When people start their adventure with Bitcoin, they often go through a small gold fever with the concept of mining (WE would know, that’s how WE started ). Here is a small guide to answer your eternal question “will I make money with it?”:
First of all, lets talk about hardware ( In each device description is inluded link to AsicMinerValue to see is it still profitable ). You won’t make money mining bitcoins unless you either have a really high-end GPU from ATI, an FPGA or an ASIC. That’s the short answer. Having a decent CPU can be used for Litecoin mining, which can be a small income in itself, but we are here to talk about Bitcoin so we are offering only the most profitable mining equipments, new releases and no aftermarket devices which mostly are unprofitable.
To see whether you will earn any money, you need to input a few pieces of data into a special calculator:
- 1. Cost of your hardware (cost of buying an ASIC, GPUs, motherboards, power supplies, etc.)
2. How fast can it hash (mega hashes per second).
3. How much power does it consume
4. Your cost of electricity (check with your power company) – If it is more then 0.05$ per kWh then we better sugest you our mining hosting datacenter in Ukraine
And then there are two magical variables that will either make it all work out, or be doomed for failure: * difficulty – it is automatically filled in by the calculator, but for long-term mining (more than a few weeks), you want to be a pessimist. Multiply the value by 2 for predictions over a few months or 10 for a year or two (it will rise steeply soon) * bitcoin price – also filled by the calculator – it might go up or down in the future, affecting your bottom line. It will probably increase in the long run, but lets be pessimistic and lower that to 10% to make sure we are earning money no matter what!
Having all your hard data and your guesses on the last two variables, you put it all into the mining calculator and see what you get. You will get your earnings in BTC and dollars, as well as summary of your costs and when you will brake even, and what will your net income be over your investment period.
Most likely you won’t be earning money with Bitcoin mining, and that’s okay – mining has become a very specialised process. If you want to invest money into new ASICs, you might be able to turn a tidy profit.
TLDR: Use this to check everything. ASICs may earn you money, GPUs won’t anymore.
As you know, we are offering also mining services and hosting in Ukraine at 0.05$ per kWh electricity price. So you are not sure that you can handle by yourself, you can always contact us for more information and cooperation possibilities.