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Mining Bitcoin

2,325 Views | 12 Replies | Last: 15 days ago by YouBet
aw08
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Anyone on this board do this themselves or pay a hosting company?

Could it be better than buying actual Bitcoin long term?
MRB10
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AG
Depends on a number of factors but your electricity rate and the hashing power of the miner are the main ones.

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=1&HashingUnit=TH%2Fs&PowerConsumption=1500&CostPerkWh=0.12&MiningPoolFee=1

Most people don't have access to free electricity, or even single digit rates per kwh, so it makes more sense to just buy BTC.
ChoppinDs40
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AG
All depends on your cost per miner and electricity cost.

I own part of a bitcoin mining facility (one of the ones you see on the news that people are btching about) and you gain scale by getting miners for cheaper (relative to efficiency of production) and negotiating a good price/kWh contract.

Many power providers to these operations are getting smart and forcing a spread on the power. So if hashing price goes up, so does the power, making the "miner" a pure spread based business that then relies heavily on the long-term hold of BTC.

All that being said, if you were mining them at $10k/BTC a couple years ago and held onto them in your wallet, congrats!
Bayou City
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We did it when we rented and our utilities were included in our rent from 2017-2021. We pooled together several miners between the 3 townhomes. Our only overhead was the miner. Luckily we haven't sold much. I can't imagine the electric bill that our single lot 3 townhome rentals we're using and was always shocked the landlord never asked. We think he didn't know because every unit was involved so they didn't see a huge disparity between unit consumption. Our bills had to be huge. We had that place rigged up w so many units im surprised we didn't burn the house down. We had to soundproof the door to the basement because they were SO loud.
"I've lived through some terrible things in my life, some of which have actually happened."

Mark Twain
Ag92NGranbury
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AG
Location of bitcoin facility?
ChoppinDs40
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AG
Ag92NGranbury said:

Location of bitcoin facility?
totally not near you
aw08
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How much were you mining back then?
Bayou City
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We were running quad S9s w a 13.5TH. Our portion of the annual pool ended up at about .2 BTC/month/unit in 2018 and then dropped as the difficultly increased. At that time BTC was 3500-11000. We ended up with about ~20BTC w an average cost of about $5200/BTC. Now those machines would mine about .1 BTC/Yr. It was the best financial move were ever made. Wish we hadnt sold any of it but that's life. Luckily we lost the cold storage drive that we had most of them held when we moved in 2020 and found it 2 years later. If we hadnt lost it we likely wouldve liquidated them. Luckily we found the drive in late 2022.
"I've lived through some terrible things in my life, some of which have actually happened."

Mark Twain
MRB10
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AG
I don't understand the last part. Why do you care about losing the hardware wallet if you have enough information to sign a transaction/liquidate the coins?

Edit: my reading comprehension sucks. I read it initially as you had the seed phrase but not the drive. I'm now reading it as you did not have the phrase backed up and would have sold sooner had you not lost the drive. Carry on.
Fireman
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AG
I've always just invested in bitcoin, never tried to mine it. I'm interested in mining, and have dabbled in looking at potentially buying the mining machine. Although, I've never found a decent video that walks you through how to set up the mining machine start-to-finish, step by step, including joining a pool, etc. If anyone comes across a good step-by-step video on how to setup a mining machine start to finish, I'd be interested in the link.
Canyon99
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AG
What is the cost to mine these days? Saw somewhere around $17-18k/BTC but not sure if that is accurate.
Kansas Kid
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Canyon99 said:

What is the cost to mine these days? Saw somewhere around $17-18k/BTC but not sure if that is accurate.

This site updates regularly.

https://en.macromicro.me/charts/29435/bitcoin-production-total-cost

ETA. It will always be relatively close to the bitcoin price because if it gets too wide, a lot of additional miners would enter the picture and increase the hash rate. Too high and high cost miners shut down.
YouBet
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AG
Canyon99 said:

What is the cost to mine these days? Saw somewhere around $17-18k/BTC but not sure if that is accurate.


I have a Sony Vaio laptop I'll sell you to help with mining. Let me know!
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