justoffal
Diamond Member
- Jun 29, 2013
- 29,256
- 20,986
- 2,405
As you know one of the latest crazes in the world of high-tech alternative income is crypto mining the two most popular are Bitcoin and ethereum. The amazing amount of energy consumed by the machines that do the mining is nearly staggering. I just finished a one-week study of the numbers to see whether or not it was worth the investment which could easily exceed 40 to $50,000 on the first run.
First of all you have to make sure you have a 200 amp House service. Does that give you the jitters?? It should. Since the beginning of the mining game special machines called ASIC miners have become available from manufacturers they currently run about $11,000 a piece for a top producing model.
(An ASIC (application-specific integrated circuit) is a microchip designed for a special application, such as a particular kind of transmission protocol or a hand-held computer. You might contrast it with general integrated circuits, such as the microprocessor and the random access memory chips in your PC)
That's only the base price BTW you can easily double or triple that depending on how fancy you want to get. Assuming a kilowatt-hour cost of less than 20 cents per KWH one ASIC can make anywhere from $300 to $600 a month in profit after expenses. Attention young foolish investors and suckers in general... That type of rate is no longer available once you average in the transmission fees, green energy taxes and connection contract service fees from your local grid provider. I'm finding after analyzing numerous bills from around the country sent to me by friends who are interested in doing an energy audit that the true cost of the kilowatt hour now averages between 25 cents and 35 vents per kilowatt hour. So depending on how much the crypto your mining is worth at the moment how much power your rig uses you could possibly make $100 a month in profit at that rate. If you're going to use an ASIC I recommend you use it as an alternative heat source for your house because that's how much heat it actually produces per unit.
That could make it more profitable in the winter if you are actually able to shut your furnace off and just run the ASIC. All in all the whole effort probably isn't worth it. You would have to have another purpose for the heat and that really only works in the cold season. In the hot summer months I'm not sure what you could do with that heat unless you use it to dry your clothes and then you'd have to worry about overheating the machine itself. The other danger is a crypto crash which would very quickly eliminate your profit margin and take you into negative numbers. I'm not a fan of the CCP or of China but it's pretty easy to see why they banned this activity in a country that is struggling to generate electricity and that still has many parts of the country living in the dark.
If anyone has information for me that can change my mind about this I would be interested. For a brief moment I thought I had discovered an interesting passive income however turns out to be complete bull crap.
If something sounds too good to be true well you know the rest.
Jo
First of all you have to make sure you have a 200 amp House service. Does that give you the jitters?? It should. Since the beginning of the mining game special machines called ASIC miners have become available from manufacturers they currently run about $11,000 a piece for a top producing model.
(An ASIC (application-specific integrated circuit) is a microchip designed for a special application, such as a particular kind of transmission protocol or a hand-held computer. You might contrast it with general integrated circuits, such as the microprocessor and the random access memory chips in your PC)
That's only the base price BTW you can easily double or triple that depending on how fancy you want to get. Assuming a kilowatt-hour cost of less than 20 cents per KWH one ASIC can make anywhere from $300 to $600 a month in profit after expenses. Attention young foolish investors and suckers in general... That type of rate is no longer available once you average in the transmission fees, green energy taxes and connection contract service fees from your local grid provider. I'm finding after analyzing numerous bills from around the country sent to me by friends who are interested in doing an energy audit that the true cost of the kilowatt hour now averages between 25 cents and 35 vents per kilowatt hour. So depending on how much the crypto your mining is worth at the moment how much power your rig uses you could possibly make $100 a month in profit at that rate. If you're going to use an ASIC I recommend you use it as an alternative heat source for your house because that's how much heat it actually produces per unit.
That could make it more profitable in the winter if you are actually able to shut your furnace off and just run the ASIC. All in all the whole effort probably isn't worth it. You would have to have another purpose for the heat and that really only works in the cold season. In the hot summer months I'm not sure what you could do with that heat unless you use it to dry your clothes and then you'd have to worry about overheating the machine itself. The other danger is a crypto crash which would very quickly eliminate your profit margin and take you into negative numbers. I'm not a fan of the CCP or of China but it's pretty easy to see why they banned this activity in a country that is struggling to generate electricity and that still has many parts of the country living in the dark.
If anyone has information for me that can change my mind about this I would be interested. For a brief moment I thought I had discovered an interesting passive income however turns out to be complete bull crap.
If something sounds too good to be true well you know the rest.
Jo
Last edited:
