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U.S. Government Closing in on Bitcoin Mining

The U.S. Department of Energy (DOE) is taking a closer look at bitcoin {BTC} mining. Is this cause for alarm?

More specifically, the Energy Information Administration (EIA), a statistics agency under the DOE, will survey the electricity use of selected U.S.-based miners over the coming six months starting next week, after putting out an “emergency collection of data request.”

Given the phrasing of an “emergency” order and the current administration’s crypto-critical stance, many are worrying that the information collected will be used to inform potentially harmful policies to the mining industry. In its public filing, the EIA cites the possibility of “public harm” from crypto mining for collecting the data.

“EIA is policy neutral agency that does not create policy, implement policy, enforce policy or comment on policy. EIA spokesperson Morgan Butterfield told CoinDesk in emailed responses. “Results from the data we collect will help inform our path forward regarding a regular three-year clearance during the next six months.”

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But being policy-neutral doesn’t necessarily mean the survey won’t influence policy. There’s reason enough to believe that simply by running this survey the EIA is asking questions about the larger purpose of Bitcoin and whether it benefits society, and already has an answer in mind.

For instance, the justification for the emergency order, granted by the Office of Management and Budget, was the recent crypto price rally, which saw bitcoin climb over 50% in a matter of months, which the EIA said would “incentivize more cryptomining activity, which in turn increases electricity consumption.”

“Given the emerging and rapidly changing nature of this issue and because we cannot quantitatively assess the likelihood of public harm, EIA feels a sense of urgency to generate credible data that would provide insight into this unfolding issue,” it said. Butterfield said 82 firms, operating approximately 150 facilities, were selected to represent the ”universe of cryptocurrency companies” across the country.

The agency pointed to a cold snap that hit Plattsburg in 2018, to justify the risks crypto poses to the public. “The combined effects of increased cryptomining and stressed electricity systems create heightened uncertainty in electric power markets, which could result in demand peaks that affect system operations and consumer prices,” it wrote.

Since then, New York State has passed a two-year moratorium on opening new crypto mining facilities unless they are powered entirely by renewable energy. Texas, which was a major benefactor after China passed a nation-wide crypto mining ban, has also sought to slow down the mining industry. Crypto miners in Texas work directly with the state-owned grid operator and get paid to power down during periods of peak demand or moments of network stress.

To be fair, a public version of the survey shows the EIA is asking fairly routine questions of mining firms, including how many and what type of chips they’re running, their electricity consumption at the facility and how much goes directly towards mining.

“We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand,” the agency said in a statement. The reports are due on the last Friday of the month until the end of July, after which it may be renewed.

Further, there’s an argument to be made that having high-level statistics like this will benefit the country and the industry, given that it’s more detailed information, straight from the horse’s mouth.

At the moment, the best data we have for the mining industry’s footprint come from the Cambridge Bitcoin Electricity Consumption Index, which gives hypothetical lower- and upper-bound estimates of the Bitcoin network’s daily energy consumption, essentially by extrapolating out from the current hashrate.

But you have to ask, why run the survey now? Why was the most recent run-up in bitcoin prices a cause for an emergency but not others? It’s worth noting that the Biden administration has prioritized reducing the country’s carbon footprint. And that crypto-critical Senator Elizabeth Warren (D-Mass.) asked federal regulators to have crypto miners disclose their emissions and energy use.

Bitcoin mining will likely become a popular topic of debate in the media in the run-up to halvening event, the programmatic reduction in the “bitcoin subsidy” paid to miners that happens every four years. It’s not yet clear how the halvening will impact the mining sector beyond making less-efficient mining equipment unusable in the short-term. Some are expecting the crypto carbon footprint to grow in the coming years, while others see it shrinking.

Moreover, in recent months, there has been something of a public reckoning on Bitcoin’s environmental cost, particularly after the second-largest network, Ethereum reduced its energy consumption by 99% through a single upgrade. While some organizations like Greenpeace are pushing for Bitcoin to abandon energy-intensive mining, some are starting to see the sector as a boon to environmentalism.

For instance, Cambridge recently revised down its estimates for Bitcoin’s annual energy use, and institutions including MIT and KPMG have put out reports arguing the network could help “balance” electricity grids, subsidize renewable energy development and be useful in greening the economy.

Mining is an energy-intensive process — the cryptographic algorithm Bitcoin runs, proof-of-work (POW), was designed by computer scientists to disincentive spam, Sybil and denial-of-service (DoS) attacks on networks by adding costs to interacting with a server, typically in the form of computer processing time put towards solving a mathematical puzzle.

bitcojn uae, buy bitcoin online dubia, buying bitcoin UAE

Bitcoin in UAE

Where Can I Find a Bitcoin ATM in the UAE?

Bitcoin ATMs are a convenient way to buy and sell Bitcoin and other cryptocurrencies for cold hard cash. This method usually incurs relatively high (5-10%) fees, but that’s the price to be paid for the convenience of getting cash for your Bitcoin in less than half an hour.

Many ATM operators publish live prices for their machines, so you can see the exact rate you’ll get before even visiting the ATM.

Some will require you to complete identity verification, though for many this is as simple as confirming a phone number.

Our Bitcoin ATM locator lists just one Bitcoin ATM in the United Arab Emirates, located in the Rixos Premium Hotel in Dubai.
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What Is the Price of Bitcoin in the UAE?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

Another good way to check the price of Bitcoin in the UAE is to go the your exchange of choice and check the price in your local currency that Bitcoin last sold for. The price of an asset is just this – the value of the compensation for which it was most recently exchanged. This price differs across markets, i.e. one exchange may have a slightly lower or higher price depending on varying barriers to entry and liquidity. So, the price that matters most is the one you can actually trade at.

See above for a list of the best Bitcoin exchanges in the UAE.

There are also a range of websites such as CoinMarketCap and Nomics that list the prices of hundreds of digital assets, drawn from a range of exchanges and averaged out.

Can I Buy Property With Bitcoin in the UAE?

Buying property with Bitcoin in the United Arab Emirates is definitely possible, though not the always the simplest way to go about investing in real estate.

In late 2019, real estate developer Ellington Properties announced that it would accept payment in Bitcoin for all of their listed porperties.

As a tech-driven and customer-focused company, we move with the market trends to meet the customer aspirations, especially in this era of digital financial engagement. Cryptocurrency is becoming an increasingly popular payment method. Enhancing the customer experience through an added payment choice, Bitcoin Suisse will serve as our preferred crypto brokerage provider that will further add to our international property transactions – and in turn, bring more value to Dubai’s economy.Paula WehbehPaula WehbehHead of Business Strategy, Ellington Properties

Another Dubai-based developer – Knox Group – has sold out of the 400 units it offered to the market with the option of paying with Bitcoin (via the U.S. company BitPay).
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Knox Group’s Aston Plaza residences.

But while purchasing property with Bitcoin through certain real estate firms may be as straightforward as possible, there are still restrictions to keep in mind.

The UAE still prohibits the use of cryptocurrencies as a method of payment or deposit. This means that you can’t exactly buy a house with Bitcoin, you must work with a third-party broker who will convert it to fiat currency before sending it to the seller.

It’s not quite yet the decentralized future many have imagined, but it’s a step in the right direction.

Can I Get a Bitcoin Debit Card in the UAE?

Bitcoin debit cards are a great way to turn your crypto gains into holidays, gifts, or just groceries. Bitcoin debit cards allow you to spend a range of cryptocurrencies (always Bitcoin, often Ethereum, and sometimes other altcoins) wherever Visa or MasterCard is accepted. You either pre-load a certain amount of Bitcoin onto the card and convert it to fiat currency manually, or this is done at the time of purchase.

Unfortunately, there are not many Bitcoin debit cards available to UAE residents.

Available in the United Arab Emirates?
BitpayNo
CryptopayNo
MCONo
RevolutNo
UquidAvailable to existing Uquid customers in the UAE
WirexAccount available, but not the debit card

Uquid offers virtual and physical debit cards, both of which can be topped up with Bitcoin and linked to PayPal and other online payment services. Physical cards can be used for ATM withdrawals, while POS transactions are fee-free. Both are valid for three years.

No identity verification is required if you stay under $1000/£1000/€1000 limit over the lifetime of the card. Beyond that, you’ll need to provide identity verification and proof of address.

How Do I Cash Out Bitcoin in the UAE?

The easiest way to cash out of Bitcoin in the UAE is to use an exchange that supports withdrawals of your preferred fiat currency. BitOasis allows users located in the United Arab Emirates, Saudi Arabia, Kuwait, and Bahrain to withdraw AED to the bank account reigstered with the exchange.

The abovementioned Bitcoin debit cards allow you to withdraw cash from any ATM. If you’re able to get your hands on a Uquid debit card, this may be the easiest way to convert your Bitcoin into cash.

Bitcoin ATMs are another way to exchange your BTC for fiat currency. There is one Bitcoin ATM in the United Arab Emirates, located in Dubai.

LocalBitcoins and other P2P exchanges are another option.

Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you’ll minimize any potential problems.

As selling Bitcoin for fiat currency is generally considered a taxable event, you’ll want to make sure you comply with local regulations regarding taxation of capital gains. Check out our guide to the best cryptocurrency tax software to help you maximize your profits.

BuyIng Crypto And Bitcoin in the USA

  • Popular Exchanges to Buy Crypto & Bitcoin in the USA
  • POPULARetoro logoeToroBUY NOWat eToro’s Secure SiteFeesVaries by crypto/spreadAccount Minimum$10PromotionNone
    • Start trading fast; high limits
    • Easy way for newcomers to get bitcoins
    • Your capital is at risk.
  • coinbase logoCoinbaseBUY NOWat Coinbase’s Secure SiteFees0% – 0.50%Account MinimumNonePromotionEarn $5
    • US based crypto & Bitcoin exchange
    • Best way to buy crypto in the US
    • Instantly connect bank account and buy
  • coinbase pro logo
    Coinbase ProBUY NOWat Coinbase’s Secure SiteFees0% – 0.50%Account MinimumNonePromotionEarn $5
    • Some of the lowest fees available
    • Good for buying large amounts of crypto
    • Based in the USA

Chapter 1

Top Cryptocurrency & Bitcoin Exchanges in America

Coinbase

Coinbase is probably the fastest and easiest way to buy bitcoins in the USA.

If you need bitcoins fast, then buying with a debit card is a good option. Coinbase charges 3.99% fees for debit card purchases but you can get your coins instantly.

Another payment option for US customers is using a connected bank account. The fees are less for this method–1.49%–but your coins are only delivered after five days.

Get up to $36 in free crypto when you signup using Coinbase Earn.PROS

  • High liquidity and buying limits
  • Easy way for newcomers to get bitcoins
  • “Instant Buy” option available with debit card

CONS

  • Purchases made with bank transfer can take up to 5 days to complete
  • Coinbase may track how and where you spend your bitcoins

ease iconEase of UseEasyprivacy iconPrivacyLowspeed iconSpeedAveragefees iconFeesAveragereputation iconReputationTrustedlimits iconLimits High 

Coinbase Pro

Coinbase’s exchange, Coinbase Pro, is one of the largest Bitcoin exchanges in the United States. Users can fund their accounts via bank transfer, SEPA, or bank wire. Coinbase Pro offers good prices and low fees, but their confusing user interface may initially prove difficult to navigate.PROS

  • Some of the lowest fees available for US and EU customers
  • Possible to buy bitcoins for 0% fees

CONS

  • User interface is confusing for first time buyers

ease iconEase of UseHardprivacy iconPrivacyLowspeed iconSpeedAveragefees iconFeesLowreputation iconReputationTrustedlimits iconLimits High

Gemini

Gemini is a New York-based Bitcoin exchange, open to residents of the United States, UK, Canada, Hong Kong, Japan, Singapore and South Korea. Deposits can be made via wire transfer, SEPA or ACH transfer.

Get $20 of free BTC after trading $100 or more within 30 days.PROS

  • Trustworthy and regulated exchange
  • Instant deposit lets you buy coins quickly (but not withdraw them)
  • Some of the lowest fees in the US and Canada

CONS

  • Somewhat confusing to use for new buyers
  • Not yet available in all US states

ease iconEase of UseHardprivacy iconPrivacyLowspeed iconSpeedSlowfees iconFeesLowreputation iconReputationTrustedlimits iconLimitsHigh

Bitcoin IRABitcoin IRA

Bitcoin IRA offers a tax-advantaged way to invest in Bitcoin and Ethereum using your 401k or other retirement savings.

Bitcoin IRA is a US licensed IRA custodian, so you know your crypto or Bitcoin IRA is in full compliance with the Federal Government.PROS

  • Tax Advantaged Bitcoin Savings
  • Easy to set up account

CONS

  • Cannot custody the Bitcoin yourself

ease iconEase of UseAverageprivacy iconPrivacyLowspeed iconSpeedFastfees iconFeesLowreputation iconReputationTrustedlimits iconLimitsHigh

Swan BitcoinSwan Bitcoin

Swan Bitcoin is a dollar cost averaging Bitcoin exchange, where users can set up recurring Bitcoin purchases to be drafted from their bank account or credit card every month or week.

Get $10 in free BTC when you make your first purchase.PROS

  • Easy to set up
  • Automated dollar cost averaging
  • Very low fees

CONS

  • First purchase takes awhile
  • No way to sell on platform

ease iconEase of UseHardprivacy iconPrivacyLowspeed iconSpeedFastfees iconFeesLowreputation iconReputationTrustedlimits iconLimitsHigh

LibertyXLibertyX

LibertyX is an American service which makes buying bitcoins with cash simple. First, use LibertyX’s app to locate a store near you that sells LibertyX codes. Next, enter your LibertyX code to the app, along with your Bitcoin address and you’ll receive your bitcoins very soon after.

If you connect a Facebook account to your LibertyX app, your first $1,000 of purchases are fee-free. Otherwise all purchases cost 1.5% + $3 in fees.PROS

  • Easy and fast way to buy bitcoins with cash
  • Low 1.5% (plus store fee) rate for cash purchase method
  • Daily $1000 limit is fairly high for a convenience service

CONS

  • Participating stores add their own variable fee
  • Some verification is required which lowers the expected privacy level of cash purchase
  • Attaching your Facebook account further degrades privacy

ease iconEase of UseAverageprivacy iconPrivacyAveragespeed iconSpeedAveragefees iconFeesAveragereputation iconReputationTrustedlimits iconLimitsAverage

Bitcoin ATMs

You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they’re also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.PROS

  • Our map makes it super easy to find a Bitcoin ATM near you

CONS

  • Bitcoin ATMs often have 5-10% fees per purchase

Bitcoin Mining in China

chinese flag

China was the undisputed world leader in Bitcoin mining until July 2021, when the Chinese government banned all mining operations in the country.

Chinese mining pools had control more than 60% of the Bitcoin network’s collective hashrate.

Not only did China manufacture most of the world’s mining equipment, but massive mining farms were located there to take advantage of extremely cheap electricity prices.

Estimated Hashing Power by Country

Here was the estimated mining hash power breakdown by country in July 2021 according to University of Cambridge Centre for Alternative Finance:China – 65%USA – 7%Russia – 7%Kazakhstan – 6%Malaysia – 4%Iran – 4%Canada – 1%Germany – 0.6%Norway – 0.5%

Other interesting stats are:

  • The UK has a very small share of mining (0.1% GB, and 0.03%)
  • The EU countries only own about 3.5% of all mining hash rate

As you can see, China was dominating Bitcoin mining by a very wide margin.

But why?

In this article, we are going to explain why China is such a mining powerhouse in Bitcoin and other cryptocurrencies. The answers may surprise you.

Chapter 1

Cheap Electricity

Electricity cost is the most important factor for a profitable mining operation. As mining difficulty increases, the least efficient miners are forced to shut down first.

Electricity in China is extremely cheap compared to most other countries. Chinese electricity in industrial regions is either supplied by hydro-electric facilities or subsidized by the state.

China’s cheap electricity keeps Chinese miners at peak efficiency and allows them to outlast their foreign competitors.cost of electricity by country

A very large portion (if not the majority) of Bitcoin’s energy comes from China, and most notably in “green” powered areas like Sichuan and Xinjiang where renewable sources like hydroelectric, solar, and geothermal are common.chinese mining mapMap showing percentage of total Bitcoin mining in each provincemining provinces in chinaHere is an alternative view of that data if you aren’t familiar with China’s geography

In many cases, the energy produced by these wind farms and dams is higher than the local grid can take. This means that they are producing energy that would otherwise not be used by anyone since the local grid, which takes energy and distributes it across distances, cannot hold it.

Take Sichuan, for example:

Total hydropower reached more than 75 GW in 2017, greater than the total in most Asian countries. It was also more than double the capacity of the province’s power grid, meaning lots of wasted power.David StanwayDavid Stanway, ReutersOne of Sichuan’s many hydroelectric dams

How to Find the Best Bitcoin Miner

There are some important factors to look at when determining which Bitcoin mining ASIC to buy:

Hash rate – How many hashes per second can the Bitcoin miner make? More hashes cost more, which is why efficiency is crucial.

Efficiency – You’ll want to buy the most efficient bitcoin mining hardware possible. Right now, this is the Halong Mining Dragonmint T1. Since miners use a large amount of electricity, you want to buy one that converts the most amount of electricity into bitcoins.

Price – How much does the bitcoin miner cost? Cheap mining hardware will mine less bitcoins, which is why efficiency and electricity usage are important. The fastest and more efficient mining hardware is going to cost more.

Don’t try to buy a miner based on only price or only hash rate. The best ASIC miner is the most efficient bitcoin miner. Aim for value.

QUICK TIP

You can also mine litecoin with Bitcoin mining machines, but it’s usually just best to buy litecoin from an exchange.

Bitcoin Miners for Sale on eBay or Amazon

If you’re a hobby miner who wants to buy a couple rigs for your house, eBay and Amazon both have some decent deals on mining hardware.

Used Bitcoin Mining Hardware for Sale

Both new and used bitcoin mining rigs and ASICs are available on eBay. One may want to buy used ASIC mining hardware on eBay because you can get better prices.ASICs for sale on Ebay

eBay’s customer protection ensures you’ll get a working product. Other bundled equipment may be included with your purchase depending on the seller.

We recommend purchasing the Dragonmint or the Antminer S9.

Hardware Profitability

You can use a bitcoin mining profitability calculator to determine your estimated cost of return on your mining hardware.

Reminder

Don’t forget to think about your tax obligation on the coins you buy or mine. There are some great tax software suites to make it easy! For instance, we have a great guide on how that software works to pay taxes on Coinbase buys.

Be sure to take electricity costs into account. Most mining hardware appears profitable until electricity costs are accounted for.

The best way to determine actual profitability is to figure out your electricity cost per hash. That is really what will make or break your operation.

Most Efficient Bitcoin Miners

While good Bitcoin mining hardware needs to have a high hash rate, efficiency is just as important.

An efficient Bitcoin miner means that you pay less in electricity costs per hash.

To improve your efficiency, there are also companies that will let you order hardware from their warehouse and run the miners for you.

You could also cloud mine bitcoins, though these deals are usually scams. Both options are also a lot less fun than running your hardware!

Bitcoin Mining Hardware Companies

Bitmain – Bitmain makes the AntMiner line of Bitcoin miners. Bitmain is based in Beijing, China and also operates a mining pool.

MicroBT – MicroBT is another Chinese ASIC miner manufacturer, based out of Shenzhen. Their WhatsMiner series is a major competitor to Bitmain’s AntMiner line.

Canaan – Canaan put the very first commercial Bitcoin ASIC miner to market. In addition to making Bitcoin mining machines, Canaan also has a suite of blockchain tools and business solutions.

Bitcoin Mining Equipment

In addition to a Bitcoin mining ASIC, you’ll need some other Bitcoin mining equipment:

Power Supply – Bitcoin rigs need special power supplies to funnel and use electricity efficiently.

Cooling Fans – Bitcoin hardware can easily overheat and stop working. Buy a sufficient amount of cooling fans to keep your hardware working.

Backup generators – You may want generators as a backup in case your main source of electricity goes down.

You can find Bitcoin mining equipment for sale on eBay.

Bitcoin Mining Without Hardware?

It’s still technically possible to mine bitcoins without dedicated mining hardware.

However, you’ll earn less than one penny per month. Mining bitcoins on your computer will do more damage to your computer and won’t earn a profit.

So, it’s not worth it unless you’re just interested to see how the mining process works. You’re best bet is to buy dedicated hardware like the Antminer S19.

ASICs’ Impact on Cryptocurrency

Bitcoin is based on blockchain technology, a decentralized platform which takes power away from a central authority and gives it to the average person. Sensitive information is stored on the blockchain rather than large data centers, and is cryptographically secured. A vast amount of people, known as miners, all work together to validate the network, instead of just one person or government.

In the beginning, CPUs were used to solve cryptographic hash functions, until miners discovered that GPUs were far better equipped for mining. As block difficulty increased, miners turned primarily to GPUs.

Some GPUs were made solely for mining Bitcoin.

Eventually, technology was developed solely for mining, known as ASICs, or Application Specific Integrated Circuits. Their hashrates are significantly higher than anything GPUs are capable of.

With stellar performance comes a high price tag – the best ASIC chips will run you a few thousand dollars each. Upon creation, Bitcoin blocks were confirmed by the average person using their desktop – once ASICs hit the market, things changed.

How?

ASICs rendered GPUs useless. ASIC developers, including Bitmain, granted early access to large mining cartels rather than the average person.Photos from inside a Chinese Bitcoin mining operation

Thousands of ASICs all mine simultaneously in a mining farm (large warehouse). Evidently, most people can’t afford even one or two of ASICs so thousands of them would be out of the question.

When ASICs hit the market, the blockchain’s validation process became more centralized as more and more hashing power was consolidated into a handful of mining companies, rather than being spread out amongst many miners. Unfortunately, Bitcoin is no longer as decentralized as it was once intended to be.

Successor to the Throne

Bitmain Antminer S19 Series

PROS

  • Market-leading hashrate at up to 115 TH/s, and efficient at ~30 Joules per TH/s
  • Reasonably priced at $440 new (plus shipping)
  • Popular miner with plentiful guides and parts available

CONS

  • Out of stock at Bitmain and tricky to find elsewhere
  • Very high power consumption of 3250W
  • Very noisy at 81.4 dB

What is an ASIC Bitcoin Miner?

Since it’s now impossible to profitably mine Bitcoin with a standard computer or laptop, you’ll need specialized hardware called ASICs.

Here’s what an ASIC miner looks like up close:

halong mining dragonmint ASIC

The Dragonmint 16T miner.

Originally, Bitcoin’s creator intended for Bitcoin to be mined on CPUs (like your laptop or desktop computer). However, Bitcoin miners discovered they could get more hashing power from graphic cards. Graphic cards were then surpassed by ASICs (Application Specific Integrated Circuits).

Think of a Bitcoin ASIC as specialized Bitcoin mining computers, Bitcoin mining machines, or “bitcoin generators”.

Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with low-cost electricity.

Don’t Get Confused

There is Bitcoin mining hardware, which mines bitcoins.

There are also Bitcoin hardware wallets like the Ledger Nano X, which secure bitcoins.

Check Profitability

You can use our calculator below to check the mining hardware above. Input your expected electricity price and the hash rate of the miner for an estimate.Hash Rate:
 GH/s TH/s Bitcoin Price ($):
Power consumption (watts):
Cost per KW/h in $:
0
Profit / day$0
Mined per day0 BTC
Mined per day$0
Electricity costs per day0
Profit / month$0
Mined per month0 BTC
Mined per month$0
Electricity costs / month0
Profit / year$0
Mined per year0 BTC
Mined per year$0
Electricity costs / year

Profitability Factors

The Bitcoin price and the total network hash rate are the two main factors that will affect your profitability.

Our calculator is more accurate than most others because ours assumes the 0.4527678% daily increase in network hash rate. This has been the average daily increase over the past 6 months.

Most other calculators do NOT include this metric which makes mining appear way more profitable than it actually is.

The Bitcoin Price

Bitcoin mining is a booming industry with an estimated 1,000,000 unique individuals mining bitcoins. The major driver of this increase is the rising price of Bitcoin.

The Bitcoin price increased in 2021 from around $30,000 on January 2021 to around $46,000 on January 2022. There were many times over the year that the price exceeded $50,000 even reaching a high of about $67,000. Try messing with the calculator using different prices.

Know your Competition

It may seem easy to just spin up a miner.

But you NEED to take a look at just how serious mining is.

The video below offers an inside look at what was one of China’s largest mines.

Bitcoin Mining Hardware

Best mining asics

Bitcoin mining as a hobby can be fun and even profitable if you have cheap electricity and get the best and most efficient Bitcoin mining hardware.

Bitcoin mining is competitive. Until recently, it’s not been ideal for the average person to mine since China’s cheap electricity has allowed it to dominate the mining market. But that has changed since China outlawed mining in their country. Even with this recent change, if you want bitcoins then you are better off buying bitcoins.

Bitcoin Mining Hardware Comparison

MinerHash PowerPrice*
antminer s19Antminer S1995.0 TH/s$10k-12k
antminer s19 ProAntminer S19 Pro110.0 TH/s$15k-17k
whatsminer m30s+WhatsMiner M30S+100.0 TH/s$8,500
Antminer T17Antminer T1742 TH/s$1,900

Actual prices may vary depending on seller.