The sober reality of mining based on current conditions
rds last edited by
Using stats from burcoin.biz the profitability of Bursrtcoin mining is far from breakeven at best.
As of today, the mining network is 13,000TB. If you run a 40TB mining rig you will get over time 0.3% of the mining rewards.
There are 497,174,588 Burst left to be mined.
For the 40 TB rig that’s 1,529,768 Burst for the life of rig operation.
At today’s exchange rate of $6.06/10,000 Burstcoin, that would be about $927.
Running 40TB and a computer is at least 50w or about $5/month (~$0.11/kWh).
If the block reward stayed at the current level the rig would run for 2 years so, $120 in electric costs, for a net of $807. Even at $25/TB the HDDs alone will cost $1000.
This is the best you can expect, the following will reduce your net:
The remaining coins are going to take longer than 2 years to mine so electric costs will be more than $120.
Mining pools take between 1-2% of your rewards.
The figures above, assume your rig is running 24/7/365, i.e. no down time, which is unrealistic.
The only way to generate a profit is for the value of Burst to increase compared to the other major currencies.
MikeMike last edited by MikeMike
I do appreciate your statistical analysis but you do realize your timing looks like you are kicking a coin when it is down as most all alts are right now.
Those of us that have been around the last 5 years know very well the calculations touted from the BTC mining that were/are just like yours.
Most fail to acknowledge the fact that BTC and BURST are viable coins that will bring much positive change and certainly go up in value which makes their posts look like an attempt to buy cheap coins.
Here is an example:
I have a half dozen severely damaged Bitmain S3 BTC ASIC miners I run whenever I get to my shop to work. They are not worth it to sell them due to their heavy damage and have brought in over 2BTC the last 2 years. They started mining when BTC just went over 200.00 USD.
Come back in two years please and lets compare numbers then...
CryptoNick last edited by
@rds You forgot to add that you still own the HDD's. So it is all pure profit minus the electricity and that is minimal considering you would have to buy BitCoin at face value and just hold it and eventually sell it to make money with it. Now you have to also remember that you are stating there are only so many coins left to be mined. The mining doesn't stop after the coins are mined and transaction fees are mined.
The price of Burst will go up. If people don't sell out of course. So by making the community stronger we will overtake BitCoin. There is no reason to use BitCoin over Burst so the fact that BitCoin can now Fuel Burst as people trade their Polluting Lute BitCoin for an Eco Friendly version that has more options you can then make exponents on Burst.
I don't know of any other coin that allows you to make as much BitCoin if that is what you desire for less money. If you just go and buy BitCoin you could own a little more than 1 Bitcoin for that $927 and then you must wait for it to go up to make another $927. That is if you don't spend it first.
So everything is absolutely Prime right now, you can see the Diff is going up because more people are mining. Should they just take the money and Run then they can do so. But they will have to buy back in when great services are offered with Burst. The Future is not just Blocks to be mined, it is Services and ideas to change the face of Crypto. This can not happen in BitCoin. It is too stringent and won't even change the current limitations that are plaguing it.
bandarfjb last edited by
- You do not lose your HDD, that what you missed.
- Agree with @BURSTguy your agument should have ended there.
gpedro last edited by
@rds you forget to mention in there that with most of the altcoins or even BTC you get your Hardware outdated after one year and you should or buy more or replace yoru existing one to be worth it to mine... With BURST an HDD is the same now that will be in the future and the price of HDD's don't go down so fast as GPU's or Antminers, and your hdd's don't brake down often like GPU's do... This changes everything in your calculations... Mining BURST i for instance don't spend much more eletricity that if i was not mining because my PC would be on all day as it is always... If you want you can think of this as if he PC is paying itself (the eletricity that it spends) just by having plotted HDD's connected to it... If you want to make money with mining you have to invest big and mine Solo, just like any other crypto!
ZapbuzZ last edited by
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ZapbuzZ last edited by
several public pools are somewhat intimidating that a few miners have listed over 30tb or more while the rest are between 1 and 5 tb. is this good for small miners?
@ZapbuzZ Some of the pools are geared towards larger miners, others are more suitable for smaller miners. There's a list of all pools here with recommended capacities: https://forums.burst-team.us/topic/1109/list-of-all-pools-overview