Hypothetically would this be profitable?

[Trey222]

I am no expert at cryptocurency but I found this thing. https://www.bitmaintech.com/productDetail.htm?pid=0002015081407532655504JMKzsM067B It cost 2300 US and uses 3436 watts of power which would cost around 4500 US a year if you ran it 24/7 at .15 US per kWh. I am interested if using one of these things could be profitable with something like bitcoin. I would never buy one of these because I do not really have 2300 US just laying around. I am just curious. Thank your help. 

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https://alloscomp.com/bitcoin/calculator

 

 

No. You will lose around $60 if mining for Bitcoin.

[thekeemo]

1.5 years to break even

2 years because you need to buy THREE psus for it

[jakkuh_t]

The problem with bitcoin miner IMO is half of the time they take like 6 months to ship and aren't very quality controlled, supported or insured. 

 

At current difficulty a machine like that would net about 0.985 btc (around $370 usd) however next estimated diffculty it would only be about .79 btc ($300)

 

The thing is, exchange rates as well as difficulty changes constantly. So it's definitely not a risk-free investment.

 

I'd say an average of around $320/month*12months = $3840

$3840-$2300-$4500 = -2960 is your first year losses

It wouldn't make enough to cover energy costs even. Not worth it.

 

However, if you are looking for an investment, cloud-mining can be profitable if you have some money to put up front as it can take a year to see returns. The issue with that is, the market changes so, for example, two months after purchase BTC could plummet and you would loose your money  (https://www.genesis-mining.com/)

[MatrixGrenade]

I actually hid a small bitcoin miner in my cousins house and im using his power to make bitcoins. So it's pure profit for me. I would suggest doing the same.

[Trey222]

2 minutes ago, MatrixGrenade said:

I actually hid a small bitcoin miner in my cousins house and im using his power to make bitcoins. So it's pure profit for me. I would suggest doing the same.

I will just get 10 of these and stick them in my cousins house. I am sure they will not notice the extra $45,000 on their power bill XD. In all seriousness though that is not a bad idea if you can get one that does not use a huge amount of power and is not super loud. 

[MatrixGrenade]

3 hours ago, Trey222 said:

I will just get 10 of these and stick them in my cousins house. I am sure they will not notice the extra $45,000 on their power bill XD. In all seriousness though that is not a bad idea if you can get one that does not use a huge amount of power and is not super loud. 

I also just realized that you could basicly put them anywhere you know while always have power and wont be found. Like what if you just put a few usb ones in a computer at a school.

 

[Trey222]

5 minutes ago, MatrixGrenade said:

I also just realized that you could basicly put them anywhere you know while always have power and wont be found. Like what if you just put a few usb ones in a computer at a school.

 

You could make some good money that way as long as no one finds them.

[jakkuh_t]

2 minutes ago, Trey222 said:

You could make some good money that way as long as no one finds them.

Not really. Those USB ones are VERY slow and would likely only net like $1 a year.

[Trey222]

1 minute ago, ChronicGenocide said:

Not really. Those USB ones are VERY slow and would likely only net like $1 a year.

Yeah I just looked at some of the USB ones they are more comical than practical. 

[Omnislash89]

Cryptocurrencies are for money laundering and transactions over the deep web. Mining them is nigh impossible because the currency needs to be nonprofitable to artificially drive down inflation, which as a consequence of better floating point performance in newer technology, the difficulty level must rise proportionately to keep the scarcity in check.

It was once a goldmine, but now that people can haul entire workbases from currency to currency, the various currency markets need to have ample headroom to adjust for increases in the amount circulated. This makes it impossible for the average miner to make it profitable. You might even say, the sheer possession of an anonymous currency is itself part of the intangible value, which from a utilitarian standpoint, more than makes up for its decrease in value against the dollars used to obtain it.

[Coaxialgamer]

On 2/4/2016 at 2:00 AM, Trey222 said:

I am no expert at cryptocurency but I found this thing. https://www.bitmaintech.com/productDetail.htm?pid=0002015081407532655504JMKzsM067B It cost 2300 US and uses 3436 watts of power which would cost around 4500 US a year if you ran it 24/7 at .15 US per kWh. I am interested if using one of these things could be profitable with something like bitcoin. I would never buy one of these because I do not really have 2300 US just laying around. I am just curious. Thank your help. 

No.  It will take you two years alone to cover the cost of the miner, not to mention the difficulty increase,  which will make your reward smaller over time. 

It tripled since i looked at bitcoin in november...