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Despite the correction of the first cryptocurrency, its mining remains profitable, but the threshold for entering the industry continues to rise
In January, a single miner successfully mined a bitcoin block and received a reward of 6.25 BTC (over $270 thousand). At that time, the share of the miner in the total computing power was only 0.000073%, which means the probability of successfully adding block 1 to 1.36 million. The miner also received commissions for transactions, which on this block amounted to about 0.1 BTC ($4.3 thousand at the exchange rate on January 13).
However, this is an isolated case. At the same time, mining remains profitable even despite the fall in the exchange rate to $40,000, and the cost of bitcoin mining for the average miner remains 1.5-2 times lower than the current cryptocurrency price, Roman Nekrasov, co-founder of the ENCRY Foundation, explained.
“Even if we assume that bitcoin suddenly collapses to $30,000, mining will remain profitable even under these conditions,” the expert noted.
Correction periods are the most convenient to join the industry, added EMCD CEO Michael Jelis. He explained that at the time of the decline in cryptocurrency quotes, it becomes possible to purchase mining equipment at a bargain price.
The profitability of bitcoin mining depends on the generation of equipment, energy efficiency and the cost of maintaining the devices, added Sergey Arestov, co-founder of BitCluster. He explained that under current conditions, one ASIC S19j pro 110 TH / s with a capacity of 3.2 kW at an electricity price of $ 0.07 per month brings a net profit of $ 560. At the same time, the profitability of older equipment, for example, S9j 14 TH / s with a consumption of 1.35 kW, will be only $ 29.
How much can you start mining?
Private mining will be replaced by industrial companies every year, Arestov added. He believes that only with volumes it is possible to reduce costs and obtain maximum efficiency. Therefore, according to the expert, it is most effective to enter the mining market with at least 50 units of modern devices, the total cost of which will be about $500,000 (3.7 million rubles). This number will allow you to have a stable and high income, painlessly repair a failed equipment, the co-founder of BitCluster is sure.
Nekrasov agreed with him. According to the co-founder of the ENCRY Foundation, it makes sense to start mining bitcoin with 7-10 high-power computers. This implies investments only in equipment of the order of 2 million rubles. Next, you should find a site for placement, clarify the cost of electricity, find specialists for service, and so on.
“I see no reason to enter this business without 2.5-3 million rubles at the start,” the expert emphasized.
The lowest threshold for entering the mining business was named by the CEO of EMCD. He claims that you can start mining bitcoin with an amount of $ 7-8 thousand (600 thousand rubles). According to Jerlis, this money is enough to purchase ASIC miners and put them in the data center. The specialist also recalled that more funds would be required to organize their own farm, since it is necessary to take into account the costs of maintaining the premises, maintaining equipment and paying for electricity.
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