# Is Bitcoin Mining Profitable in 2017?

Last updated on September 25th, 2017 at 10:14 am

Before we start, if you’re new to Bitcoin mining and don’t know what it is watch this short and simple explanation:

## “Is Bitcoin Mining Profitable in 2017?“

The short answer would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated let’s make sure you are familiar with the different variables:

## Bitcoin Mining terms you should get to know

Hash Rate – A Hash is the mathematical problem the miner’s computer needs to solve. The Hash Rate is the rate at which these problems are being solved. The more miners that join the Bitcoin network, the higher the network Hash Rate is.

The Hash Rate can also refer to your miner’s performance. Today Bitcoin miners (those super powerful computers talked about in the video) come with different Hash Rates. Miners’ performance is measured in MH/s (Mega hash per second), GH/s (Giga hash per second), TH/s (Terra hash per second) and even PH/s (Peta hash per second).

Bitcoins per Block – Each time a mathematical problem is solved, a constant amount of Bitcoins are created. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years). The current number of Bitcoins awarded per block is 12.5. The last block halving occurred on July 2016 and the next one will be in 2020.

Bitcoin Difficulty – Since the Bitcoin network is designed to produce a constant amount of Bitcoins every 10 minutes, the difficulty of solving the mathematical problems has to increase in order to adjust to the network’s Hash Rate increase. Basically this means that the more miners that join, the harder it gets to actually mine Bitcoins.

Electricity Rate – Operating a Bitcoin miner consumes a lot of electricity. You’ll need to find out your electricity rate in order to calculate profitability. This can usually be found on your monthly electricity bill.

Power consumption – Each miner consumes a different amount of energy. Make sure to find out the exact power consumption of your miner before calculating profitability. This can be found easily with a quick search on the Internet or through this list. Power consumption is measured in Watts.

Pool fees – In order to mine you’ll need to join a mining pool. A mining pool is a group of miners that join together in order to mine more effectively. The platform that brings them together is called a mining pool and it deducts some sort of a fee in order to maintain its operations. Once the pool manages to mine Bitcoins the profits are divided between the pool members depending on how much work each miner has done (i.e. their miner’s hash rate).

Time Frame – When calculating if Bitcoin mining is profitable you’ll have to define a time frame to relate to. Since the more time you mine, the more Bitcoins you’ll earn.

Profitability decline per year – This is probably the most important and elusive variable of them all. The idea is that since no one can actually predict the rate of miners joining the network no one can also predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now. This is one of the two reasons no one will ever be able to answer you once and for all “is Bitcoin mining profitable ?”. The second reason is the conversion rate. In the case below, you can insert an annual profitability decline factor that will help you estimate the growing difficulty.

Conversion rate – Since no one knows what the BTC/USD exchange rate will be in the future it’s hard to predict if Bitcoin mining will be profitable. If you’re into mining in order to accumulate Bitcoins only then this doesn’t need to bother you. But if you are planning to convert these Bitcoins in the future to any other currency this factor will have a major impact of course.

## Get a mining calculator

In order to calculate all of these parameters and get an answer to our question we will use a mining profitability calculator.  here’s a simple mining calculator from 99Bitcoins:

 Difficulty factor Hash rate KH/s MH/s GH/s TH/s PH/s BTC/Block reward USD/BTC exchange rate Pool Fees % Power (Watts) Power Cost (USD/kWh) Hardware Costs (USD)

However, now let’s take a look at a more complex example where we include more factors:

Today one of the most advanced miners out there is the Antminer S9. It’s what is known as an ASIC mining rig.  It has a mining rate of 14 TH/s. If we use the simple Bitcoin mining calculator (shown above) you will see that at today’s difficulty you will earn around 0.11 Bitcoins a month.

But of course this doesn’t take into account the hardware cost, electricity cost, pool fees, etc. Let’s try to calculate all of these together.

This data was taken from an advanced Bitcoin mining calculator using the following stats: 2% mining pool fees, 12.5 Bitcoins as a block reward, 14 TH/s hash rate, 1375W power consumption and \$0.12 per KW.

So after 12 months we should be making around \$4,032. However we haven’t deducted the hardware cost yet, so it’s more like \$ 2,032. However this is true for Bitcoin’s current exchange rate (around \$4,000). If you calculate this with the exchange rate of 1 month ago you’ll only be breaking even.

This result can change depending on your own electricity cost, the change in mining difficulty and most importantly the change in the price of Bitcoin.

So you’re probably not going to get rich by mining Bitcoins at home unless you buy some heavy duty equipment and have very low electricity costs. Here’s a list of the most efficient Bitcoin mining hardware out there today. There’s not a lot of variety to pick from since home mining is a dying art.

• ## Select miner

• Released
• How much electricity does your miner consume?Power consumption
• Power efficiency
• How "fast" can your miner mine BitcoinsHash rate
• Dimensions
• Weight
• This does not include hardware cost, electricity cost, or changes in BTC rate and mining difficultyRevenue in vacum*
• Price
• Our rating of the miner taking into account all specifications aboveOverall rating
• ## Antminer R4

• August 2016
• 845W±9%
• 0.1 J/GH +9%
• 8.6TH/s±5%
• 20 x 3.9 x 8.7 inches
• unknown
• Based on BTC rate and mining difficulty on August 28th 20160.29 BTC/month
• Estiamted \$1000
• 88%
• ## AntMiner S9

• June 2016
• 1375W ±7%
• 0.098 J/GH
• 12.93 TH/s
• 13.7 x 5.3 x 6.2 inches
• 10 lbs
• Based on BTC rate and mining difficulty on July 1st 20160.5 BTC/month
• ~\$2000
• 95%
• ## Avalon 7

• November 2016
• 850W-1000W
• 0.29 J/GH
• 6 TH/s
• 13.4 x 5.3x 5.9
• 9.5 lbs
• 0.14 BTC/month
• \$880
• 81%
• ## AntMiner S7

• August 2015
• 1293W
• 0.25 J/GH
• 4.73 TH/s
• 11.8 x 6.1 x 4.8 inches
• 7.5 lbs
• Based on BTC rate and mining difficulty on July 1st 20160.15 BTC/month
• \$599
• 83%
• ## AntMiner S5

• December 2014
• 590W
• 0.51 J/GH
• 1.155 TH/s
• 11.7 x 5.3 x 6.1 inches
• 6.6 lbs
• Based on BTC rate and mining difficulty on July 1st 20160.05 BTC/month
• \$199
• 79%
• ## Avalon 6

• August 2015
• 1100W
• 0.29 J/GH
• 3.5 TH/s
• 13.9 x 5.1 x 5.9 inches
• 9.5 lbs
• Based on BTC rate and mining difficulty on July 1st 20160.12 BTC/month
• \$700
• 76%
• ## Antrouter R1

• September 2015
• This miner barely takes up any powerNegligible
• Negligible
• 5.5 GH/s
• 3.3 x 2.2 x 1.1 inches
• 0.2 lbs
• This miner is a solo miner. It has a small chance of mining a block but does not generate monthly revenue.Probably nothing
• \$39
• 70%

So even though home mining is an expensive business there are still other option that may be relevant for you to get into the mining game at a lower cost.

## How to mine Bitcoins with cloud mining

There a new concept called “cloud mining“. This means that you do not buy a physical mining rig but rather rent computing power from a different company and get paid according to how much power you own. At first this sounds like a really good idea, since you don’t have all of the hassle of buying expensive equipment, storing it, cooling it, etc.

However, when you do the math it seems that none of these cloud mining sites are profitable in the long run. Those that do seems profitable are usually scams that don’t even own any mining equipment, they are just elaborate Ponzi schemes.

If you do want to take a look at cloud mining I suggest using Genesis Mining – the only cloud mining company that has been around long enough to prove it’s not a scam. But make sure to do the math before putting your money into any of these plans.

## Mining Altcoins as an alternative to Bitcoin

One more option you can consider is mining Altcoins instead of Bitcions. Today there are hundreds of Altcoins available on the market and some of them are still real easy to mine. The problem is that because there are so many Altcoins it’s hard to tell which ones are worth investing your time in. Some good examples for Altcoins are Litecoin, Dogecoin and Peercoin.

In order to understand which Altcoins are profitable you can find website indexes such as CoinChoose that give you a complete Altcoin breakdown. On CoinChoose you can see the difficulty for each Altocoin, where can you exchange them and what are the chances to profit Bitcoins by mining each specific Altcoin.

## So is Bitcoin Mining Profitable ?

My guess is that in the long run you could make a profit from Bitcoin mining but only if you invest a considerable amount of money in a good mining rig (e.g. Antminer s9). If you don’t have the time or the money – stay away from mining and just invest in buying Bitcoins for the long run.

### Ofir Beigel

Owner at 99 Coins ltd.
Blogger and owner of 99Bitcoins. I've been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn't get anywhere else on the planet. I'm not a techie, I don't understand "Hashes" and "Protocols", I designed this website with people like myself in mind. My expertise is online marketing and I've dedicated a large portion of 99Bitcoins to Bitcoin marketing.
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143 Comments on "Is Bitcoin Mining Profitable in 2017?"

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Jacko

I read the “Is Bitcoin Mining Profitable in 2017” and I have a few questions:
1. Does the Miner only work for Bitcoin? For instance, can the Antminer s9, work for Litecoin?
2. What if I setup a small mining facility. Let’s say using 5-10 Antiminer s9. Wouldn’t that make me break-even faster?
3. How is a mining facility set up? Are there any dedicated contractors who do such thing or anyone can personally set it up?

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Steven Hay
Hi Jacko, Thanks for the follow-up questions. Here are my responses: 1) A Bitcoin ASIC miner will only work for coins which use the same algorithm as Bitcoin; the SHA-256 algorithm. You may have heard about miners switching their hashpower back and forth between Bitcoin and Bcash? This is possible because both coins use the same algorithm. It’s even possible to mine multiple coins of the same algo simultaneously, this is known as merged mining. 2) Not really… unless you’re able to negotiate a better rate on power (and/or other costs), you’re just multiplying your income and expenditure by the… Read more »
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Haider

There is a website in UK with a liecence no..
bitcoingo.cc
They say deposit 25usd and get 1.25 daily. Is it ok to invest there.

Member
Zsofia Elek

Hi Haider, this seems to be an extremely high return which is definitely a red flag that it is too good to be true. I suggest reading our article about the different types of Bitcoin investments here: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

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lee

if i had £500,000k to play with what type of profits could i make and what should i be buying

Member
Zsofia Elek

Hi Lee, the topic of cryptocurrency investment is tricky as it involves a lot of factors. I suggest start by reading this article: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

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Nataraj A V

i am intrested in mining suggest me how to invest and where

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Zsofia Elek

Hi Nataraj, probably it is best to start by reading this article, it has couple of options you can choose from for investing in Bitcoins. https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

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ben

can bitcoin mining be taxed?

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Zsofia Elek

Hi Ben, the taxation treatment of Bitcoin is different in each country, in some area the profits from Bitcoin mining is indeed taxable. Probably it is best to consult a local tax advisor in the topic.

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Val

How can I pay the miners if I did not received my bitcoins in my wallet yet! it has been weeks now waiting payments! Pls help

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Steven Hay

Hey Val,

Are you talking about paying for a cloud mining service? Or buying ASICs? Either way, please clarify where you were expecting to receive bitcoins from. Was it an exchange where you purchased them to pay miners? In this case, your bitcoins should be sent within hours once you requrest a withdrawal… Or are you expecting bitcoins from a cloud mining service?

If you’re waiting for a payout from a cloud miner, please check their payout schedule and let me know which company it is. As the article mentions, there are numerous shady cloud mining operations…

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greg maxwell

It needs more simplifications.

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Gaby

In your interesting article you say that “at today’s difficulty you will earn around 1 Bitcoin a month”, but the table right below it mentions an estimated income of only 0.11 per month.

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Empri Supriatna

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Zsofia Elek

Hi Empri, you can check out our Faucet for free Bitcoins here: https://99bitcoins.com/bitcoin-faucet/

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sid

Hello!. Great article! as wondering about one thing tough, when you wrote :”Today one of the most advanced miners out there is the Antminer S9. It’s what is known as an ASIC mining rig. It has a mining rate of 14 TH/s. If we use the simple Bitcoin mining calculator (shown above) you will see that at today’s difficulty you will earn around 1 Bitcoin a month.”

Did you mean the s9 can mine 1 btc a month as it says or did you mean 1 btc per year? Thank you!

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Ryan Maravillas

Do you have an article on mining other crypto currency? What would be the cheapest device or setup but can gain huge profit in the shortest period of time?

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Irene

What’s the minimum amount that one can start with or rather can put in the pull in dollars.

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Awni Hussein

Some sites allow you to buy for \$1

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Zsofia Elek

Hi Irene, there is no minimum amount you can put into Bitcoin. If you are looking for Bitcoin investments, I suggest you check this article: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

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Anonymous

fuck you to complicated!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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required
Mmm, not quite. It’s called “critical mass”: you need to have a minimum amount of ‘resources’ in order to ‘generate value’ (produce, transform, sell, etc). From the moment you ‘invest’ the ‘resources’ into ‘work’ to the moment you get even (recover the costs of investment), its longer or shorter depending on work field. After that, you can call it profit, BUT, you never know what’s the efficienty. You may end up losing the resources and the investment and not get even, because of fluctuations (your tools may break down, the market plummets, the costs rise so much, etc). The take-home… Read more »
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Zsofia Elek

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RM

Is there a guide anywhere for setting up the hardware? Do you need only the Antminer s9 unit and the power supply or do you need to build the whole computer etc? And where is the best place to buy the equipment, only eBay? Thank you!

Member
Zsofia Elek

Hi RM, please check out our review about Antminer S9, you only need a power supply to it: https://99bitcoins.com/antminer-s9-review/ it has a video about the setup and also includes links where to buy it.

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Damir

Hello everyone! I’ve been reading about this topic but i didnt find answer to question im interested to. If antminer s9 provide peak of 14 TH/s, how many does powerfull computer (about 3 graphic cards of gtx 1070) can provide TH/s rate?

Member
Zsofia Elek

Hi Damir, I guess you can post this question on Bitcoin Talk forum in the mining section: https://bitcointalk.org/index.php?board=14.0

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ajonk

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Paul

Surely the fact that bitcoin increases in price almost every day, mining can be deemed profitable, in that if you mine say 1btc and then hold it, it’s an investment that will return a great ROI in the future?

Also if cloud mining is not profitable , they wouldn’t exist??

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Torri

I use Hardware for other Altocoins, but fore Bitcoin i use Genesis mining, and have soon gotten ROI :-)
If you dont want to spend hours on setting up hardware go on the cloud. NB newer invest more than you can afforde, since you need to bee inn it long term.

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Fidelio Palima

HI!

Just want to know if at least you can give advise.

I am planning to buy the antminer s9 atleast start to 1 machine. I am currently in the Philippines, my question is. Is it better to invest to anminer s9 or just go to the cloud mining and invest there. any suggestion guyz which is better? Hoping a reply from you guyz..tnx

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Zsofia Elek

Hi Fidelio, we do not think cloud mining is a profitable investment, I suggest you to check this article to read more about it: https://99bitcoins.com/cloud-mining-profitable-just-evolution-scam/

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Bob

guy obvioucely copied and pasted 1 year old article – hows 12.5 BTC =7K, when 1BTC =1.6k approx?
what, noone can do maths anymore?

Member
Zsofia Elek

Hi Bob, you can see on the top of this page that this is a post from last year which was updated in the partially this month.

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Bob

1BTC = 2.6k

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Mangesh

I am retired person (56yrs) from India with limited of computer knowledge ,tell me whether I should try mining business

Member
Zsofia Elek

Hi Mangesh, I suggest you to start by reading this article: https://99bitcoins.com/beginners-guide-to-mining/ it is a step-by-step guide what do you need to get into Bitcoin mining.

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Andrej

Guys i have one question can i mine with antminer S9 other currencies too? no just bitcoin? thx

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Zsofia Elek

Hi Andrej, Antminer S9 runs SHA-256 algorithm, you can mine altcoins which are based on that algortithm. You can check the different cryptocurrencies here: https://en.wikipedia.org/wiki/List_of_cryptocurrencies

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RISSALA POLO

great and informative positive site god bless you all.
love from india

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Zsofia Elek

Thanks for the feedback Rissala.

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Ahmez

Hi, thank you for the very educative blog.

If i buy an Antminer S9, what other software or hardware would I need to start mining.

Thank you

Member
Zsofia Elek

Hi Ahmez, thanks for the feedback. I suggest you to read our review about Antminer S9 first here: https://99bitcoins.com/antminer-s9-review/. You will also need a power supply unit beside the miner and download CG miner or other mining software to start mining. You can read about mining softwares here: https://99bitcoins.com/the-6-best-bitcoin-mining-software/

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Linda

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Zsofia Elek

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Ray

The crypto era has officially begun and you definitely don’t want to stand by not knowing what all the commotion is and missing out on the wealth being created.

Guest
Member

What about staking Proof of stake coins

Member
Zsofia Elek

Hi Ade, if you’re asking about POS coin mining then it’s beyond the scope of this blog. At 99 Bitcoins we focus mainly on Bitcoin and the POW (proof of work) protocol. So I don’t have a good answer to give you on this subject.

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JayLeen

It truly depends on the cost. I mean the electricity cost. My country has high electricity cost, thus, chose to try the cloud mining 4 months ago. So far, it pays the BTC everyday in stable manner and as BTC price went up, getting the investment 100% back will take 2 more month if the price stays at this level. My cloud mining service is Hashflare and it is known as one of the biggest companies. Happy mining and hope my information is useful for you

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Linda

I was thinking to get into genesis mining , any feed back on this one ?

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Zsofia Elek

Hi Linda, you can read our review about Genesis mining here: https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/

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RD

Thanks Ofir for this great article!

How much time per day or peer week needs to be invested into mining?

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Mark

Great article. I’ve been toying with the idea for a long while however being based in the UK, electricity isn’t cheap and with the difficulty set to increase and number of bit coins produced decrease then it doesn’t look like a goer.

Member
Zsofia Elek

Hi Mark, here is an article about Bitcoin investment we put together earlier this year, it can be useful for you: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

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Anonymous

you could use solar power if you are one of sun rich place.

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Ben

A friend of mine is doing just that.
I bought a cheap solar instalation ( 8000 W ) on an auction for only 20% of the normal price. I am looking into bitcoin mining myself now as I only use half of the electricity.
Just get creative :)

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Jean

How has your solar project worked out? I live in Sunny South Africa, I have plenty solar power

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BUTTQUACK

No, you can’t. The cost of the panels and the amount of watts needed can not provide ANY profit whatsoever no matter what machines you are trying to run. We looked into this some time ago. However…If you could find a way to build a small windmill, that could run 60-100 machine easily even on a semi-dreary day. The windmill will cost you less in the long run and you can even sell the excess power you generate back to the electric company! It’s not cheap but it’s far less than solar is!

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FrontMeow

Hi , may i ask a hypothetical (ive tried crypro calculators and cannot work it out). If I had 20m USD to spend on hardware and electricity was 0.03 c KWH how many coins would you mine per day ? Also, would it make sense to spread the mining around to mine various coins ? If you could also estimate daily mining costs, that would be appreciated.

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Zsofia Elek

Try to use this calculator to estimate possible profits: https://99bitcoins.com/bitcoin-mining-calculator/

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Ryan

My solar produces 5000watts on a good day. And thats only an average solar setup i have….

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lam tran

hi, im also looking into solar, i live in Southern California which i think is idea for plenty of sunshine. WOuld you mind PM what you use?

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JVerstry

Online bitcoin mining is profitable after 14 to 19 months in 2017. Other crypto currencies have a shorter break-even period. My findings are available at: http://www.mytechnotes.biz/2017/04/cloud-mining-how-much-can-you-make.html

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Zsofia Elek

Hey, thanks for sharing your analysis. Almost 1,5 years is quite long term time frame to invest in, especially if that just mean the breakeven point.

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Anonymous

Try starting a restaurant.

Guest
Member

and get hit with tax fraud if you do it in the US because the IRS asks were you got the money from and tripple taxes it till u are in debt/handcuffs

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the guy

Thats not a long time to break even at all when u look at contemporary investment opportunities

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Chris
Mining bitcoins has always been a cat and mouse game. The difficulty goes up too fast that you’ll be spending all (if any) profits on newer/more hardware. Your best bet at making money is to mine the most profitable alt coin at that moment using gpu rigs and convert it to bitcoin/fiat daily. Of course you’ll need to make it a habit of checking daily on http://www.whattomine.com or just sell your hash rate on nicehash if you’re lazy. You’ll be profitable within 4 to 6 months unless all gpu coins go to the gutter. But you’ll still be able to… Read more »
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Zsofia Elek

Hey Chris, thanks for sharing this approach of how to make mining profitable on the short run.

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Antony Groves

well there is now: anonymous, safe, fast, quality mining pools for cryptocurrency like DASH, BITCOIN, LITECOIN, ZCASH, Z-CLASSICS making your mining experience flawless

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Mike

Does anybody someone who builts bitcoin mining custom computers or miners based on someones.

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Dr. Timothy W Price

I have looked at every thing about Bit Coin : Truth the only people making money out of this are the makers of hardware and software , one big scam just like Insurance Co. and Us Government with Money Scam : Every thing on web is a SCAM !

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BUTTQUACK
You are correct. The only ones making money are the Chinese that get free power from the Gov since the Gov are partners with them. The makers of the machines are the real winners. Here’s why, and this is 100% true, people like Bitmain tell you that the machines are on backorder, or they are being built, they want you to pay for them LONG before you get them. While almost everyone does as soon as they say the newest machines are coming, they are actually NOT on backorder or delayed at all! The parts are being purchased with YOUR… Read more »
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Zsofia Elek

Hey Timothy, please read a bit more on our site, Bitcoin itself is not a scam. Maybe sign up to the Bitcoin Crash Course on the Home page, it could have some new information for you. There are however many companies that try to scam people out of their money using Bitcoin’s reputation but that’s a whole other story.

Member
Zsofia Elek

Hey Mike,

Here is a summary about mining bitcoins: https://99bitcoins.com/how-mine-bitcoins-home
If you have a specific question about the mining equipment and custom built devices, I suggest you post your questions on [this thread](https://bitcointalk.org/index.php?board=14.0) in BitcoinTalk where there are much more experienced miners that can help you out.

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popofkawoe
Ive been using Genesis Mining now for a little over a year. If you watch the market and allocate hashpower correctly, you can make some real money. Sha256 contracts just became less expensive and higher payouts! and X11 is offering 2 year contracts rather than the original 1 year! ABOUT THE RIGHT RISE The essence of our project is to attract new investors for the purchase of speed radars and their further using to get profit from paid fines. We intend to continue our activity in the process of development of the country and we want to offer you to… Read more »
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Anglefroghammer

No, it is not profitable. If you bought the S9 which has the best power rating and assuming a difficulty increase of 4.69% which is average and being generous and saying 1kwh costs 0.01USD by the year 2020 you still won’t have broken even you’ll be \$13.67 in debt and then you start losing money. You’d be better off putting your \$2k in the bank. Use a proper calculator to test these things https://bitcoinwisdom.com/bitcoin/calculator

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Vijay

Great Article OFIR

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Lenka

Hey Ofir,

If you join a miningpool does it decrease your bitcoin income?

Guest
Member
Matt

No it’s not profitable anymore at least if you have power costs. With an s9 taking into account difficulty increases, assuming the 14TH/s, assming there are no power costs and assuming it cost you \$2000 it would take about 528 days to break even. The making about \$1 a day until the difficulty increases. This calculator http://jblevins.org/btcmpc/ takes into account increased difficulty so use this if you actually want to calculate the profit.

TLDR
Doesn’t mater how much money you’ve got the top machines aren’t profitable if you have even the slightest power cost.

Guest
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B

The Best Way I can think of to improve the economics of this is to use the S9 or better miner in a cold environment where the heat is needed. The bitcoin would subsidize the electric consumption.
Maybe a liquid cooling system could be configured from the miner to a water heater for year round use, This would also eliminate most of the noise. The economic and energy efficiencies can be improved by using the waste instead of viewing it as a problem.

Guest
Member
Victor Olure

Great article

Guest
Member

Great Article, You have to build your own equipment and still the power consumption will kill you.

Guest
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Emmanuel

I live in Nigeria and electricity is subsidised in my country, almost free, and the value of dollar to the naira is averagely \$1 = 450 naira….so will cloud mining be profitable for me?

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Anonymous

So mining can be profitable in countries where \$ is expensive than the countries currency?

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Glorious Emmanuel Omolola

I want to inbvest in this business by God’s grace.
Now, from your article sir, it shows that its better to go for hardware than cloud…
So, for the hardware I prepare the s9 because its the best presently.
Now, the confusion with me here is…I see different time of s9 with different prices from different countries at eBay online store…so I became confused on which s9 from which country to go for…as I want to go for the best only no matter the cost…and nothing but the best only…no matter the cost…please faithfully help me out…
Thanks,
Loves!

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Marta

Since when you measure hashes in Hertz? Those are mega / giga Hashes

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Pepe Weasel

Hi, great article. So you recommend to do Cloud mining? In my case I want to invest in 2 s9 miners but I’m not sure, so this can help me to decide . Thanks in advance

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Anonymous

Not sure how to calculate profit in cloud mining. If I invest \$117.00 dollars to purchase .25 TH/s in a cloud mining co. How many bitcoins can I expect to mine over a year?

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Ofir one

You can’t know exactly. You’ll need to use a mining calculator and estimate the increase in difficulty. However I’d probably avoid all cloudmining sites out there – they are not worth your money.

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Jack MeHoff

When you state “invest some serious money” what kind of dollar amount are you talking about. I have a great full time job as an engineer and I’m looking to make some side money as a long term investment. Thoughts on mining for me? I am tech savy but I cant say with confidence I understand mining.

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Ofir one

This is just a rough estimate but I think it will be somewhere around \$3k to see some sort of positive ROI. If you want a more precise answer it’s best that you compare different models of miners using a mining calculator – this way you will be able to see how and when you’ll be profitable.

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Queiroz
Hey really good article thank you! but in my country it is still considered very profitable minning even with little hardware because the dollar is worth 4 times the country ‘s currency and minning trough faucets it´s good leverage along with a few antminer U3 for example and with time the bitcoin It’s been accepted in common stores and markets what caused an increase in the valuation of the bitcoin , so if you join these factors with some cloud minning contracts is valid minning. And do not forget that in small clusters you can use soler energy that today… Read more »
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Ofir one

Interesting, what country are you from?

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I am who I am

he’s probably from Brazil (where indeed the dollar worth 3.5x ~ 4x times the local currency).

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Thank u so much for clear information brother I search many blog but I satisfied after reading ur blog think u so much

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Ofir one

You’re welcome!

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jimmyhall

are ASIC units even available in large qualities at this time? After a month of research, I still can’t find any reputable supplier that has any decent stock. I have two friends and myself with a crap load of fck you dollars to spend but buying one or two rigs makes no sense… purchasing 20 -40 units on a quarterly basis does and we have the funds and facilities, just no source. Willing to travel to the US, China & Korea if anyone can recommend a source.

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Mike

My partner and I build mining rigs. Contact me with if interested with any questions.

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Derek R

Hey Jimmy did you ever find a source for asic miners? I might be able to assist you.

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Sam

Have you tried Alibaba?

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miguel

I can help you get in the right direction by using cloud mining its more cost effective and efficient.

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Ofir one

Hey Miguel, I don’t believe Cloud mining is much better either. If you have any other information feel free to share it here.

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chris

hello .. how to get free bitcoin without any investment .. please teach me
m willing to learn ..

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Dave Hernandez

I have free electricity, so is profitable mining isnt it? Which machine is better (remember the electricity is not a problem)?

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Yuri

The one costing \$100.000 or more, since you’ll be mining solo and will need all the power in the world to mine even 1 coin. Don’t trust me, use calculators. I just tried with hardware cost being \$0 and the result is – I need 1938 years and 200 days to mine 1 coin :D