To be sure venezuela offers a host of other challenges miners must overcome. The fastest and more efficient mining hardware is going to cost more.
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For states with higher electric rates you could spend more than 6000 in electricity to mine a single bitcoin.
How much! does bitcoin mining equipment cost. You can input parameters such as equipment cost hash rate power consumption and the current bitcoin price to see how long it will take to pay back your investment. According to marketwatch the electricity cost involved in mining a single bitcoin is more than 3000 in the cheapest states. Jordan tuwiner last updated january 29 2019 the early days of bitcoin mining are often described as a gold rush.
Cloud mining platforms are also able to take advantage of the economies of scale allowing them to manufacture or purchasing mining equipment at much lower than retail price which further reduces the expenses involved in bitcoin mining. With a bitmain antminer s9 for example it would take over 162 years to reach roi if the value of 1 btc remained at 532554. The answer to this question varies quite a lot because the price and difficulty of bitcoin mining are constantly changing.
The declining ! value of bitcoins and the power demands of mining have driven ! total mining operating profits down to just over 300000 per day over the whole economy. Cheap mining hardware will mine less bitcoins which is why efficiency and electricity usage are important. How much does it cost to mine 1 bitcoin.
With the cost of one coin between 3000 and 4000 as of january 2019 the energy costs alone dont make it worth it. Price how much does the bitcoin miner cost. I will use mining difficulty data from may 2019 to illustrate how this calculation is done.
This profitability calculator doesnt include the upfront costs of buying the mining rig. For those looking to do it on the cheap head to venezuela where the cost of mining a bitcoin is just 531. Is bitcoin mining profitable or worth it in 2019.
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