Hello,
I am looking for some advice, i really want to get into to mining (ASIC) really but the UK electricity price is soooo crazy high here.
I wondered if anyone had any advice for a noob looking to get into the space in the UK.
Thanks to anyone willing to give me some advice.
if electricity is an issue you can look up places that host miners, like compassmining. there are others, but vosk has referrals to them.
I had to do a cost analysis for setting up a new bitcoin farm this morning. This is my breakdown
"This is the link for the miner
Cost to buy right now is £7999, but changes regularly. Price of Bitcoin is $29000 (£23010). At 104TH/s, this will mine 0.1616 bitcoin per year at the current difficulty.
As electricity prices increase, many miners will have to switch off, reducing difficulty, and increasing yield.
I cannot advise on future price expectations, but I can say that I mine and stockpile Bitcoin for a rainy day.
The ROI on this particular miner at the current price is 773 days.
At the all-time-high last November ($68990/£54732), it would have had an ROI of 330 days.
These are based on free electricity. If I based it on the UK national average of 19p/KWh, then the electricity will cost £0.19 x 24 hours x 3.068 Kilowatts, or a total per day of £13.99. Already, that would mean that most of the UK could not mine profitably at the moment. That will only get worse, making those with very cheap/free electric end up in a very good position.
There are two issues with these industrial miners. Heat and noise. They are as loud as being in a server room, and put out as much heat as a 3 bar fire, so must be ventilated.
It can be set to mine to a wallet on your phone, and services like bitrefill.com are a great way to get digital gift cards, and never be on anyone’s radar.
Centralised exchanges are terrible, as they want to know all about you."