The Extensive Bitcoin Mining Guide

[GoDofWaR]

Hello CG Members!

It is not a secret most people believe Bitcoin Mining isn't very profitable and just not worth it. I have decided to spend my money on all types of bitcoin miners and check exact profit/revenue values so the community gets a clearer image of the Bitcoin system. Looking over my results, I find it a bit shocking of how different miners earn per minute. Maybe it is time to change some miners so the "time needed to get your initial investment back" is more realistic. But thats a possible future suggestion; for now, lets jump straight in. 

Currently, in CG, there are 3 types of Bitcoin Miners, the Bitminer S1, Bitminer S2 and the Bitminer Server which is connecting to the Bitminer Rack. The Bitminer Rack can hold up to 8 Servers.

To start with, lets take a look at the initial investments needed for each miner:

	Bitminer S1	Bitminer S2	Bitminer Rack + 8 Servers
Miner	£5,000	£25,000	£50,000 each
Upgrades	£773,400	£773,400	about £550,000
Generator	£6,000	£6,000	£6,000
Extras	N/A	N/A	Bitminer Rack - £100,000

Total

£784,400

£804,400

about £1,056,000

 

As we can see, the initial investment ranges between £780k to £1m. This range is quite small when you looking at the possible profit from each miner:

	Bitminer S1	Bitminer S2	Bitminer Rack + 8 Servers
Every 1 minute	£1,255.34	£1,880.50	£8,738.70
Every 10 minutes	£12,553.37	£18.805.02	£87,387.00
Every 1 hour	£75,320.22	£112,830.12	£524,322.00
Time needed to get back initial investment	10 hours	7 hours	2 hours

From this table we can agree it definitely not worthy investing in the Bitminer S1 and the Bitminer S2, as most people will not base for 10+ or 7+ hours. However we can conclude that if you have a base, and planning to base for more than 2 hours, which is realistic sometimes, the Bitminer Rack, equipped with all 8 servers is a good investment.

Whilst this table only shows one of each miner - you can own up to two of each. This doesn't change any estimates about time needed to see profit, as if you double the money making entity, and double the investment, the time needed would be the same. So realistically, in order to make money, you can buy and upgrade two Bitminer Racks, with 8 servers in each, making more than £1,000,000 every hour, simply by yourself! Like I mentioned, time needed to make profit wont change, however, the possible profit made after those 2 hours can be much bigger if you base with your friends/gang. If only 5 people spawn their two Bitminer Racks - You would make about £5,200,000 every hour (or about £866,666 every 10 minutes) and that's dope.

So, in conclusion, Bitminers aren't that bad if you invest in them correctly and have at least 2 hours to dedicate.

Should I make more of these guides for other money making entities? Let me know what you think!

*Fuel intake per miner, per generator was not calculated in this guide and actual profit may vary based on the miner you are using and the fuel intake needed*

[meatmaballs]

Very good guide that really explain how the bitminers can make you rich ! 

That would be nice if you make one for the Meth or the Printers 

[james.]

Fantastic guide, well done ? 

[Noseian]

Looks great. 

 

Shows how bitcoin can also be profitable but also how high risk it also is! 

[15inb]

27 minutes ago, Captain Bob said:

or the Printers

[OoO]

@GoDofWaR

Fuel Prices? they vary depending in which bit miner etc and I'm pretty sure there's a way to make a loss off S1 default.

[Acrylic]

Honestly, for me at least this just cements bitcoin as being super bad compared to stuff like printers and the like. Good guide nonetheless!

[amfetamiin]

9 hours ago, El Acrylic said:

Honestly, for me at least this just cements bitcoin as being super bad compared to stuff like printers and the like. Good guide nonetheless!

it's not bad, if someone were to spawn all of the printers that are available, you get 401k per hour (which goes up to about 500-600k if you fully upgrade it, haven't found an exact amount just an estimation), and as godofwar said if 5 people spawn a bitcoin rack each, you get over 5 mil an hour after the 2 hour mark, but if you spawn printers then you get about 2.5-3 mil an hour at most, which really proves that bitcoin is high risk but high reward, and if you combine printers and bitcoin you can get about 7.5-8 mil an hour, which means you can get 100 mil in less than 15 hours instead of the about 25 hours that you would have to print for, or the 20 hours with just bitcoin. 

[Acrylic]

19 hours ago, Paul said:

it's not bad, if someone were to spawn all of the printers that are available, you get 401k per hour (which goes up to about 500-600k if you fully upgrade it, haven't found an exact amount just an estimation), and as godofwar said if 5 people spawn a bitcoin rack each, you get over 5 mil an hour after the 2 hour mark, but if you spawn printers then you get about 2.5-3 mil an hour at most, which really proves that bitcoin is high risk but high reward, and if you combine printers and bitcoin you can get about 7.5-8 mil an hour, which means you can get 100 mil in less than 15 hours instead of the about 25 hours that you would have to print for, or the 20 hours with just bitcoin. 

too high risk for me heheh