help.

[Oshino Shinobu]

No, you'll take ages to just break even. 

[Misanthrope]

@Oshino Shinobu I think you missed the free unlimited power part, in which case: absolutely. Just curious though, how are you getting free unlimited power? Because if it's because of a landlord, university room, or relatives home they will get stucked with dramatically larger power bills and will probably cut you off from the "unlimited" free power before you can make back your hardware investment.

[Mohenjo]

i mean, if your willing to spend a couple thousand then maybe

[Oshino Shinobu]

@Oshino Shinobu I think you missed the free unlimited power part, in which case: absolutely. Just curious though, how are you getting free unlimited power? Because if it's because of a landlord, university room, or relatives home they will get stucked with dramatically larger power bills and will probably cut you off from the "unlimited" free power before you can make back your hardware investment.

No, didn't miss it. It will take a long time just to make back the money on the miner. In 4 years, sure, he could make a profit, but it's not going to be much unless he just runs it 24/7 for the entire time. It's more hassle than it's worth if you ask me. 

[Hexram]

The houses where i live do not have power metres. You get free power as much as you want. I dont think that they can tell how much each house uses.

[DaltonM]

This is something you should look into. Perhaps they're using newer technology than meters. If you really have all this power, it'd be worth it for a few years I guess. Because that's really the main cost is powering the stuff. 

[Misanthrope]

No, didn't miss it. It will take a long time just to make back the money on the miner. In 4 years, sure, he could make a profit, but it's not going to be much unless he just runs it 24/7 for the entire time. It's more hassle than it's worth if you ask me. 

 

I did clarify about the "free power" possibly not being free long enough to make the equipment investment back but fair enough.

[Hexram]

The power is going to be free for the next 4 years irrespective of how much i use. I could use 10k worth and it would still be free.

[Hexram]

What type of miner should i buy?

[Enderman]

@Oshino Shinobu I think you missed the free unlimited power part, in which case: absolutely. Just curious though, how are you getting free unlimited power? Because if it's because of a landlord, university room, or relatives home they will get stucked with dramatically larger power bills and will probably cut you off from the "unlimited" free power before you can make back your hardware investment.

and I think you missed the part about "buying an ASIC miner"

just fyi those cost several thousand dollars each just to mine bitcoins faster

[Misanthrope]

and I think you missed the part about "buying an ASIC miner"

just fyi those cost several thousand dollars each just to mine bitcoins faster

 

He didn't stated the size of the operation and how much money he expects to get out of overall and vs investments. He could potentially get something back even with older and not as energy efficient methods if the energy for him is basically free, thus negating a lot of the problem of using outdated methods.

[Enderman]

He didn't stated the size of the operation and how much money he expects to get out of overall and vs investments. He could potentially get something back even with older and not as energy efficient methods if the energy for him is basically free, thus negating a lot of the problem of using outdated methods.

you mean using PCs to mine?

he'll lose more money in the reduced lifespan of those components than the few dollars he would get from coins

[Misanthrope]

you mean using PCs to mine?

he'll lose more money in the reduced lifespan of those components than the few dollars he would get from coins

 

Fine, OP It doesn't works, move on.

 

That's what you want him to hear? 

[Hexram]

I am willing to spend about 2k australian initially and if it goes well more.

[iamdarkyoshi]

Nerdgasm has a good guide on bitcoin mining with ASICS 

[DoubleUx2]

Thingy I posted in a different topic, dajusted for you:

 

Here is an example if you were to buy an Antminer

You buy this:

https://bitmaintech.com/productDetail.htm?pid=00020150921111108071J5Y5yOdO0670

and

https://bitmaintech.com/productDetail.htm?pid=000201505040743496917U7kGsCm0694

Total : $1740 (Depending in which country you live you also have to pay import taxes, for example:

I live in The Netherlands so I have to pay 21% taxes which would make the total price: 2105.40)

 

 

You fill in the information in a calculator and you get this:

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4660.00&p=1180.00&pc=0.0&pf=0.00&d=60813224039.44040000&r=25.00000000&er=240.47190000&hc=1740.00

 

You could break even within the first year depending on the difficulty and the value of the bitcoin

IMPORTANT:

The Bitcoin price may rise or go down even further and the difficulty level could go up again (For example, in around 12 days it will become over 3% harder to mine. source: https://bitcoinwisdom.com/bitcoin/difficulty )

 

Clear enough or do you need more info?

[juretrn]

Problem is that the equipment is not free... therefore still not worth it. 

[thomas harding]

just download tor browser and go into the deep dark web and find someone to give you free bitcoin

[You_are_a_cunt]

I'll give you the same answer that has been given thousands of times in hundreds of threads asking if it's worth mining bitcoins: No.

Now I'll proceed explaining WHY you can't possibly make any substantial profit out of bitcoin mining:

 

First of all, power consumption. Your mining machine will be powered on 24/7 and under constant load. Unless you're not paying for electricity bill (which could be the case for some people that live in student dorms where they don't pay bills past the probably monthly rent) you're already losing money on that alone.

Second, components: As previously mentioned, your hardware will be under full load constantly, thus decreasing the life expectancy of the CPU(s)/GPU(s).

Third: the ecosystem: BTC prices have plummeted in the last year and the general trend is for continued descent, as with most if not all cryptocurrencies.

Fourth: hardware price: A decent ASIC miner runs for about $4-5000 and pays for itself in a few years, without any guarantee of it actually providing you with a profit (just the ASIC, not the power consumption). A single ASIC miner will take ages to generate any substantial profit, if any.

Fifth: The market. When I was still into BTC trading, I would rarely find anyone willing to buy less than .25BTC. This was when it was $650/BTC. It's less than half that now (around $240/BTC)

 

If you really want to have fractions of bitcoins, you're better off looking for bitcoin faucets that can pay up to (or at least used to) 500 satoshi ever few hours (anywhere from 1 hour to 1 day). However, you'll soon find yourself with a couple thousand satoshi which don't amount to much (1 satoshi = 0.00000001 BTC = $0,000024). We're talking fractions of cents here, which take forever to build up to any quantifiable amount in the real world.

 

To give an example that I've previously given:

Every day on my way to work I stop and pick up discarded coins off the sidewalk. For simplicity sake, let's call the lowest denomination 1 cent, followed by a 5 cent coin, 10 cent and 50 cent coins). On a bad day, I'd find 0 coins. On a good day, I'd find upwards of $3 (since I used US currency for simplicity, please note that it's not actual dollars, but local currency) which is about $0.75 (after converting local currency to US). That is more money in a 2-hour span (1h to and 1h from work) than you could mine with a good rig in more than a week. You're better off doing that than condemning your PC to a fairly certain death

[BuckGup]

Free electricity, you are taking a gamble. Bitcoin could drop to $30 tomorrow or raise to $500 again. Personally if you can get above 4TH/s for less then $500 you are golden ponyboy other wise don't do it. The antminer S4 is a good miner that gets 4TH/s but you would only make $9 a day. So if you spent 2K you could make like $40 a day and so on. But remember if bitcoins fail you just spent 2K you ARE NOT getting back. Also trying to sell miners is hard as most people don't have free electricity and will not but them so look hard and it could pay off if you are smart and plan out the whole thing. Also don't use any PCs for it only use ASICs.