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Is Bitcoin Mining Profitable in 2017?

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The short answer would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated let’s make sure you are familiar with the different variables:

Hash Rate – A Hash is the mathematical problem the miner’s computer needs to solve. The Hash Rate is the rate at which these problems are being solved. The more miners that join the Bitcoin network, the higher the network Hash Rate is.

The Hash Rate can also refer to your miner’s performance. Today Bitcoin miners (those super powerful computers talked about in the video) come with different Hash Rates. Miners’ performance is measured in MH/s (Mega hash per second), GH/s (Giga hash per second), TH/s (Terra hash per second) and even PH/s (Peta hash per second).

Bitcoins per Block – Each time a mathematical problem is solved, a constant amount of Bitcoins are created. The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years). The current number of Bitcoins awarded per block is 12.5. The last block halving occurred on July 2016 and the next one will be in 2020.

Bitcoin Difficulty – Since the Bitcoin network is designed to produce a constant amount of Bitcoins every 10 minutes, the difficulty of solving the mathematical problems has to increase in order to adjust to the network’s Hash Rate increase. Basically this means that the more miners that join, the harder it gets to actually mine Bitcoins.

Electricity Rate – Operating a Bitcoin miner consumes a lot of electricity. You’ll need to find out your electricity rate in order to calculate profitability. This can usually be found on your monthly electricity bill.

Power consumption – Each miner consumes a different amount of energy. Make sure to find out the exact power consumption of your miner before calculating profitability. This can be found easily with a quick search on the Internet or through this list. Power consumption is measured in Watts.

Pool fees – In order to mine you’ll need to join a mining pool. A mining pool is a group of miners that join together in order to mine more effectively. The platform that brings them together is called a mining pool and it deducts some sort of a fee in order to maintain its operations. Once the pool manages to mine Bitcoins the profits are divided between the pool members depending on how much work each miner has done (i.e. their miner’s hash rate).

Time Frame – When calculating if Bitcoin mining is profitable you’ll have to define a time frame to relate to. Since the more time you mine, the more Bitcoins you’ll earn.

Profitability decline per year – This is probably the most important and elusive variable of them all. The idea is that since no one can actually predict the rate of miners joining the network no one can also predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now. This is one of the two reasons no one will ever be able to answer you once and for all “is Bitcoin mining profitable ?”. The second reason is the conversion rate. In the case below, you can insert an annual profitability decline factor that will help you estimate the growing difficulty.

Conversion rate – Since no one knows what the BTC/USD exchange rate will be in the future it’s hard to predict if Bitcoin mining will be profitable. If you’re into mining in order to accumulate Bitcoins only then this doesn’t need to bother you. But if you are planning to convert these Bitcoins in the future to any other currency this factor will have a major impact of course.

Today one of the most advanced miners out there is the Antminer S9. It’s what is known as an ASIC mining rig.  It has a mining rate of 14 TH/s. If we use the simple Bitcoin mining calculator (shown above) you will see that at today’s difficulty you will earn around 0.11 Bitcoins a month.

This data was taken from an advanced Bitcoin mining calculator using the following stats: 2% mining pool fees, 12.5 Bitcoins as a block reward, 14 TH/s hash rate, 1375W power consumption and $0.12 per KW.

So after 12 months we should be making around $4,032. However we haven’t deducted the hardware cost yet, so it’s more like $ 2,032. However this is true for Bitcoin’s current exchange rate (around $4,000). If you calculate this with the exchange rate of 1 month ago you’ll only be breaking even.

So you’re probably not going to get rich by mining Bitcoins at home unless you buy some heavy duty equipment and have very low electricity costs. Here’s a list of the most efficient Bitcoin mining hardware out there today. There’s not a lot of variety to pick from since home mining is a dying art.


  • Select miner

  • Released
  • How much electricity does your miner consume?Power consumption
  • Power efficiency
  • How “fast” can your miner mine BitcoinsHash rate
  • Dimensions
  • Weight
  • This does not include hardware cost, electricity cost, or changes in BTC rate and mining difficultyRevenue in vacum*
  • Price
  • Our rating of the miner taking into account all specifications aboveOverall rating

  • Antminer R4



  • August 2016
  • 845W±9%
  • 0.1 J/GH +9%
  • 8.6TH/s±5%
  • 20 x 3.9 x 8.7 inches
  • unknown
  • Based on BTC rate and mining difficulty on August 28th 20160.29 BTC/month
  • Estiamted $1000
  • 88%
  • Read review
  • Learn More

  • Antrouter R1



  • September 2015
  • This miner barely takes up any powerNegligible
  • Negligible
  • 5.5 GH/s
  • 3.3 x 2.2 x 1.1 inches
  • 0.2 lbs
  • This miner is a solo miner. It has a small chance of mining a block but does not generate monthly revenue.Probably nothing
  • $39
  • 70%
  • Read review
  • Learn More

There a new concept called “cloud mining“. This means that you do not buy a physical mining rig but rather rent computing power from a different company and get paid according to how much power you own. At first this sounds like a really good idea, since you don’t have all of the hassle of buying expensive equipment, storing it, cooling it, etc.

However, when you do the math it seems that none of these cloud mining sites are profitable in the long run. Those that do seems profitable are usually scams that don’t even own any mining equipment, they are just elaborate Ponzi schemes.

If you do want to take a look at cloud mining I suggest using Genesis Mining – the only cloud mining company that has been around long enough to prove it’s not a scam. But make sure to do the math before putting your money into any of these plans.

In order to understand which Altcoins are profitable you can find website indexes such as CoinChoose that give you a complete Altcoin breakdown. On CoinChoose you can see the difficulty for each Altocoin, where can you exchange them and what are the chances to profit Bitcoins by mining each specific Altcoin. 

My guess is that in the long run you could make a profit from Bitcoin mining but only if you invest a considerable amount of money in a good mining rig (e.g. Antminer s9). If you don’t have the time or the money – stay away from mining and just invest in buying Bitcoins for the long run.

Ofir Beigel

Owner at
99 Coins ltd.
Blogger and owner of 99Bitcoins. I’ve been dealing with Bitcoin since the beginning of 2013 and it taught me a lesson in finance that I couldn’t get anywhere else on the planet. I’m not a techie, I don’t understand “Hashes” and “Protocols”, I designed this website with people like myself in mind. My expertise is online marketing and I’ve dedicated a large portion of 99Bitcoins to Bitcoin marketing.
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Paul

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I run 5 x S9 in the UK although 1 has a damaged card so only running at 8.5 TH/s, using ViaBTC so auto swaps between BTC and BCC depending on profitability.

My figures average per machine last 7 days per day:

0.0024 BTC per day (approx £10 – £12)
Electric cost: £5 per day (0.1255 per unit 24/7)
Daily profit £6 per day
Machine + power supply cost price: £2000
Return Time : 333 days, so about a year before you start profiting

Obviously just a snapshot and changes can be erratic depending on difficulty, electricity cost and BTC price but gives a rough idea.

 
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1 day 23 hours ago

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Flint

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Bitcoin value is determined by supply and demand only. Very limited supply at current rate, while demand is surging. Particularly from investors. In the future there will be many crypto coins..etherum, litcoin, etc… the supply for crypto currency will be unlimited … then the value will crash… (as supply exceeds investor demand!) Unless crypto currency is legalised as the world acceptable transaction exchange in which all currencies (US$, ¥,€, £) will have no value anymore. Do you think the US and major countries will do nothing about it ?

 
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2 days 1 hour ago

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John

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You are all fools. This is all a huge Ponzi scheme. One day it will all come crashing down and your money will be gone and you will have no recourse. Don’t say I didn’t warn you.


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9 days 17 hours ago

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Lord Zero

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the only fool is the one that did not do it and made no money…which would be YOU


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2 days 17 hours ago

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Omk

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Im sure in 5 years there’ll be massive queues outside YOUR door: “ow great John, we wish we listened to you”….


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5 days 13 hours ago

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Dave

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For bitcoin’s value to continue to rise, is it solely based on its amount of users ? (I.e. Transactions) if traders bought bitcoin, but didn’t actually trade(stayed in wallet) would this effect its growth? Less trading, = less mining? Am on the right path here?

 
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13 days 18 hours ago

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Steven Hay

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Hi Dave, There’s no direct correlation between trading and mining. However, as mining creates an ever expanding supply of bitcoins, there has to be enough demand (buyers) to meet the supply (sales by miners) in order to keep the price steady. When there is more demand for bitcoins from buyers, the price rises despite the inflation (currently 4% per year). I think the biggest single factor determining Bitcoin price rise is the number of people holding. The volatility over the years has been such that many of the weak hands have gotten shaken out. Those who remain tend to be
… Read more »


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12 days 20 hours ago

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Jacko

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I read the “Is Bitcoin Mining Profitable in 2017” and I have a few questions:
1. Does the Miner only work for Bitcoin? For instance, can the Antminer s9, work for Litecoin?
2. What if I setup a small mining facility. Let’s say using 5-10 Antiminer s9. Wouldn’t that make me break-even faster?
3. How is a mining facility set up? Are there any dedicated contractors who do such thing or anyone can personally set it up?

 
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20 days 2 hours ago

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Steven Hay

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Hi Jacko, Thanks for the follow-up questions. Here are my responses: 1) A Bitcoin ASIC miner will only work for coins which use the same algorithm as Bitcoin; the SHA-256 algorithm. You may have heard about miners switching their hashpower back and forth between Bitcoin and Bcash? This is possible because both coins use the same algorithm. It’s even possible to mine multiple coins of the same algo simultaneously, this is known as merged mining. 2) Not really… unless you’re able to negotiate a better rate on power (and/or other costs), you’re just multiplying your income and expenditure by the
… Read more »

 
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18 days 22 hours ago

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Haider

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There is a website in UK with a liecence no..
bitcoingo.cc
They say deposit 25usd and get 1.25 daily. Is it ok to invest there.

 
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21 days 14 hours ago

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Zsofia Elek

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Hi Haider, this seems to be an extremely high return which is definitely a red flag that it is too good to be true. I suggest reading our article about the different types of Bitcoin investments here: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/


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21 days 3 hours ago

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lee

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if i had £500,000k to play with what type of profits could i make and what should i be buying

 
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24 days 21 hours ago

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Zsofia Elek

#62721


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Hi Lee, the topic of cryptocurrency investment is tricky as it involves a lot of factors. I suggest start by reading this article: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

 
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24 days 21 hours ago

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Nataraj A V

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i am intrested in mining suggest me how to invest and where

 
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29 days 23 hours ago

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Zsofia Elek

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Hi Nataraj, probably it is best to start by reading this article, it has couple of options you can choose from for investing in Bitcoins. https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/


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28 days 23 hours ago

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ben

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can bitcoin mining be taxed?


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1 month 8 days ago

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Zsofia Elek

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Hi Ben, the taxation treatment of Bitcoin is different in each country, in some area the profits from Bitcoin mining is indeed taxable. Probably it is best to consult a local tax advisor in the topic.

 
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1 month 8 days ago

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Val

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How can I pay the miners if I did not received my bitcoins in my wallet yet! it has been weeks now waiting payments! Pls help

 
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1 month 9 days ago

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Steven Hay

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Hey Val,

Are you talking about paying for a cloud mining service? Or buying ASICs? Either way, please clarify where you were expecting to receive bitcoins from. Was it an exchange where you purchased them to pay miners? In this case, your bitcoins should be sent within hours once you requrest a withdrawal… Or are you expecting bitcoins from a cloud mining service?

If you’re waiting for a payout from a cloud miner, please check their payout schedule and let me know which company it is. As the article mentions, there are numerous shady cloud mining operations…

 
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1 month 7 days ago

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greg maxwell

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It needs more simplifications.


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1 month 14 days ago

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Gaby

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In your interesting article you say that “at today’s difficulty you will earn around 1 Bitcoin a month”, but the table right below it mentions an estimated income of only 0.11 per month.

 
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1 month 18 days ago

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Ofir Beigel

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You’re correct it was a mistake in the post. Thanks for noticing. The correct number is 0.11BTC per month

 
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1 month 18 days ago

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Empri Supriatna

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I looking for free bitcoin


-11
 
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1 month 22 days ago

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Zsofia Elek

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Hi Empri, you can check out our Faucet for free Bitcoins here: https://99bitcoins.com/bitcoin-faucet/

 
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1 month 9 days ago

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sid

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Hello!. Great article! as wondering about one thing tough, when you wrote :”Today one of the most advanced miners out there is the Antminer S9. It’s what is known as an ASIC mining rig. It has a mining rate of 14 TH/s. If we use the simple Bitcoin mining calculator (shown above) you will see that at today’s difficulty you will earn around 1 Bitcoin a month.”

Did you mean the s9 can mine 1 btc a month as it says or did you mean 1 btc per year? Thank you!


11
 
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1 month 25 days ago

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Ryan Maravillas

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Do you have an article on mining other crypto currency? What would be the cheapest device or setup but can gain huge profit in the shortest period of time?

 
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1 month 27 days ago

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Irene

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What’s the minimum amount that one can start with or rather can put in the pull in dollars.

 
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1 month 28 days ago

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Awni Hussein

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Some sites allow you to buy for $1


-1
 
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1 month 24 days ago

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Zsofia Elek

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Hi Irene, there is no minimum amount you can put into Bitcoin. If you are looking for Bitcoin investments, I suggest you check this article: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

 
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1 month 28 days ago

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Anonymous

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fuck you to complicated!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


-25
 
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2 months 8 days ago

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required

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Mmm, not quite. It’s called “critical mass”: you need to have a minimum amount of ‘resources’ in order to ‘generate value’ (produce, transform, sell, etc). From the moment you ‘invest’ the ‘resources’ into ‘work’ to the moment you get even (recover the costs of investment), its longer or shorter depending on work field. After that, you can call it profit, BUT, you never know what’s the efficienty. You may end up losing the resources and the investment and not get even, because of fluctuations (your tools may break down, the market plummets, the costs rise so much, etc). The take-home
… Read more »


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1 month 28 days ago

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Zsofia Elek

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Happy to help you, you just need to ask us…


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2 months 8 days ago

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RM

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Is there a guide anywhere for setting up the hardware? Do you need only the Antminer s9 unit and the power supply or do you need to build the whole computer etc? And where is the best place to buy the equipment, only eBay? Thank you!

 
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2 months 10 days ago

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Zsofia Elek

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Hi RM, please check out our review about Antminer S9, you only need a power supply to it: https://99bitcoins.com/antminer-s9-review/ it has a video about the setup and also includes links where to buy it.


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2 months 10 days ago

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Damir

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Hello everyone! I’ve been reading about this topic but i didnt find answer to question im interested to. If antminer s9 provide peak of 14 TH/s, how many does powerfull computer (about 3 graphic cards of gtx 1070) can provide TH/s rate?

 
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2 months 11 days ago

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Zsofia Elek

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Hi Damir, I guess you can post this question on Bitcoin Talk forum in the mining section: https://bitcointalk.org/index.php?board=14.0

 
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2 months 11 days ago

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ajonk

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thanks for your informationabout bit coin maketing.

 
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2 months 12 days ago

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Paul

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Surely the fact that bitcoin increases in price almost every day, mining can be deemed profitable, in that if you mine say 1btc and then hold it, it’s an investment that will return a great ROI in the future?

Also if cloud mining is not profitable , they wouldn’t exist??


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2 months 26 days ago

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Torri

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I use Hardware for other Altocoins, but fore Bitcoin i use Genesis mining, and have soon gotten ROI 🙂
If you dont want to spend hours on setting up hardware go on the cloud. NB newer invest more than you can afforde, since you need to bee inn it long term.

 
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2 months 20 days ago

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Ofir Beigel

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Hey Paul. it’s risky to assume the Bitcoin will continue to increase in price every day. Bitcoin is very volatile and can also crash as fast as it rises. Cloud mining is a whole different subject, in my opinion it’s nothing more than an elaborate ponzi scheme in 99% of the times. In the remaining 1% it’s just a bad investment, here’s my take on it: https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/


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2 months 26 days ago

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Fidelio Palima

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HI!

Just want to know if at least you can give advise.

I am planning to buy the antminer s9 atleast start to 1 machine. I am currently in the Philippines, my question is. Is it better to invest to anminer s9 or just go to the cloud mining and invest there. any suggestion guyz which is better? Hoping a reply from you guyz..tnx

 
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3 months 13 days ago

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Zsofia Elek

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Hi Fidelio, we do not think cloud mining is a profitable investment, I suggest you to check this article to read more about it: https://99bitcoins.com/cloud-mining-profitable-just-evolution-scam/

 
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3 months 13 days ago

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Bob

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guy obvioucely copied and pasted 1 year old article – hows 12.5 BTC =7K, when 1BTC =1.6k approx?
what, noone can do maths anymore?

 
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3 months 8 days ago

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Zsofia Elek

#59128


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Hi Bob, you can see on the top of this page that this is a post from last year which was updated in the partially this month.

 
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3 months 8 days ago

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Bob

#59105


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1BTC = 2.6k

 
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3 months 8 days ago

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Mangesh

#58647


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I am retired person (56yrs) from India with limited of computer knowledge ,tell me whether I should try mining business

 
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3 months 16 days ago

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Zsofia Elek

#58693


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Hi Mangesh, I suggest you to start by reading this article: https://99bitcoins.com/beginners-guide-to-mining/ it is a step-by-step guide what do you need to get into Bitcoin mining.

 
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3 months 16 days ago

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Andrej

#58103


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Guys i have one question can i mine with antminer S9 other currencies too? no just bitcoin? thx

 
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3 months 25 days ago

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Zsofia Elek

#58129


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Hi Andrej, Antminer S9 runs SHA-256 algorithm, you can mine altcoins which are based on that algortithm. You can check the different cryptocurrencies here: https://en.wikipedia.org/wiki/List_of_cryptocurrencies

 
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3 months 25 days ago

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RISSALA POLO

#57932


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great and informative positive site god bless you all.
love from india

 
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3 months 30 days ago

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Zsofia Elek

#57966


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Thanks for the feedback Rissala.

 
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3 months 29 days ago

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Ahmez

#57065


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Hi, thank you for the very educative blog.

If i buy an Antminer S9, what other software or hardware would I need to start mining.

Thank you

 
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4 months 12 days ago

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Zsofia Elek

#57179


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Hi Ahmez, thanks for the feedback. I suggest you to read our review about Antminer S9 first here: https://99bitcoins.com/antminer-s9-review/. You will also need a power supply unit beside the miner and download CG miner or other mining software to start mining. You can read about mining softwares here: https://99bitcoins.com/the-6-best-bitcoin-mining-software/

 
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4 months 12 days ago

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Linda

#57227


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How can I buy bcoins


-1
 
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4 months 10 days ago

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Zsofia Elek

#57243


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Hi Linda, we have recently composed a Crash Course on Bitcoin, you can sign up for it for free on this link: https://99bitcoins.com/subscribe-to-newsletter/. This should cover what you are looking for.


1
 
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4 months 10 days ago

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Ray

#56911


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The crypto era has officially begun and you definitely don’t want to stand by not knowing what all the commotion is and missing out on the wealth being created.

 
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4 months 17 days ago

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Ade

#56366


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What about staking Proof of stake coins

 
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5 months 8 hours ago

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Zsofia Elek

#56373


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Hi Ade, if you’re asking about POS coin mining then it’s beyond the scope of this blog. At 99 Bitcoins we focus mainly on Bitcoin and the POW (proof of work) protocol. So I don’t have a good answer to give you on this subject.

 
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5 months 5 hours ago

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JayLeen

#56358


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It truly depends on the cost. I mean the electricity cost. My country has high electricity cost, thus, chose to try the cloud mining 4 months ago. So far, it pays the BTC everyday in stable manner and as BTC price went up, getting the investment 100% back will take 2 more month if the price stays at this level. My cloud mining service is Hashflare and it is known as one of the biggest companies. Happy mining and hope my information is useful for you

 
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5 months 20 hours ago

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Linda

#57224


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I was thinking to get into genesis mining , any feed back on this one ?

 
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4 months 10 days ago

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Zsofia Elek

#57241


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Hi Linda, you can read our review about Genesis mining here: https://99bitcoins.com/genesis-cloud-mining-review-scam-legit-investment/

 
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4 months 10 days ago

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RD

#55840


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Thanks Ofir for this great article!

How much time per day or peer week needs to be invested into mining?

 
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5 months 9 days ago

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Ofir Beigel

#55841


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It’s not a per day / week – it’s usually buying the mining rig itself and then paying for electricity to run it.

 
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5 months 9 days ago

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Jyoti

#56409


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Hi,i m again here,i m pretty much willing to go into mining,plz write clearly which tool i need to buy for this work,will old pc with low internet speed(as available in india)work,plz mention all tools required,if possible kindly reply by whatapp,i hv mentioned number in last bloh,thx

 
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4 months 30 days ago

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Zsofia Elek

#56428


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Hi Jyoti, as detailed in the artice you would need a miner to be efficient and profitable with mining. Here you can see a comparision about the hardwares: https://99bitcoins.com/2016-bitcoin-mining-hardware-comparison/

 
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4 months 30 days ago

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Mohamed

#56363


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Hi guys ..
I have a free electricity ..
Living in an accommodation provided by the company I work for … electricity in included .
Shall I give it a go and buy a mining machine ..?

 
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5 months 13 hours ago

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bennett

#58492


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lol that is how electricity STOPS being free 😉

 
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3 months 19 days ago

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RD

#55845


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i see, so just buy/rent the rig and leave it running without any need of manual intervention?

 
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5 months 9 days ago

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Zsofia Elek

#55854


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Hopefully yes, you can run it without manual intervention, you can read more about the mining hardwares in this article: https://99bitcoins.com/best-bitcoin-miners-2016-hardware-reviews/

 
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5 months 9 days ago

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Mark

#55813


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Great article. I’ve been toying with the idea for a long while however being based in the UK, electricity isn’t cheap and with the difficulty set to increase and number of bit coins produced decrease then it doesn’t look like a goer.

What are your thoughts on buying Bitcoins as an investment?

 
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5 months 9 days ago

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Zsofia Elek

#55851


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Hi Mark, here is an article about Bitcoin investment we put together earlier this year, it can be useful for you: https://99bitcoins.com/should-i-invest-in-bitcoin-heres-what-you-need-to-know/

 
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5 months 9 days ago

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Anonymous

#55541


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you could use solar power if you are one of sun rich place.

 
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5 months 16 days ago

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Ben

#58979


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A friend of mine is doing just that.
I bought a cheap solar instalation ( 8000 W ) on an auction for only 20% of the normal price. I am looking into bitcoin mining myself now as I only use half of the electricity.
Just get creative 🙂

 
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3 months 10 days ago

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Jean

#60410


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How has your solar project worked out? I live in Sunny South Africa, I have plenty solar power

 
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2 months 17 days ago

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BUTTQUACK

#55630


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No, you can’t. The cost of the panels and the amount of watts needed can not provide ANY profit whatsoever no matter what machines you are trying to run. We looked into this some time ago. However…If you could find a way to build a small windmill, that could run 60-100 machine easily even on a semi-dreary day. The windmill will cost you less in the long run and you can even sell the excess power you generate back to the electric company! It’s not cheap but it’s far less than solar is!

 
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5 months 14 days ago

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FrontMeow

#57666


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Hi , may i ask a hypothetical (ive tried crypro calculators and cannot work it out). If I had 20m USD to spend on hardware and electricity was 0.03 c KWH how many coins would you mine per day ? Also, would it make sense to spread the mining around to mine various coins ? If you could also estimate daily mining costs, that would be appreciated.

 
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4 months 1 day ago

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Zsofia Elek

#57681


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Try to use this calculator to estimate possible profits: https://99bitcoins.com/bitcoin-mining-calculator/

 
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4 months 1 day ago

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Ryan

#56737


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My solar produces 5000watts on a good day. And thats only an average solar setup i have….

 
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4 months 22 days ago

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lam tran

#56977


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hi, im also looking into solar, i live in Southern California which i think is idea for plenty of sunshine. WOuld you mind PM what you use?

 
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4 months 15 days ago

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JVerstry

#54705


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Online bitcoin mining is profitable after 14 to 19 months in 2017. Other crypto currencies have a shorter break-even period. My findings are available at: http://www.mytechnotes.biz/2017/04/cloud-mining-how-much-can-you-make.html


1
 
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6 months 12 days ago

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Zsofia Elek

#54733


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Hey, thanks for sharing your analysis. Almost 1,5 years is quite long term time frame to invest in, especially if that just mean the breakeven point.

 
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6 months 11 days ago

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Anonymous

#55365


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Try starting a restaurant.

 
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5 months 22 days ago

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Anonyreply

#56858


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and get hit with tax fraud if you do it in the US because the IRS asks were you got the money from and tripple taxes it till u are in debt/handcuffs

 
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4 months 19 days ago

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the guy

#54774


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Thats not a long time to break even at all when u look at contemporary investment opportunities

 
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6 months 8 days ago

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Chris

#54540


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Mining bitcoins has always been a cat and mouse game. The difficulty goes up too fast that you’ll be spending all (if any) profits on newer/more hardware. Your best bet at making money is to mine the most profitable alt coin at that moment using gpu rigs and convert it to bitcoin/fiat daily. Of course you’ll need to make it a habit of checking daily on http://www.whattomine.com or just sell your hash rate on nicehash if you’re lazy. You’ll be profitable within 4 to 6 months unless all gpu coins go to the gutter. But you’ll still be able to
… Read more »

 
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6 months 22 days ago

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Zsofia Elek

#54543


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Hey Chris, thanks for sharing this approach of how to make mining profitable on the short run.

 
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6 months 22 days ago

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Antony Groves

#54208


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well there is now: anonymous, safe, fast, quality mining pools for cryptocurrency like DASH, BITCOIN, LITECOIN, ZCASH, Z-CLASSICS making your mining experience flawless

 
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7 months 5 days ago

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Mike

#53465


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Does anybody someone who builts bitcoin mining custom computers or miners based on someones.

 
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8 months 10 days ago

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Dr. Timothy W Price

#53617


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I have looked at every thing about Bit Coin : Truth the only people making money out of this are the makers of hardware and software , one big scam just like Insurance Co. and Us Government with Money Scam : Every thing on web is a SCAM !


-1
 
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8 months 1 day ago

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BUTTQUACK

#55629


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You are correct. The only ones making money are the Chinese that get free power from the Gov since the Gov are partners with them. The makers of the machines are the real winners. Here’s why, and this is 100% true, people like Bitmain tell you that the machines are on backorder, or they are being built, they want you to pay for them LONG before you get them. While almost everyone does as soon as they say the newest machines are coming, they are actually NOT on backorder or delayed at all! The parts are being purchased with YOUR
… Read more »


1
 
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5 months 14 days ago

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Zsofia Elek

#53629


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Hey Timothy, please read a bit more on our site, Bitcoin itself is not a scam. Maybe sign up to the Bitcoin Crash Course on the Home page, it could have some new information for you. There are however many companies that try to scam people out of their money using Bitcoin’s reputation but that’s a whole other story.

 
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8 months 1 day ago

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Zsofia Elek

#53477


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Hey Mike,

Here is a summary about mining bitcoins: https://99bitcoins.com/how-mine-bitcoins-home
If you have a specific question about the mining equipment and custom built devices, I suggest you post your questions on [this thread](https://bitcointalk.org/index.php?board=14.0) in BitcoinTalk where there are much more experienced miners that can help you out.

 
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8 months 10 days ago

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popofkawoe

#53349


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Ive been using Genesis Mining now for a little over a year. If you watch the market and allocate hashpower correctly, you can make some real money. Sha256 contracts just became less expensive and higher payouts! and X11 is offering 2 year contracts rather than the original 1 year! ABOUT THE RIGHT RISE The essence of our project is to attract new investors for the purchase of speed radars and their further using to get profit from paid fines. We intend to continue our activity in the process of development of the country and we want to offer you to
… Read more »

 
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8 months 14 days ago

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Anglefroghammer

#53114


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No, it is not profitable. If you bought the S9 which has the best power rating and assuming a difficulty increase of 4.69% which is average and being generous and saying 1kwh costs 0.01USD by the year 2020 you still won’t have broken even you’ll be $13.67 in debt and then you start losing money. You’d be better off putting your $2k in the bank. Use a proper calculator to test these things https://bitcoinwisdom.com/bitcoin/calculator

 
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8 months 19 days ago

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Vijay

#52695


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Great Article OFIR

 
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8 months 26 days ago

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Lenka

#51476


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Hey Ofir,

If you join a miningpool does it decrease your bitcoin income?

 
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9 months 18 days ago

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Ofir Beigel

#51492


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The mining pool usually takes a fee or around 2% for their service.

 
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9 months 18 days ago

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Matt

#51236


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No it’s not profitable anymore at least if you have power costs. With an s9 taking into account difficulty increases, assuming the 14TH/s, assming there are no power costs and assuming it cost you $2000 it would take about 528 days to break even. The making about $1 a day until the difficulty increases. This calculator http://jblevins.org/btcmpc/ takes into account increased difficulty so use this if you actually want to calculate the profit.

TLDR
Doesn’t mater how much money you’ve got the top machines aren’t profitable if you have even the slightest power cost.

 
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9 months 23 days ago

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B

#51428


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The Best Way I can think of to improve the economics of this is to use the S9 or better miner in a cold environment where the heat is needed. The bitcoin would subsidize the electric consumption.
Maybe a liquid cooling system could be configured from the miner to a water heater for year round use, This would also eliminate most of the noise. The economic and energy efficiencies can be improved by using the waste instead of viewing it as a problem.

 
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9 months 19 days ago

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Victor Olure

#50396


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Great article

 
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10 months 4 days ago

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Ofir Beigel

#50432


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Thanks Victor!

 
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10 months 3 days ago

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Joe

#51230


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So then what’s the point in mining if it doesn’t pay out? If you have to buy all this equipment and spend money on energy and then on top of that you have to run the equipment 24hours just to make one bit coin a month, when do you see profits or did we miss the bitcoin rush. Also how long do you think this equipment “s9 antminer ” will last before it burns out? What the life time of the device. I want to be a miner but it doesn’t seem to be profitable unless the value of bitcoin
… Read more »

 
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9 months 23 days ago

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Ofir Beigel

#51240


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You’re absolutely right. Mining today isn’t for everyone. The people who are profiting from mining are basically large corporations that have big mining farms with low electricity costs. Regarding the lifetime of the miner – I’ll write a post about this soon, however it seems that the next generation miner has around 12-18 months before it comes along.

 
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9 months 22 days ago

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Buy BitCoin

#49545


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Great Article, You have to build your own equipment and still the power consumption will kill you.

 
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10 months 19 days ago

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Emmanuel

#39765


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I live in Nigeria and electricity is subsidised in my country, almost free, and the value of dollar to the naira is averagely $1 = 450 naira….so will cloud mining be profitable for me?

 
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1 year 28 days ago

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Ofir Beigel

#39766


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Cloud mining isn’t relevant to electricity cost – it won’t be profitable no matter what (probably). Electricity cost is only relevant if you decide to mine at home, and even then at today’s mining rate you will probably break even only after 12 months.

 
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1 year 28 days ago

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Anonymous

#39611


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So mining can be profitable in countries where $ is expensive than the countries currency?

 
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1 year 1 month ago

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Ofir Beigel

#39616


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No, it can be profitable in countries where there is low electricity cost, and even then that’s not certain. You should use the Bitcoin mining calculator to figure out if it’s worth the risk

 
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1 year 1 month ago

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Glorious Emmanuel Omolola

#39546


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Thanks for your article…Loves!
Please,
I want to inbvest in this business by God’s grace.
Now, from your article sir, it shows that its better to go for hardware than cloud…
So, for the hardware I prepare the s9 because its the best presently.
Now, the confusion with me here is…I see different time of s9 with different prices from different countries at eBay online store…so I became confused on which s9 from which country to go for…as I want to go for the best only no matter the cost…and nothing but the best only…no matter the cost…please faithfully help me out…
Thanks,
Loves!

 
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1 year 1 month ago

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Ofir Beigel

#39551


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Hey Emmanuel, I guess it’s all about doing a good enough market research. I can’t tell you exactly where would be the best eBay site to buy the miner from as there are too many variables (shipping cost, merchant reputation, does the merchant ship to your country, etc)

 
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1 year 1 month ago

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Miner

#48133


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I can tell where to buy a 50th/s miner SHA256 for only 3000$, if you buy 10 of them you have a mining power of 500th/s you can connect them via lan 100mbit/s and mine together.

Just go to any mining calculator and check your profit for 500 th/s of mining 😉 Dont know why people still buy miners with only 20th/s for 3000$????

Open your.eyes guys

 
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11 months 16 days ago

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Oliver

#51192


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You say you can organize 50ths for 3000$? Let us know where, I cant find anything remotly close to this price.

 
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9 months 23 days ago

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Ofir Beigel

#51193


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I’d use caution with every proposal posted in the comment section

 
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9 months 23 days ago

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Peter Wu

#50985


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Where to buy the SHA256 you talked about?
To connect them via lan 100mbit/s does that mean using one computer? I’d love to get an answer! Thank you very much!!

 
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9 months 26 days ago

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Marta

#38073


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Since when you measure hashes in Hertz? Those are mega / giga Hashes

 
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1 year 3 months ago

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Ofir Beigel

#38077


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You are correct, just fixed this, thanks.

 
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1 year 3 months ago

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Pepe Weasel

#37903


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Hi, great article. So you recommend to do Cloud mining? In my case I want to invest in 2 s9 miners but I’m not sure, so this can help me to decide . Thanks in advance

 
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1 year 3 months ago

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Ofir Beigel

#37906


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Hey Pepe, actually I don’t think cloud mining is very profitable.
Here’s a review about the S9:
https://milli.io/antminer-s9-review/
And here’s some more info about cloud mining:
http://www.financemagnates.com/cryptocurrency/bloggers/cloud-mining-put-to-the-test-is-it-worth-your-money/
Hope this helps.
Ofir

 
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1 year 3 months ago

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Anonymous

#30711


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Not sure how to calculate profit in cloud mining. If I invest $117.00 dollars to purchase .25 TH/s in a cloud mining co. How many bitcoins can I expect to mine over a year?

 
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1 year 7 months ago

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Ofir one

#30717


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You can’t know exactly. You’ll need to use a mining calculator and estimate the increase in difficulty. However I’d probably avoid all cloudmining sites out there – they are not worth your money.

 
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1 year 7 months ago

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Jack MeHoff

#27447


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When you state “invest some serious money” what kind of dollar amount are you talking about. I have a great full time job as an engineer and I’m looking to make some side money as a long term investment. Thoughts on mining for me? I am tech savy but I cant say with confidence I understand mining.

 
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1 year 9 months ago

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Ofir one

#27455


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This is just a rough estimate but I think it will be somewhere around $3k to see some sort of positive ROI. If you want a more precise answer it’s best that you compare different models of miners using a mining calculator – this way you will be able to see how and when you’ll be profitable.

 
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1 year 9 months ago

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