first mining payout

Screenshot - 10292014 - 01:04:57 PM

This is about 20 days of pool mining with a used Antminer S1. The question that immediately pops up is whether or not the BTC generated are worth more than the electricity consumed. Parts of the calculation:

  • the value of BTC against the dollar (currently pretty weak, about 1/3rd of historical high).
  • the cost of electricity to run the miner (the gridseed runs off solar but the S1 is on wall power. The gridseed is currently scrypt mining Dogecoin)
  • the capital cost of the miner hardware

I haven’t done the calculation yet.  I am not concerned about the hardware costs since I bought it as a project to see how BTC works.

There is non-monetary value in mining regardless of breakeven/ROI concerns:

  1. mining supports the cryptocoin network
  2. mining earns cryptocoin without having to interact with any other entity.  It’s off-grid, so to speak.

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