Is ASIC Bitcoin Mining Profitable? [closed]


This question has been asked before here and here but this was a long time ago before the difficulty leaped in November of 2013. Bitcoin mining is getting more and more difficult as time progresses. This is because the Bitocin protocol is designed in a way that the mining difficulty increases as the network’s hash rate increases - This chart shows Bitcoin difficulty over time. Hash rate is the computing rate of the system - so the more miners come aboard, the higher the difficulty for mining Bitocins - This chart shows the network’s Hash Rate.

Today if you want to mine Bitcoins you will probably need to join a pool of miners working together in order to compete with this difficulty. For a detailed explanation look here. If you want to calculate exactly how much you can make with Bitcoin mining use a mining profitability calculator like this one. From my own experience I can say that using the most powerful home-made miner you can make a few hundred bucks per month which...

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Before we start, if you’re new to Bitcoin mining and don’t know what it is watch this short and simple explanation:

“Is Bitcoin Mining Profitable in 2017?“

The short answer would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated let’s make sure you are familiar with the different variables:

Hash Rate – A Hash is the mathematical problem the miner’s computer needs to solve. The Hash Rate is the rate at which these problems are being solved. The more miners...

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Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

AntMiner S7

4.73 Th/s 0.25 W/Gh 8.8 pounds Yes $479.95 0.1645

AntMiner S9

13.5 Th/s 0.098 W/Gh 8.1 pounds Yes $1,987.95 0.3603


3.5 Th/s 0.29 W/Gh 9.5 pounds No $499.95 0.1232

“It depends on how much you’re willing to spend”, the answer would be as simple as that. Seeing that Bitcoin Mining profitability relies on many different factors, each person asking himself this will get a slightly different answer. “Mining profitability calculators” were innovated so as to find out Bitcoin mining profitability for different factors.

Different parameters that these calculators take into account are...

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Hi there,

I have free electricity and was thinking about to buy 3 x AntMiner S2 ( $4500-6900 ) which would give me 3 TH/s.
I was suprised with the result after I calculated the eventual ROI & profitability, becacuse there is none

The reason is, that the amount of dollars you pay today for 1 GH/s will not cut any ROI at all, because there is absolute no ROI on BTC mining with current prices for units like AntMiner S2 1TH/s for $ 2300 Miner & similar.

Once more I calculated this with NO ELECTRICITY COST at all, because I have FREE Electrycity !
My ordering date was JUNE 15, 2014 and MINER DELIVERY/MINING START date was July 1, 2014.
Start Mining diff. July 1 will be 20493 - Monthly Difficulty Increase of 40%

Keeping that in mind :
I think that anyone paying for any kind of MINING HARDWARE more than $0.40 per GH/s is not normal !


A Bitcoin Asic Miner can't be priced ABOVE 400 USD for 1 TH/s !!

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In the early days of Bitcoin, mining used to be done using the CPU on your computer. Nowadays though as the amount of people mining has increased the difficulty of Bitcoin mining has also increased too. This high difficulty and hash rate has mostly been fueled by the introduction of ASIC mining chips. Bitcoin uses SHA-256 cryptographic hash function to secure the blocks and create the hash for each block. This encryption is what protects the transactions in the block from being altered.

Application-Specific Integrated Circuit

ASICs allow miners to use hardware made specifically for Bitcoin or other SHA-256 algo coins. An ASIC has benefits over CPU, GPU and FPGAs due to being designed for one specific task. They are able to mine Bitcoin at a higher hash rate (speed of processing transactions) than CPUs, GPUs and FPGAs. Several manufacturers produce their own ASIC chips and miners. For this part of the Bitcoin mining guide we will use the current top miner on the...

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The early days of Bitcoin mining are often described as a gold rush.

Satoshi Nakomoto’s invention of Bitcoin, “a peer-to-peer electronic cash system,” opened up an entirely new frontier, not just of freedom but of occasionally outrageous profits.

Those with a strong interest in such things, namely cypherpunks, cryptographers, technically-minded libertarians and assorted hackers, were first to stake their claim.

But is there still gold in them thar hills?

The fact is:

Bitcoin mining has grown from a handful of early enthusiasts into a cottage industry, into a specialized industrial-level venture. The easy money was scooped out a long time ago and what remains is buried under the cryptographic equivalent of tons of hard rock.

The sad truth is:

Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. While mining is still technically possible for anyone, those with underpowered...

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It seems July 17 has initiated the beginning steps towards Segwit2x activation as the code has been released and miners who supported the “New York Agreement” (NYA) have started running the new BTC1 software.

Also read: A Brief Glimpse Into the Lives of Chinese Bitcoin Miners

Miners Begin Running the New Segwit2x Software

As the price of bitcoin dropped to new lows this weekend, some bitcoin proponents were patiently waiting for the promised BTC1 software. Now it seems in a short period of time the bitcoin ‘community’ may see the protocol Segregated Witness (Segwit) activated as the mining community has begun to signal BIP91. The proposal BIP91 is a combination of Segwit2x and BIP148. The version 1.14.4 code has been pushed to the repository by the Segwit2x working group, and a few mining pools have already started running the protocol. The China-based Bitmain technologies announced their support via Twitter by stating;

All of our bitcoin mining pools...

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Is Bitcoin still profitable with ASIC miners?

Posted on Jul 12, 2013 by

Paul White

When I first heard about the crypto currency. My first thought was biggest ponzi scheme ever. But after some research I have a better understanding of how it works. I even have started mining for bitcoin. But the biggest question you have to ask yourself. Can you really make money mining for Bitcoin.

How do you mine for Bitcoin?

Its simple. You join a mining Pool, then download a


miner ( piece of software ). Then configure the miner with your account and pool settings, and start mining. Other than that it doesn't take anything to mine. You just let the miner run on your computer 24/7 and watch the


( or I should say fractions of


) pile up.

How hard is it to mine for bitcoin?

In the beginning (2009) a powerful CPU could easily mine for


. But with time as more people started mining and the...

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Bitcoin mining is the process of earning bitcoin in exchange for running the verification to validate bitcoin transactions. These transactions provide security for the Bitcoin network which in turn compensates miners by giving them bitcoins. Miners can profit if the price of bitcoins exceeds the cost to mine. With recent changes in technology and the creation of professional mining centers with enormous computing power, many individual miners are asking themselves, is bitcoin mining still profitable?

There are several factors that determine whether bitcoin mining is still a profitable venture. These include the cost of the electricity to power the computer system (cost of electricity), the availability and price of the computer system, and the difficulty in providing the services. Difficulty is measured in the hashes per second of the Bitcoin validation transaction. The hash rate measures the rate of solving the problem—the difficulty changes as more miners enter because the...

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I would go for a change and talk about Bitcoin mining instead of alternate coins, like Litecoin. There are certainly some big hype surrounding it. Bitcoin mining is different from alternate coin mining, as there are application-specific integrated circuit (ASIC) chips designed specifically for the sole purpose of mining Bitcoin.

Mining requires a lot of processing power, and processing power requires electricity, which costs money. That is why it is not feasible to mine using GPUs anymore. With the emergence of ASICs, electricity consumption per hashrate has been reduced compared to GPUs, and there are always new, more powerful ASICs introduced for the arms race. When determining whether Bitcoin mining is profitable for you, there are several factors that you would need to consider.

Hardware cost

Once you have decided that you would want to mine Bitcoin, there are several ways to do it. Cloud mining is an option if you do not want to invest in hardware. Cloud...

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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

If you are new to Bitcoin, check out We Use Coins and You can also explore the Bitcoin Wiki:

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Will I earn money by mining bitcoin?

Security guide for beginners - (WIP)

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Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person...
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Cloud Mining services are for you if you want to invest in bitcoin mining without the hassle of managing your own hardware, or, in some cases can’t invest in high priced ASIC mining hardware. You can use the cloud mining to earn your coins.

Cloud mining or cloud hashing is a brand new concept and What it means is that it uses (in most cases) shared hashing power run from remote data centres which allows users to buy mining power of the hardware placed in.

All Bitcoin mining is done in the cloud, without any offline hassle, such as electricity, hosting issues, or installation and upkeep trouble.

However, there are certain risks associated with cloud mining that investors need to understand prior to purchase.

Let’s analyse

Cloud Mining pros :

Here’s why you might want to consider cloud mining:

No high electricity costs No equipment to sell when mining ceases to be profitable No constantly humming fans and a cooled, quiet home No need to invest...
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As bitcoin’s popularity grows, more and more people aren’t simply content to purchase it—they want to help run the system. This is part of what makes bitcoin such a unique currency, and it’s part of the draw for many cryptocurrency enthusiasts. Helping run the system benefits both the general bitcoin community and the individual miner, but is it actually worth the time it takes?

Is bitcoin mining profitable?

Let’s look at what it takes to get set up as a miner.

First, you’ll need to buy hardware. It is impossible to mine bitcoin on a regular computer with nothing added to it. You need specialized equipment, and this is going to cost money. Getting started as a bitcoin miner is just like setting up any other business. You’re an entrepreneur now, and it’s going to take an initial investment to kick start your new self-run business.

Primarily, miners use custom devices who run on ASIC custom chips. Miners warn against using anything of lesser quality...

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In April, 2013 there was a calculation of the estimated profit from being an ASIC bitcoin miner.

ASIC devices is Avalon, who sell a machine capable of 85 gigahashes for 101.14 BTC (approx $11,000 – they don’t take “cash”). It uses around 600 Watts of power. The $11,000 purchase could make $50,000 within 5 months (difficulty increasing at 20%/m and BTC-AUD rate at 2c/day). Over the course of it’s useful life (around 31 months until it difficulty gets too hard for it and it costs more for power), it will make about $117,000. Which is insane. Of course you can’t resell the ASIC device once it gets to this point, but who cares – it made you a heap of money. That is of course, if there isn’t a flood of ASICs and difficulty doesn’t skyrocket 40% or 50% per month.

ASICs are optimized for bitcoin mining. Not just Sha256(Sha256(x)) hashing, but very specifically bitcoin mining. You can’t even use them for the Sha256(Sha256(x)) hashing in the rest of the bitcoin system, like...

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Last updated: 26th November 2013

There are three main categories of bitcoin mining hardware, each more expensive and more powerful than the last. This guide to setting up a bitcoin miner explains each of them, and talks about how to make them work.

By this stage, you will understand how bitcoin works, and what mining means. But we need to get from theory to practice. How can you set up a bitcoin mining hardware and start generating some digital cash? The first thing you're going to need to do is decide on your hardware, and there are two main things to think about when choosing it:

Hash rate

This is the number of calculations that your hardware can perform every second as it tries to crack the mathematical problem we described in our mining section. Hash rates are measured in megahashes, gigahashes, and terahashes per second (MH/sec, GH/sec, and TH/sec. The higher your hash rate (compared to the current average hash rate), the more likely you...

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The world of Bitcoin mining is a tumultuous place of late and depending who you ask the mining ‘game’ is either doomed or remains a safe bet. What’s certain is that the climate is very different to that of the period of ‘free money’ that existed two years back. Long gone are the days of mining at home and graphics card based setups have given way to Application-Specific Integrated Circuits or ASIC’s, even cloud-mining services are feeling difficulties of late, with pausing its cloud mining service back in January.

The mining hash rate had previously been growing rapidly as it ‘caught up’ with the Bitcoin price. The result of this was mining becoming a highly profitable and attractive investment, which lead many to invest in mining-focussed machines. The hash rate continued to grow notably throughout 2014, but with the rate of growth dropping off. 2015 has seen this trend towards a plateau continue, with the hash rate floating fairly consistently around the 350,000,000...

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In this E-Book, I am going to share my project in creating a Bitcoin mining cluster, which I started in June 2011. I will try to include everything from beginning to the end with as much detail as possible. Most of this project was trial and error, so I will do my best to note each step of the way with all the pros and cons. I would beleive this to the most complete guide currently available for helping people understand the basics of Bitcoin mining, and actually being able to delve into it as well. Please keep in mind that my Bitcoin operation is completely handled under Linux operating systems, however I do have a few Windows based Bitcoin miners so I will provide notes, guides, and best practices for that OS as well. Also note that many of the references that I make in this E-Book are in regard to my person Bitcoin mining rigs.

This guide has been featured on:,,,,,

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Mining pools serve a crucial yet relatively mundane role in the mining process by providing a focal point for hashing power and enabling small-scale miners to collaborate with others. If bitcoin mining is a competitive sport that pits miners against each other to discover new blocks and generate more bitcoins, then mining pools are the teams on which they play.

Still, despite this importance, mining pools have not been the most transparent sector of the crypto economy.

A brief look at a bitcoin mining network hash rate distribution shows three clear winners in the race to discover blocks. Joining the ranks of, owned by exchange operator, and a still-yet-unknown source of hashing power, China-based Discus Fish has emerged as a powerful force in the network that, to some, has been too opaque in its operation despite its size.

The pool, based in China, currently constitutes roughly 25% of the bitcoin network, and on average is the largest...

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