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Bitcoin mining

  • Thread starter Thread starter Lyrrex
  • Start date Start date

Lyrrex

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I know one of the reasons why Bitcoin mining is not profitable to some people is because of the cost of power supply in their country. So I want to know if I have an area with a free power supply will it be profitable to mine Bitcoin?
 
Of course if you have cheap or free electricity mining is profitable. The price of 1 kilowatt of energy in my country is $ 0.09 .. I have a small ETH mining farm. 6 pieces Asus 1070 dual OC 8gb with Samsung memory. The stable hashrate of the video card is 31 hashes .. I have a total of 186 stable hashes .. My monthly income is $ 80-83 .. The income also depends on the price of Etherium
 
I havent see any area but i suggest you use a solar inverter and connect everything then see if you can start mining
 
Apart from power supply , there are other challenges such as high cost of Mining apparatus , government policy
 
Ehizzy1 said:
I havent see any area but i suggest you use a solar inverter and connect everything then see if you can start mining
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Solar system is a long-term investment .. Also solar electricity is not 24 hours .. In my opinion the best option is a mini hydro power plant or a solar and wind hybrid system
 
mining is not just about electricity. it is a huge advantage if you have it for free, of course, but you also need the necessary devices :)
 
KURTAULI said:
Of course if you have cheap or free electricity mining is profitable. The price of 1 kilowatt of energy in my country is $ 0.09 .. I have a small ETH mining farm. 6 pieces Asus 1070 dual OC 8gb with Samsung memory. The stable hashrate of the video card is 31 hashes .. I have a total of 186 stable hashes .. My monthly income is $ 80-83 .. The income also depends on the price of Etherium
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Considering that the price of ethereum is increasing on a daily basis. Do you still make as much profit from your mining Farm?
 
mariusMACO said:
mining is not just about electricity. it is a huge advantage if you have it for free, of course, but you also need the necessary devices :)
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Devices are the major components of Minning once you have them and there is constant electricity then you are to make more money from mining.
 
On the off chance that you need to mine Bitcoin, you need to purchase an ASIC. Computer processor and GPU mining is so wasteful contrasted with ASIC mining that it isn't justified, despite the potential benefits, regardless of whether you have free electricity or not.
 
In Serbia, it is kinda profitable anyway due to the low cost of electric power. This really depends on how much you make vs how much you pay.
If you paid for example 1000 and got like 2 pcs that mine 3$ in total per day, you will need a year to recover your cost and pay for the electric bill, and after that, lets say your cost of the yearly electrical bill only for the miners will cost is 150, so this is the kind of 2 years earning possibility:
-1000$ (PC)
-300$(2-Years Electric Bill)
+2x365x3$ = 2190$
------------------------------------------
2190$ - 1300$=890$ profit

Now does this mean it is going to be only 890$?
No, because mining isn't a fixed income, that means one day it could be 1$, and another day it could be 7$ worth of mining. Including that the bitcoin is also going up and down the profit is hard to calculate.

So for example there are a few possibilities.
2 Years Low Price that Rises, aka 890$ profit is doubled or tripled due to the rise of the bitcoin or the possibility that the bitcoin falls and it is worth half of the 890$.

In a way it is a gamble, but if you get informed you can earn for sure out of it. I am mining it and will hold onto my earnings for a year or few when the bitcoin reaches 36k, then I will sell it.
 
Bitcoin mining has nothing to do with power supply, it is more than just mining its about the coin itself and the mining period is not encouraging. You may spend 365 or 366 days to mine a very little coin. It's a matter of time.
 
Free power supply? Is there a country where electricity is free? Because I've never heard of that before. Yes, you could set up your own electricity farm with electric panels or something similar but that's definitely not cheap
 
I think the best place to start Mining bitcoin with free electricity is dubia, I think they offered ripple free electricity for like 50 years which I think is really high and good for Ming any coin
 
Having a free power supply would actually boost your profitability in the Bitcoin mining venture. This power issue is not the only challenge facing the mining of Bitcoin but there is also the issue of price fluctuation which can greatly affect the profitability of your mined Bitcoin.
 
I don't think power supply is the only thing one has to be worried about when it comes to Bitcoin mining farm setting up. There are a lot of mechanical and structural setting up to do that also require heavy amount of capital too
 
Lyrrex said:
I know one of the reasons why Bitcoin mining is not profitable to some people is because of the cost of power supply in their country. So I want to know if I have an area with a free power supply will it be profitable to mine Bitcoin?
Click to expand...
I think that with a free power supply it would definitely be worth while, because then any currency that you are generated is classified as pure profit, and as a result this will be a good thing. However this is considering that you have the right equipment that makes mining time feasible.
 
If bitcoin mining was not profitable why would people invest such a huge amount to build mining farms. Have you seen mining farm owned by Genesis? That's really huge.
 
If you don't have much power supply to mine bitcoin then you can do some cloud mining. It consume less power and it is affordable, all you need is a good network and some hashrate
 
If you have free power supply or use your own power supply, solar energy for instance, I think mining bitcoin would be highly profitable even for small investors.
 
Not really on free power supply but also the rates of power consumption is what will also determine, because in Nigeria here I don't think mining of cryptocurrency will work because of the high rate of power consumption in the mining process, electricity here cannot carry out a successful mining activities.
 
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