The "trick" is finding a good spot where you can build a small hydroelectric power generator. Then you just convert the electricity into money. I'm not sure about the current conversion rate, but it's generally the average price of electricity that is used to mine bitcoin.
Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
21–30 of 35 posts
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#22The only point to mining Bitcoin yourself is tax avoidance. You can make back the cost of power and equipment over time, basically hiding your income. I suspect this is the main reason that people mine crypto. You won’t make a profit. It’s the tax you save through tax evasion.
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#23The "trick" is finding a good spot where you can build a small hydroelectric power generator. Then you just convert the electricity into money. I'm not sure about the current conversion rate, but it's generally the average price of electricity that is used to mine bitcoin.
Build a nuclear power plant in your backyard. Of course if you can master that, who needs bitcoin. The cheaper the electricity the more profitable the mining, but at the current cost it's almost pointless without access to a massive power station.
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#24The fan noise is far too loud. You need a garage that is detached from your house and very far from your neighbors or you will get noise complaints.
1 BTC/day is 200,000 TH. ~15k ASIC miners.
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#25Now is definitely the time to jump into crypto. Tesla just stop excepting it. It cost $8000 dollars in electricity to mine each coin. Using cheap coal fired generated electricity seems to be the way to go. Who cares if the world chokes on the CO2 as long as you're rich right?
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#26Earlier quoted context omitted.
Is this surprising when a single coin is almost $51k? Perhaps a better question is how much equipment does it take to mine a single coin over the course of 6-12 months.
700 th/s will get you about 1.25 btc a year. That at say 13 th/s a miner asic, at a cost of $800 per asic works out to ~$44k upfront and then each asic burns at least 1k/hour for about another $37k if you get power at 7 cents/kw. Then add cooling and data.
Which, multiplied by 365, equals around 17 million USD.
My guess was correct! :-D
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#27Bitcoin miners use specialized hardware designed for mining. There is no special algorithm to make mining faster or more efficient and that is by design. Bitcoin is meant to take a lot of work to mine. Bitcoin also adjusts itself automatically so that each mined block takes roughly 10 minutes to find. There is no avoiding this. The specialized mining rigs are very expensive and they have facilities with thousands of…
What about mining other coins .. ? Doge ?
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#28Well, for starters, your own nuclear power plant
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#29Bitcoin miners use specialized hardware designed for mining. There is no special algorithm to make mining faster or more efficient and that is by design. Bitcoin is meant to take a lot of work to mine. Bitcoin also adjusts itself automatically so that each mined block takes roughly 10 minutes to find. There is no avoiding this. The specialized mining rigs are very expensive and they have facilities with thousands of…
What about mining other coins .. ? Doge ?
This is why we have seen so many new altcoins popping up, it's like rewinding time so you get most of the coins instead of Satoshi getting them first.
Re: Ask HN: What equipment's/setup do I need to mine Bitcoin at home?
#30I did this in 2018. I bought an Antminer S9 and power supply. It's not worth it as an individual. In order to earn anything at all, your cost of power needs to be ludicrously low and you still need to join a mining pool. And these things are LOUD. After a year of mining I broke even.
1 year ROI isn't too shabby