Upvoted your intelligent comment ..as I agree that for most people, is not worth it to try mining with ASICS .
I do feel that developing #apps on the Steem API is a much wiser choice.
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Upvoted your intelligent comment ..as I agree that for most people, is not worth it to try mining with ASICS .
I do feel that developing #apps on the Steem API is a much wiser choice.
asic mining is quite profitable actually, so is gpu mining
Ok, just my opinion.
It wasn't for me, as it consumes so much energy.
You would need at least an Antminer S9 (14TH) for mining BCC or BTC now days. Those alone run between $4000 - $5000 USD on Amazon depending on the current demand, shortage and price of Bitcoin. Can order factory direct from Bitmain for less, but they are usually sold out all the time with the big pool operation demand for their hardware.
One S9 can make maybe between $200 to $350 USD a month depending on which pool is chosen to operate in. In many cities in the U.S., the electric bill will be over $200 USD as a result of running a 1000W (hairdryer) power supply all day long. So maybe you can pull in some minor profits with one S9 miner, but one can make exponentially more on Steem without any monetary expenses.
Now, if one can afford to buy 10 S9s, you might do well. It's loud, hot and a fire hazard too. Going to take time to recoup losses on the hardware or mining pool contracts as well. Hard to make big gains mining with small operations with millions of these miners running taking the largest portion of the pool shares.
Agree, GPU mining can be profitable with the various alt currencies out there. Disagree that mining with a few ASICs at home can be very profitable.
Here's the over optimistic profit breakdown on running 14TH. Going to take a long time to pay one off as you see below. That electricity cost estimate is way off for most people on the East Coast of the U.S. as well. Going to take 740 days to get one Bitcoin :-D
I don't think what you are saying makes any sense. The electricity numbers you are quoting are off the wall, at least in theUS; who cares if it takes a year to make back your investment if it's pure profit after that; you can mine many different coins with Asics of different kinds; your comparison to steem and the fact that it's loud/hot are total nonsequiters.
There is such a strong "MINING IS NOT WORTH IT" mentality, when in fact it is potentially an extraordinary way to make money passively in the long term, that I almost suspect is just miners trying to make it look a certain way to discourage their competition...
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.
now I just needs to get someone to join me on a reverse rental agreement! Send me a rig for free, ill provide and pay for the power and we can split the profit !