You need to FIRST cover the cost of your mining hardware and all running costs before you are profitable bitcoin mining rate chart. The price of electricity varies in South Africa, but the guideline average including VAT is 147 bitcoin mining rate chart. 67% LESS bitcoin from that moment onward, and are that much less profitable. These days you need the top of the range ASIC miners to stand a chance of mining any bitcoin, and they dont come cheap, or with a guarantee of being profitable. This miner uses a 1500W power supply and needs to be running 24 hours a day, so costs a lot to run. Based on previous price we used for electricity, your costs for the miner and electricity for a year would be at least R45000 + (R1600 x 12) = R64200, not including internet, mining pool fees etc. Often you can see the correlation in the difficulty increases and decreases with the price of bitcoin. Unless you have a lot of money to keep putting into your mining operation, you will most likely need to sell all the bitcoin you mine immediately to cover your costs of electricity. This amount will decrease gradually each month as the bitcoin difficulty increases. So using this guideline average with the amount of electricity the miner will use, you can say 1080kWh per month x 145. there might be some occasional times when it goes down, but usually its up, meaning less profit. If blocks are being mined quicker than every 10 minutes, the difficulty is adjusted, making it harder to mine bitcoin.
If the price of bitcoin skyrockets while you are holding bitcoins, you will have a lot more value in your pocket immediately, while if you are mining, you might miss out. What happens if the price of bitcoin skyrockets If the price of bitcoin goes up drastically, then technically, the value of the bitcoin you are mining is worth more. Do your research thoroughly, and learn as much as you can first. In the old days, if you were a gold miner, and were lucky, you could make a fortune. The answer is you don’t really, some miners will take the average difficulty increase over time over a few months and apply that number to their calculations to work out future profits. you can tell if someone is new to bitcoin, if they ask you how they can start mining bitcoin. The easy to get bitcoins were mined years ago when you could use your laptop or home computer to mine a few bitcoins a day. Most computer hardware has a lifespan of around 3 to 5 years, and bitcoin miners are much shorter than that. The more miners there are, the higher the hash rate, and the quicker the blocks are mined. Just dont go into it blind to the possibility that you might lose money. After the 6 month window, the declines in profit are far more noticeable. Of course you would not be making exactly R4500 every month as over time that amount would be decreasing with each increase in the bitcoin difficulty.
This will work for you if you paid for your bitcoin miner using a credit card, or bank transfer. Hopefully you will get back your return on investment BEFORE that happens. The bigger the jumps in bitcoin difficulty, the bigger the cuts in your mining profits.TRON.. Depending on what your total monthly use what you pay per kWh is on a sliding scale, but you will probably be on the top end of the sliding scale once you start mining bitcoin. Bitcoin difficulty affects your profit The increase in the bitcoin difficulty over the last 2 years A major curve ball in the profitability of bitcoin mining, is the ‘bitcoin difficulty’. 50 per kWh / 100 = around R1600 per month in electricity costs. This year alone, there has been some large jumps in the difficulty recalculation every 2016 blocks (roughly every 14 days). The problem was then that everybody decided to also start mining gold, and soon all the easy to find gold was gone. Most mining pools that you join when you start mining bitcoin charge you a fee, for example a popular bitcoin mining pool called F2Pool charges 3% fee of your profits. If you are confident that you can make a profit, and will have the skills to run a bitcoin miner properly, it can be a lot of fun, and make you some money at the same time. This is especially true since the bitcoin halving, when mining profitability was cut in half, an event that happens roughly every 4 years. .