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Background:

I am thinking about getting some bitcoin mining hardware. I am hoping to make some money (at least what I spent on the hardware), but mainly I am doing it to learn about bitcoin mining.

Specific info:

  1. I live in Seattle. Energy costs are about 13.0 cents per kilowatt hour
  2. I am planning on putting this in a semi-small room in my basement. There is no AC in this room, but I would be happy to invest in it if it is necessary.
  3. I am planning to spend less than $5,000 on this.

My question:

I am considering two different pieces of hardware, and I want to know what you think would be better. Also, I would love to know if the calculations of the website that I am using are accurate.

Scenario one:

I buy 21 SpondoolieTech SP20 Jackson's for $3,999. These should run at 1.3 TH/s, according to this website that means I would make around $452.05 a month - or $5,424 a year.

Scenario two:

I buy 6 Bitmain Antminer S7 for about $2,400. These should run at 4.7 TH/s. According to the above website, they should make around $466 a month - or $5,592 a year.

The obvious choice seems to be the 6 Bitmain Antminer S7. Is this correct? Or is there something that I am overlooking?

Thanks!

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You are overlooking a very important part of the costs, that you already mentioned. The energy!

Roughly at 13.0 cents per Kw/h your yearly energy costs are:

Scenario one:

21 x 1.2Kw x 24h x 365d x $0.13 = $28697.76 USD! you are down quite a bit.

Scenario two:

6 x 1.293Kw x 24h x 365d x $0.13 = $8834.81 USD! you are down a bit less but still not enough..

So the only way you will make $$ its that BTC value raises in price, in which you are better off just buying off BTC right now for whatever value you are planning to spend.

You need to add into account that mining difficulty will rise and payouts will be even less.

Hopefully this brief info helps you decide (I was a miner myself 2 years ago)

Best of luck!

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  • Thank you for your answer! This is super helpful (Even though it is really disappointing). I will give you the 50 rep in 20 hours. Thanks again for the help!
    – zoecarver
    Commented Apr 4, 2017 at 2:43
  • Thanks!, to be honest didnt mentioned that even if you had free electricity probably still not worth it at the moment... Even that you found some great bits of HW at decent prices.
    – jsjc
    Commented Apr 4, 2017 at 8:22
  • I'm using free energy and a single S9 will only bring in around £1,000 a year, which will of course reduce in time. Overclocking it seems the only viable solution at the moment.
    – Ken Sharp
    Commented Aug 17, 2018 at 11:25

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