I have been mining for 26 days now with the 3 mining rigs i built for 14500$.
So far i have earned 0.17404 BTC which equals to 1401$ at current bitcoin price (8051$).
To get the profit i have to take out the electricity costs which were: total farm takes 3200W of power * 24h * 26 days at 0.12$ per kwh = 239$
TOTAL profit in the last 26 days = 1162$
ROI with the 26 days = 8.01%
The ROI if the btc price stays the same and earning stay the same will be:
1162$ / 26 days = 44.69$ per day
14500$ for 3 rigs / 44.69$ profit per day = 324 days or 0.308% per day
When i first built the rigs the ROI was at around 200...250 days but because of the bitcoin price going down right now the ROI looks like to be around a year.
I am actually not too worried about ROI because i am quite sure bitcoin's price wont stay at 8000$ for the next year. Lets say if i mined for 3 more months and the bitcoin price jumped to 15000$ i would be 70% ROI. This could easily happen.
Thanks for reading :)
I would seriously consider not receiving your coins on coinbase. They WILL report you to the irs and send a 1099. Coinbase is under heavy scrutiny and is now legally obligated to send anyone who does 200 transactions AND 20,000 usd worth. Coinbase transfers in are considered buys even if you didn’t buy and transfer out are considered sales even if you didn’t sell. That will seriously fuck up your 1099. A lot of people have complained about this but coinbase doesn’t give a fuck.
Why not receive your coins on a private wallet anyway? To get bitcoins basically in the privacy of your own home and then drop it in coinbase seems self destructive.
I am not from the US and i use it because transfers from nicehash to coinbase are free.
But thanks for suggestion, i will not be transferring any bitcoins to my nicehash from now on.
Those are awesome stats, jealous you were lucky to live in those cheap electricity countries :)
Thank you. 0.12$ per kwh is cheap? I know people who get their under 10 cents per kwh. Whats you electricity price then?
hello can learn me how you do it
same I want to know it as well
Congrats bro. Keep it up.
Btc price will definitely go higher however, did you tought about mining other cryptos like ltc or eth ? Since you have 3 mining rigs why not mine 3 cryptos and compare their profitability?
I am not actually mining BTC. I am mining on nicehash and what it does it is, it takes my mining power and mines the most profitable coin, then converts it to btc and pays to me. I use it because its so simple to use and i dont have worry about switching to the most profitable coin all the time.
Wish you a good roi
hope you will be a millionaire
Good writing content Thanks for sharing
Can anyone explain to me how to set up a mining operation using my schools computer network, i can access my computer lab but then I dont know what to do. PLEASE I WILL CUT YOU INTO THE PROFIT
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