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CryptoCurrency Discuss all CryptoCurrencies / coins and their use for personal or business purposes. Bitcoin (BTC) is possibly the best known but there are numerous crypto currencies, this is the forum to discuss them all.

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  #1  
Old 11-26-2017
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Default Bitcoin mining

Just a quick question am I rite in thinking that if I brought a bitmain S9 and plunged it in and connected it to something like slushpool then I would earn 0.07280 btc per month less there fees of 2% and my electric cost am I rite or am I missing something
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Old 11-26-2017
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Default Re: Bitcoin mining

There are many bitcoin calculators online to give more accurate payments.
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Old 11-26-2017
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Default Re: Bitcoin mining

Speaking of mining - heres an interesting article that talks about the price of mining bitcoin globally:

"Bitcoin mining electricity usage higher than 159 countries: Power Compare"
https://www.blockchaintechnology-new...power-compare/

And there are still morons like Jamie Dimon who claim that Bitcoin is worthless and is a fraud. Yeah cause printing money for free by the governments of the world is such a viable means of creating wealth.
By the way Bitcoin just crossed $9500. How long till it hits $10k?
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Old 11-26-2017
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Default Re: Bitcoin mining

Read posts by user nate
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Old 11-27-2017
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Default Re: Bitcoin mining

Quote:
Originally Posted by slokor View Post
Speaking of mining - heres an interesting article that talks about the price of mining bitcoin globally:

"Bitcoin mining electricity usage higher than 159 countries: Power Compare"
https://www.blockchaintechnology-new...power-compare/

And there are still morons like Jamie Dimon who claim that Bitcoin is worthless and is a fraud. Yeah cause printing money for free by the governments of the world is such a viable means of creating wealth.
By the way Bitcoin just crossed $9500. How long till it hits $10k?
Like Christmas Eve, waiting waitin,waiting.

$9700

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Old 11-27-2017
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Default Re: Bitcoin mining

Iíve done the online calculations and is give me the figures in my OP Iíve got the electric cost covered so it would only be the fees from the pool that would need to come out of it I just seeing if Iím missing something else or if it would really be that easy lol
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Old 11-27-2017
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Default Re: Bitcoin mining

you need to cover the fees of converting BTC to your local currency
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Old 11-27-2017
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Default Re: Bitcoin mining

You have to account for the difficulty increases. The price of BTC should keep going up, so you'll be in the green, but then you gotta figure out if it's better just to buy BTC and hold. I'm under the impression that it's better to buy and hold or else Bitmain and Genesis would just be mining by themselves rather than selling the machines and cloud mining contracts. But I really have no idea unless someone can account for the growing difficulty rate being less than the growing price rate. Ignore the drop in November when the cartels switched to bitcoin cash mining. For the year and last three months, the price growth has outpaced the difficulty growth.

http://bitcoin.sipa.be/speed-lin-10k.png
http://bitcoin.sipa.be/
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Old 11-27-2017
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Default Re: Bitcoin mining

By mining I wouldíve getting the coins of like letís say 0.07280 a month less the pool fees then exgange them to cash so surely itís worth it or am I missing something
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Default Re: Bitcoin mining

Your Antminer S9 cost .4btc. If you had invested $4000 in bitcoin last week, you would have an extra $1000 right now. If you had invested two weeks ago, you would have had $1500. That's two months of mining just to get the equivalent in two weeks of buying and holding.

Now a conservative estimate of difficulty spikes a year from now, you'll make around .05btc a month or .6btc after a year. We'll estimate that the price of btc is $25k in a year's time(assuming 2.5x growth is pretty conservative considering 10x growth this year). It could be $50k for all we know. At $25k/coin after a year, you would have mined $15k worth of btc minus your cost of $4k nets you $11k. Your miner is probably worth half the value at this point, so you can say you're at $13k profit. But if you had bought .5btc with your $4k last week or .6btc two weeks ago, you'd be at $12.5k or $15k. So pretty close there. I'm not sure if your pull fees account for electricity costs.

Now let's actually get a real estimate of btc mining difficulty looking at the one-year charts and 3-month charts here: http://bitcoin.sipa.be/

It appears that the btc price is growing at 2x the rate of difficulty growth, which is fantastic news. I'm gonna make this an easy calculation, so I'll peg btc at $20k in one year and the current mining profit at .08btc/month. In one year's time, you will be making .06btc/month if the price is $20k. I'll say .07btc/month average gets us to .84btc on the year. That is some serious profit if btc is $20k, which is $17k-$2k for the miner depreciation or $15k. You should see a greater return in mining over buying in the 2nd year. If the price triples, you should see a greater return before the first year is up.

If for whatever reason, the number of miners increases by 10x driving up the difficulty more than expected, you'll lose out, but you'll definitely almost earn the same as buying btc. I'm looking for some actual data of people that purchased miners this year to get a real estimate on the return on investment.
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  #11  
Old 11-27-2017
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Default Re: Bitcoin mining

From what I hear you have to pre-order from Bitmain, wait for months to get the miner if your even able to, mine for a few months, and the hardware becomes obsolete. Its only purpose is to mine bitcoin, when the difficulty becomes too high for the hardware it becomes useless because of the cost of electricity (profitability).

If you invested that same money into BTC that you would have spent on a s9, its highly likely you would make WAY more $.

GPU mining is a much safer bet. If you buy a GPU with 6-8gb of memory you will be able to mine with it for the next 3,4 years possibly more... Or sell it to a gamer once it's not profitable anymore...

There should be coins GPU mineable for years to come.
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Default Re: Bitcoin mining

Most of that is true. I was under the impression that the hashrate of your miner stays constant and only your pool and the total network hashrate goes up, so you just mine a little less over time unless the price of coin 10Xes like it did this year. So even though you're only mining 1/5th the rate of bitcoins as at the beginning of the year, the price is up 9x, so you're still doing ok. The reason you want to buy a new miner is the price is going up so much that you don't care about your ROI as long as you've already mined enough btc to get back your ROI. As long as the equipment has been out for a month, there should be resellers in the US selling at about a $500 premium, which is worth it to get started mining right away. Just make sure their listings don't say backordered or ships in 1-2 weeks or more.

For instance, off a $4k investment for an antminer S9, you've mined .25btc in 4 months. If the price is at $14k, you've only made back $3500 but you can sell it for around $2500 and have actually made $2k profit. If you had invested the $4k into btc at $8k, you'd have .5btc or $7k, giving you a $3k profit. This is why most people prefer to buy and hold.

Now you go ahead and buy the newest Antminer for $8k to get a whopping .1btc a month. After another 4 months, the price is now at $20k and you've mined around .35btc due to the increased difficulty. That's $7k in btc revenue minus the $8k but then you sell it for $5k putting you up another $4k. If you had just bought .55btc at $8k, you would have $11k now or $3k in profit. This is why it's extremely important to estimate the difficulty increases accurately or just use a mixed strategy. It sounds like it's better just to keep your Antminer S9 or buy and hold, but you would have to do the proper difficulty adjustment calculations.
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Old 02-15-2018
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Default Re: Bitcoin mining

I just bought a antminer L3
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Old 06-25-2018
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Default Re: Bitcoin mining

Speaking of mining - heres an interesting article that talks about the price of mining bitcoin globally:

"Bitcoin mining electricity usage higher than 159 countries: Power Compare"
https://www.blockchaintechnology-new...power-compare/
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