Custom Coin Miner - Mining Not Profitable
This revision is from 2024/02/14 09:02. You can Restore it.
Mining is not profitable in 2024. Most if not all the mining alt coins are not transferrable to USD currency, and every Bitcoin halving continues devastating miners who are already running at a loss.
These are the facts.
- A minimum to build in 2024, 1Ph/s = 1020 Th/s (255 Th/s × 4 = 1020 Th/s). Antminer S19 XP Hyd (255Th) from Bitmain mining SHA-256 algorithm with a maximum hashrate of 198Th/s ~ 255Th/s for a power consumption of 5304W per unit. These units range from $2,500 ~ $5,000. Four of these units cost $16,000 USD.
- These units consume, 5304W each. This alone should get you raided by the Police and thrown out of the country. The cost of electricity is 16.9c in the USA. $7904.30 per year per unit or $31,617.20 power bill per year.
- Potential earnings before halving, which occurs in April 2024. 0.05480020 BTC - 2717.75 USD per month, $32,613 per year. This is cut by 50% in April 2024 leaving, $16,307.
Moreover, the hash rate continues to go up, since Ethereum went POS, the hash rate is the only thing going to the moon in crypto. This requires new machines and more electricity, while the earnings go down with the halving and competition. Adding another unit each year costs approximately $12,000 per unit and electricity combined. Earnings for the additional per unit is $4,076.75 per year after the halving.
Miners wait around hoping for the price of Bitcoin to go up but they are caught in endless suffering.