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Showing 20 of 35 results by MiningMike
It’s so easy to get overwhelmed with all the different models and opinions floating around.
Personally, I try to focus on a few key things: power efficiency, hashing power, and the overall cost-to-profit ratio. I look at the electricity consumption first because that’s often the biggest ongoing cost. Then I check out how much hashing power I’m getting for the price.
I also like to read up on recent reviews and mining profitability calculators to see how a miner’s performance stacks up against others. It’s a bit of a balancing act because a powerful miner could be a great deal upfront, but if it’s eating too much electricity, it might not be worth it in the long run.
I don’t always go with what’s familiar either. I try to keep an eye on newer models or updated versions of popular miners, since sometimes they improve power efficiency or hashing rates
Personally, I try to focus on a few key things: power efficiency, hashing power, and the overall cost-to-profit ratio. I look at the electricity consumption first because that’s often the biggest ongoing cost. Then I check out how much hashing power I’m getting for the price.
I also like to read up on recent reviews and mining profitability calculators to see how a miner’s performance stacks up against others. It’s a bit of a balancing act because a powerful miner could be a great deal upfront, but if it’s eating too much electricity, it might not be worth it in the long run.
I don’t always go with what’s familiar either. I try to keep an eye on newer models or updated versions of popular miners, since sometimes they improve power efficiency or hashing rates
Re: Historic mistake: Microsoft rejects to add bitcoin to their balance sheet.
Some people think this is because Microsoft does not know what Bitcoin is or what they are doing. I would say this is almost impossible at this point.
Microsoft used to ACCEPT Bitcoin at a particular stage many years ago. They surely do know what Bitcoin is and how it works and I highly doubt they do not know about it being a great Investment opportunity.
However. What they do and say publicly does not equal in reality their exact set of mind. They are likely not putting any Money into Bitcoin because it does not benefit them, their image or their Corporation in any way.
Microsoft used to ACCEPT Bitcoin at a particular stage many years ago. They surely do know what Bitcoin is and how it works and I highly doubt they do not know about it being a great Investment opportunity.
However. What they do and say publicly does not equal in reality their exact set of mind. They are likely not putting any Money into Bitcoin because it does not benefit them, their image or their Corporation in any way.
they've been in the game long enough to understand what it is and how it works. They've even accepted bitcoin in the past so there's no way they dont see its potential.
the negative side of this is that they're likely avoiding bitcoin because it doesn't align with their goals. They're not going to bet on something that could potentially hurt their reputation or make them look out of touch with the more traditional business world.
I think its all about the image.
Re: Historic mistake: Microsoft rejects to add bitcoin to their balance sheet.
it's crazy how often people wait for "proof" from big players before making a move only to realize they've missed the best opportunities. This feels like a reminder to trust my instincts more and be okay with taking smart risks
Here is how I see things.
Bitcoin has been launched as a consequence of the 2008 Crisis. Bitcoin was supposed to become an alternative to the Banking system.
To create an alternative to it, you need either a Currency or an Asset like Gold. Bitcoin was initially created and shaped in a form closer to a Currency than an Asset. But arguably, it did also have many characteristics of an Asset. I mean. Even today, it is still compared to Gold by a lot of people. This is why I think it is not LOSING its identity but instead, it is becoming simply more clear to us how it is perceived by people.
Some see it as a Currency, others as digital Gold. And I think it is fine to see these two sides. There is no thing wrong in that. I did see an increasing number of Posts asking whether Bitcoin is failing on its objective, but I think it is not failing yet at all. It is the opposite actually, it is thriving!
The only reason I would say it is slowly boiling a failure is the lack of Privacy. With so many Blockchain Analysis companies running like crazy for a way to de conspire each and every Transaction possible and to create links that should not have been created, I think this is the only way it is failing. Other wise, it is truly thriving so far and there is no identity crisis.
Bitcoin has been launched as a consequence of the 2008 Crisis. Bitcoin was supposed to become an alternative to the Banking system.
To create an alternative to it, you need either a Currency or an Asset like Gold. Bitcoin was initially created and shaped in a form closer to a Currency than an Asset. But arguably, it did also have many characteristics of an Asset. I mean. Even today, it is still compared to Gold by a lot of people. This is why I think it is not LOSING its identity but instead, it is becoming simply more clear to us how it is perceived by people.
Some see it as a Currency, others as digital Gold. And I think it is fine to see these two sides. There is no thing wrong in that. I did see an increasing number of Posts asking whether Bitcoin is failing on its objective, but I think it is not failing yet at all. It is the opposite actually, it is thriving!
The only reason I would say it is slowly boiling a failure is the lack of Privacy. With so many Blockchain Analysis companies running like crazy for a way to de conspire each and every Transaction possible and to create links that should not have been created, I think this is the only way it is failing. Other wise, it is truly thriving so far and there is no identity crisis.
I think it's fine for people to see it in different lights, some want it as a store of value like gold while others are hoping it'll function as a daily currency. But you're right, the privacy issue is a big concern. With all these blockchain analysis companies out there, it's becoming harder to keep transactions truly anonymous.
I still believe bitcoin is thriving but if it can't address the privacy concerns it could lose some of its original appeal
Your calculations are a solid start, but there are a few things that might affect your profitability. Mining pools usually charge fees (1-2%), which reduce earnings, and network difficulty increases over time, so the 0.01 BTC/day estimate might drop. Don't forget about maintenance costs or potential downtime either, as they can impact your profits.
I've been using ASICprofit to get a clearer picture of mining profitability. It accounts for difficulty adjustments and hidden costs, making it easier to plan ROI accurately. You can also try tools like Whattomine or Minerstat for real-time updates and comparisons.
Double check all your inputs and factor in every cost to make sure the numbers hold up. Good luck!
I've been using ASICprofit to get a clearer picture of mining profitability. It accounts for difficulty adjustments and hidden costs, making it easier to plan ROI accurately. You can also try tools like Whattomine or Minerstat for real-time updates and comparisons.
Double check all your inputs and factor in every cost to make sure the numbers hold up. Good luck!
I am also using asicprofit.com and it's been one of the better tools for tracking mining profitability. It's straightforward and factors in things like difficulty adjustments and hidden costs which really helped me avoid overestimating my earnings. Whattomine is another great option–it shows real-time profitability across different coins.
One thing I'd ask is how often you plan to review your setup? Staying updated on network trends and adjusting your strategy can make a huge difference.
More people recognized its potential for value storage and speculation, it naturally started being viewed more as an asset.
Bitcoin has always had a dual nature–it's both currency and asset. The fact that people bought it hoping would increase in value doesn't mean it wasn't a currency. I think the shift happened more as the infrastructure (like exchanges and institutional adoption) grew to support it as an investment rather than a daily use currency.
What do you think? Would it take better tech for faster and cheaper transactions or do you think it's more about how people choose to use it?
Bitcoin has always had a dual nature–it's both currency and asset. The fact that people bought it hoping would increase in value doesn't mean it wasn't a currency. I think the shift happened more as the infrastructure (like exchanges and institutional adoption) grew to support it as an investment rather than a daily use currency.
What do you think? Would it take better tech for faster and cheaper transactions or do you think it's more about how people choose to use it?
Re: New to Mining? Let’s Talk About Picking the Right ASIC Miner!
Ive just inherited 6 AvalonMiner A852 setups, im missing the 5pin cable between the controller and razberry i think. I seriously need help setting these up. I dont know anythign about software or how to program or anything. Do you have any recommendations? Help! Thankyou
For software, you'll need CGMiner or something similar, it's commonly used for Avalon miners. I'd recommend watching setup tutorials on youtube–seeing the process visually makes it way easier. You can also check out forums here in bitcointalk for troubleshooting tips and advice.
Majority of them are just scams. There's no way on earth that you would mine anything worthwhile from a mobile phone. Back in the day when we could CPU mine, sure, you might have earned something. However, today it's all about ASICs (Application Specific Integrated Circuits) - machines that are designed to mine bitcoin. The only issue is, to mine anything decent, they use a LOT of power. And they being, you need more than one. And it's the electricity cost to run them that is the killer.
i remember when mining was something you could do casually maybe with laptop or desktop but now? it's like the game's changed completely. it's all about having industrial scale equipment and basically using up a small power plant's worth of electricity. It feels like the only people who can win are the big players who already have the resources
We will be back again
When it hits 500k
When it hits 500k
This reminds me of a few years ago when I heard some people saying that within 10 years the price of bitcoin will reach $500,000. To be honest, I laughed a lot at that, but now looking at the price I'm starting to think that it's not impossible to happen. But I wonder how many years it would take for the price to reach $500,000. Maybe we'll need another 10 years. I think it will all depend on how the Trump administration will deal with bitcoin. If he can have a pro-bitcoin administration that creates good laws about bitcoin, it could increase the adoption of cryptocurrencies around the world because many countries tend to copy things that the US does.
.i remember laughing at those crazy BTC price predictions too. Like, $500,000? it sounded ridiculous. But now, seeing hoe bitcoin's been climbing, it doesn't feel so far fetched anymore. With the halving coming up in 2024 and everyone talking about how it could spike the price again. I'm starting to wonder if 2025 might actually be the year for it to hit that milestone
Hi,
I friend of mine bought recently some BTC from ATMs in Switzerland.
Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.
He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.
Now he is wondering whether he might get problems cashing out in the future.
I friend of mine bought recently some BTC from ATMs in Switzerland.
Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.
He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.
Now he is wondering whether he might get problems cashing out in the future.
To prepare for potential problems, your friend should document everything like reciepts for the cash used at the ATMs or transaction IDs from the blockchain.
If they plan to cash out significant amounts, doing so through s KYC, compliant platform may be unavoidable to avoid scrutiny. It's always better to be proactive than to run into legal or financial hurdles down the line.
That sounds like a good plan indeed.
Even if there is no alert at the moment it doesn't mean there won't be one in the future.
Better be ready than sorry afterward.
it's always smarter to stay prepared even if things seem calm right now. You never know when something unexpected might pop up and being ready can save a lot of streess later.
I haven't mined in years (never ever mined professionally, never made any money from mining), but your numbers do sound a bit odd...
At current difficulty, you'd need around 16000 Th/second to have an income of 0.01 BTC/day.
The current "best" asic that's coming out in januari 2025 mines at 860 Th/s, costs $18.000 and draws 11180Watts.
You'd need 19 of those ASICs to make 0.01 BTC/day, they would cost $342.000 and they'd draw 212 kW (*24 hours = 5100 Kwh per day... At 10 cents/Kwh, that's $510)
On the other side, we're currently on an ATH, BTC price isn't $30.000/btc, but around $100.000
When calculating prices, don't just look at the price of an ASIC... It's an ASIC + shipping and handling + import taxes + shelves + network gear + power lines + a mining shed + ...
Don't count 100% uptime, do count at least some of the many (many) hours you'll spend running the operation, Count on at least 1 of your ASIC's being broken constantly, count on a pool fee,...
All in all, i guess you might have to re-calculate, because those numbers don't match reality
At current difficulty, you'd need around 16000 Th/second to have an income of 0.01 BTC/day.
The current "best" asic that's coming out in januari 2025 mines at 860 Th/s, costs $18.000 and draws 11180Watts.
You'd need 19 of those ASICs to make 0.01 BTC/day, they would cost $342.000 and they'd draw 212 kW (*24 hours = 5100 Kwh per day... At 10 cents/Kwh, that's $510)
On the other side, we're currently on an ATH, BTC price isn't $30.000/btc, but around $100.000
When calculating prices, don't just look at the price of an ASIC... It's an ASIC + shipping and handling + import taxes + shelves + network gear + power lines + a mining shed + ...
Don't count 100% uptime, do count at least some of the many (many) hours you'll spend running the operation, Count on at least 1 of your ASIC's being broken constantly, count on a pool fee,...
All in all, i guess you might have to re-calculate, because those numbers don't match reality
when you factor in the cost of the ASICs, the power usage and all the hidden costs like shipping, taxes and maintenance, it doesn't seen like it'd be easy to make a profit unless you're going all in.
i can see why a lot of people are returning to cloud mining or just staying out of it altogether. It's like even with the price of BTC being high right now, it's still not straightforward as it seems.
It's a milestone for BTC and for anyone who stayed committed through all the ups and downs. It's exciting to think about how far it's come from pennies to 6 figure. A worldwide part sounds about right! 
Can you imagine the buzz when it touches $500K?
Can you imagine the buzz when it touches $500K?
Hey everyone,
I’ve been diving deeper into crypto mining lately, and it feels like things are getting more complicated as mining difficulty increases. It’s clear that having efficient hardware is critical, but I’ve realized it’s not just about the hardware anymore—it’s also about properly managing costs like electricity and understanding how to calculate profitability accurately.
I recently tried running some numbers for a setup, and I’m wondering if my calculations are on point. Here’s an example:
Setup Details:
Power Usage: 1000W
Electricity Cost: $0.10/kWh
Mining Efficiency: 0.01 BTC/day
Bitcoin Price: $30,000
Hardware Cost: $5,000
Calculations:
Daily Power Consumption: 1000W * 24 hours = 24 kWh
Daily Electricity Cost: 24 kWh * $0.10 = $2.40/day
Daily Profit: 0.01 BTC * $30,000 = $300
Net Profit (Daily): $300 - $2.40 = $297.60
With this setup, I’d theoretically break even on a $5,000 investment in about 17 days. But this seems almost too good to be true—am I missing something? Maybe there are other costs I haven’t factored in?
I’m also curious—what tools, spreadsheets, or methods do you guys use to calculate mining profitability? Are there any common mistakes I should avoid when running these numbers? Would love to hear your advice and experiences!
Thanks in advance for your input!
I’ve been diving deeper into crypto mining lately, and it feels like things are getting more complicated as mining difficulty increases. It’s clear that having efficient hardware is critical, but I’ve realized it’s not just about the hardware anymore—it’s also about properly managing costs like electricity and understanding how to calculate profitability accurately.
I recently tried running some numbers for a setup, and I’m wondering if my calculations are on point. Here’s an example:
Setup Details:
Power Usage: 1000W
Electricity Cost: $0.10/kWh
Mining Efficiency: 0.01 BTC/day
Bitcoin Price: $30,000
Hardware Cost: $5,000
Calculations:
Daily Power Consumption: 1000W * 24 hours = 24 kWh
Daily Electricity Cost: 24 kWh * $0.10 = $2.40/day
Daily Profit: 0.01 BTC * $30,000 = $300
Net Profit (Daily): $300 - $2.40 = $297.60
With this setup, I’d theoretically break even on a $5,000 investment in about 17 days. But this seems almost too good to be true—am I missing something? Maybe there are other costs I haven’t factored in?
I’m also curious—what tools, spreadsheets, or methods do you guys use to calculate mining profitability? Are there any common mistakes I should avoid when running these numbers? Would love to hear your advice and experiences!
Thanks in advance for your input!
Hi,
I friend of mine bought recently some BTC from ATMs in Switzerland.
Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.
He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.
Now he is wondering whether he might get problems cashing out in the future.
I friend of mine bought recently some BTC from ATMs in Switzerland.
Because Switzerland has a limit of 1000 CHF per month without KYC on ATMs,
he bought 10 times 1000 each, with fake phone number.
He wasn't money laundering, just using his own legal money for HODL,
while he didn't want to do KYC.
Now he is wondering whether he might get problems cashing out in the future.
To prepare for potential problems, your friend should document everything like reciepts for the cash used at the ATMs or transaction IDs from the blockchain.
If they plan to cash out significant amounts, doing so through s KYC, compliant platform may be unavoidable to avoid scrutiny. It's always better to be proactive than to run into legal or financial hurdles down the line.
It's hard to say if bitcoin will maintain its usual patterns because of the influenced of so many factors like elections or influential figures like Trump and Musk. With increasing institutional interest and regulatory developments, the market could evolve in unpredictable way.
It's important to stay cautious and not rely too heavily on past patterns to predict the future. Keep an eye on global events, adoption rates, and market sentiment because they all play a huge role.
What's your take on how external factors like politics are shaping bitcoin's future?
It's important to stay cautious and not rely too heavily on past patterns to predict the future. Keep an eye on global events, adoption rates, and market sentiment because they all play a huge role.
What's your take on how external factors like politics are shaping bitcoin's future?
Parents and guardian need to step up by monitoring their children's activities and discouraging any involvement like running errands to gambling houses. Gambling operators should also take stricter measures to enforce age limits like requiring ID.
For electricity, aiming for around 4c/kwh is a good target but keep in mind that rates can vary depending on the location in Texas.
For the installation, it might go higher depending on infrastructure costs and equipment choices.
Consult with local experts to ensure you're factoring in all cost.
For the installation, it might go higher depending on infrastructure costs and equipment choices.
Consult with local experts to ensure you're factoring in all cost.
Re: Morocco to legalize bitcoin and crypto again after ban in 2017
It's interesting how even with a ban, people in Morocco continued trading bitcoin in secret, it shows how strong the demand for crypto is. If the Central Bank is planning to legalize it now, that could be a big shift for the country. Legalization could bring clearer regulations, more security for users and open up new opportunities for businesses. But it'll depend on how they implement the laws, and people might stick to underground trading. I guess we'll have to wait and see how it plays out.
Re: What to Mine? Looking for New Coins for RX580 8GB GPUs
With 30 RX580s, you've got a solid setup for mining. You could look into Kaspa (KAS), it is becoming really popular among GPU miners because of its fast block times and efficiency.