I have been curious about mining bitcoin and how it actually work. if i would to try to start mining, what are the required equipments that i need to have and how much are they worth? i live in the philippines and the price of electricity average. not that expensive and also not that cheap. but if you live in the US and have average salary, you could live really comfotably in the philippines.
To not waste a lot of your time, I will tell you that if your electricity is more expensive than 10 cents, then forget about bitcoin mining.
Even at 5 cents, there is now a very high payback period of up to 24 months and mining companies are constantly increasing mining capacity. Shitcoins such as Кaspa or Alephium carry other risks. The price will drop and you will be left with a useless box with or without a fan.
mining ⛏️ at :
20 cents = loser
15 cents = loser
10 cents = maybe some of the time if you know what you are doing
5 cents = you should earn profit
3 cents = makes profit pretty much certain.
I want to add a little bit of my thoughts.
The key to success in mining is not only cheap electricity.
A home miner may use 1 or more asics because of the power consumption limit, but he also has the risk of these asics breaking down.
21 models have such a feature that if one chip board is damaged, the asic will not work.
And on older models if one of the chip boards was not working, the asiq worked with 2 chip boards instead of 3.
The most productive asics now use water or emmersion cooling. Water-cooled asics can be used at home, but an additional heatsink will be required. There are a lot of interesting solutions in youtube, but not every beginner will do it.