Bitcoin mining

Introduction

I wanted to start mining for my business. But first wanted to do some research. But I stumbled upon some data. Here is what I found.

What we need for research:

Transaction fee
Hash rate (how much power the network has)
The profit/hash rate

Average transaction fee:

Transaction fees increased by 33754.14% and it's still 1490.28 times bigger than the fees in January 2016. But they went down from last January by -95.3%

Hash rate: (In E Hash)

Hash rate is the total power of the network. In 2.5 years the total power has increased by 5181.23% that’s a lot! The total Hash rate more than doubled the last 6 months.

$ / THash a day:

Is mining Bitcoin still a good idea?

Mining in January 2018 was a great idea. To calculate what we would have earned in January we need the Hash rate of an Antminer S9 that’s 14 TH/s. And the earnings per THash a day which is $ 2.174 in January 2018. An Antminer S9 uses 1350 watts. If you have an electricity cost of $ 0.17 kWh that’s $5.508 a day.

(14 * $ 2.174) - $5.508= $ 24.928

An S9 costs about $2300 in January. So it would take you 92.27 days to earn back your S9 miner.

Okay that's not bad let's calculate what we would earn today. We use the data of 1 July 2018. The $ per THash is $ 0.318 a day. Let’s calculate what we would earn a day.

(14 * $ 0.318) - $5.508 = $ -1.065

Even though an Antminer S9 costs only $ 690 now. It doesn’t make any profit. So to get back your earnings is quite hard. Only if you reduce the electricity cost under $4.452 you won't make a loss.