Jordan tuwiner last updated january 29 2019 the early days of bitcoin mining are often described as a gold rush. According to marketwatch the electricity cost involved in mining a single bitcoin is more than 3000 in the cheapest states.
An Honest Explanation Of Price Hashrate Bitcoin Mining Network
For those looking to do it on the cheap head to venezuela where the cost of mining a bitcoin is just 531.
How much does bitcoin mining equipment cost. I will use mining difficulty data from may 2019 to illustrate how this calculation is done. With the cost of one coin between 3000 and 4000 as of january 2019 the energy costs alone dont make it worth it. For states with higher electric rates you could spend more than 6000 in electricity to mine a single bitcoin.
With a bitmain antminer s9 for example it would take over 162 years to reach roi if the value of 1 btc remained at 532554. Cheap mining hardware will mine less bitcoins which is why efficiency and electricity usage are important. This profitability calculator doesnt include the upfront costs of buying the mining rig.
The answer to this question varies quite a lot because the price and difficulty of bitcoin mining are constantly changing. How much does it cost to mine 1 bitcoin.! Price how much does the bitcoin miner cost.
! The fastest and more efficient mining hardware is going to cost more. Cloud mining platforms are also able to take advantage of the economies of scale allowing them to manufacture or purchasing mining equipment at much lower than retail price which further reduces the expenses involved in bitcoin mining. The declining value of bitcoins and the power demands of mining have driven total mining operating profits down to just over 300000 per day over the whole economy.
Is bitcoin mining profitable or worth it in 2019. To be sure venezuela offers a host of other challenges miners must overcome. You can input parameters such as equipment cost hash rate power consumption and the current bitcoin price to see how long it will take to pay back your investment.
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How Does Bitcoin Mining Work
