RE: Am I Still Investing in Cryptocurrencies Every Month?

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Am I Still Investing in Cryptocurrencies Every Month?

in cryptocurrency •  7 years ago  (edited)

Using ASICS to mine Bitcoin or Bitcoin Cash at home is not very profitable considering electricity costs and the current difficulty factor unless you have significant and costly hashing power. Give it a go and report back with your findings. It was profitable for me over two years ago, but not any more. I ran a rack of 8 Antminers (Mix of S3s and S5s) and I sold them off as the profit margins shrunk. Not going to compete with massive mining operations anymore without a huge initial expense. Gave my last miner away for free to Black Dayz who is a DEFCON goon.

If you can use ASICS to mine crypto currencies with a lesser difficulty factor and larger pool pay out than BTC or BCH, that's good. Just not going to get significant gains in the BTC or BCH pools with a home mining operation any more. Acknowledge GPU mining for alt-coins can be profitable.

You can make ~ $120 in BTC a day with 100TH, but see how much that costs to buy the machines or even with a contract. Initial cost is way too high. You would need 7 S9s * $4000 = $28,000 bucks. 233 days to break even just on the machine cost if you don't blow a logic board along the way... Few of my miners became door stoppers / paper weights. Electricity bill through the roof on top of that with a 10,000W power drain. Most apartments and residential homes can't even support a 10KW draw either without flipping breakers. AC will be running nearly 24-7 as well.

Just easier and less expensive to buy crypto out right and trade for higher gains based on my experience mining. Now if you have free electricity and the money to spend on miners, go for it.

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