Mining at 0.0 electronic costs?

BITCOIN
#1

Hi spacefriends,

As you can see in the Titel I’m considering to start mining at my homestay. Because I found out, that I don’t have to pay any electric costs if I don’t make a 30k brutto income yearly (special deal because I’m a student).

Since I’m not well experienced in the space and mining stuff (here since 1 month more or less) I wanted to ask you what are your thoughts on my thought? Would it make sense in your eyes to start mining Bitcoin with one “Bitmain Antminer S19 Pro (110Th) Bitcoin miner”? (read that this is the most powerful one right now.

Looking forward to your answers! :smiley:

Greets

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#2

Mining with zero electricity cost is a no brainer. However you still need to buy the Bitmain Antminer S19 Pro (110Th). Over time you will need to earn back the invested funds in order to become profitable. We also come to the problem of power consumption. The miner you mentioned consumes 3250W!!! You need to make sure that the outlets will be able to provide this much power without blowing out the fuses. In addition to that, drawing 3250W every single second will 100% raise an alarm in the university or at the place you stay at.

It would be better to mine a coin that is somehow ASIC resistant. This means you wouldn’t need to spend a lot of electricity that would cause an alarm. Sometimes people debate if ASIC resistance is even possible, as someone could always make a faster device no matter what.

HOWEVER,

If you do not own the building and the electricity I wouldn’t advise you to do this. It wouldn’t be smart to go ahead and “steal” electricity (They will see it like that.). They probably provide it to you for free to make you a productive student. If you did something like this and they found out, I am sure they would take action against you. If you still plan to do something like this, ask for their permission first. You could get in trouble otherwise.

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#3

Thanks for your answer Mauro!

Ofc I would clarify first that I dont get in trouble afterwards. But if they actually wouldn’t mind and the outlet would be able to provide me the electricity power there would be no argument against it right? :sweat_smile:

I know this sounds like a no brainer but maybe I’m not the fool in this story lol

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#4

The only problem left is the cost of the ASIC and the rewards you get over time. Calculate the price of the ASIC and the monthly return it would give you. Now here comes the tricky part. Keep in mind that the return you get every month will depend if the hash rate moved up or down, as well if the price of bitcoin went lower or higher. Additionally you would have to check your tax laws to see how they threat mining income. Even with free electricity this can be a tricky game. You still need to put a lot of knowledge and work into it. You can’t just simply plug the device in and let it do the magic. There are many steps you need to take, such as configuring the miner, cooling the device/room, joining a mining pool (you most probably won’t be able to mine solo with one ASIC), setting a wallet, deciding how to sell the cryptocurrency (not all banks will be happy) and finally dealing with taxes. :smiley:

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