62 rows · This way, to calculate the cost of mining 1 Bitcoin, you should consider the cost of electricity. . Current estimates suggest that Bitcoin mining consumes almost 75 terawatt-hours per year. Firstly, this is enough energy to power at least 11 million households. Secondly, this number is not static and could very well increase as the year goes on. This is the major reason why Bitcoin mining is expensive. Bitcoin Mining Options. As of Sunday, January 03, , it would take 1, days to mine 1 Bitcoin at the current Bitcoin difficulty level along with the mining hashrate and block reward; a Bitcoin mining hashrate of TH/s consuming 3, watts of power at $ per kWh, and a block reward of BTC.
How much does mining 1 bitcoin costHow Much Does It Cost To Mine Bitcoin In Year ?
Bitcoin mining is expensive because of two major reasons. Firstly, since you can no longer use your regular PC to mine, you need special application-specific integrated circuit ASIC devices to handle your mining. The problem here is that these devices are expensive.
For example, the Antminer S9 with hash power up to Secondly, if you can afford the hardware, you then have to worry about energy costs. Bitcoin mining, apart from the specialized hardware, consumes a significant amount of energy. The consumption is sometimes so heavy that it is by far a larger deterrent than the cost of the ASIC equipment.
Current estimates suggest that Bitcoin mining consumes almost 75 terawatt-hours per year. Firstly, this is enough energy to power at least 11 million households. Secondly, this number is not static and could very well increase as the year goes on. This is the major reason why Bitcoin mining is expensive. There are ways people get around these issues. For example, there are services that sort of rent out their ASIC equipment and let you pay a monthly fee. In other rare cases, some other services give you this equipment temporarily and also cover some or all of your energy costs.
The catch here is that they have to get a percentage of all Bitcoins mined using their equipment. Another option is cloud mining. Basically, a company that owns Bitcoin mining hardware and hosts it at some location, will allow you to rent this hardware by hash power. The problem with cloud mining is that a lot of them have proven to be scams as it is almost impossible to always certify that these companies have the equipment they claim to. There is no straight answer to this question.
However, assuming you have the equipment required, you still have to worry about energy. Much has been made of large pools taking over the mining space , notably with regards to Bitcoin. Of particular note is the fact that the most advanced mining rigs often become available to these enterprise operations months before they can be purchased by independent consumers. For example, critics have long accused Bitmain of using its most cutting edge equipment exclusively for its own mining farms and selling only the older rigs on the open market.
Thus, successful Bitcoin and crypto mining requires a very close eye for detail. Efficiency must be a top priority, as every variable will play a role in the final outcome. This includes equipment costs, electricity costs, and choice of platform to mine. However, with proper planning, and access to the best information, profitability can be achieved.
What do you think is the price to build a profitable bitcoin mining rig? Let us know in the comments below. Could you be next big winner? I consent to my submitted data being collected and stored. Just weeks ago, there were fears that miners had begun to capitulate. Bitcoin blocks were slower than normal, transaction fees skyrocketed, and data analysts observed large outflows Morgan strategist Nikolaos Panigirtzoglou stacks up the cryptocurrency against gold.
Economic Calendar. Retirement Planner. Sign Up Log In. Home Markets CryptoWatch. ET By Aaron Hankin. So, where is the cheapest place to mine bitcoin? Barron's: Bitcoin Is Hitting Records.