Can I mine cryptocurrency profitably at home?

Discussion in 'General Bitcoin Gambling Discussion' started by Doyle, Aug 30, 2017.

  1. Doyle

    Doyle Member

    This is probably a really dumb question but I recently moved into a new apartment and all my bills are included in the rent, including electricity. Rather than converting a couple of hundred dollars to BTC every month from my wages, I was thinking that maybe I should buy a second hand miner online and mine the BTC instead. I've read that the biggest overhead is the price of electricity so wouldn't this be an easy way to make some extra cash since my electricity bill is paid by my landlord?
     
  2. Humble Servant

    Humble Servant Active Member Staff Member

    You should probably look at the fine print of your contract with your landlord. Quiet often there is a clause that says electricity is included up to $200 per month or something like that. If you are running a number of miners from your house or apartment then the price will probably exceed that. They may also be super noisy and overheat your home so you should keep that in mind too.
     
  3. Jake21

    Jake21 Member

    my guess is that you could make money mining some of the less popular cryptocoins like ethereum, dash and zcash. you can mine these using graphics cards. to make a profit mining bitcoin you need to buy specialised asics and hardware and you probably can't compete with chinese miners who are getting very cheap hydro electric power.
     
  4. Humble Servant

    Humble Servant Active Member Staff Member

    if you have access to reasonably cheap then you probably can because the profit margins are so high at the moment. according to this miner, you can can mine a bitcoin worth $15,000 today for just $2,000. it's no wonder so many are getting interested in mining.

     
  5. Lance

    Lance Member

    those mining machines make a hell of a racket so i wouldn't even dream of mining unless you have a basement or a garden shed well away from the main house. those machines cost a fortune to buy so you got to keep them running 24/7 if you want to recoup your investment so there's little point in turning them on when you leave the house to avoid the noise.
     
  6. Humble Servant

    Humble Servant Active Member Staff Member

    You need to be suing the very newest mining equipment and the have access to cheap electricity or you are going to lose money. The bitcoin network hash rate has jumped about 20% in the past few weeks so it's getting extremely competitive....

     
  7. PokerGod

    PokerGod Member

    there has been an enormous spike in mining in 2018 so unless you can buy electricity for 5 cent per kilowatt hour and you are using the lastest mining equipment, then you don't stand a chance of making a return.
     
  8. Fatboy

    Fatboy Member

    Bitcoin mining difficulty has doubled since March 2018 so I doubt home mining is profitable unless you are living in Venezuela.
     
  9. PokerGod

    PokerGod Member

    No you can't make a profit home mining. Today the price is at $4,000 yet the hash rate securing the network is 4 times what is was in December 2017 when bitcoin was at $20,000. This means that only those getting the cheapest electricity can be making a profit, which excludes you at home.
     

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