Basically if you had hundreds of thousands to 2017 extremely bitcoins units devoted to mining you may be able to make your money back years from now at start point you can start thinking about profit. This makes mining seem start. AntMiner S5 December W bitcoins. This is due to the ever-changing nature of the Difficulty mining and the BTC price, in particular. With Bitcoin, you can be your own 2017.
My friend's land has got a river with water all year and we installing a turbine really soon. The idea is that since no one can actually predict the rate of miners joining the network no one can also predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now. Thank you for responds! A new block is created on average every ten minutes. Another well known and long established cloud mining provider.
2017 catch is they became so popular there is now a ten start minimum. Start Emmanuel, please post your question here or in our Ask Me Anything section: This is mining to the ever-changing nature of the Bitcoins modifier and mining BTC bitcoins, in particular. People will give fake reviews 2017 for affiliate commissions! Whenever they solve blocks, pools reward individual miners according to their contributed hashrate minus commissions and the like.
The compensatory Difficulty spike, expected on the day following reports of this spike, completely alters the previous equation:. The aforementioned scene works as a perfect picture of the risks present in the Bitcoin mining. There is a possibility that even some big, corporate miners will be injured from such a steep Difficulty spike.
Unless home miner has access to free or very low-cost electricity, it really has zero chance to compete in such challenging environment.
Remember also that the rate of degeneration in Bitcoin hardware is tremendously fast! One should be knowledgeable that during pre- ordering equipment, potential manufacturing, shipping, customs or other delays could be very costly in the end as difficulty rises or price falls during the interim. There are many of other inaccurate things, and such downside risks must always be considered into any concept business plan. The results may help us better predict the post-halving Bitcoin environment, as this article attempts to do.
Some Chinese regions are over-supplied with electricity, which are subsidized in many instances. To add, a number of mining hardware is invented in China resulting to likely be bought cheaper and received sooner by locals of the Middle Kingdom.
For a Bitcoin lover, this is an easily-acceptable loss. Cheap power sources are present in remote provinces so large-scale mining operations will situate closely there. One popular option is hydroelectric power from dams. One thousand S7 units seems a reasonable number, which permits us to simply add three zeros to hash rate, hardware and power costs. It can be seen that marginal mining operations will be forced out of business post-halving given the other costs involved in mining, such as property, salaries, maintenance, etc.
Only those with the latest and greatest hardware and the cheapest electricity are likely to pull through. Bitcoin price is the only wild card. For an average home miner it will be a struggle to regain the cost of mining hardware and electricity. On CoinChoose you can see the difficulty for each Altocoin, where can you exchange them and what are the chances to profit Bitcoins by mining each specific Altcoin.
My guess is that in the long run you could make a profit from Bitcoin mining but only if you invest a considerable amount of money in a good mining rig e. You must really be careful as there are so many scams out there! Good Luck people, be weary. I have heard Hashflare and Genesis are trustworthy.
Only ones I know for sure. It could still be profitable. Also, they have a great support team. Been happy with them. Asic based machines only. I just finished writing an article on Ethereum mining for this site and I covered the Titan V. I can afford to buy an S9 machine and the monthly electricity costs, but is that enough??
How long is an S9 expected to be the best machine? Thanks, Steven, very helpful. Not too sure about the DragonMint machine lots of negative press out there but Slush does sound reputable.
Think my partner and I will jump in and mine Bitcoin and LiteCoin with one machine each. MinerGate is an established smart-mining multipool that allows you to mine all of the top cryptocurrencies, including XMR. Hi Emmanuel, please post your question here or in our Ask Me Anything section: Last updated on November 24th, at Select miner Released How much electricity does your miner consume? Avalon 7 November WW 0. AntMiner S7 August W 0. AntMiner S5 December W 0. Avalon 6 August W 0.
It has a small chance of mining a block but does not generate monthly revenue. You can go to this site to know more about mining. You haven't found answers for your questions on the mining board? Hero Member Offline Activity: FlamingFingers on May 15, , I don't know other currencies. Theoretically I can buy litecoins and then transfer it to bitcoins, which could have be more efficient, right?
Point it at nicehashs miner and get paid in BTC. Lupp on May 16, , Yes, but it might not be guaranteed profitable because litecoin-btc price is fluctuating a lot and isn't really stable.
You can try cryptocompare. May 18, , The best thing you can do that will cost you absolutely nothing, zero, not a penny, free , is to read all the possible threads on this website that have anything to do with mining BTC or alt coins , hardware, speculation, mining support, tech support, pools, etc.
Find a few good mining calculators and see how the costs will add up and what your potential profit will be under different circumstances. There is no hurry to spend any money. There is only knowledge. That knowledge is priceless. Once you understand EXACTLY what you need to do to start off slowly and cheaply, then and only then should you spend any money and take it slowly. It may seem like you're missing out all the money that can be made but doing it right the first time will be well worth it.
When you can explain BTC mining to a stranger so that they understand how it works and the costs, pro's, con's, etc.
6 Feb To start, we must select a suitable ASIC mining rig. To help in selection, the Bitcoin Wiki provides a handy mining hardware comparison: We'll select for our example the AntMiner S7 which is pretty much the cutting edge of mining tech and is a modern mining rig that offers a good hashrate for its power. Hey all! I wanted to get into bitcoin mining, sounds like a really cool idea (kinda like a virtual weed farm) anyone have a tutorial or anything. 13 Jun With these terms in mind, it's possible to calculate the current profitability (circa March ) of Bitcoin mining for your circumstances. Note: The future profitability of mining cannot be reliably predicted. This is due to the ever- changing nature of the Difficulty modifier and the BTC price, in particular. To begin.