Start with a prebuilt gaming PC. Add a couple of expansion PCIe to USB cards and slowly add GPUs.
Then stake, farm, loan, trade your coins that you mined.
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I did a similar analysis. I came up with a break even point for the miner I was looking at with my electricity rates when Bitcoin is at $47000. Better off for me to just buy Bitcoin under that price point. The miner manufacturers are making all the profit, unless you can get a deal.
There has to be money in it or there wouldnāt be these huge facilities going up in Texas. I think the best bet is buy the newest miner use it for a year sell it for what you bought it for and repeat. Thatās the model I would use if I had the money. And buy everything from the original manufacturer without paying the middle man to keep cost lower for you. Plus while you earn itās always under warranty.
Brianf329, you got it right. I use four L3+ (one is an L3++), one RTX390 GPU and a Bobcat for home mining and four S19J Pro machines in the Compass Mining farm. The four S19J Pro machines will be sold in one or two years (depending on used machine prices) to make way for new machines, adding one new machine per year. Wash, rinse and repeat.
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Do you mind sharing what you pay compass for hosting?
Thanks!
I feel itās the best bet to have the best hashrate machine each year so when halving occurs you donāt have near the drop off in earnings or lose money getting rid of older equipment. Common sense tells me if Bitcoin doubles in price mining profits should come close to doubling also.
AdamMoyers, cost to host at Compass depends on the farm location you are in. I signed up for their Lone Star 2 bundle when it was available. It was for six S19J Pro 100 Th/s machines which I split with my son. Because these miners would be activated into October 2022, they sold us the miners for $8K each. The large discount offset revenue loss for not mining right away. We are in the Texas farm where electricity is 6.3 cents per KWh. Hosting fee is $149 per month for each machine and that includes electricity. Electricity is 12 cents per KWh here in Kansas so the greatly reduced power cost more than offsets hosting fees.
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Do you have the option to take possession of the miners after your contract expires? Iāve been wondering about that for a while.
Deastin, yes, you can. Compass even has a service where you can sell your machines (if you buy equipment and mine with them).
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Interesting. Just curious, what timeframe for breakeven ROI did you establish to be acceptable?
I have looked at Compass and they have kept my interest longer than I would have thought. It seems like a good approach but I keep looking for the catch with their operation. If you have miners with them I would be curious to hear your Pro vs. Con. Their energy rate is higher than where I am at, but I am enticed by the hands-off approach.
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SMS, I am good with a 1.5 year ROI but it is a hard calculation to make given I wonāt know price of my used equipment when I begin cycling them for new machines. Also, who knows what the BTC price will be going forward. Holding coins doesnāt help much either. Contracts with Compass are for one year so I will let you know in 12 months.
I also purchased a ā¬500.00 share in an S29j through mineology, a crowd funding hosting service. Iām stacking BTC to purchase a larger share of another ASIC with them in the future
Yeah, itās hard to get a decent retail buy - and you have to be careful with junked and damaged equipment.
Right now Iām working on electrical prep for more future miners, and planning solar to take some of the bite out of my California electric bills.
At 69, Iām at the other end of the earning years and careful about capitalizing extra income streams.
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I know what you mean, but I like where you head is at with going the electrical route. Seems like the best way forward in CA. I am lucky where I am that electricity is pretty reasonable.
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I just finished researching solar here in Wichita, Kansas. The first problem is a limitation on how many panels you can place on your southern facing roof. Some HOAās will limit this too but the power company has final say on the number (at least in Wichita). Even with a 26% tax credit, it will take 15 years to break even. I am 75 years old and 15 years is close, if not at, my end game. You younger folk may see this differently. Additionally, unless you have battery backup, you only get an hour or two of continuous power at night. Newest generation solar inverters are much better and allow you to continue gathering/using solar power even if the grid goes down, but you still have to deal with nighttime power supply.
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Roughly 24 pannel will supply enough power for one asic a year to run multiple you will need a shit ton of acreage Iāve done a shit ton of research on cost and rebate and I live in a desert with acreage and still isnāt cost effective
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Run your numbers on enough solar for daytime running your miners only. A 300 watt each, ten or so panel system shouldnāt run that much.
Check nighttime, off/peak electricity rates to see if itās worth running 24/7.
Itās usually the cost to run AND charge expensive battery banks that kills your numbers.
Iād also suggest taking a close look at low wattage goldshell miners over a spread of coins. You can run a nice bookshelf full without breaking the bank on solar.
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ROI.personally think is the most important thingā¦cause we mine for moneyā¦not others.A quick ROI means you can get paid back from your cost(mainly in miners),that matters most
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Hotdiggity!!
I have one L7, one KD5, one CK5, two KD-boxes, and a helium minerā¦am I a big boy?
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