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I was just watching a guy on YT talking about the returns on mining bitcoin. Without giving personal and specific info…can anyone tell me it his quoted 30% ROI is the norm, or a pipe dream?
I mined in ‘12 or ‘14, and what I earned never approached paying for electricity or the mining hardware.
Replies (4)
“It’s complicated” is the cop-out answer, but it’s also true.
I’m currently working for an industrial-scale Bitcoin mining company, and their ROI is closer to 3%. But they’re at a scale where 3% is still looooots of money. My home mining is -infinity%, but I do it mostly for the learning experience. I’ve seen larger home miners make enough to pay their homestead’s utility costs by getting solar panels and batteries for free and old miners for cheap.
From what I’m seeing the key is the same as any other business: keep costs low. Buying $10k miners and building a $1m facility to house them doesn’t pay. $0 solar panels and $200 miners might.
Imagine what the value of what you mined back then is worth now.
Thank you for the answer. That was good. I think I’m just going to stick with buy ‘n hold as I get cash. I have very little room for solar panels, and money is tight to spend on extras right now.
#wife-approved_answer
I imagine the value of what I received when I traded a fellow ounces of silver at $.25/bitcoin. Then I played (gambled) it away with crypto-trading.😭😭😭
