Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
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Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#2Wouldn't there be a big advantage to running a bit coin miner somewhere cold with cheap electricity like Quebec?
Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#3Wouldn't there be a big advantage to running a bit coin miner somewhere cold with cheap electricity like Quebec?
Yes. Some operations already do this, for example Genesis mining have a facility in Iceland.
Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#4Wouldn't there be a big advantage to running a bit coin miner somewhere cold with cheap electricity like Quebec?
Its not cold in the summer, and it probably too cold in winter to not have any interior climate control. With much lower cost of living and cheap electricity, China seems like a much better option, the majority of mining is actually done there.
Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#5Yes, but the volatility of Bitcoin could make it not profitable again. Instead of buying a miner what if he took that money and bought bitcoin at that point of time. Wouldn't he have more money?
Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#6Wouldn't there be a big advantage to running a bit coin miner somewhere cold with cheap electricity like Quebec?
I have heard from a trusted source that people in Russia are buying graphics cards by the truckload and building mining farms, and getting free electricity by bribing utilities / government officials. So keep in mind that you are likely competing with Chinese and Russian miners who don't have the same costs.
Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#7The premise of mining bitcoin is not really about being cost effective today, but taking a long position on its value, and what you perceive the value will be, for totally anonymous money at some point in the future. Because the profit earned from mining is pretty close to the definition of untrackable in a crypto.
Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#8>Solis bought a Bitmain Antminer S9 on eBay for $2,400.
>As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet.
>Solis said:
>"When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually it’s been about five months."
So he would have been much better off just spending that 1,200 on Bitcoin rather than on a mining rig.
Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#9Wouldn't there be a big advantage to running a bit coin miner somewhere cold with cheap electricity like Quebec?
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Re: Bitcoin's Price Surge Is Making Hobby Mining Profitable Again
#10>Solis bought a Bitmain Antminer S9 on eBay for $2,400. >As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet. >Solis said: >"When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually it’s been about five months." So he would have been much better off just spending that 1,200 on Bitcoin rather than on a mining ri…
> he would have been much better off just spending that 1,200 on Bitcoin rather than on a mining rig
TL; DR Why economists don't like deflation.