I will use mining difficulty data from may 2019 to illustrate how this calculation is done. According to marketwatch the electricity cost involved in mining a single bitcoin is more than 3000 in the cheapest states.
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With the cost of one coin between 3000 and 4000 as of january 2019 the energy costs alone dont make it worth it.
How much does bitcoin mining equipment cost. This profitability calculator doesnt include the upfront costs of buying the mining rig. The answer to this question varies quite a lot because the price and difficulty of bitcoin mining are constantly changing. You can input parameters such as equipment cost hash rate power consumption and the current bitcoin price to see how long it will take to pay back your investment.
For those looking to do it on the cheap head to venezuela where the cost of mining a bitcoin is just 531. The declining value of bitcoins and the power demands of mining have driven total mining operating profits down to just over 300000 per day over the whole economy. For states with higher electric rates you could spend more than 6000 in electricity to mine a single bitcoin.
Cloud mining platforms are also able to take advantage of the economies of sca! le allowing them to manufacture or purchasing mining equipment! at much lower than retail price which further reduces the expenses involved in bitcoin mining. To be sure venezuela offers a host of other challenges miners must overcome. Jordan tuwiner last updated january 29 2019 the early days of bitcoin mining are often described as a gold rush.
Price how much does the bitcoin miner cost. With a bitmain antminer s9 for example it would take over 162 years to reach roi if the value of 1 btc remained at 532554. The fastest and more efficient mining hardware is going to cost more.
How much does it cost to mine 1 bitcoin. Cheap mining hardware will mine less bitcoins which is why efficiency and electricity usage are important. Is bitcoin mining profitable or worth it in 2019.
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