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Should you start mining Bitcoin right now? Expert opinions


In recent months, the profitability of mining the first cryptocurrency has increased. There are two reasons for this. Firstly, bitcoin itself has risen in price – now it costs $ 23.5 thousand. Secondly, in the BTC network, the average commission rate that miners receive for conducting transactions has increased. Since mid-October, this figure has increased by 400%, to $ 12, according to data from bitinfocharts.com, writes RBC Crypto.

Hype on the market and expensive equipment

Sergei Arestov, founder of BitCluster, said that now there is a “real hype” on the mining equipment market, which is caused by the growth of the bitcoin rate. Mining devices give good profitability, however, they themselves have risen in price.

For example, the cost of a Whatminer model M 21S with a maximum hash rate of 56 TH / s has grown to 120 thousand rubles, Arestov said. With electricity costs of 2.75 rubles per kW / h, the net profit per month will amount to 12.5 thousand rubles. Thus, mining equipment will pay off in 9.6 months, if the market conditions do not change.

The cost of Antminer T19, issuing a maximum hash rate of 84 TH / s, has grown to 270 thousand rubles, the expert continued. With electricity costs of 2.75 rubles per kW / h, the net profit will amount to 21.7 thousand rubles. per month. In this case, the payback period will be 12.4 months.

“However, it is extremely difficult to buy new mining equipment now, demand outstrips supply, manufacturing plants cannot cope. In the current circumstances, you can pay attention to the pre-ordered used devices, ”Arestov suggested.

As an example, he cited a used Antminer T17 model with a maximum hash rate of 58 TH / s. It can be purchased for 97.5 thousand rubles. The monthly net profit will amount to 14.3 thousand rubles, the payback period is about 7 months.

The CEO of the Sigmapool mining pool, Jahon Khabilov, also drew attention to the rise in prices for mining equipment. According to him, now it is difficult to find new devices with a performance below 100 TH / s for less than 300-340 thousand rubles. At this cost, the payback will be at the level of the year.

Why is it risky to start mining now?

Since the beginning of autumn, bitcoin has risen in price by 135%. If a correction begins in the market and the price of the coin begins to decline, this will correspondingly affect the profitability of mining. At the same time, the cost of equipment for mining cryptocurrency will also fall.

There is always such a risk, continued Khabilov. Therefore, he recommended buying mining equipment during the “price calm” on the crypto market. The expert clarified that in the medium and long term, BTC mining shows high investment attractiveness, but starting to do this now may not be the best moment.

“Obviously, when the value of the first cryptocurrency reaches a historical high, then the prices of equipment rise due to increased demand. You need to think carefully about whether to start mining during this period, ”said Khabilov.

A similar warning was voiced by Arestov. Due to the fact that the cost of equipment has increased significantly, there is a risk that when the bitcoin rate falls, devices will become cheaper. In this case, the payback period will increase, the expert emphasized. He recommended waiting for the correction in the market for those who plan to purchase a large batch of miners.

“When the price of bitcoin goes down, mining profitability will start to fall and the price of devices will go down. That’s when it’s time to buy, “Arestov summed up.

Yesterday, Rosseti reported that the rise in the bitcoin rate to a new historical maximum poses a threat of network congestion due to the activation of “black” miners. The company said that abnormal jumps in consumption in different regions of the country have been recorded since 2017.

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