which cost me around 0.16 kwh EUR. I know it's not as cheap as in the US but still it's a pretty good deal for living in Germany.
If it's a good deal in Germany, you might want to figure out a way to sell that power you generate, but with 19 cents kWh you can't possibly profit from mining.
Quote
According to my calculation as of right now I would be break even in a lil more than a year and after that the calculation says I'll make profit at around 50k Eur if the BTC price is not increasing (which I doubt).
Price can go both ways for years, the difficulty only goes up in the long run (facts are in the charts), your profit will decrease every month more often than not, all these online calculators are misleading, people who bought S19 pro 6 months ago were also looking at a 1 year ROI, it's now still 1 year ROI, they are not even remotely close to ROI.
Quote
costs for the investment would be 65k and the calculations say the machines will produce more than 2.4 BTC in one year
Where did you get that 65k from? you said S19 pro, today it costs 8.8k in China, so without tax or shipping it's already 70k, with tax, shipping, wiring, and whatnot you will be closer to a 100k than 65k, and no, 8 S19 pro will not make you 2.4 BTC in one year, you have better chances to walk on the moon than making 2.4 BTC with 8 S19 pro in a year.
Quote
So here's my question, do you think I should go for it?
Hey there, thank you for your detailed respond! Appreciate it
I figured out that 0.16 EUR kWh is way to much so I managed to get industry electricity from a nearby company which costs around 0.05 EUR kWh. Do you think the project could be more feasible now? I found a British website offering antminer s19 pro for about £7,399.99 each - https://coinminingcentral.com/collections/frontpage/products/bitmain-antminer-s19-pro-110-th-s?rfsn=1704384.5cfb1b . The website seems reliable. If I buy now 5 Antminer S19 pro for a price of 8500 EUR, my initial investment (+cables, shipping costs, etc.) would be 50-60k EUR, do you think it could be profitable or do you think I should get rid of the idea? Because these electricity costs of 0.05 kWh are tempting...
This is investment advice, and telling you to go for it ( like the first post which is terrible advice) or not, isn't something anyone should do, but if you ask it in a different way, you might get an answer, if I were you, I would NOT go for it.
There are a dozen topics that discuss mining vs buying bitcoin vs keeping your money in the bank, just search the forum and you will find many, some folks who usually never owned mining gear might tell you to invest, most of the folks who know how mining actually works in terms of business - will tell you you should not even think about it.
I am 100% sure you will end up losing money? of course not, but it's an easy bet, you are more likely to lose money than not, I'd say it's easily 20% vs 80%, I would be very surprised if you end up making a profit.
See mining isn't like other businesses where you can expect an increase in demand, if you start a coffee shop tomorrow, you are likely going to benefit from the increasing demand for coffee, more people grow up and want coffee, so the competition factor is not so huge, with mining, however, the rewards are fixed, and they only go down in time, so the competition factor is everything, then comes the question, who are you competing with?
You are competing against people who
1- Have FREE power
2- Very cheap power rate
3- Access to cheap mining gears
4- Pay no tax on income
5- Pay no tax on import
6- Pay $5 an hour for a certified electrician
7- Pay $3 an hour for someone to install/maintain the miners
And the list goes on and on, every point here counts, these points are like the weapons you take with you to the battle, the more the better, being in Germany you don't have access to cheap gears, you have to pay import and income tax, you can't hire an electrician for $5 an hour, you are going to war with your bare hands, the odds of winning are extremely low.