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The real cost of mining

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#1
Hi guys

How about some fact finding, we all have seen numbers:

To mine a BTC in the US the price is around 5000 US$ and I find that hard to believe.
It becomes a bit more tricky due to the reward schemes.

There are rigs that cost you 1500, 2000, even 3000 US$ and there are self armed rigs.

Approximate price of mining equipment, power consumption are the data we need.

How is the real cost to mine?
BTC:
ETH
Any other Crypto you mine.
 
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#2
From Google, the data from Feb, 2018:

The cost to mine one bitcoin in the United States. According to a recently published analysis conducted by Elite Fixtures, which examined the electricity costs of 115 countries, the United States ranked as the 40th cheapest to mine a single bitcoin, with an average cost of $4,758.Feb 7, 2018
 

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#3
Thread cleansed. Please stick to the topic.
 
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#4
From Google, the data from Feb, 2018:
The cost to mine one bitcoin in the United States. According to a recently published analysis conducted by Elite Fixtures, which examined the electricity costs of 115 countries, the United States ranked as the 40th cheapest to mine a single bitcoin, with an average cost of $4,758.Feb 7, 2018
Yeah I know I just don't believe it. A miner cost 1000 to 2000. So after the first coin is harvested the miner does not count anymore.
Meaning after 4 coins your mining cost reduces to just electricity. Or am I mistaken?
 
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#5
Yeah I know I just don't believe it. A miner cost 1000 to 2000. So after the first coin is harvested the miner does not count anymore.
Meaning after 4 coins your mining cost reduces to just electricity. Or am I mistaken?
A lot more factors at play though.

The miner can't mine forever. Eventually technological advances make it unprofitable.

Sometimes, raw electric rate isn't even profitable, depending on your region.

All that must be factored.
 
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#6
A lot more factors at play though.
The miner can't mine forever. Eventually technological advances make it unprofitable.
How many coins does a miner mine, on average? At the moment it is hardly technology advantages, moreso the falling price.
 

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#7
Which is why the market is contracting. Only commercial miners in low-power cost regions are still mining.
With Bitcoin prices plummeting and reaching levels of unprofitability for most miners, only those – such as Salcido Enterprises – who have access to low energy costs and have significant scale, can stay in operation. Salcido Enterprises’ base operations are located near the Columbia River and are privy to some of the cheapest electricity prices in the entire [United States].
There's hardware (CPUs/GPUs/motherboards/power supplies/air conditioners/etc.), personnel (time spent configuring/troubleshooting/repairing), electric (ongoing inevitable cost), and sometimes software costs involved (some mining software takes a share of coins earned for the developer).

As far as I know, there aren't any publicly traded mining companies that are required to open their books to investors about costs/profit. The only solid data is from small outfits like the people in State of Cryptocurrency thread that reported their daily earnings and decisions to start/stop miners based on profitability. In the northern hemisphere, a lot of miners are running now at a lost simply to provide heat and get something back for it.
 
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#8
In the northern hemisphere, a lot of miners are running now at a lost simply to provide heat and get
Which is a more legitimate use than 90% of mining. I approve wholeheartedly of that.
 

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#9
Which is a more legitimate use than 90% of mining. I approve wholeheartedly of that.
It crossed my mind to do that, actually. I'm using a 600w space heater now. Investment costs are too great though and return on investment is non-existant so I'll just keep paying the $30 to keep me warm in the winter.
 
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#11
It crossed my mind to do that, actually. I'm using a 600w space heater now. Investment costs are too great though and return on investment is non-existant so I'll just keep paying the $30 to keep me warm in the winter.
I too have a 600watt well it runs at 480watts typical heater in my room, the pc listed in my system specs, at one point it mined and now it crunches/folds.

Regardless of What its doing it isn't just pissing the power away heating a wire with one shit noisey fan on it.

It keeps my room comfortable ,it helps find solutions to known issues but even if it mined the little id get still would beat £0.


And what about a few years time , if btc blew up for the 4th time And you held that's a win maybe Eth blows up next time.

I am happy folding crunching but space heater's i can definitely say now piss me right off.

Especially the use of them by people who pulled the environmental angle out prior:p:D no grr here tho , i truly had a shit wkend so just saying I'd play the life game different to you.
 
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#12

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#13
I too have a 600watt well it runs at 480watts typical heater in my room, the pc listed in my system specs, at one point it mined and now it crunches/folds.

Regardless of What its doing it isn't just pissing the power away heating a wire with one shit noisey fan on it.

It keeps my room comfortable ,it helps find solutions to known issues but even if it mined the little id get still would beat £0.


And what about a few years time , if btc blew up for the 4th time And you held that's a win maybe Eth blows up next time.

I am happy folding crunching but space heater's i can definitely say now piss me right off.

Especially the use of them by people who pulled the environmental angle out prior:p:D no grr here tho , i truly had a shit wkend so just saying I'd play the life game different to you.
I'd run another cruncher in the winter for heat if I had one but I don't. The power consumption across my machines keeps going down, not up. In general that's good but winters be getting colder because of it. :roll:

Space heaters cost like $40 at the most compared to, what, a $2000 machine that consumes 600 watts that's actually worth running in terms of contribution? The economics dictate one should stick to the space heater.
 
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#14
I'd run another cruncher in the winter for heat if I had one but I don't. The power consumption across my machines keeps going down, not up. In general that's good but winters be getting colder because of it. :roll:

Space heaters cost like $40 at the most compared to, what, a $2000 machine that consumes 600 watts that's actually worth running in terms of contribution? The economics dictate one should stick to the space heater.
True, and I feel my tactics are only going to get dearer , it's a good job im adequately inspired by the untimely deaths of a fair few i loved and many i knew ,all missed.

It was meant as a mild jab dude ,in an ideal situation it could be different but who's in an ideal situation in the present climate, weather and political/financial situation.
 

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#15
BOINC should get someone to make a low cost, high power ASIC system. I'd spend $200 on a seasonal machine for heating/science. Doesn't cost so much that I feel like I need to run it year round to justify the expense and ASIC means it's efficient (cost and power) to do the intended work. Seems win-win but a significant up-front cost for Berkley.

Anywho...kind of off topic.
 
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