TH

cuulowner

# Dont feel Bad I Also Got Wrecked Mining Bitcoin with Compass Mining Alright folks, buckle up for a tale of woe and financial ruin. If you're thinking about mining Bitcoin, you might want to sit this one out and just HODL. In October 2022, I thought I was being smart. I dropped $79,500 on six shiny new Antminer S19XP 140 TH units, direct from Bitmain. Each one cost me $13,250. I figured with an all-in hosting fee of $0.065/kWh, I'd be rolling in Bitcoin. Spoiler alert: I was dead wrong. # The Initial Costs I forked out $56,312.50 upfront: * 65% of the hardware cost: $51,675 * First month’s installment: $4,637.50 * Hosting deposit for six machines: $873.38 (refundable after 12 months) * Hosting prepayment for six machines: $873.38 (first month covered) Then, I had monthly installment payments of $4,637.50 from July 2022 to November 2022. # The Delay from Hell Here's where things went off the rails. The first miner didn't come online until June 30, 2023. Yeah, you read that right. By the time all six were finally hashing, it was the end of 2024. What the actual \[expletive\]? # The Financial Sinkhole These miners were supposed to be my golden ticket. Instead, they turned into a financial black hole. Now, they're worth about $3,500 each. # The Hosting Nightmares Hosting invoices started stacking up as miners came online: * October 2022: $145.56 (1 miner) * November 2022: $291.13 (2 miners) * December 2022: $436.69 (3 miners) * You get the drift... # The Customer Service Dumpster Fire Compass Mining’s customer service is a joke. They didn't keep their promises, and their delays cost me big time. If there's a class action lawsuit against these clowns, count me in. # The Bottom Line I ended up with machines worth a fraction of what I paid and a huge chunk of BTC lost to electricity costs and depreciation. Mining Bitcoin turned out to be a dumpster fire of an investment. If you're thinking about mining, just don’t. Save yourself the pain and stick to buying and holding Bitcoin. Trust me, you'll sleep better at night. Don't make the same mistake I did. Learn from my disaster. Stay away from Compass Mining and think twice before jumping into Bitcoin mining.

Neat_Caterpillar_866

They are still profitable.. run them on ultra low with custom firmware. They get down to 21w a TH which is the same as a s19XP. For reference stock is 34w a TH..

McToadster

Not an idiot is a good way to stack. I have a T19 84th bumped to 90TH @ 3300Watts. I use Braiins pool and make around $3.70 a day. I'm going to miss those $7.00 days for sure. My electric is generally $7.98 a day but I feel its ok I get a low income discount. People say why not just DCA but I get introuble with my addictive personality and buy more then I should. Crazy as it sounds, mining helps me regulate that thrill of buying BTC.

fischer07

I agree... I'll get as much out of my S19 XP 141 TH as possible and then re-evaluate. I find most people think of mining as profits like a business on a month to month basis. I think about it like stacking bitcoin for the future. So I pay the costs out my pocket with fiat, that is my bitcoin price. One day that mined btc will go up on value and justify the costs of today. I may be seeing things wrong but I get the feeling that lots of people aren't seeing the long-term vision. Or I'm an idiot

MrCoinSage

In my country it is, the machines cost $1,500 and currently produce $230 per month. In the United States the machines cost $800 depending on how many TH they are.

tomcusackhuang

You can actually work out how much power that was consumed from the block itself. First, get the target of the block. A 256-bit value that the nonce the miners are brute-forcing must be lower than. This is the value that gets set every 2 weeks, as part of the difficulty adjustment, so each block takes approx. 10 mins to mine. In the case of block 841395, the target was 386085339 (or 0x170331db). Then you split the target into 2, the first bit is your exponent (0x17) and the second bit is your coefficient (0x0331db - You need to prefix with 0x). The target representation is therefore: target = coefficient * 2 ** (0x08 * (exponent - 0x03)) For block 841395, that was: 0x331db0000000000000000000000000000000000000000 An Antminer S21 can do 17.5 joules per terahash (J/TH). joules_per_terahash = 17.5 # An Antminer S21 consumes 17.5 Joules per terahash joules_per_block = (2 ** 256 / target) / 10 ** 12 * joules_per_terahash kwh_per_block = joules_per_block * 2.7777778 * 10 ** -7 Therefore, we can convert the joules consumed to kW's to approximate the amount of energy consumed in the creation of the block. In this example, it was 1,839,495 kW. The price of power is extremely diverse, ranging from 0p to 0.10p/kWh (maybe more?). The network self-balances itself by having miners turn off once unprofitable. I think it's fair to assume that the average Bitcoin miner is operating around 0.05p/kWh (this is a guess). Excluding tx fees, 3.25 BTC were paid out. Therefore, if we divide the tota amount of power used to mine the bitcoin by 3.25, we get the amount of kWh/BTC = 695,370. Then we multiply this by 0.05p = £28,300. So, excluding tx fees, 1 BTC has a basement power input price of £28,300, based on information baked into the block itself. Hope this was useful. Comments and discussion are helpful.

Oheson

500 Sats takes about 2-4 days running a BTC miner at 2TH/s. Put it in that perspective.

SirKermit

The beauty of BTC is that we can know with precise accuracy how much energy it uses because we know the hash rate and how much energy miners use per TH/s on average. Big banks are a black box. Even if BTC did use more electricity per transaction, there is zero transparency in conventional banking, so we can'tactually know. BTC can also be altered by concensus of the network to be more efficient if this turns out to be important.

Self_Blumpkin

Wait a minute. There have only been 282 non-pool mined blocks in the history of Bitcoin? There's no way in hell that's true. In the early days there were TONS of people solo mining. I'd be willing to bet there have been 282 solo blocks solved on ckpool.... Fun fact. I solved a block on CKPool in 2017 :) I had 256 TH/s running at the time. The difficulty of the solve was over 7 Trillion with a required dififculty of ~5 Trillion. I fell out of my chair when I was looking through my miners in Awesome Miner to see the biggest solve submitted to the pool and "Number of blocks solved" equaled "1" The pool runner gives a reward to the person who solves the block. I believe it was .25 BTC. He also gave me a free license for AwesomeMiner to use with my GPU machines. Apparently he had a hand in writing that software.

HSuke

120 TH/s is about 3kW. 120PH/s would be 3MW. That's only like 3000 family homes.

McToadster

Why are all antminers like the 19 series still ridiculously high? My T19 is basically worthless $3.00 a day but sells for $500 and who the hell wants to spend $1800 for a 120TH model that makes .50 cents more? Then there are the used 200TH models for $4500 thats just stupid. Ebay still trying to sell used S9 models for $200 LOL. Ebay sellers are a joke.

random-node

Once per 39 days is an estimate, you can get it in less or more days. The M30S++ gets 112TH/s for you to have those odds it means you own 893 M30S++?

MinimalGravitas

'Lucky' meaning statistically irrelevant in the context we're looking at. What amount of hashpower would you require to on average propose a couple of blocks per year? For Ethereum there are 365 * 24 * 60 * 5 blocks/slots per year, so about 2.6 million. There are just over 1 million validators (literally just hit 1M today), so on average each validator proposes 2.6 blocks per year. If you went the route of a RocketPool 8ETH minipool this would cost you about $33,000 for the stake, about $400 for hardware and maybe $50 per year in running costs. For Bitcoin the total hashrate is about 640,000,000 TH/s. There are about 52,600 Bitcoin blocks per year so in order to have equal odds of proposing 2.6 blocks per year you would need (640,000,000 / 52,600) * 2.6 tera hashes per second... = 31,634 TH/s. That would be equivalent to 135x Bitmain S21 Pros, which would cost about $850,000 for the hardware and draw 470,000 Watts of electricity - equivalent to about 400x average homes!

BitcoinAcc

To push through your own transaction, you would have to be solo mining, not in a pool. The hash rate of an s19 is what, 90TH/s? The whole Bitcoin network is currently at ~600 million TH/s. How many s19s do you have? Let's say 6. Then you would be at 540 TH/s. Let's round them up to 600, for easier calculation. The network would still have a hash rate that is 1 million times higher than yours. So, solo mining with your 6-7 s19s would give you a 1 in a million chance to be the one to find the next block. Averaged, it would take about 20 years (assuming the network hash rate stays the same, which of course it won't). Of course your numbers may be different (more/less s19s). Plug your hash rate in here to see your chances: https://solochance.com/

murkforgian

> What am I missing here? They're not literally the exact same blocks. Thanks to the magic of hashing, changing a single bit in one transaction changes that transaction's txID hash, which changes the Merkle tree of transaction hashes, which changes the Merkle root hash > isn't it likely that many Asic-Miners on the planet run the exact same blocks in the exact same order Except that one of those transactions pays the block reward, and it has a chunk of about 94 bytes which the miner can use for any purpose. One of those purposes is "extra nonce" https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch12_mining.adoc#the-extra-nonce-solution Also, miners are in pools * Each pool has its own address for receiving the reward, so there's no duplication of work from pool to pool * Each miner puts his own miner ID into the arbitrary 94 bytes, so there's no duplication of work from miner to miner within a pool Even if all the other 5000 transactions are identical, very small changes in the reward transaction (known as coinbase) will vary the Merkle tree calculation, avoiding duplication of work --- Note than the nonce is relatively small, 32 bits. It cycles back to zero after 4,294,967,296 iterations. In a current-model 200TH/sec ASIC box, the nonce cycles through its entire range more than 40,000 times per second. To avoid duplicate work, the miner must change the extra nonce each time, and recalculate the coinbase txID hash, and the Merkle root hash

SteveW928

You can up your chances a LOT by getting a small ASIC based miner. see: [https://opensourceminers.org](https://opensourceminers.org) They even have an 'expansion' unit for the popular Nerdminer nearing completion. Or, if you want some bigger units, there are other 3 to 10 TH/s projects under works (and methods of combining them, etc.). If you want, you can even build it yourself. I think it is a great idea to just have a little 15 watt miner always running, constantly buying you lottery tickets. Your chances are small, but the investment isn't huge either. And, you'll be helping to decentralize Bitcoin mining. Everyone should have one of those and a node.

jaMMint

The btc miners do about 640 million TH/s at the moment. 200TH/s is a bit less than one third of a millionth of the total hash rate. Unfortunately you would need around one fifty thousandth to have a good chance of mining a block in a year (and chances drop as hashrate is added to the network). With 60 times less than that and on that timescale of 60 years, the total hashrate of the network would just gallop away from you and it would take thousands or ten thousands of years). Within a miningpool, you could earn something close to 0.025 BTC over the course of a year if you start now.

00_Jose_Maria_00

190TH reporting for duty

Money_Attempt_2017

If You reach 10 TH it's really hard to get into a pool but if you can you'll make way more then your $1-1.30 a day, over time. If the pool you're in gets the win for the block they make around $150, So the lower the members the better the payout because it's split amongst the members based on their TH power. If anyone's interested in joining a pool with a low TH let me know BTC Hash Haven is accepting everyone no matter their TH at the moment Gomining

murkforgian

> the formulas to calculate time it would take to mine a block solo 10 minutes * global hash rate / your hash rate Say you have a 200TH S21 The global hash rate is 676 Ehash/s 10 minutes * 676 * 10 ^ 18 / 200 * 10 ^ 12 = 33,800,000 minutes ≈ 64 years > what does prime numbers have to do with Bitcoin Very little Bitcoin's digital signature cryptography exploits a trapdoor property of some elliptic curves. The trapdoor is known as the discrete logarithm problem At the detail level, using elliptic curves in cryptography involves defining a finite set of numbers - the set of integers modulo p, where p is a prime number See Andrea Corbellini for more details https://andrea.corbellini.name/2015/05/17/elliptic-curve-cryptography-a-gentle-introduction/ https://andrea.corbellini.name/2015/05/23/elliptic-curve-cryptography-finite-fields-and-discrete-logarithms/ and his other tutorials in the same series

One_Boot_5662

Pure nodes dont usually earn any rewards. PoW is unlikely to run well on a server. PoS is going to be fine. Proof of storage, your 4TH drive is small. So for PoS you will need coins of that blockchain, whether it's profitable depends on coin price. The premium PoS network is Cardano. You don't need a huge sum of ADA, in fact you can setup the node with just 502 ADA for registration of the onchain certificates. However to earn frequent rewards every 5 days, your validator would need ~1million ADA, fortunately you don't need to hold that yourself, you can get other people to delegate it to you. But even if you have a lot less, the rewards can still be fine if you have a low cost efficient operation. I run a relay node, but don't produce blocks myself, I delegate to a validator that has 120K ADA, they make a block around every 40 days. There are no lockups, no slashing risks and no hokey smart contracts, it's about as safe as you can get. You will need a block producer and to put that behind a relay, but with a hypervisor like Proxmox you can run it on one machine.

Nostro1968

Can you see where your mining rate in TH/s is located? The one that fluctuates. The trial ending timer is under that. I use the app and press the tab button with the 3 horizontal lines and square box.

Dof_Doej

I have the same message, so I've upgraded my miner, I suppose that the power will decrease of 1500TH after countdown.

EasyRider1975

Not me I dumped all my Bitcoin during peak and will do the same. Thar is how you make money. Holding is a culture that stock investors don’t do. We are past the day of 1000% profits. Hot hodle is honor in the BTC but the successful investors will dump it. I am hodling now hoping it goes up after the halving like in 2022 but some are speculating that it’s another pump and dump. It can crash fast. I invested $50k Canadian in miners and never broke even after the crash. What we I thinking spending $18 000 for some of my ASICS. If I can’t profit after halving they will be shut down. 2 ASICS left 210 TH total. I do use the BTC to pay my hosting bill and the other is running at home connected to heating intake to offset the cost of electricity and recycle energy

JustModd

So ive put in around £30 in it and have 4.5 TH/s running (includes 1.5 TH trial), and im worried because i see alot of videos on youtube of these fake looking yt’ers with fake comments and botted replies promoting the website, which just makes me feel scared if i just lost my money. and apparently they only keep the websites up for 90 days and then shut it down, idk tho, some review said that and that the ceo was apparently the owner of some other previous company or website like this. But im 50/50 on whether its a scam or not, im here finding out from you guys.

btccloudmining

Hey need passive income? well join our Bitcoin Mining Pool with powerful mining power reaching 575(TH/s) allowing you to achieve high mining profits and returns on investment. Please Message me for more information.

McToadster

I just overclock my T19 84TH to 100TH and hug my cat!

coconutmonkfish

For those who don't think this is a realistic situation, it really isn't far fetched. A few years back, I lost my bank cards upon flying into Thailand. When I called my bank for a replacement that night they told me I'd have to officially change my address to Thailand, which would require me to fill out paperwork govt required paperwork that states I'm now living overseas (basically it was gonna be a real mess to do so). Besides, I didn't have a stable address and was backpacking and moving place frequently. Long story short, I had a replacement card sent to my parents who then mailed it to a post office in TH. I was without access to money for 4-6 weeks (I can't remember how long exactly.) Anyways, in this situation I definitely would have considered selling some of my btc to survive.

moonstone4759

> Why would any miner keep mining? Because they have a logical view. Only half need to quit, so that the halved reward is spread among the remaining half - equilibrium. So the real world changes your question to "what separates the quitters from the stayers?". Given that they don't all have identical business finances, that's complicated. I might guess that in the current environment, those who have upgraded to the 16J/TH efficiency miner will stay, those stuck on 28J/TH miners will quit immediately (should have upgraded in 2023), and those on the 21J/TH devices will hang around to see if someone else quits first If the price falls, things get more drastic. The miners with differential electricity pricing contracts will quit because they're not full-time, so their earnings are too low for their depreciation write-downs. The miners who borrow to buy equipment will quit because their loan repayments eat all their earnings Then, a final shakeout: those paying $0.06/kWh will remain, those paying $0.08 or more will quit The only significant miner shakeout in Bitcoin's history was not caused by any halving, but by the 2018 price fall. It took six months for the hash rate to fall after the price fell. That's a clue to the level of reserves the miners held, allowing them to mine at a loss It's not 2018 any more > miners are operaring at marginal profit due to the difficulty adjustment algo that ensures that the cost to mine a block is roughly equal to the block reward Well, no The difficulty adjustment keeps the average block interval at 10 minutes. This limits block creation to 144 per day, and the daily reward to *144 x block reward* per day (plus fees) There's a fixed daily reward amount, now 900, soon 450 The miner's business is in the fiat economy. The fiat value of his reward earnings has to be higher than his costs. His main cost is electricity The effect of the fixed daily amount is to make mining a folly of diminishing returns. Unlike tangible mining, more miners do not increase the mined amount. Instead, they reduce the amount earned by every miner. That's the cause of the slim profit margin. Miners stop joining when the reward per miner is too low to reduce it further. And the miners with the tolerance for the lowest possible profit margin define the margin for everybody > less miners means less network security No Bitcoin is secured by its node network. Bitcoin mining provides a service to the nodes - separating the blocks by 10 minutes The reward isn't strictly a reward. It is coin minting. The newly minted coin is awarded once per block because that's the best no-bias, no-manipulation way to release the coins. The coin minting schedule is defined by halving every 210,000 blocks, 33 halvings, and halving from 1Sat to 0Sats at the 33rd halving (block #6930000). The schedule was defined at launch and has never changed

theprincessofwhales

If you have free electricity guaranteed then you could get nearly 2000TH with something like 5 S19+ hydro and have a few grand left over for racks and cooling. That will eventually lead to a lot more bitcoin then you could get at today's current USD price. However it's gonna take a while and a lot of work and would definitely be a whole other ball game without free energy. There's also a bitcoin mining sub where you could ask this.

Past-Presentation389

I also created 3 accounts. I deposited money into accounts 2 and 3. Account 1 got the 7% of the TH/s from account 2 and 2% from account 3. Account 2 got the 7% from account 3... so that works too. In addition, account 1 is now also able to make withdrawals because it is now considered premium "according to minethrive". But I will see in the future whether everything works out like that.

wh977oqej9

Just rough calculation. Let say you buy 200TH miner for 5k$. Electricity costs 0.15$/kWh. You earn 300$ per month, so you would need at least 17 months for break-even. You would earn \~5mBTC per month. You would need 33 years for your 2BTC (and that's with current reward) :-))) I can be still profitable, if you have cheap source of electricity, like solar panels, but that also costs to build. But forget 2BTC...

McToadster

I’m pushing my T19 84TH to 99.44 TH so boosting standard 3150 Watts to 3630 Watts temp is 67.5 Celsius. Am I crazy doing this?

theprincessofwhales

You can yes but I don't think you learn as much. You can get a used s9 for under $200 and achieve something like 14 TH 🤷🏻‍♀️

darkjediii

Yeah the newer ASICs are actually not that much powerful than the new ones, though consume less energy per TH/s

uetzl

it looks like thailand is pursuing a sustainable strategy for crypto investments. i heard in another article that you can only get the taxes back, but you have to pay them first. but that may be outdated by now. however, there is still a tax liability for deposits from abroad for a stay of more than 180 days per year. Unless you can prove that they have already been taxed abroad. The question is which exchange to use. Binance TH should now also be possible, but I don't know if it is already approved. Otherwise there are bitkap and satang exchanges.

irisuniverse

You probably should have some ASICs and if you get a few terahash, it’s statistically more likely to find a block than win the lottery. You can get a 30-40 TH space heater that uses around 800 watts. With 35TH, the chance of finding a block is 1 in 114k per day or 1 in 16 million per day. Much better odds than the lottery. With the energy cost per day it’s like buying a lottery ticket every 10 minutes for a few cents for chance to win over $400k

boydie

Double the TH output

Useful_Transition_83

I was leery about it too. I put in a minimal amount and then when I got to the minimum for withdrawl I tried it and it worked, so I'll put a bit more in but something still worries me. It seems too good to be true, their prices are too low. It's about half the cost of Gomining TH upgrade rates.

murkforgian

You're right. It's hard to find breakdown photos for newer boxes, but I've read that the lastest Antminer has 3 hashboards, about 130 chips on each board, and a beaglebone or similar low-cost single-board PC doing all the non-hashing work, like recalculating the left branch of the Merkle tree every time it changes the extranonce in the coinbase txinput (every 4 billion hashes), changing the timestamp every second (easy), updating the block and header every time a new candidate block is sent by the pool, and all the pool communications It wouldn't surprise me if they're putting 2 or more control boards in, now that a lot of the boxes are well over 200TH. Since all the processing is parallel, it would be easy to have one control board per hash board As long as the control board can do all its things during those 4 billion nonce iterations, hashing never slows down

murkforgian

A pool does not provide auditable proof that its distribution calculations are fair and accurate If a miner is being paid less per TH than the current global rate per TH, he can talk to other miners to see if other pools are paying more. It takes 5 seconds to switch to another pool

Mattie_Kadlec

Yeah, that’s very much what Mark Zalan said as well. Also, expecting mining companies to not be prepared for such events is a bit foolish. It seems that GoMining only thinks about expansion: > As we mentioned before, we are committed to maintaining all of our over 28,000 ASIC miners, which are distributed among nine GoMining data centers worldwide, at the forefront of progress. > According to our strategic plan, we aim to nearly double our existing hash rate in the next few months, reaching a milestone of 5,000,000 TH/s.

SaltLifeDPP

Similar story. Back in the 2017 run my portfolio valuation was around 12.5 BTC. It is... Now significantly below that, both in terms of BTC and USD. I got starry-eyed and invested in "the next °TH" and once tried to rescue a losing position by doubling down. Now I'm almost 100% a Bitcoin maxi. Hoping that, this cycle, *with scars come wisdom.*

Areshian

So, if I'm not mistaken what you suggest it that right now we do `f(x + y) = z`, with `f` being the hashing function, `x` the block, y the random number the miner guess and `z` a number than needs to be lower than the difficulty target. What you ask for could be done by doing `f(f(x) + y) = z`, that way, you only compute `f(x)` once and then the calculation of `f(f(x) + y)` is faster than `f(x + y)` right? Let's assume that everything works as expected and now computing `f(f(x) + y)` is basically ten times faster. What do you gain? All those improvements in speed will just quickly make the target difficulty to increase, so we still produce one block every 10 minutes or so. All the miner machines will produce ten times more TH/s, but finding the proper block will take ten times more hashes to do it, so nothing will really change. Any efficiency applied to the algorithm (or hardware) will eventually translate into an increase of difficulty until equilibrium between cost (electricity) and rewards is found again

Only-Tonight7010

Paid $26 for 1 TH and waited 4 months to accumulate the 0.00010000 BTC limit and it withdrew automatically to my hot wallet. Once I saw that it actually worked and wasn’t a scam, I paid in BTC for 500TH which pays out around 0.00032450 daily

caploves1019

I use LNDg under the batch channel open option. I haven't been able to do so with TH or RTL.

Financial_Clue_2534

Depends on how cheap you can get these solar panels. One of the top of the line miners out is the Antminer S21 195 TH/s | 3600 W $6,000 You can make roughly $16 a day which is like $460 a month for one of these miners. When the halving happens cut that in half. Now it depends on the price of bitcoin. Ultimately it comes down to what we all think the value of BTC will be in the future. If it’s going to hit 500k-1m the we will look back and say why are we even discussing this it’s a no brainer.

kombosorg

Right now with setup like that you will probably lose over 1000USD each year for electricity mining nothing. I've just put 1k in ASIC miner having 4TH/s and I don't expect any income just for fun.

Regular_Chapter_788

Looks like you got scammed >Scam Scam. Look up their address, it will show you. 7 Laurier Rd, London, England, NW5. Just a residential townhouse, not a business. Their business license expires in November this year, registered as an advertising agency. Fraud alert. FTC has been reported to as well. Not playing any games with these clowns. >Date of experience: 04 February 2024 >Absolute scam bags Absolute scam bags, don’t even deserve the 1star. No withdrawals no feedback from scam hunter. Do not invest, all the people leaving good comments are getting paid to leave them… I say again people “DO NOT GIVE YOIR MONEY TO THESE SCUMBAGS” cause you will get nothing back in return… no pay day no feedback from scamhunter, no nothing… good luck in your investing, just don’t put your money here >Date of experience: 15 February 2024 >Company adress dosnt exist So I Googled there ceo... Same name was done for fraud... I also Google there company adress it's a housing estate in London .... And I've purchased 85 TH roughly 560 pounds and hit with the same thing everyone else is telling me.... I have not been able to withdraw at all yet due to the high btc load....they owe me 500+ >Date of experience: 17 February 2024

IcyCauliflower9987

No, for $25 you missing a few dollars to get 1TH at 35W. The more TH you get, the less cost per TH but that’s like usually buying bigger ASICS will cost more upfront but be more fruitful. You get your share of the rewards, BTC. You can set what’s the threshold for you to receive those BTC in your wallet. Some wait a month to pay fees only once some decide to get their rewards everyday with a minimum required. You do not have to interact with the token, but having it and staking in gives you some “vote” and get you a voice in the company. But again, you can disregard the token completely. You can even use Apple Pay. The ROI is obviously not guaranteed, and they talked about the halving which will most likely cut profit in half and let us know that above a certain W, profit could be 0 for a while. The minimum is $26-$27 at the moment I believe but you just buying a part of their mining power, so it’s really up to each individual to see what amount of power and what efficiency they want and can afford. It’s not much different than traditional mining except the fact that it’s way more accessible. Either way I’ve had my answer, talked to the team and the best in my situation is to indeed buy and hold the coin, wait out see what’s best for me later on.

Halo22B

So....your being pitched a scam. Just for a reality check. You can buy an S9 for 25-50$. It produces 13TH and sucks about 1300w an hour. It makes a dollar worth of Bitcoin but requires 3$ of power (at 10c) it doesn't start being out of the red until you get to 3c power. You then add in "Tokens" as well as some aggressive sales pitching to "upgrade" and finally they are willing to forecast massive increasing ROI going in to the halving. Do what you want but I would be taking that 269$ and just buy and HODL

TissueUnflawed

Each miner earns in proportion to his hash rate If the global hash rate is 513 million terahashes per second, a single 140TH/s ASIC device earns 900 * 140 / 513 million = 0.00024561 BTC per day That assumes 24/7 mining. Some of the largest miners are part-time, due to contractual constraints on their electricity access

TissueUnflawed

If mining becomes unprofitable, some miners quit. The reward is then shared between fewer miners. Mining is profitable for the miners who didn't quit. This mechanism goes all the way down to a few miners with a few TH/sec hashrate between them

jony_be

Mining rigs are too loud. and at that energy price, you're gonna end up paying waaaaaaay more than 100€. Bitcoin Miner S19j XP - 3,473 $/Unit Hashrate, TH/s 151 Power on wall u/25°C, Watt 3247 ±10% at 20cents/Kilowatt you're losing 127€ per month not taking in consideration maintenance costs lol This is what you want https://heatbit.com/

flibux

Sure you can... How many you need and if it's efficient... who knows. Gas will be cheaper. but I'm a bit surprised you pay 100EUR a month for such a small flat. Say you use these oil radiators that plug into outlets. Probably 1-2 would be enough to heat your space. 2 to be safe. Not sure exactly how much they draw, say around 2kw each but only will be on 30% of the time if at all. That's a good starting point for your calculation. An ant miner s21 has 3500kW and 200TH. That'll draw 14.5A so needs a proper socket, possibly two I'd assume. (13A per socket normally) 3.5kW \* 24h = \~84kWh/d. so that's EUR 17/d ... times 30 will be around EUR 500 per month. I'd assume it'd heat your space nicely but no guarantees :-) And not sure about the noise.

TissueUnflawed

These all or nothing hypotheticals make no sense. Some retire, some keep mining, new miners arrive The hobby version of mining would have thousands of abandoned ASIC boxes being scavenged for parts, and about 1,000 hobby miners hashing at 1TH https://github.com/skot/bitaxe Bitcoin does not need 4 million 140TH mining devices to make six new blocks per hour

eggaholic69

Even though the reward goes down, they still get paid fees and will continue to receive fees even when there is no reward. With more users doing transactions over time, both transactions per block and fee per transaction will go up. I have no idea what the dropoff for miners after halvings actually is after fees, but we can just manually track it. According to nicehash's calculator, they pay: $7.45 per terahash mining bitcoin, or .00000174 BTC/TH. Check on it after the halving and see how it gets affected.

pennyether

On a $/TH basis, they are much cheaper.

kombosorg

I'm super chill. Just obsessed with the numbers. As I'm solo mining with 2TH/s I just need some luck indicators. I have a regular job to feed my family not looking to become a millionaire lol.

Self_Blumpkin

There’s not many places to go with SHA-256. BCH and DGB were what I mined in 2018 with my S9’s. Bitcoin.com was REALLY good back then. I think their pool closed. But using their PPLNS I was able to do 2x and sometimes 3x daily earnings compared to BTC at the time. Then there was Kano Pool. Mining there had me sweating a whole lot more but the luck on that pool was really good at the time. I even solved a block on that pool. Kano used to (may still) give .045 BTC to the block solver. Kano also wrote Awesomeminer, which was the absolute best management tool when you had a shit load of miners. He gave me a free license when I solved the block. I almost fainted the day I found out I solved a block. Difficulty at the time was 5T. My solve was 7.2T. Solving that block had me REALLY wanting to turn all the miners onto kano’s solo pool. But lighting doesn’t strike twice and electricity is fucking expensive. I was getting ~$4,800 power bills. I solved block 515140 with about 250 TH/s I checked Kano recently. They’re not doing very well over there unfortunately. They went two years without a block (2021 to 2023) and the pool luck is in the dumps these days.

brad1651

In USD terms: Hash price is currently about $0.08/TH/Day. For a rig that pulls at 3 kW, you'd need energy costs to be $0.11/kWH or better. Portions of the US have this, especially where there's lots of renewables, or where miners can pre-purchase low cost, otherwise wasted energy. They then sell those credits back and shut off temporarily if there's other, non-BTC mining related demand that would drive the price up.

CryptographicPanic

Drop $65,210 USD on btc mining rigs and in your first year you would make $34,911 USD in profit after two years providing your rigs have been kept cool and haven’t burnt out you would have made back your investment. 👍[Bitcoin mining calculator](https://www.coinwarz.com/mining/bitcoin/calculator?h=4440&p=101750&pc=0.10&pf=0.00&d=70343519904867.00000000&r=6.25000000&er=1&btcer=42824.62660000&ha=TH&hc=13699.00&hs=-1&hq=1) [Antminer - S19K Pro - 120TH/s $1764 USD](https://www.eastshoremining.com/shop/antminer-s19k-pro-bitcoin-miner/)

Wershingtern

My m21s that does 55TH is gonna be hurting here soon. Debating upgrading it still. Its paid itself off

Mr_Eckert

They're probably in the process of upgrading their ASIC's before the halving, which isn't cheap. If you aren't running rigs with <20 J/TH by April you're probably going to have a hard time staying in business post-halving.

StatisticalMan

No it is determining how MANY hashes on average it takes to "solve" a block. If all the miners in the world has 1 TH/s (one trillion hashes per second) and you want one block on average every 600 seconds then you would want a difficulty such that it takes on average 600 trillion attempts to solve a block. Now if globally the miners now have 2 TH/s they would solve a block on average in not 600 seconds but 300 seconds. The network would "detect" this via the adjustment process and double the difficulty. It would now take 600 seconds on average for someone in the world to solve a block.

mvandemar

There are 4.17×10\^58 combinations possible. At peak levels all of the combined bitcoin miners were performing 545,098,331 TH/s (terahashes/second), which is 5.45×10\^20 hashes per second. If that level were maintained and it was instead 1 24 word combination attempt it would take 7.65×10\^37 seconds, or roughly approximately 2.42\*10\^30 (2.42 octillion) years, to go through them all. The universe is only 13.7 billion years old, so that would be roughly 177,000,000,000,000,000 times longer than the universe has existed.

benhammy

When deciding whether you keep your bitcoin or do something with it, it’s helpful to use that Bitcoin as the unit of account. Definitely don’t waste your time mining altcoins, as those are consistently falling in value when denominated in bitcoin. If you want to waste money, spend USD and just buy the altcoins you want to gamble with. But even then, just buy more BTC. Even mining bitcoin is a tough thing to get into. Assuming you even get a decent $/TH rate on the rig since you’re probably not buying anything at scale, the overall capital expenses to start are high if you plan to get machines efficient enough to make it through the halving. You can do hosted mining (I do this) but it’s still a toss up as to whether it’s worthwhile in the long run, vs just hanging onto the bitcoin you have. At least in my experience, had I just hung onto my bitcoin, I’d probably be happier with that decision. You might be able to mine a bit and then resell machines in the bull run, but that USD value spike won’t be accurately matching in terms of Bitcoin, the hope is that you’ll have mined enough BTC to offset that expense of buying and selling the rig itself. The only real selling point to mining is that you can, excluding all the other variables I’ve mentioned, get a discounted price to acquire Bitcoin. My “cost basis” for mined bitcoin is around $22k per BTC. After the halving it’ll be around $44k. So if we fly up to 100k in a bull run, I can get cheaper sats for a few years. But that doesn’t necessarily mean it was worth it when I could have just kept my cheap sats from the bear market instead of wrapping them up in this secondary level shenanigans. Hope that helps. Please don’t listen to anyone on YouTube trying to tell you that you can profit on altcoin mining. When denominated in bitcoin it’s just a question of how fast you want to melt your money.

bjuffgu

I'm not even sure it's that. They just HAAAAAATTTTEEE Trump as they've bought into the insane 'HES A FASCIST!!!! REEEEEE JAN 6TH!!!!!! REEEEE!!!!' Nonsense. I don't think these people are pro Democrat, they're just rabidly anti Trump.

Balix-Warrior

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CoyoteClem

Here’s the documentary for folks who are interested… https://youtu.be/BWJC5ieUAe4?si=sIyLrt2BOQL950TH

genobeam

>As this continues to happen and the only profitable operations are large miners, won’t this make bitcoin more and more centralised? Yes. Two mining pools already control > 50% of the hash rate. >as unprofitable miners exit, the hash rate goes down incentivising others to enter That's not exactly how it works. The difficulty adjusts to lock the block time around 10 minutes. The difficulty is 100% a product of the hash rate. The difficulty therefore can't act as an incentive toward the hash rate because it's a direct product. With every halving the difficulty enforces the same block time with half the rewards. The margins for miners will be cut in half. The difficulty doesn't adjust to maintain the network size, it adjusts to maintain the block time. Here's an example: Say there are 10,000 bitcoin miners that all mine at the same rate of 10 TH/s. The total hash rate of the network is 100K TH/s. The electricity costs of these miners are $3K per day and the mining rewards are split evenly among them in a probabalistic fashion so 900 Bitcoins per day = about $40 M per day split 10,000 ways or $4k per day each. Each miner makes a profit of $1K per day ($4k income - $3k costs). After the halving the rewards get cut to 450 bitcoins per day. Daily rewards drop to $20M per day split 10,000 ways which comes to $2k per miner. Now each miner is operating at a $1k loss since electricity costs haven't changed ($2k income - $3k costs). Once 1/3 of the miners drop out the new profits will be $20M per day split between 6,666 miners which comes to $3k per miner. This allows miners to operate completely break even. If 50% of the miners drop out then the miners that are left will be able to operate at the same margins as pre-halving. But for every miner that chooses to re-enter the amount per miner split from the total decreases. The difficulty serves to lock the rewards to $20M per day, where the pre-halving difficulty locked the rewards to $40M per day. That money is split amongst all the miners depending on hash rate. So there's not really any incentives built in to "add" miners through the difficulty adjustment. It's just that the more miners drop off the higher percentage of the total goes to each individual miner. Because some miners are more stubborn than others and upfront costs, energy costs, opportunity costs, sunk costs, and efficiencies will be different for each miner in real life, some miners will be profitable when other miners will not. The things that can incentivize more miners to enter are increases in price (you can directly observe increase in network hash rate closely following increase in price), reduced operating costs, and increases in efficiency, though big miners will always have better efficiency than small miners can hope to acheive.

brianddk

Yes, LTC is better in many ways. The technical answer as to why BTC is "better" goes off in some very technical weeds. I think the most cited reason is hashpower. Both BTC and LTC are PoW coins. The current hashrate of LTC is 884.30 TH/s. The current hashrate of BTC is 588.90 EH/s. So that's something like six orders of magnitude difference (one-million times more). Tin-foil-hat time. So, if some world power were to try to perform a 51% attack on BTC and LTC, then LTC would be the obvious choice. They would need a million times (literally) more miners to attack BTC. Some take that distinction VERY seriously, while others look at it and go "meh".

krakrakra

> You're blaming the car manufacturer for the idiot who crashed their car! The manufacturer made a baloon car with wheels made of pins. You seem obsessed with Blockstream, in constrast with all other coins that were launched by "foundations" did presales at discount to insiders and friends. Blockstream is out of the picture, and only came into the picture much later than Bitcoin's launch, in contrast to all the centralized scamcoins around. They were just the first player to start hiring and sponsoring devs, but all Bitcoin devs begun before Blockstream and had their own motivations and worked for them. > If you're worried about money people taking over a project, look no further than the ETFs that are about to launch and will rig the price of BTC for eternity. I don't care whether the ETF happens or not. Shitcoiners droll and already pitch ETH ETF etc. but either way. In contrast to ETH's etc. contiously changing monetary supply schedule, Bitcoin's 21mil is set in stone and if anyone tries to sell paper bitcoins, it will be just a matter of time until the implode like FTX did. You can't (& shouldn't) control what happens in the world anyway. People will try a tone of stupid things and scams. > Also a $5k ASIC will mine you about 0.001 BTC per year at a pool, [...] To be a real part of BTC mining costs $1m and up, could be $10m now. Not quite, it depends on the $/TH of the machine, with $5k you can get 350-650TH which get (0.135 - 0.25 BTC) in 12months taking into account the halving, but net profits depend on electricity costs, not the amount of hash power you have. > you have no say in the pool policies and your contribution to consensus is effective zero You can choose a pool that has acted and acts in the way you support. But Stratrum v2 is being tested and that would further enable some more freedom, also there are some research projects like Braidpool about a P2P-style pool but that's too much in the future and uncertain. But, unlike Proof of Stake, miners and PoW are supposed to be greed-driven and shouldn't have much say on things. On the other hand PoS is basically plutocracy and they can truly conspire at no cost. In a PoS chain that some malicious gov with enough wants to activate a mandatory KYC feature, they can get enough coins and activate it, if the users fork away, the malicious gov still has the coins on all forks. But if this can't happen on PoW, where there are physical investments outside of the coin itself.

krakrakra

> You're saying ETH doesn't work, is centralized, and is insecure? It is, it's controlled by Joe Lubin and Vitalik. If something happened to Vitalik or he decided to quit Ethereum, you would have even more leakage of people to other coins Solana, Avalance etc. and even new coins. Insecure even at the contract design level, where you had Gavin Woods, the creator of Solidity, failing to create a simple multisig, that resulted in the loss of hundreds of $millions, when a random noob dev called a call and bricked all the multisigs of the network that used that contract. Not to mention the $billions that have been hacked on DeFi due to Ethereum's bad design: https://rekt.news/leaderboard/ Of course, all other turing-complete chains have similar hacks. > Anyone wishing to get involved with staking and validating transactions has a much LOWER cost of entry than BTC. [...] TH validators cost about $100k which is less, while ETH processes 10x the transactions of BTC, AND ETH transactions are much more complex than BTC. Baffled by your numbers, that pretty much upside down. ETH validators need 32 ETH that costs $70k, meanwhile you can get an ASIC for $5k on the secondary market. > Running a pointless BTC node which downloads 1MB of data every 8 minutes and occasionally relays a transaction is not participating in the BTC consensus. Spending $1 million on mining IS participating, but its not for everyone. 2 different things, but both compose the final consensus. UASF showed the power of the economically involved nodes. Miners were stalling SegWit activation with no arguments whatsover, but users gave a deadline and pushed the miners into activation. Not even the core devs were involved in that. This is chaotic but decentralized consesus across the globe, no "foundation" to organize stuff, no committies, no Vitalik or BDFLs. > ETH processes 10x the transactions of BTC, AND ETH transactions are much more complex than BTC. I've tried ETH in the past and it's convience over long-term sustainability. They already try to camouflage not validating the whole chain in order to allow somehow acceptable syncing times. It's a game of jenga and you can see that from various ETH devs and even the lead maintainer, that their path is unsustainable. Having orderbooks on the base-layer is insanse and all those thousands of "add sell order", "cancel sell order" will be on the chain for ever making every syncing slower. > Layer 2 won't exist in 10 years or less, it's pointless construct. Layer 2 is how anything scales efficiently. Vertical scaling is always more expensive and risky and this applies to blockchains too. If you focus on L1, you essentially have 1 machine handle every single transactions. With L2+ you gain parallelization and you can multiply that 1 machine's effective transaction rate. I already told you about the blockchains that have several TB of data with just a few years, unless the transaction rate is reduced (i.e. giving up on the coin), this will keep getting larger, asking for higher hardware specs, pricing out plain users, making validation accessible only by companies and datacenters, like what is happening with ETH's Infura which handles the biggest part of the network.

TissueUnflawed

> what security measures have been established to ensure that these attacks will not happen in the future? None at all. The possibility of 51% attack is a consequence of the decentralization design of Bitcoin. It is the risk which was left over after the design was complete. It can not be "fixed" without destroying decentralization There are claims that "incentive" prevents 51% attacks. Currently this is about 15% true. The main factor preventing 51% attacks in Bitcoin today is the logistical impossibility of acquiring 3 million or 4 million 140TH mining boxes to overtake the existing mining network. They simply do not exist In the long term (or sooner), the incentive and logistical barriers will disappear A 51% attack only affects the victim of a double spend fraud. Bitcoin keeps working, following the longest chain, adding 144 blocks per day

Adius_Omega

I don't have a Logitech G G29 Driving Force Sim Racing Wheel and Pedals with Thrustmaster TH8A Sim Racing Shifter and Playseat Sensation PRO Racing Seat with a Playstation 5 and PS5VR2 Headset...

EasyRider1975

It the EFT doesn’t get approve I will have to shut down my miners after the halving. Even the most efficient 200TH at 3300 watts will not be efficient unless you are hosting in some 3rd world country with cheap electricity. I mine at home and hosted in USA. Just keeping my head above water with the ridiculous difficulty continuously going up. I will be seeking s19 pro this spring. Better to just Sell for a few hundred and buy BTC than to lose in electricity and hosting fees

fischer07

For you to make any kind of money you'd have to invest in an ASIC. My S19 XP 141 TH makes me about $12 USD per day. A regular computer would probably be pennies if even that

Silarous

It can't mine anything. Sure, it can technically hash SHA256, but the difficulty is so astronomically high that it won't successfully generate a reward. I actually recently tested this with my 16 core, 5950x CPU to see just how inefficient it was. The CPU was hashing a little over 200MH/s and consuming 140w. To match a single modern ASIC at 130TH/s, you'd need 625,000 of those CPUs, and they would burn 88,000,000 watts of electricity just in the CPU's themselves. All that to generate $11/day worth of bitcoin. He could generate some Bitcoin by mining alt coins and converting them to Bitcoin, but using a desktop to mine Bitcoin itself is a waste of time.

GroundFlock

I see you are trolling here. I don't dismiss the difficulty. I can integrate it if you want in the calculation, but then the price would be even more than I have stated. If the hash rate increases, then the difficulty automatically rises. So we would need even more kWh. What is your problem? Here is an overview of a continually increasing Hash Rate for years. January 2024 529M TH/S January 2023 264M TH/S January 2022 194M TH/S January 2021 107M TH/S January 2020 42M TH/S January 2019 39M TH/S January 2018 15M TH/S January 2017 2M TH/S January 2016 0.8M TH/S

EasyRider1975

If BTC doesn’t double by the next halving I am shutting the miners down. $187 a month hosted for 110TH. Good time to buy BTC but big money in mining is over. I am heating my entire home with the other 100th at 3000w this winter so it’s paying off for now. BTC please double so I can afford electricity. 🙏🏼

GroundFlock

Ok, I think there's a misunderstanding here? We're talking about Bitcoin and the block reward halving that occurs every 4 years or every 210,000 blocks. For easier understanding, I'll briefly explain it to you: Currently, for each block found, you get 6.25 BTC. After the halving in April, miners will only get 3.125 BTC. At the last halving on May 18, 2020, there was no change in the hash rate in the days before and after the halving. On the day of the halving, the hash rate was exactly at 100 million TH/S, and the difficulty was at 16000 billion. And your 6 cents are not sustainable; I've listed where most miners are and also written the price next to it, from which I calculated an average of 12 cents. But if you insist, I can also calculate it with 6 cents.

looneytones8

Categorically false my guy. You can get a full TH+ of hash just by usb miners which if you own 4M sats or less is proportional to your share of the supply. Or you can run a miner that’s been repurposed as a space heater. I literally run my S19j pro in an apartment lmao

TissueUnflawed

> wondering if there is a way I could mine my own transaction to make it go faster? Yes, with 0.1% of the hash rate you will mine about 1 block per week, and your own transaction can be in your own block. You only need to buy 380 x 140TH/s Antminers and find a 2MW electricity supply to run them Or try CPFP /r/Bitcoin/comments/jkw0l5/transaction_stuck_read_this/

descavenger

w**E**al**TH**

SpaceDesignWarehouse

I’m completely open, we have separate finances and she thinks I’m silly for not selling but doesn’t try to pressure me to. She also makes about double my salary, so there’s that. I mine it to the tune of about 900TH.

hellocheddar

So I’m looking at another miner running at 37 TH/s using 2380 watts. Same pool tax of 2% and 15 cents per KWH again. Would I make a profit with this? When I use a mining calculator I come up with a profit on this and the other miner. If so how much of a profit and could you give me a reputable mining calculator I could use.

hellocheddar

I used one. By network hashrate do you mean the hashrate the miner is running at? Or is that different than the 2.6 TH/s this miner runs at.

Self_Blumpkin

The big part of this is pretty estimable, which is the value of the hardware out there, currently mining. Without getting into equipment breakdowns on some of the larger pools that offer the data, you can just take the nethash of BTC (~447 petahash) and divide that by a common number you come to for the hashrate of the ASIC you're going to "assume" everyone is using. I'd say the last gen Bitmains - S19J models which range from 100 to 120 TH/s. Their newer liquid cooled models are bonkers but unless you are planning on doing submersion cooled mining or you plan on buying one of those $100,000 enclosures for their hydro units. So lets say 115 TH/s per machine out there. About 2300 per unit when they came out, about 1200 per unit today. Meet a little under the middle due to bulk deals and production ramp ups by bitmain after first shipments. We'll do $1650 per. 446,913,360 TH/s Net Hash Rate 3,886,203 S19J Pro or equivalent miners out there. $6.22B in just mining hardware out there mining today. I'd say that number is a little conservative. Then you have operations facilities. You have entire renewable energy farms built dedicated to running huge mining farms designed to soak every last satoshi our of that renewable power. I think I could see worldwide infrastructure, including ASICS topping 50B... but a LOT of that infrastructure would be leased or bought on loan. These mega mining facilities are going to be massive profit earners. Especially the less connected to the grid they are. Pretty soon the mining market isn't going to allow for more than 1-2 cents per kWh in electricity costs before you're priced out of the game. Will be interesting to see the nethash rate in the days / weeks after this upcoming halvening. Price action is going to need to support a lot higher than it is right now to keep nethash where it's at. It won't dip so low as to threaten security, but it might start pricing out facilities that aren't predominantly renewable energy focused.

murkforgian

> To control 51% of the network, you need 51% of 517,600,000 TH/s That would give only 33% Math fail

TheGreatMuffin

> To control 51% of the network, you need 51% of 517,600,000 TH/s. Well, that's if you somehow manage to confiscate the miners and the facilities that are currently mining. If you bring new miners online, you need slightly double than 517,600,000 TH/s, because your new hashrate counts towards the overall hashrate. That also assumes that no other, "honest" mining power is coming online for the duration of the attack. Anyway, there's not *that* much you can do with 51% attack. You can't steal someone else's coins, you can't change the rules of bitcoin etc. You can censor transactions and/or mine empty blocks, that's basically it. And after your attack is done, because you ran out of money, things will simply continue as usual.

dashby1

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redkoil

Not sure if Antminer S21 Pro is the absolute best but at least its one of the best at 250 TH/s @ 3550w. So quick math of 500,000,000 TH / 250 TH = 2,000,000 so two million S21 Pro miners could do the job with 7.1 gigawatts per hour which is little under two megawatts per second.

Not_Ricoo_Suavee

What government would be interested in attempting a Bitcoin network 51% attack and what for? 51% attack would require such amount of computing power that it's not feasible for a government to organize. Current hashrate is about 500M TH/s. A single instance controlling half of this doesn't make sense. A key advantage of Bitcoin is its non-inflationary nature. Altcoins don't have this: the company issuing these coins can decide to create shitloads more to maximise their profits and dilute ownership of existing holders. They can f you up and don't have to ask anybody. Thinking an altcoin would outcompete Bitcoin - well, not going to happen anytime soon.

Cormyster12

Very unlikely solo and even in a pool 1TH isn't great

SirFomo

7 cents per Kw/hr is a pretty good deal. 120TH is damn fast too. Still....I think it's better to just buy BTC and HODL. You'll have issues plugging it into a normal 110 outlet.(you cant) and the miners sound like a hair dryer on loud running 24×7. Have you ever heard a hair dryer running for a full day? Now imagine that every day! Over time 120TH will also be slow and you'll need a faster Miner. I used to mine with 20+ Antminer S7s thru s9s at 7TH per Miner. 120TH is insane. It used to take Luke 15 miners to get that hashrate

Potential_Jello6520

What kind of machines do only 0.33 TH? A 5 year old S9 does 14TH... And the real variable is how much power they use. Could be profitable in a pool but will be a few cents each month.

groundkittenbeef

Fair. I’m just not willing to burn 1TH of electricity on a lottery ticket.

newloko23

You cant really multiply times (6*24*365) The probability of winning one round is (your rate)/(over the network). The probability of winning at least one round after (6*24*365) rounds would be = 1 minus the probability of loosing all rounds. So. 1 - [(500EH - 1TH)/(500EH)]^(6*24*365)

Corbimos

You could solo mine as a lottery basically, you get the whole block rewardor nothing. I wouldnt try to pool mine with 1TH. You will never cover electric costs and might as well buy btc for the cost of your power.