How much do Bitcoin miners make? is a question I have been getting a lot, so I am going to go over the basics and provide links to Bitcoin miner profitability calculators. Bitcoin mining can be a great way to generate passive income and to help secure the Bitcoin network. Bitcoin mining is also a way to generate virgin Bitcoin that has never been transacted in, so your ownership will be completely anonymous, unlike exchanges where you have to provide full KYC and the government knows exactly what you own. Some tyrannical governments could try to tax you on your unrealized Bitcoin gains in the future, so this another reason to invest in your own Bitcoin mining machine. The biggest cost when mining Bitcoin is the energy costs, so the biggest factor to mining profitability is cheap energy. This is why I have focused on setting up mining operations in Paraguay, which possesses the third largest hydroelectric dam in the World.
When you place a Bitcoin miner at a mining facility they will charge you by the electricity your machine consumes. Most industrial mines in Paraguay are getting energy at $0.049 kWh and charging customers around $0.06 kWh for energy. Some mines may charge you energy at cost but take an 18% of gross Bitcoin mined, each mine is different. When trying to to understand how cheap $0.06 kWh is, compare it to California’s average energy rate of $0.32 kWh, which is more than 5 times the price of energy. Countries with high costs of energy are not feasible to mine Bitcoin profitability, especially with low prices in Bitcoin. If the price of Bitcoin surges in the futures, places that are not profitable now, could once again be a place where Bitcoin could be mined.
For example, if you own an Antminer S19J Pro+ 120# the following would be your daily profitability.
Paraguay Energy at $0.06 kWh
Bitcoin Price 100k, energy costs $0.06 kWh = $22.37 a day after energy costs
Bitcoin Price 69k, energy costs $0.06 kWh = $13.96 a day after energy costs
Bitcoin Price 30k, energy costs $0.06 kWh = $3.39 a day after energy costs
California Energy $0.32 kWh
Bitcoin Price 30k, energy costs $0.32 kWh = -$17.21 a day after energy costs
Life time of machine
Bitcoin Price 55k, energy costs $0.06 kWh = $10.17 a day after energy costs x 6 years = $18,560.25
Monthly Energy Cost
3.3 Watts x $0.06 kWh x 24 hours in day x 30 days = $142.56
CoinWarz has a Bitcoin mining calculator, click advance and you can plug in the price of Bitcoin to see the profitability. - Link to CoinWarz The main machine Bitcoin Capitalist is selling is the Antminer with a 120 hashrate and a power consumption of 3300 Watts. The new Bitmain Antminers are built to last at least up to five years, but there is no guarantee other than the 1 year warranty that comes with each machine. Also, note that Bitcoin miners are sold as a commodity and go up and down with the price of Bitcoin, so this is why it is important to buy these machines while the price is down.
With the price of Bitcoin down, many Bitcoin miners with lower hash rates have become unprofitable, you need a least a mining machine with over 100# hash rate to mine profitability, so don’t be fooled by cheaper mining machines with low hash rates. With Paraguay providing sustainable cheap energy in a safe jurisdiction and friendly government regulation, I believe it will be come a global mining power house after western countries regulate Bitcoin mining out of existence.




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