In 2009-2010, for mining Bitcoin, it was only necessary to download and run the software on a personal computer. Many early miners eventually became millionaires.
But today, mining is a highly competitive industry with thousands of participants around the world.
Electricity costs
The profitability of mining Bitcoin determines the price of electricity.
If we talk about specific figures, then on average mining is profitable in the range of $ 0.04- $ 0.06 per kWh. Large mining facilities sometimes achieve prices up to $ 0.01 per kWh.
If a tariff below $ 0.06 per kWh is available to you, then profitable mining is quite real.
Equipment selection
The efficiency of mining devices is determined by the number of calculations per Joule consumed.
This is where hardware innovations come into play. Since 2013, ASIC miners have knocked out GPUs and personal computers from the race.
Currently, the most effective ASIC devices are:
M30 Whatsminer - 38 J / TH;
Antminer S17 - 40 J / TH;
Innosilicon T3 + - 42 J / TN.
The most popular miner in history is Antminer S9, which has a rate of 98 J / TH.
Cheap electricity can compensate for the use of less efficient equipment, and new models will provide profitability at higher tariffs.
Maximize performance with auto tuning
You can increase the performance of ASIC devices by using auto-tuning software, which provides the maximum hash per watt. This is possible thanks to special improvements to the basic chip settings.
Auto tuning is especially useful for miners with older hardware like the S9. For example, the Braiins OS operating system with the right settings can increase the S9 hashrate by 20-30%.
Typically, auto-tuning does not require an advance payment - a fixed percentage is subtracted from the total hashrate. There is no reason not to use this software if it covers commissions.
Immersion cooling
ASICs produce a significant amount of heat and require cooling in order to maintain efficiency.
Immersion cooling solves this problem. It involves placing ASIC miners in a container filled with dielectric fluid. This will eliminate the cost of air conditioners and other similar installations.
This solution also allows you to mute the noise of devices.
Strategic thinking
Mining allows you to contribute to the decentralization of bitcoin. In addition, miners mine the so-called “virgin bitcoins,” which can be sold at a premium.