When it comes to mining Bitcoin, we all want to make a profit. Sure, helping secure the Bitcoin network is gratifying, but securing it while making a nice profit is even better.
With mining profitability there’s no exact science, but Mining Pool Poolin has devised a mining profit calculator that helps give a good idea whether a mining rig will be profitable or not.
An important factor to consider when buying an ASICs mining rig is your break even price. This is the value of Bitcoin that has to be produced to cover the cost of your mining rig.
For example, the most expensive and most powerful Bitcoin mining rig, the Antminer S19 Pro costs about $2640. And with a daily profit of $7.78, it would take 340 days to break even, at today’s price of $11,347 per Bitcoin.
Many might automatically think that the mining rig with the most powerful hashrate is the most profitable, but this is not always the case.
Electricity costs is a huge factor, and it varies widely around the world. The average cost of electricity is about $0.14 KW/h, but for anyone living in Germany, the cost is way above average at $0.35, whereas in Russia, it’s only $0.06 KW/h.
So, a mining rig with a high hashrate but one that uses more electricity might not be as profitable in Germany than a mining rig that uses less power and has a less hashrate.
If you’re a solo miner, you should also look into which Mining Pool best suits your mining set up. They all have different fees and costs for certain factors, and what suits somebody with an S19 Pro might not suit somebody with an S17 even. So, doing some research on Mining Pool fees is also necessary. Read More