With prices soaring across the board the interest of mining bitcoin and other crypto is on the rise. Personally I mined bitcoin myself on two R9 290X back in the day when you could mine roughly 0.01 BTC per day with them.
But that quickly fell as we moved into ASIC miners which started out on thumb drives and today are monster bricks of ASIC chips all stacked together.
Bitcoin Mining
These little buggers mined at around 300 MH/s and used a fraction of the power of GPUs and CPUs which was at that time the primary way to mine bitcoin. This shift to ASIC set us into a massive new industry of miners.
You now have a number of companies selling these "tools" or miners but the issue is most of them are so over priced unless you buy in bulk that you'll never break even on the miner.
As the old saying goes "When everyone digs for gold sell shovels" In this case it's "When everyone mines for bitcoin sell the miners" as these companies are price gouging the hell out of customers because well honestly they can the demand is there.
Bitcoin has become increasingly non profitable to mine unless you're able to get the near latest hardware and produce your own power via solar, wind or hydro.
What I've been seeing more so is smaller operations of miners coming out which use low power so a single or a few solar cells can run them. These are the new hobby miners or even lotto miners which I think are going to grow in popularity.
One of the high in demand miners is the Avalon Miner which can push 4TH's however I run mine at 3THs on solar as it only uses about 90-100 watts this way and give me a better output. Plus is quite once you kick it up to 4THs the things loud as F! It's also great for a little space heater as well which can be another great benefit for those living in a cooler climate. Free electric, mines bitcoin for some profit and heats your home. A rather big win, win, win!
But there's now other miners which are actully profitable but I suspect for these to get grabbed up in no time now.
For example most of these dogecoin miners mine not only doge but also Litecoin and Bel. A Goldshell Mini Doge 3 would make you around $1.60 a day in profit if your KW/h was $0.13 but let's say you produced all your own power your profits per miner right now would be $2.85 a day.
The entire game changes once you can produce your own power and mine with these things. The most profitable right now is the Bitmain antminer L9 that uses 3,570 watts and mines Dogecoin and Litecoin would currently make you $69 a day in profits.
Now granted that's you're selling the coin right away as soon as it's mined. You have free power, you actully have the miner in hand right now and so forth. Now before dogecoins pump if you mined Dogecoin you would have been seeing something like $16 a day in profits which means if you mined and held you'd be up even more.
This is where a hobby style farmer could do better than a business. Depending on cases as a hobby farmer with free power would most likely mine and hold all or some of what they mined for later. As long as prices go up then that new amount they hold could be worth far more.
Dogecoin Mining
Dogecoin is a crazy one. I honestly never thought I would see the day that dogecoin would be worth $0.01. It then went to around $0.07 in the last bull run and as of today the things at $0.39 that's just crazy!
Dogecoin miners are script style miners and they pack a punch!
For most people mining is not going to be profitable at all. Even for some big time projects it's not.
However as a hobby with a small investment it can be a great way to start mining crypto and getting in on the game if you want.
In most cases though so far buying the coin and holding on to it has been more profitable lol. *This article is for entertainment purposes only and is not financial advice.
Staking
Staking might end up being the new mining. It feels like it's a more even playing field as the cost to run is the same for everyone.
For example a person with 5,000 ETH gets the same percent as someone with 5 ETH. This is mainly run on other platforms instead of running it yourself like Coinbase.
This can also be expanding into DeFi, SocialFi and GameFi.
Are you mining crypto?
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I would love to mine but power is just too expensive here making it impossible. With free power it would be nice but the setup of solar is also expensive with the payoff being in many long years and I'm likely to sell before too much longer. Maybe after I move out of California!
Staking may be the best way for the majority of us!
not yet as cost are so high