Website to monitor bottom price - when Bitcoin mining profitable?


#1

Guys, Please advise:

Do you know some website that monitors what’s the bottom price to keep Bitcoin mining profitable?

I’m aware that this depends on the country or electricity price, but maybe there is some website that’s providing data/averages ?

Thanks.


#2

I don’t use any websites that specifically monitor the “bottom price” there are, however several tools out there to help with mining profitability. I think the most profitable would be https://www.whattomine.com is what I like to use.

Edit: I personally use Nicehash to mine BTC. I run a 6x 1070 rig, and pull around 0.002 BTC a day. The pc costs roughly $1.40 a day for me to run. Here is a spreadsheet that allows you to plug data.I didn’t make this spreadsheet and don’t take credit… but it’s a resource I used when starting to mine. Spreadsheet link


#3

Interesting! I didn’t know GPU’s can still mine Bitcoin. Doesn’t ASIC dominate the market?


#4

Most definitely. Honestly how Nicehash operates, is that you are selling your hashing power to people who are buying it on Nicehash. The pc mines whatever algorythm is most profitable, and in demand. (They’re using hashing power to mine altcoins) you are then paid in BTC. So, really you aren’t actually directly mining BTC. I’m sure that’s a dealbreaker for those who are wanting to mine strictly to support the network. For those individuals I would either buy a used ASIC miner or run a full node.


#5

Ahah. so it’s selling your hashing power rather than directing mining. I guess it’s profitable for both sides.


#6

Exactly :slight_smile: and for the sake of ease… I’d rather use Nicehash, pay the 2% pool fee and get paid in BTC daily. With instant, and free transfers directly to coinbase… where I send to GDAX and finally to my wallet. The alternative would be mining whatever is most profitable directly, also with a pool, likely with a smaller fee, but then you must take into consideration sending it to an exchange, changing to BTC or whatever you’d like your payout in… and then paying to get it off of the exchange, and to your wallet. To me the ease of Nicehash makes it much more appealing.


#7

The only thing that keeps mining from being profitable is the price of hardware and electricity and then difficulty. At this point I am not sure how you couldn’t be profitible as it was profitible to mine when BTC was at 1700 when I first started mining.

There are a lot of sites that track hashrate and profitibility at any current snap shot in time.

Whattomine
Coinwarz
Nicehash
Cryptocompare

All 4 are great resources. If you are looking to support a specific alt coin then you need to make sure you pick up a GPU that excels at that coin. Example AMD GPU’s are awesome at cryptonite and Nvidia at equihash. Now any card can mine any algo but some are better than others.

@THEDATALORD did post a very nice ROI sheet here in the Mining & Hardware section. Profitibility doesn’t really exist until you make pay off your rigs with what they mined. So there isn’t a site that exists that could track that for you as you need to take into account all of your expenses including electric.

For example I hear many say mining isn’t profitable right now. That statement is making a lot of assumptions. It still is extremely profitable for those that got their rigs prior to the GPU shortage. When BTC hit 18k I sold some of what I mined and paid off my rigs so their ROI was less than 180days. Now it costs me $150/month to earn 0.09 +/- a bit variance a month (I use NiceHash like @Kushdaddy) . So that equates to roughly $580 profit a month. Now as BTC rises this will increase. Basically the price of BTC needs to drop to below 1666 before mining becomes non-profitable for me. This is based on the fact my rigs are paid off and my electric is stable at 0.095c or $150/month.

Hope this helps.


#8

Thanks for your answers guys!

Let me elaborate why I’ve asked this question.

I wonder if there is a correlation between bottom floor price, where mining BTC is profitable and the support for the BTC price (let’s call it Technical Analysis to make this easier). So the pressure of bying in strong at these border levels to keep mining profitable.

Does it make sense?

That’s why I’ve asked for the website where I can relatively easy check approximated price.

Cheers!


#9

Great writeup Nekko! Much more in debth than my contributions!


#10

I remember seeing there was a study on that but like I stated there are too many variables changing that are unknown or private numbers for it to be accurate.

If it needs to drop to $1666 for me to not be profitable then that number is much lower for the big boys. Because i am mining to NiceHash which takes a cut I have residential power which is at a higher cost than commercial.

I do not see us hitting these numbers for it to be relevant anytime soon if at all as the price of electricity is constant even for us small time miners.


#12

Here’s the state of hardware ROI as of today.


#13

In my research and opinion, you should do both DCA and mining.
I like mining as a hedged bet against a nasty bear market. I can sell the GPUs for 6-70% of what I pay for them keeping them mining for up to 24 months. You should support the network if you can.

My most sincere recommendation to anyone who’s even a shred interested in Crypto…
BUILD A GAMING PC AND RUN MINING SOFTWARE WHEN YOU AREN’T USING IT.

If you can do that, you can scale up as big as you want.


#14

The A3 will likely have the ROI get longer and longer as the difficulty goes up. You need a 240v electrical supply to run those things too… They only mine SIA Coin and aren’t currently good for anything else.

That big booty RX580 THO.


#15

All of the Bitmain ASIC’s state 240v but you can power them with normal ATX power supplies off of 120v and download firmwares typically that will allow you to control them like a GPU Power/Speed/Fans

Just FYI