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Worth it to mine?
199 sats \ 6 comments \ @NEEDcreations 13 Oct 2022 bitcoin
I'd like to start mining some non-kyc bitcoin...but I'm having a hard time committing to it. I live in an area of the world where electricity isn't cheap, so I'd have to use a hosting service. I'm especially weary due to what happened with Compass Mining. I keep landing on the idea that I should just keep smash buying spot Bitcoin instead of slowly growing my stack through mining. Then I can just use p2p services to get a non-kyc stack. What are your thoughts?
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2 sats \ 0 replies \ @kilianbuhn 13 Oct 2022
I live in an area of the world where electricity isn't cheap
If you would heat with electricity anyway it is cheaper 😳 In case that's the case for you
so I'd have to use a hosting service.
Not your keys, not your coins - not your hardware, not your mining.
Fuck hostings services, they are not REAL kyc-free. Or how do you transact the fiat there? 😁😁
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2 sats \ 1 reply \ @BTCMiner 13 Oct 2022
I keep landing on the idea that I should just keep smash buying spot Bitcoin instead
If your goal is maximizing your BTC stack, keep in mind that only a few brief times in bitcoin's history has an investment in bitcoin provided positive ROI in bitcoin terms (i.e., where 1 bitcoin invested in mining (CapEx spend) returned more than 1 bitcoin in BTC generated, less OpEx).
S19j Pros that were selling for $10k a year ago now only profit $3 - 3.50 per day with 5¢/kWh power.
It takes 2,857 days to make $10k with $3.50 per day of profit.
https://i.postimg.cc/xj6sNDBn/image.jpg
https://twitter.com/dfrumps/status/1580573433360191488 [Nitter]
Of course, an S19j Pro sells for a lot less today though.
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25 sats \ 0 replies \ @newnym 13 Oct 2022
That US$ 0.05 electricity price is hard to come by now. If I recall correctly Compass is charging at least 0.07 on their cheapest locations.
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0 sats \ 0 replies \ @newnym 13 Oct 2022
I'm starting to think about mining as a way to "earn interest" on the btc I hold, with a long term view. Basically, I would use the btc I currently have to buy the asics, while continuing to stack sats with the fiat I earn form working. Thing is, I'm not too confident about the immediate future when it comes to the price of energy and the mining difficulty so I haven't pulled the trigger yet. Besides, when you host with Compass you sign a 3 year hosting contract. I'll probably reassess once all the eth miners have stop migrating to btc mining and cause the mining difficulty to go parabolic :)
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0 sats \ 0 replies \ @SodaPop 13 Oct 2022
Every day. Probably not today. But it will. :)
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0 sats \ 0 replies \ @0322ee777777 13 Oct 2022
You seem to have a level approach. As with everything online, I'm sure you'll get some responses from both the "free heat, everyone mine" as well as the "you'll never make your money back". Sort of depends if you want to grow your stack every last pinch, or take a small risk to contribute to decentralization.
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