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