Is Bitcoin Mining Worth It?!? – December 2017

earlier this week I decided for the first time ever to venture into the expensive and often ludicrously profitable world of ASIC cryptocurrency mining I’ve been meaning to check it out for a while and when I finally got the opportunity to test a machine out for myself I grabbed a unfortunately the ASIC motor I had access to was the bit mains ant miner d3 a – miner that was already well on its way to being entirely unprofitable after electrical costs but was a good thing that came out of that experience was that I finally hunkered down to do some real research about ASIC miners in general and I spoke to a few people who have been at it for a while to get their thoughts on the matter on with this new knowledge I decided to make a video discussing the good the bad and the ugly parts of ASIC mining while also investigating the profitability of some of the most popular ASIC miners on the market right now be warned that we’re not touching on the by cows giant X 10 in this video because it’s mining some obscure crypto currencies and it’s not something that I really feel comfortable discussing right now with profitability levels in flux like they are anyways as I explained in my review of it mates ant minor d3 ASIC miners are far more profitable at mining certain algorithms and coins than say a GPU or a CPU the reason for this is that they’re specifically optimized for the job but while this optimization is by far their biggest strength to me it’s also the main reason why I’m hesitant to invest in my own ASIC machines but I’ll get to that in a minute first let’s have a look at some of the pros and cons involved in being an ASIC miner the biggest Pro of ASIC miners is what I said like five seconds ago ASIC miners are the most powerful pieces of mining hardware you can get for certain coins mining currencies like Bitcoin litecoin directly isn’t even worth it anymore unless you’re rocking a decent ASIC and other small currencies like – have also started to follow suits what’s an ASIC minor becomes available for a new coin you can bet that mining that coin with a CPU or GPU will become fools errands it would be akin to you trying to play destiny – on your smartphone versus on my red ripper 1950 X system with the 1080 Ti the next big benefit to using these machines is well know that’s basically it’s a really good at one task and they make a whole lot of money doing it know when it comes to where these things fall short though the list is a whole lot lengthier in the cons across the board are almost identical to the ones I experienced with the amp minor d3 the first most obvious issue is just how much these things go for almost all of the popular and profitable Asics right now will cost you in the ballpark of 1,200 all the way up to $2,000 that’s more than most people are for without taking out a loan or selling a kidney and those numbers only really apply if you’re buying the miners in the batches that they ship in from bit Maine’s website directly or any other mining website if you’re looking to buy one off of Amazon to get it right now you’re going to need to pay a massive price premium how much of a price premium well only about double the usual price nothing major and what makes matters even worse is that none of the most profitable miners come with an included power supply no matter where you buy it new which will probably set you back another two hundred and thirty plus dollars and that brings me to the next issue of a sick miners availability and the time it takes before you can actually get your hands on one of these things unless you’ve got an early and secured your order you’re probably not going to find the miner you’re looking for in stock or for a reasonable price on the official websites and way you aren’t able to place your order you’ll only receive your miner when it shifts in one of the predetermined batches many of which are only sent out a month or two later at least when you do eventually get your miner and start collecting your coin there’s a whole new set of issues you’ll need to be aware of these issues include power consumption heat output and pure unadulterated completely insufferable noise in order to mine as well as they do Asics use a butt ton of electricity almost all of the decent miners right now consumer around 1000 watts or more from the wall and if that doesn’t sound like a lot consider that one of the best GPUs to mind with right now the gtx 1080 TI only draws a maximum of around 250 watts and in the case of the GPU that number can actually be significantly lower due to optimization where as far as I know that’s not really the case with most Asics because if you mess with the frequencies you void your warranty obviously if you’re not paying for your electricity or you pay very little for it this won’t be an issue for you at least as far as the cost is concerned but even if you’re comfortable with using that much power you probably won’t be comfortable for long the heat output from these machines is absolutely massive a heck of a lot more than if you were only mining with graphics cards unless you had like six or so graphics cards anyways this can be a good thing in winter since you probably won’t need to spend any money on a room heater so everybody in the northern hemisphere good luck this winter but in summer it’s pretty much near unbearable however nothing and I mean nothing is as unbearable and obnoxious as the racket that these things make of course GPU is also make a whole lot of noise if they get a little hot under the collar but they don’t even come close to the same level of ear cancer that the majority of Asics produce at I know they’re not all that only suddenly like a fairly powerful hairdryer but as soon as those high static pressure fans ramp up they rip up far the noise coming from those little machines is enough to drive anyone in a five-mile radius insane and my condolences go out to all the dogs in the neighborhood and for those of you who have asked can you replace the fans to make it more efficient yes you can however what you’re gonna void your warranty and then to you try to find more efficient less noisy 7000rpm fans the big thing about a SiC monitor fans is that they spin at such a high rpm to dissipate all of the heat that’s going over the heatsink to make sure they stay cool so that you can continue mining 24/7 still even though ac’s miners have essentially only one redeeming quality they’re mining prowess that one quality is more than enough to make them look mighty tempting indeed especially if you have the cash for it I’ll attempt to us though well bit Mane’s ant miner s9 is by far the most profitable ASIC right now and it’s easy to see why the s9 mines Bitcoin at a massive 13.5 tera hashes per second and draws about 1323 watts from the wall with those numbers minus power cost which will vary by country and location and at current Bitcoin rates the s9 should be able to earn $34 and 77 cents per day that’s over $1,000 a month if you bought the miner directly from bit main before it was sold out it would have cost you 1415 dollars that means that the miner would have been able to pay itself off in only 41 days and then you’re making pure cash even if I mined the s9 at my Korean electrical cost of 11 cents per kilowatt-hour I’d still be able to earn about 31 dollars per day unfortunately the miner is currently sold out on bit mains website and the only new ones currently available on Amazon are selling for ridiculous amounts of money bit mate is selling their s9 for a massive $3,995 on there and if we take that into our calculations the machine would need almost 115 days to fully pay itself off and that’s without electricity costs well that’s obviously not nearly as exciting as 41 days it’s actually still mightily impressive I have no doubt you’ll struggle to find any non crypto investment with those kind of returns well the s9 is probably the most profitable ASIC machine you can buy right now that mines actual regular currency there’s a slightly cheaper almost as good alternative called the ant miner T not the t9 also Bitcoin directly and is a very respectable hash rate of 12.5 Terry hashes per second unfortunately it’s far less power efficient than the s9 drawing the huge 1576 watts at the wall even so the t9 still puts up a heck of a fight against the s9 and after deducting electricity cost the t9 should bring on about twenty nine dollars per day at current rates that’s only two dollars less than the s9 but before you get too excited the t9 seems pretty much impossible to find being sold out right now which sort of makes sense as they seem to have been mainly just a primer for the release of the s9 so if the question was are a sick Bitcoin miners profitable the itch would be yes some of them are totally confirmed profitable right at this moment however there are a lot of other newish ASIC miners that are much much less so and are hardly worth getting at all that matter d3 which I reviewed earlier this week springs to mind the influx of ASIC miners into the – network has proven to be catastrophic for the XO of an algorithm countless high powered machines flooded the network in a short time span and the mining difficulty rate skyrocketed as a result while those who got the first or even second batch of d3 s we’re making a fair bit of profit anyone who got their hands on one after that were and continue to be a crap out a lot even just about a week after I released the review of the d3 its profitability he took another hit back that it was already only bringing in around seven or eight dollars and as of right now that number has dropped to around five dollars per day unless you can get one of these things for free I can’t really see the point in running one for much longer unless you want a really expensive space heater another miner that seems to have taken a similar path to the d3 is the ant miner l3 plus a script miner with a hash rate of around five hundred and four mega hashes per second as was the case with the d3 the l3 plus was released and shipped and early adopters were making bundles not too long after that though profits began to nosedive just like they did with the d3 it’s a much more subtle nosedive but a nosedive nonetheless currently l3 Plus owners can expect to make around seven dollars per day which isn’t bad but most probably not worth it for many people and especially not worth it for the price of the miner and that’s the thing really unless you can get into the game early with a brand new ASIC liner there’s a large chance you’ll be left behind in the dirt by the time that most people catch on that an ASIC is super profitable and order their own it’s almost already too late to get in on the massive early profits even though the miners like the s 989 are fantastic and have proven that they can be profitable over many months there’s no guarantee that fluor won’t fall out from under them at any time just like what happened with the d3 obviously pretty much nothing in the cryptocurrency world is guaranteed and there will always be at least a little risk to take on and Asics just seemed like the most risky the main reason that the s9 is still tremendously profitable in fact has nothing to do with its mining performance no in fact the s9 has encountered the same mining difficulty issues that the d3 has encountered but the difference comes in the value of the coins that it’s actually mining the d3 encountered the unfortunate issue of seeing the – cryptocurrency crash upon the first batch of miners hitting people’s mining dungeons but since the s9 is mining Bitcoin it has experienced an opposite fortune the value of Bitcoin has become something mythic and temperamental that my friends is why the s9 is still profitable and why you can pay it off in a few months because bitcoins dollar exchange is astronomical these machines are only good for mining and most of them are only good for mining using one or two algorithms mining a handful of coins if something were to happen in the coin your mining crashes right through the earth to China you’re basically stuck with the nine worthless box that will be very hard to resell at a semi acceptable price at least with GPU mining if one coin crashes you can switch to a different one without skipping a beat and if one day you decide that mining isn’t for you or all of the coins you mine are dead you could always resell your cards to gamers or other GPU miners whenever you wants probably for a little bit of loss though okay I’m not saying that a sick mining is stupid or that they’re unprofitable hot noisy messes well actually I mean they are definitely those last two things they’re noisy and hot but some of them are far from unprofitable all I’m saying is that even though GPU mining has a worse return on investment time right now than certain ASIC miners I’d still have them instead there’s some sort of peace of mind however small to be found in GPU mining that I just don’t have an ASIC mind even if the rewards a Bitcoin ASIC money could often far outweigh the risks it all feels far too volatile and all to set in stone at the same time for me to feel comfortable fully committing to it maybe that’s just me maybe I’m a chicken baby that should you suck it up and buy an ASIC miner and reap the reward or maybe I’m not rich enough to throw away fifteen hundred to three thousand dollars in the hope of making more income but what do you all think are you guys buying ASIC miners how much cash have you made off of them thus far if you have any do you have a batch coming do you think that the risk out raise the reward you do you think the reward out raised the risk let me know either down in the comments or over on Twitter I am at UF disciple if you’re looking to pick up an ASIC miner right now though you could use our Amazon affiliate code for Amazon down in the video description it won’t cost you a cent but it gives us a small return that helps support the channel and everything we do here you can also support the channel by becoming a patron over on patreon becoming a patron gives you access to plenty of behind-the-scenes content you get to help us decide on upcoming videos and so much more so if you’re interested you can click that card right there or head on over to patreon comm /uf DTEC also we currently have a giveaway going on right now for this ZOTAC 1070 TI amp extreme form woot where they’re helping us celebrate reaching 40,000 subscribers on this channel by giving this puppy away to one of you the link for how to enter is in the description below and giveaway is open globally so don’t be shy on checking out how to enter anyways we’re gonna wrap this up there and I’m Brett with the UFT tech channel thank you so much for watching and I’ll see you all in the next video

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