I mined Bitcoin for 9 months. Was it worth it??
ฝัง
- เผยแพร่เมื่อ 28 เม.ย. 2023
- I spent $92,000 on 16 Bitcoin miners and they've made me about $30,000. Was this a huge mistake or is Bitcoin mining worth it? I break down all my numbers and what I would or would not do again if I got to do it over. ▼▼
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From the moment you purchase, you can be up and running in as little as a day.
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This is where I buy and host my miners: a.ndy.fyi/MuskMiners (Save $100 Per miner with code YOURFRIEND100)
They have a 1yr warranty with all equipment and have 98% uptime guaranteed.
From the moment you purchase, you can be up and running in as little as a day.
The price of Bitcoin mining machines always drops, because a used machine has less life, and a new machine is more efficient.
@@sang3Eta They do not always drop. In a bear market they all drop in price. In a bull market, even older machines will surge in price. At the lowest point in 2019/2020 you could buy a Bitcoin S9 for $100. Peak bull market they were selling for nearly $1000 despite being 4+ years old at the point. Loads more examples just that like that over the years.
Hey Andy pardon me I’m running a nvidia rtx 3080 I’m actually completely broke atm haha but is worth starting here with my laptop and use it or invest into actual crypto mining machines been thinking a whole lot about ways to make passive income and this was one of them u wouldn’t mind giving me some advice would u ?
Are you support to me to start a mining agood crypto mining farming, how to start journey to words crypto miners business
@@YourFriendAndy if you hold your bitcoin till 2025 your future 3 bitcoin will be worth about 360.000-450.000 dollars if youre patient its totally gonna be worth it and asuming that youre gonna sell these machine as well its another 50.000 dollars on top of that so it actually is gonna be
410.000-500.000 dollars and if you take an average 465.000 dollars from there just deduct the costs and you take your actual profits which im sure is still very very high
you know what I appreciated and liked about this vid. Immediatly after the vid started you straight up said how much you spent, how much you made back and the timeframe....PERFECT.
When I mined BTC in 2012 looking back I was better off just buying BTC. Good video 👍🏻
Are you a Crypto millionaire now?
Really?
yea ada gang! Thats the future
I only mined 0.3 BTC but it was with a tiny USB stick with only a single ASIC on it which cost about $100. Back in 2013.
Ya, wouldn't do it now due to increased difficultly to mine.
good old days
How long did you wait to mine
These companies selling mining hardwares are like the ones selling shovels during the gold rush back in the days. They are the ones who are really big profits
Great video! Are you using the Antminer S9s?
Where on Earth did he get the idea that a home PC uses 200W per day?
You did not discuss the halving?
How often you have to buy new machines and sell old?
Don't forget when you need to pay the hosting/electricity fees every month, you probably need to pay that in dollars, so either you need cash on hand or you need to sell btc you've mined to pay those fees. That's the hard part in a bear market: if you don't have enough cash on hand and btc is too low in price to meet the costs, you need to sell your mining equipment. Nonetheless, great video!
Then who gets all the miners in the end. 😢
Im a linux user for a very long time but never mined btc, which is the best software for mining in linux? Whats the default software name in this industry?
Bro is rich now. Congrats! Hope you hodled😁
Real shit
Hi Andy,
Great video! I am new to this and I guess I am a bit (see what I did there) confused on how the revenue works. I’m assuming you have to cash out the bitcoin to get any money so how do you pay for all the hosting, etc? Is there another revenue stream from this im not seeing?
He pays using his own money. Then in the future if he cash out the Bitcoin you rest the money for hosting and that's you profit.
At least make sure you take care of the gpus and run them on cool temperatures . I had many cases where the average consumers buy graphics cards from miners and they didn’t do proper maintenance like changing thermal paste on the core and on the capacitors not to mention fans . If you have a rig that runs 24/7 you have to take care of it .
what was the guarantee warranty on Mining machine , life span of each machine and How much BTC can we dig cost/day etcs including electricity , please let me know
after deduct network fee how much u get by selling 1 bitcoin?
Why did you switch to a different set of miners for your second buy? I wasn't clear on if that was tied to the anchor protocol or something else.
The machines I bought in the second round (104T units) were hard to get ahold of, so I went with the 110T units. Otherwise I would have done all 104T units since they are more efficient than the 110T units.
Given your experience, which one of the online profitability calculators is closest to the profit/loss in real life?
I use whattomine and find it pretty accurate. minetheasic.com is great too.
Well done on your growth!!!
I know nothing about Bitcoin and/or mining. 1. Can you hook machines up in your house without a host? 2. What wallet/s do you use? 3. Can you mine multiple/all crypto with them and if so, at the same time? Edit: I heard Bitcoin to mine is running out.
ASIC miners are dedicated to a specific crypto
The hosting part it's cool for people that don't have space or are good at the installation.
Can you give us an extended lesson on the tax and accounting implications for crypto miner
Please how did you set them up ..I mean all of them
Slow and steady makes it to the top Good job.
Thanks for making the video. How do you feel about GOMINING?
I used Antminers as well as GPU's back in the day and yes it was pretty good for a while when ETH was around $100 and BTC aaround $7K but since then you will never make youire money back , its better just to buy it when you can and hold and sell when you are in profit, mining ios $hit now absalute garbage . Thanks for the VID
Why did you have so much money in LUNA though? The Iron finance stable coin did the exact same thing and also failed many months before. Too many TH-camrs were buying luna and never explained where the 20% staking rewards came from.
Great you share your insights and learnings so detailed andy!
Shout I invest in bitcoin or invest in a timeshare? Also, I got an email saying just pay the lawyer fee and they will send me $2 millions, should I invest in that?
Yes to all that. And look into ocean front property in Arizona while you're at it!
I just inherited an antminer s19j pro. With zero investment initially would you think I could safely start mining and potentially make a profit?
Hi Andy. Great video as always. What pool do you use/recomend for mining BTC.
So thanks for making me realize mining is terrible - would have been better to just buy BTC and hold 9 months ago - not to mention halving is among us so expect profits to be cut in half
I wouldn't call mimes terrible. Mimes are just misunderstood.
@@YourFriendAndybviously you believe long term buying a miner is more profitable then just buying btc? I’m thinking about pulling the trigger on getting some mining rigs is why I ask
Yea profits will be cut in half initially but the price of bitcoin will go up….
@@MarylandGuy-ey3stso if your betting on the price of something to double - just buy the asset you think will double
Subscribed good topic brother I’m going in with $200k
Is the 30K monthly revenue after you deducted the hosting and electricity cost? Makes all the difference. Also, mining difficulty is steadily increasing. I can predict now already that ROI wont be 2 years in total. Even though you seem to be halfway after a year.
Is it feasible to mine Bitcoin?
Dont you guys need to pay like 50% in tax for everything you earn? Including mining income, so 50% goes to tax
30%
Did any one of you take in calculation dat better and better tech is out every year and even if demand go up your equipment value will drop down (get old/slow outdated with time) ...
When you invest, you're buying a day you don't have to work
Not really
What's the best mining software
which units did you buy exactly ?
I truly appreciate your honesty, professionalism and knowledge. I have determined that, at this time, I cannot currently reasonably afford to diversify and invest in BCM...unfortunately. Perhaps, in the future. Perhaps. At any rate, TYVM for this post.
Dear friend, instead of talking about the video for 10 minutes, you would have shown us a graph in one minute and explained in the graph that in these 9 months you invested and spent such and such amount and earned such and such amount of capital. Just ask how are you? Then, while you can say yes or no, talk about yourself for 10 minutes 😂
this man lost 48k in investing hell nah
In 9 months tho, if he keeps it running for years he will make a big profit
Forgive me if I missed this but what miner did you use?
Bitmain 110T and 104T units
What is 200 watts per day? Watts are a unit of power, so what does it even mean when you say your home computer uses 200 watts per day?
I meant to say that your average computer uses 200 watts of power. But I said "per day" for some reason in the video. That typical pc would use 4.8kWh per day. I should have said that and then also said that in comparison a bitcoin miner uses 72kWh per day. But I think most people understand what I was saying. PC = 200 watts. All my BTC miners = 50,000 watts of usage.
Could you make a video about how you prepare for the upcoming Bitcoin halving? The ability to mine BTC grows exponentially and I should be able to start acquiring BTC miners soon, but I am trying to account for the upcoming halving next year. I'm not sure if I should wait for more efficient machines to release or if I should just go ahead and start mining as soon as possible and upgrade on the fly? Any advice helps, and great video!
I DREAM OF MINING BITCOIN WHEN I SLEEP AT NIGHT
AYYYYYYY
Fair enough, no day dreaming!
Me too
BHUTAN ( country) i am interested to invest and start crypto mining as my country electricity rates is cheap
Bitcoin dreams of you .....
I wonder how much people still havent sold the btc from 2012 where back then it was dirt cheap when looking at it today
Great update on your Bitcoin mining rigs! Congratulations!
Appreciate it Joe!
Andy: hosting is typically around $0.075 - $0.085 per kWh which is around $180/per month. So for 16 units you should be paying ~$2,880/month, not $1,800/month. Did you just work out a sweat deal or are you paying a portion of the hosting with BTC?
Hey Chris, yeah that's why I said that's what you should expect to pay on average. Those are typical rates. My rate is not. If you are willing to hustle and find the right contacts, you can do better than typical. But if you are just going to call a company up and hope for sub $0.07kWh then you likely won't get it unless you go super international and in a riskier area.
I have the benefit of having a channel and connecting with lots of folks, so I can find a better than market deal. But it's not impossible for others. Long-term though, even the higher rates will be super profitable most likely. So to answer, no I should not be paying that, I am paying what I said I am paying. Hopefully that offers a little more context!
a sweet deal. not a sweat deal
@@Handle1722 yup just a typo
@@YourFriendAndy very honest and sensible response, thank you
@@YourFriendAndyeven with your sweet electric deal you are not likely to break even or make any real kind in of money. With new ai processors bearing released in the next few years your equipment will be unable to compute blocks or make any coin. The price will drop to practically nothing once it can no longer compute. Old machines once thousands now only worth under $100. Use it as an area heater.
great video but ouch those are some steep prices for equipment, we are here to help if you are looking to grow
haha, well they weren't steep when I bought them. Now... yeah, steep is a nice way to put it!
It sounded like your Roi calculation was wrong so I did the math for you. Your investment was $91k, your profit was $26k and the value of your hardware based on your last purchase price would be $76k. Giving you a return of 11% ROI.
These are all based on yearly return and assuming you take the $1750 profit per month. If you redo that calculation with the $2500 price per miner your return would be -17% ROI.
I'm on a flat fix rate 12 month contract. It doesn't matter how much electricity i use, it doesn't fluctuate. i have been renewing it for years.
But aren't you gonna lose mining revenue after each halving?
In terms of amount of BTC mined, yes. It will be cut in half. In terms of USD... who knows?? I could be making 5X what I am making now per month in USD terms in a year or two. All dependent on future values.
Yeah but as more are mined it will take longer. Plus the power you’re burning. Then you have equipment failure. Yeah they are reliable for a while when they are new. But for how long? And what happens in 5 years when everyone else has better miners than you?
Why didn’t you do the hydro cooling modification? 😂 It makes them silent 🤷♂️
Hey Andy, which machines you are using to mine BTC? Thank you!
Hey! 7X 110T units and 9X 104T units (all Bitmain)
50,000 at 240 volts is 208,333 AMPS. 5,000 Watts Per Hour 20.83333 amps per hour.
Not mentioned in the video. He bought the hardware by selling Bitcoins at a profit. Did his returns take into account paying his taxes on that profit?
No, I haven't sold ANY Bitcoin. Especially not to buy ASICs.
Could you please do a complete Tutorial how to get everything Set Up?
Hope you're living your dream now with new ATH. Your plan is looking good I am just now starting to get into mining myself.
I hope u kept whatever u mined
No your not the only one dreaming about bitcoin.
I was sleeping and woke up to myself saying mine bitcoin. Now I am watching your video.
Hi,
Have you looked at something like the BMN (bitcoin mining note) ? Wouldn't it be simpler to be exposed to mining by buying this kind of product which is a tokenized asset of bitcoin mining ?
Is it worth it, what is the yield vs buying miners directly ?
Plz sho me how can buy and criety account in mining and how can I make diposit using Visa or master
Yeah hey what happens to all that minning if it doesn't mine anymore.
Maybe I’m missing something…your profit is 2175 when btc was at 35k. At that rate. You have mined 9 mo x 2175 = 19575 then you said you should break even in the next 12 mo from this vid. 12 mo and 9 mo ( 2175 x 2175 = 45.5 k ish) so how is this even close to break even. Likewise BTC is down 25% from previous highs of the video airing time. I dunno your math seems off…please tell me how I’m wrong. Thank you for the content otherwise…I too dream of mining BTC in my sleep. Lol
My guess at breaking-even in the next 12 months was based on the price of BTC I expected in that timeframe. Turns out I was too conservative. I have completely broken-even and am fully in profit now with BTC prices over $55K.
I dream of mining any crypto in my sleep but with 1000’s of miners 😅 we have 50 currently
What abt electricity fees?
Are you still mining? How long does mining machines live? I was about to start but was concerned about the lifetime of the machines and wanted to start with 5 machines then buy another 5 after 90-120 days.
Check my recent videos. I did an update last month when I hit 2 BTC mined. Still mining. Still loving it. Machines can last and be profitable for 3-5 or more years.
What machine models did you buy?
@@CampinItUp my latest ones are S19K 120T units I got from Musk Mining. About to buy some S21 units from them too.
But you don’t sell the bitcoin hey so the costs mean that your out of pocket expenses are huge.
How about opening mining at BHUTAN ( country) i am interested to invest and start crypto mining as my country electricity rates is cheap
Don’t forget about Bitcoin halving next year which will also reduce your return
In the uk you can wire ur electric so it’s free so easy money and only 1000 fine if u get cought
I don't understand did you make profit of this? I mean it pays your electricity and other how much clean money you make per month
Thank you for the video, very useful. Can you share how many BTC are you earning per terahash per month?
You stated that if the price of bitcoin goes up so will the price of the miners. This is understandable, however you fail to mention what if faster miners come out and make your current miner a slow dog, especially when the halving occurs. Please give me your analysis one this.
That's happened in every cycle so far. Even with newer machines, older models still skyrocket in price when Bitcoin's price soars in a bull run.
@@YourFriendAndy is there a website that shows you the price per bitcoin using mining equipment and you enter the cost per KW? Like it would show if you use this miner model for X months it would cost X (average cost of equipment/your KW charge)?
@@VeVeVerse Braiins has a nice calculator to show you the cost to mine a bitcoin with a given machine (if you input the specs): insights.braiins.com/en/cost-to-mine/
Considering the long term goal of bitcoin why would you sell your machines and stop mining without having over 1000 plus bitcoins
You dont mine SHA-256 for short term profits. You mine for when BTC goes to $1M by 2030. You want high ROI, mine Kaspa or Doge.
You can mine it for any reason you want.
It’s so sad that you could pick those machines up now for 1000 bucks each bulk orders. If I was you, I would double down, you can buy 38 more machines.
How can I get this
How do you get and keep your drive?
i wonder how long would it take for my beefy pc master race machine to mine 1 bitcoin i9 12900k + 3080ti
738,000 years is the estimate on soloing mining Bitcoin with that computer. That GPU does 9713.2 MH/s on BTC's hashing algorithm. Which is nothing. That's 0.00485 TH/s. The machines I talk about in my video do 110 TH/s.
Hey Andy, great video - thank you! What mining pool are you using?
Thanks for watching! Lincoin Pool is what I use: a.ndy.fyi/Lincoin
Dudes actually mined the ocean into America
In over a year I've spent almost that much at compassmining for 6 miners - some couldn't stay online - and in over a year I've only mined .33 BTC. worst investment ever. Compass mining sucks!
Sorry to hear that. I've heard so many horror stories about Compass.
Andy, great 👍 content, nice to see you putting out content like this! Miss you brother; also congratulations on your 16 miners I think you are ready for some solo mining hitting just 1 solo block a year would put you ahead, I got just about 2x miners on solo and the rest in pool mining and so far I am ahead 4X I think you can do the same, try it out for 4 months let me know!
Hey! Thanks for watching. And HMMMMMMMM. You think I can hit a block with 1.7PH/s in a year? I mean that would be amazing. It's just a scary prospect that I could get nothing in that same time. You have about 32 miners soloing? And you've hit some blocks? That's wild stuff.
You can easily hit a block on one gpu. Pool mining is a scam 😞
@@thomasdriskill5254 It's not
Very interesting!
what would you rcomend for those who can not afford investing or buying bitcoin?
You can buy Bitcoin in amounts as small as $5-25. If you can't afford that OR if you can ONLY afford that, then I highly recommend you work on making more money. There are a million ways to make extra money (I have an entire side hustle playlist on the channel). Nothing will help you get ahead more than making more money to invest. When I was just getting started on my journey, I did all kinds of random stuff including driving for uber, selling stuff on ebay, etc. Just so I could invest more.
@@YourFriendAndy I just started looking into bitcoin, and mining. I didn't know you could buy a fraction of it? I thought you had to buy the whole 27,000 worth of bitcoin.
No I have a hundred or two I can invest with o.o Sense I don't pay power I was thinking of farming with my old 2060.
@@BenSagetAh! Yeah you can buy as little or as much Bitcoin as you want! That's part of the beauty of it. You don't have to buy an entire $44,000 coin. Also if you DO want to want to mine it but can't quite afford a full rig, then check out fraction mining. I did a video on them many months ago, but that project is alive and well and paying out Bitcoin! th-cam.com/video/bHsBztSsRrA/w-d-xo.html
Yeah right. You have to minus the electricity bill from that $48,000.
nice video
Did you ever do the math according to if you just bought $92 k of BTC and hodl then sold at top or even @ $60k
Oh yes, especially that people always know the top😅
Some men just want to put hands on something to feel it.
50,000 wats for 1800$/month in electric bill?!? How?
I purchased $100 worth of bitcoin from silk road in 2005 at .70Cents on the dollar.
I still have my info on a hard drive in a box but probably got ripped off now.
Thank you for sharing.
+1
Bitcoin didnt even exist in 2005 good job you played yourself
It was closer to 2010 "Silk Road" days @@redawyoxo
Andy it seems like you are ready to cash out of BTC mining. Why recommended it to newbies?
I'm holding most of my BTC for 5-10yrs or longer. Why do you think I'm ready to cash out? Or are you talking specifically about my machines? In that case, why wouldn't I? Sell the back, then next bear market buy new ones and rinse repeat. A newbie could buy a miner now and make a lot of money in the next few years. That seems like a good thing, yes?
@Your Friend Andy oh ok, yeah, I was talking about the machines. Not a bad idea to sell them for a profit if you can. It's nice to see fat mining returns during the bull market too. I just buy mining stocks myself. Hopefully we see 140k per coin but 100k would be good too.
I'll take either flavor of six-figure BTC Scott! BTC mining stocks are cool. I sell options on MARA pretty frequently.
What is bull run
I mined bitcoin for a while. It was a nightmare. My value of a brand new miner got cut in half after a year. Your new bitcoin miners now will get about 20% value next bull market; no way you will break even. Difficulty continues to go up, which means your outdated miners get less profitable. Not to mention the repair costs. Just buy bitcoin and forgo the headache of mining.
I am now past break-even and fully in profit. "Outdated miners" is a fairly irrelevant thing as we enter into a bull market. Even multiple generation old machines will appreciate in price.
Next April after halving event mining one bitcoin will cost 64k. After halving prices are never never the that where before.
You cannot determine the price to mine a bitcoin without knowing the hardware or the electricity costs.
Also post-halving and in the bull run transaction fees awarded to miners will be insane.
and now that bidcoin is 60 k youre in the money
200w for a computer? Maybe if it’s running windows xp
Sat through the whole video. All I wanted to know was your electric bill. 😭