March 28, 2024

How much money does it take to start mining bitcoin?

How much money does it take to start mining bitcoin?

The number of miners is increasing, and this means that the difficulty of Bitcoin mining is growing, the hashrate is increasingrecords, and experienced players connect additional equipment and upgrade the old to more powerful.

And this is not surprising! After all, thanks to mining, you can get less risk and the same profitability as when trading cryptocurrencies. How much money can you start mining bitcoins and how much income can you expect?

Self mining

Self-mining bitcoins started asa highly profitable hobby for early miners. They were able to earn 50 BTC every 10 minutes by mining it from their bedroom. Mining just one (!) Block of bitcoins and holding it since 2010 would have resulted in the equivalent of $ 450,000 in your crypto wallet by now.

Ten years ago, all you needed was —This is a fairly powerful computer, a stable Internet connection and the ability to predict the future. Now for mining you will need equipment, electricity (the cheaper the better) and a place for mining rigs. Don’t forget that equipment requires attention and maintenance, so your own mining farm can never be “passive income.”

But the main expense is electricity.You've probably heard these scary stories about the huge energy consumption of Bitcoin mining. Regardless of whether the media exaggerates this fact or not, the main category of mining costs — this is the energy consumed. And for mining to be profitable, the income from it must exceed the cost of electricity and the initial investment in equipment.

Electricity prices vary from country to countrycountry. Many countries provide special incentives for the purchase of industrial electricity to stimulate economic growth. Because of this, a mining farm in Armenia will pay half as much for electricity as your home farm in Russia. And there is no need to compare it with Germany at all. In the Energy Prices 2020 report, prepared by the IEA, you can see and compare the cost of electricity in more than a hundred countries.

How much money does it take to start mining bitcoin?

</p>

The second category of expense is costthe equipment itself. There are now several major miner manufacturers and their price varies from manufacturer to manufacturer. It usually depends on how little electricity the miner consumes compared to its processing power. The more processing power, the more bitcoins you will mine. The lower your energy consumption, the lower your monthly expenses.

When choosing a miner for investment, you mustthink about the cost-effectiveness and durability of the equipment. Profitability is determined by cost divided by TH, watts used per TH and your hosting costs. Durability is determined by the quality of the equipment itself. Therefore, it makes no sense to buy cheaper or seemingly more efficient machines if they fail after a few months of operation.

If the cost of hosting is low enough, thenit makes sense to prioritize TH price over TH watts as your lower operating costs offset the loss of miner efficiency. Conversely, if your hosting costs are high.

There are also special calculators that allow you to calculate the approximate profitability of self-mining cryptocurrencies. To calculate, you need to choose:

  • miner model
  • miner cost
  • pool commission
  • hashrate
  • the amount of energy consumed
  • electricity cost
  • network remuneration
  • network complexity
  • bitcoin cost

According to many industry experts, its ownmining farm makes sense with investments of $ 20,000, because the cost of one modern ASIC exceeds $ 2,000. You must have at least 10 miners in order for the farm to continue working if some of them fail. Therefore, warranty and service are an important argument for purchasing new equipment.

The payback period for your mining farm is about a year or two. In the current market environment, self-mining is unlikely to recoup the hardware and power costs. And the profit is unlikely.

Cloud mining

But there is an alternative that allowsmake money on mining, avoiding the costs of working with your own equipment. At the same time, the payback period for this type of investment starts from three months.

Cloud mining &#8212; mining processcryptocurrencies using a remote data center. It allows users to mine Bitcoin or alternative cryptocurrencies without the need to purchase, set up or maintain hardware.

It is enough just to choose a contract that suitsaccording to your risk profile, and the provider himself will provide modern equipment, maintain it, agree on the supply of cheap electricity and transfer your profit to you. And to start making money on cryptocurrency using cloud mining, just $ 10 (not thousands!) Is enough.

How much money does it take to start mining bitcoin?

</p>

On the website of one of the most popular providersECOS you can find a cloud mining profitability calculator and evaluate its prospects for your portfolio. And if she attracts you, then you can try it there!

ECOS &#8212; this is a legal company createdwith the support of the Government of Armenia and is a resident of the Free Economic Zone. Thanks to this, its activities are not subject to tax. One of the founders is the Hrazdan Thermal Power Plant and the low cost of electricity allows you to mine Bitcoins even more profitably.

How much money does it take to start mining bitcoin?

</p>

By entering the promo code &#171;WELCOME&#187;, you will receivemonthly bonus contract for 0.5 TH/s, and another 10 TH/s for phone verification! Follow the link and get special conditions right now https://mining.ecos.am/.

How much money does it take to start mining bitcoin?

</p>

5
/
5
(
1

voice
)