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Thread: Retail Bitcoin (BTC) Miners Are Losing Money Mining From Their Homes – BTC News Today

  1. #1

    Retail Bitcoin (BTC) Miners Are Losing Money Mining From Their Homes – BTC News Today

    Mining is getting to where it is only profitable for the big operators. Average Joe can't make money on it anymore.

    https://smartereum.com/37608/bitcoin...d-price-today/

    In the past, one of the easiest ways to make money was to mine Bitcoin (BTC). You simply connect your computer and let it start solving difficult math problems on the BTC ledger, which rewards you with Bitcoin (BTC). Now, after several years of existence, the process is no longer as easy as it was.

    Since many discovered how they could make free money from Bitcoin mining, the rivalry to solve these mathematical problems on the ledger has increased. This has resulted in an increase in the complexity of the problem. It has also made the free money not so free anymore.

    The competition is now so strong that miners that plug in their computers at home just to make quick money are now losing money. This was revealed in a data from a data analytics and blockchain company – Diar. According to the data from the firm, institutional mining firms have increased considerably over the years. They have also squeezed the margins of retail Bitcoin miners.

    According to Diar, the total amount of revenue generated from Bitcoin mining in the first half of this year exceeds last year’s earnings. At the moment, revenues generated this year have surpassed that of 2017 by over $1.4 billion. However, August’s ending hash rate saw miners paying for retail electricity prices move to unprofitability. This happened for the first time in September.

    The hash rate is the amount of computing power needed for a BTC transaction confirmation. The hash rates started getting higher as the competition increases. In turn, this significantly increased electricity bills and some miners even packed up their mining equipment.

    The research carried out by Diar reveals that the cost of Bitcoin mining has reached new levels. It has gotten to the levels where only institutional firms can pay for the gigantic electricity bills. Retail investors can no longer keep up the trend, as they no longer make profits. Rather, they are losing money, as they tend to spend more on electricity bills than they mine.
    More at link.
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  3. #2
    It's stupid to assert that only the large institutional firms can pay the gigantic bills. If it costs more to mine than the value received by mining, nobody would mine regardless.

    For months we've been talking about how the "free" electricity in Venezuela made it one of the few places left to mine cost-effectively.

    Who was this article written for?
    * Enforce Border Security – America should be guarding her own borders and enforcing her own laws instead of policing the world and implementing UN mandates.

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    * Abolish the Welfare State – Taxpayers cannot continue to pay the high costs to sustain this powerful incentive for illegal immigration. As Milton Friedman famously said, you can’t have open borders and a welfare state.

    * End Birthright Citizenship – As long as illegal immigrants know their children born here will be granted U.S. citizenship, we’ll never be able to control our immigration problem.




    Reprinted from http://www.ronpaul2012.com/the-issues/immigration/ [Nov. 29, 2011]

  4. #3
    Really depends on your electricity rates.

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  5. #4
    It hasn't been profitable to mine for the average consumer for years unless you had access to super cheap electric and even then it was always a gamble if the price of a newer, faster ASIC was going to be able to mine the equivalent investment before it could no longer keep up.

    The hashrate just keeps on climbing.

    https://www.blockchain.com/en/charts...timespan=1year
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  6. #5
    Quote Originally Posted by angelatc View Post
    It's stupid to assert that only the large institutional firms can pay the gigantic bills. If it costs more to mine than the value received by mining, nobody would mine regardless.

    For months we've been talking about how the "free" electricity in Venezuela made it one of the few places left to mine cost-effectively.

    Who was this article written for?
    Costs go down if you can handle a larger volume of machines at once. Most operators are now in China and Iceland where electricity costs are lower. It is too expensive in most of the US to be practical now.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.

  7. #6
    Quote Originally Posted by Zippyjuan View Post
    Costs go down if you can handle a larger volume of machines at once. Most operators are now in China and Iceland where electricity costs are lower. It is too expensive in most of the US to be practical now.
    Is electricity cheap in iceland since they arrested and killed all the public central bankers?

  8. #7
    Between the cost of electricity and that you have the computer practically useless, in the end it is not profitable. I was testing it for a while and I did not see profitability anywhere.



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