The answer to this question varies quite a lot because the price and difficulty of bitcoin mining are constantly changing. Is bitcoin mining profitable or worth it in 2019.
How Much Electricity Does Bitcoin Mining Use And Cost Selectra
For states with higher electric rates you could spend more than 6000 in electricity to mine a single bitcoin.
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How much does bitcoin mining equipment cost. The fastest and more efficient mining hardware is going to cost more. 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 the cost of one coin between 3000 and 4000 as of january 2019 the energy costs alone dont make it worth it.
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. 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.
For those looking to do it on the cheap head to venezuela where the cost of ! mining a bitcoin is just 531. How much does it cost to mine 1 ! bitcoin. 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.
This profitability calculator doesnt include the upfront costs of buying the mining rig. Price how much does the bitcoin miner cost. Cheap mining hardware will mine less bitcoins which is why efficiency and electricity usage are important.
To be sure venezuela offers a host of other challenges miners must overcome. I will use mining difficulty data from may 2019 to illustrate how this calculation is done. 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.
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