How to Start Bitcoin Mining

In the Battle of Safe Havens Bitcoin is Outshining Gold

In order to start Bitcoin mining, the miner needs a Bitmain Antminer S19Pro ASIC miner, which is one of the mining hardware  beginner ought to buy. Bitmain Antminer S19Pro ASIC miner has a 110TH/s harshrate, costs $2,684 at the current market price and consumes 3,250 W.

Four S19 Pro Miners, could be bought based on the prospective miner’s budget. Also, the hashrate of the aforementioned can be adjusted, if it exceeds the prospective miner’s cost of $10, 736 and also power consumption can also be adjusted to show $10,000 investment. Hashrate of 80TH/s will be the hashrate of the rig, while consuming 2, 360 W for $1,948.

In addition to our rig, we also have to take the following expenses into account:

  • Electricity costs:The costs of the electricity the mining equipment uses when running. We will use the world average of $0.14/kWh for our example.
  • Mining pool fees:The fees mining pools charge for their service. We will use a 2% fee here, which we will deduct from our total revenue.

For our example, we will use BTC.com’s mining calculator.

As a side note, we will utilize the current Bitcoin price to calculate our projected earnings and a difficulty increase of 2% every two weeks.

We used the average for all our rigs’ statistics and inputted them in the calculator (e.g., one miner costs $2,500 on average)

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