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Showing 4 of 4 results by Robert N.
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Topic
Board Mining
The cost of mining 1 BTC in 2020!
by
Robert N.
on 23/03/2020, 22:08:10 UTC
Vosk from VoskCoin recently made a breakdown of what is needed to mine 1 BTCitcoin in 2020, in terms of hardware, electricity cost and consumption.
He gives 2 examples in his video and shows you how to calculate the cost & profit of mining, depending on your setup: https://www.youtube.com/watch?v=5V_Ap0Iy_M0

BTCitcoin stats at the moment of analysis:
  • Total BTC in Existence - 18.227.850
  • BTC left to be mined - 2.772.150
  • % of BTC issued - 86.799%
  • New BTC/Day ~ 1.800
  • Price ~ 9.545,08 USD; calculated before the drop caused by the pandemic.

BTCitcoin Miner used in example:
Bitmain Antminer S17+ (73TH) - https://www.asicminervalue.com/miners/bitmain/antminer-s17-73th


In the first scenario, he calculates residential mining on the following values:
  • 4 miners with a total Hashrate of 292 TH/s
  • Block Reward - 12.5 BTC; price includes the BTCitcoin Block reward halving. ETA - 13 May 2020
  • Power Consumption - 11.680 W
  • Power Cost - 0,1 USD/kWh
  • Hardware Cost ~ 10.000 USD; including building up some electric infrastructure.
  • Exchange Rate - 9.701,12 USD to 1 BTC

Monthly Profit = 516,21 USD; Mined BTC = 0.140978; Electricity Cost = 836,76 USD
Yearly Profit = -101,39 USD; Mined BTC = 1.036189; Electricity Cost = 10.180,52 USD


In the second scenario, he considers a tiny mining farm with:
  • 8 miners with a total Hashrate of 582 TH/s
  • Block Reward - 12.5 BTC; price includes the BTCitcoin Block reward halving. ETA - 13 May 2020
  • Power Consumption - 23.360 W
  • Power Cost - 0,05 USD/kWh
  • Hardware Cost ~ 20.000 USD; including building up some electric infrastructure.
  • Exchange Rate - 9.701,12 USD to 1 BTC

Monthly Profit = 1.860,91 USD; Mined BTC = 0.280991; Electricity Cost = 836,76 USD
Yearly Profit = 9.782,12 USD; Mined BTC = 2.065281; Electricity Cost = 10.180,52 USD


Summary & Resources:
In the case of residential mining, considering the average power cost of 10 cents, you will end up paying 1 BTC in electric bills for mining 1 BTC over the next year.
If you start upscaling the nr. of miners and reduce the electric cost to an average of 5 cents, like in the case of mining farms, you can expect to see profit depending on the values.

Calculator Tool: https://cryptomining.tools/calculator
ASIC Miner Value: https://www.asicminervalue.com/
Bitcoin Stats: https://coinmarketcap.com/currencies/bitcoin/
Bitcoin Halving: https://www.bitcoinblockhalf.com/
VoskCoin Youtube: https://www.youtube.com/channel/UCT44w6854K62cSiwA1aiXfw/featured
Post
Topic
Board Bitcoin Discussion
Re: Coronavirus crypto
by
Robert N.
on 23/03/2020, 17:12:04 UTC
Hey, I was wondering, how will the crypto market react to the virus?
In this regard, I found the article about it, https://cryptogeek.info/en/blog/coronavirus-reveals-cryptocurrencies-are-crisis-resistant, it says, that crypto is well resisted to the crisis, what do you think? Is that true?

The article has an optimistic viewpoint and tries to explain in short, how crypto was affected by the pandemic. Smiley

Like the author of the article stated: "The cryptocurrency price surge that we witness right now confirms the popular stance (in crypto community) that the financial crisis is a factor that drives more people into cryptocurrencies."
I believe that, despite the recent price spike in the crypto market, some people might have turned their attention towards cryptocurrency during the time of pandemic, and towards the ways in which Bitcoin could help in future times of crisis.

"Moreover, the crisis may incentivize business owners to start accepting payments in digital coins. New use cases can cement the value of cryptocurrencies."
Post
Topic
Board Bitcoin Discussion
Re: Store your bitcoin
by
Robert N.
on 22/03/2020, 16:30:31 UTC
Of course, HOLD BTCitcoin is the best option if we have the possibility. We can also buy more because difficult times are coming and we must be prepared. There is a long way to go to recover the economy. Bitcoin has a good chance to gain more users despite the pandemic, the crypto community does not stop.

This is an interesting perspective. Although both the economy and the crypto-market have been affected by the pandemic, BTCitcoin itself and blockchain technology might have to gain from the exposure it gets in these times.
Once the pandemic ends, there might be value in the discussion that can be started around how this decentralized tech. could help in future times of crisis.

As for the storing part, I guess if you can afford it you should hold BTCitcoin and maybe even buy some. Grin
And like this guy said:
Always use the principle of never investing money that you can't afford to lose.
Post
Topic
Board Bitcoin Discussion
Re: is this the best time to teach about bitcoin?
by
Robert N.
on 22/03/2020, 14:05:52 UTC
You are right the best time to teach about BTCitcoin is when people show their interest in it. Although the time seems ideal for people to start using bitcoin for their daily needs. It is now possible that bitcoin will gain more ground before FIAT due to the Coronavirus pandemic.
People are now spending more time at home and on the internet because of the recent pandemic so I believe it is definitely a good time for most online goods and services to grow.
Our main focus right now should still be containing and stopping the pandemic. After the problem is solved people might start looking at ways in which we can decrease the impact of future pandemics on our economy.

This is where BTCitcoin and blockchain technology could be introduced in discussion, with the advantages that it supposedly has over FIAT in a situation of crisis. 


many people are looking for a way to earn online but afraid to touch bitcoin
because of the rapid change in price and it's not newbie friendly anymore

that's why im looking idea how i can make people get into bitcoin without spending a single cent at the start
because i think one of the reasons why bitcoin is not gaining interest unlike before because it's not newbie friendly anymore
Finding a way to get started with crypto for free won't be an easy task, without the risk of getting scammed.
I believe you should instead focus on teaching the core values and principles of crypto, along with presenting the advantages that this technology has over FIAT and over traditional centralized systems.

Once they are well informed on the topic, people can decide for themselves if they want to join the project and maybe start investing small amounts in crypto at first. Grin