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Crypto mining is one of the oldest mechanisms in the blockchain space. The framework of mining has been used to achieve several purposes in a bid to drive mainstream crypto adoption as well as enhancing transactions.
As it should be, mining has taken a next level turn along the tide of cryptocurrency developments, a lot of new innovations have taken place within the mining framework; like some projects using POGE mechanism to ensure eco friendly Blockchain.
I'd gladly accept any recommendations on Mining projects I may find useful. Thanks.
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Miner Marathon Digital Holdings has entered into an agreement with the Ministry of Energy and Petroleum of the Republic of Kenya to set up data centres using renewable energy - Marathon will invest around $80,000,000.
P.S. What do you think about this? No matter what anyone says, the popularisation of mining is in full swing.
(https://i.ibb.co/7C3h0jL/Screenshot-3.png)
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China has commissioned the world's largest solar power plant - the system was built in the Takla-Makan desert, spending almost $2.3 billion. It will produce more than 6 bln kWh, which is comparable to the consumption of a small country, such as Armenia or Latvia.
P.S. I find the scale impressive. Believe me, this is just the beginning - the further you go, the cooler it will be. Now let's imagine for a minute if we get the miners involved? I think you get my message. ;)
(https://i.ibb.co/WNhPQq5/image.png)
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As it should be, mining has taken a next level turn along the tide of cryptocurrency developments, a lot of new innovations have taken place within the mining framework; like some projects using POGE mechanism to ensure eco friendly Blockchain.
What do you mean by POGE mechanism and what are the criteria for mining to be environmentally friendly?
These terms are used in public relations campaigns, but in the end, mining is an activity that requires electricity. If its sources are clean, then it will be clean, and vice versa. It also produces waste from electronic devices, just like data centers and old computers. The problem is not related to Bitcoin specifically, but rather to how we manage resources.
This activity is completely different from activities that are harmful to the environment, such as greenhouse gases, coal, and refrigeration.
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Bitcoin miners sold over 30,000 BTC (~$2 billion) in June, a record high this year as miner inventories fell to their lowest level in 14 years. The latest halving has depressed profits and triggered a sell-off, especially for smaller miners with little margin of safety.
Source link: https://x.com/WuBlockchain/status/1804692050354569390
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Bitcoin miners sold over 30,000 BTC (~$2 billion) in June, a record high this year as miner inventories fell to their lowest level in 14 years. The latest halving has depressed profits and triggered a sell-off, especially for smaller miners with little margin of safety.
Source link: https://x.com/WuBlockchain/status/1804692050354569390
I used to think that mining was profitable as long as the price was above $60,000. Thus, many miners are not forced to sell what they have or stop their mining equipment.
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As it should be, mining has taken a next level turn along the tide of cryptocurrency developments, a lot of new innovations have taken place within the mining framework; like some projects using POGE mechanism to ensure eco friendly Blockchain.
What do you mean by POGE mechanism and what are the criteria for mining to be environmentally friendly?
He refer to Proof of Green Energy (PoGE) mechanism. But from quick read, i don't know how it can verify the "greenness".
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I used to think that mining was profitable as long as the price was above $60,000. Thus, many miners are not forced to sell what they have or stop their mining equipment.
There is no universal profitable price, some might not be able to mine even at 70k, some will have no hiccups even at 20k, it's all about how much you pay for energy if your gear has been paid off or not and how many other costs you have.
Besides, even if you're profitable at 60k now you might now be in two months if others invest in miners and bring the difficulty up.
The cost to mine a bitcoin is just one of those metrics on which you can make 100 articles, but it is not so important.
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There is no universal profitable price, some might not be able to mine even at 70k, some will have no hiccups even at 20k, it's all about how much you pay for energy if your gear has been paid off or not and how many other costs you have.
Besides, even if you're profitable at 60k now you might now be in two months if others invest in miners and bring the difficulty up.
The cost to mine a bitcoin is just one of those metrics on which you can make 100 articles, but it is not so important.
Typically, the data related to the average price per BTC mined that we have is only for reference when making investment decisions, it is often not directly related to the expansion or contraction of the scale of mining farms. Each miner will need to calculate and make decisions based on labor, rental costs, machine maintenance and electricity purchases.
I used to only care about the selling pressure from miners, but now they are no longer playing a very important role in the crypto market. The advent of Spot BTC ETF has changed a lot, and BTC ETF itself has played a more important role than miners in determining the buy-sell pressure on the OTC market.
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I used to only care about the selling pressure from miners, but now they are no longer playing a very important role in the crypto market.
You see, there is something amiss with this, if the price more than doubles every cycle then the amount of coins in USD value that are mined each day grows, so you will need more and more $ to cover up that inflation.
450 coins mined how have more impact than 900 coins mined in late 2023.
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Malaysian cryptominers stole $722 million worth of electricity over six years, a local service provider said. After China banned cryptocurrency mining, Southeast Asian countries became attractive to miners because of competitive electricity prices, labor and existing infrastructure.
The country's energy ministry has made combating power theft a priority.
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Malaysian cryptominers stole $722 million worth of electricity over six years, a local service provider said. After China banned cryptocurrency mining, Southeast Asian countries became attractive to miners because of competitive electricity prices, labor and existing infrastructure.
I have a doubt about that statement, cause if you moved to a country because of lower prices you don't go right stealing power from your neighborhood grid. ;D But energy theft from private bitcoin miners is nothing new and won't stop unless you have the whole grid monitored everywhere, income is the lowest in years and even the tiniest difference can count, I wouldn't be surprised to see some stealing just part of their energy so to not draw suspicions and pay for the rest, a 20% cut would be the difference between profitability and loss.
700 million in 6 years, 120 million a year, 5 cents kwh, so 600 million kWh, so about 20kwh per capita stolen, might not look much but it's still something.
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There will always be power theft.
The miner that is getting squeezed now is the 200-300kwatts an hour guy.
This is 60-90 s21s or t21s. They make about $10 usd before all your costs at 5 cent power they burn $4.25 so they net $5.75
X 60 miners is $345 a day if you are a one man team you make 10,350 a month. What I leave out buying the gear. 60 x 3500= 210,000 . Breakage of gear costs. Rent a space or maybe buy a container. Say 45,000. Install a container say 15,000 wires blah blah blah and to earn that 10,350 a month you have to lay out close to 300k.
So maybe you lay the 300k out and live close to your container and do all the work your self you could net 90k. If we don't backslide.
Why not buy 3 coins for 200k and keep 100k in your pocket.
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This is 60-90 s21s or t21s. They make about $10 usd before all your costs at 5 cent power they burn $4.25 so they net $5.75
X 60 miners is $345 a day if you are a one man team you make 10,350 a month. What I leave out buying the gear. 60 x 3500= 210,000 . Breakage of gear costs. Rent a space or maybe buy a container. Say 45,000. Install a container say 15,000 wires blah blah blah and to earn that 10,350 a month you have to lay out close to 300k.
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Why not buy 3 coins for 200k and keep 100k in your pocket.
Yeah but now do the math for theft, so no power, cheap used gear, of course, you earn low for each kwh but it's still free, gear is $5/th/s not $20/th/s, and renting is minuscule as you hide in some forgotten neighborhood, and most important than all, you look at an average wage of $1000 a month!
Theoretically at 5 cents income per th and no power costs, cheap used hardware you're making your money back in 100-120 days, no real business in this world can compete with this.
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This is 60-90 s21s or t21s. They make about $10 usd before all your costs at 5 cent power they burn $4.25 so they net $5.75
X 60 miners is $345 a day if you are a one man team you make 10,350 a month. What I leave out buying the gear. 60 x 3500= 210,000 . Breakage of gear costs. Rent a space or maybe buy a container. Say 45,000. Install a container say 15,000 wires blah blah blah and to earn that 10,350 a month you have to lay out close to 300k.
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Why not buy 3 coins for 200k and keep 100k in your pocket.
Yeah but now do the math for theft, so no power, cheap used gear, of course, you earn low for each kwh but it's still free, gear is $5/th/s not $20/th/s, and renting is minuscule as you hide in some forgotten neighborhood, and most important than all, you look at an average wage of $1000 a month!
Theoretically at 5 cents income per th and no power costs, cheap used hardware you're making your money back in 100-120 days, no real business in this world can compete with this.
Stealing the power to run whatsminer 30 gear is sweet if you don't get caught they do $4 or $5 a day and cost $500 so you get the $500 back in 4 months. If you can do 100 pieces by day 125 you grab 400 to 500 a day profit.
But that would.be 310kwatts an hour.
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Mining company HIVE Digital Technologies Ltd. announced plans to build a 100 MW data center for mining the first cryptocurrency in Paraguay. The facility will utilize green electricity from the Itaipu hydroelectric plant, which fully covers the country's needs.
The company expects the initiative to add up to 6.5 EH/s to bitcoin mining operations, increasing the aggregate hash rate to 12.1 EH/s.
(https://i.ibb.co/3rbHPyc/image.png)
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This is 60-90 s21s or t21s. They make about $10 usd before all your costs at 5 cent power they burn $4.25 so they net $5.75
X 60 miners is $345 a day if you are a one man team you make 10,350 a month. What I leave out buying the gear. 60 x 3500= 210,000 . Breakage of gear costs. Rent a space or maybe buy a container. Say 45,000. Install a container say 15,000 wires blah blah blah and to earn that 10,350 a month you have to lay out close to 300k.
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Why not buy 3 coins for 200k and keep 100k in your pocket.
Yeah but now do the math for theft, so no power, cheap used gear, of course, you earn low for each kwh but it's still free, gear is $5/th/s not $20/th/s, and renting is minuscule as you hide in some forgotten neighborhood, and most important than all, you look at an average wage of $1000 a month!
Theoretically at 5 cents income per th and no power costs, cheap used hardware you're making your money back in 100-120 days, no real business in this world can compete with this.
The idea you are referring to is mining by stealing electricity, which is technically illegal and unethical. Although you say that electricity is available for free, such activity is legally punishable and risky in the long run. In theory, mining by stealing electricity can increase profit rates, as electricity costs are a major part of mining costs. However, if caught, the punishment can be jail, fine and other legal complications. Besides, engaging in such activities can be detrimental to a business in the long run as well.
So, while this may be a theoretical way, in practice, it is extremely risky and illegal. For a profitable business I will suggest you mining or any other investment in legal way.
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Cryptocurrency mining can be done with powerful computers and hardware but not everyone can do it as it is very expensive. If you want to earn cryptocurrency mining then you must get knowledge about trading if you win you can make small profit from there very easily and you need to spend a lot of time for it.
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The idea you are referring to is mining by stealing electricity, which is technically illegal and unethical. Although you say that electricity is available for free, such activity is legally punishable and risky in the long run. In theory, mining by stealing electricity can increase profit rates, as electricity costs are a major part of mining costs. However, if caught, the punishment can be jail, fine and other legal complications. Besides, engaging in such activities can be detrimental to a business in the long run as well.
So, while this may be a theoretical way, in practice, it is extremely risky and illegal. For a profitable business I will suggest you mining or any other investment in legal way.
I suggest you read the topic first!
You just picked up the last post when we were debating what profits those thieves would be making from mining even with older gear and their possible returns and you somehow thought that we were calling it a business plan.
So how about yous top writing your mandatory 4 lines of nothing and pay more attention to the actual discussion?