Bitcoin Mining Rig & Hosting
They are two very basic questions on the surface, but can determine the financial outcome of your mining success and the sensitivity to market downturns. What rigs should I run and where should I mine? Here is what the industry doesn’t tell you:
Bitcoin mining hosting site selection and corresponding electricity costs are paramount to a successful mining operation launch. In the U.S. we measure our electricity usage by kilowatts per hour (kWh). A mining rig such as the S19k pro, which consumes a nameplate wattage of 2,760, will theoretically consume over a one hour period 2.76 kwh. Multiply that by 24 hours to get the daily assumed consumption rate and then by 30 days to get the approximate monthly consumption. Finally, multiply the product of those by your cost per kwh from your utility provider and you’ll see your estimated monthly cost of mining. By way of example, if your cost of electricity is $0.10 per kwh, your S19k Pro running 24/7 hours for a month should cost you around $199. Lower your electricity cost to $0.08 and you’re looking at about $159. That 20% discount may not seem like much on the surface but multiply that by dozens of rigs and the costs start to stack up quickly.
In the U.S. mining at home is not profitably for most rigs, due to the cost of residential electric utility rates. Even if you’re lucky enough to start with cost effective electricity, going over a stated amount usually bumps you into a territory of cost per kwh that is unsustainable. So what is the best option for most miners? Work with a group like ours that can help you navigate the waters and get you into trusted hosted mining facilities that start at $0.08 per kwh and work their way down for volume. There are many factors that go into selecting the ideal site. While there are no perfect sites there are definitely operations to stay away from. Each reputable facility brings something of value for you to consider when making your selection. Whether its location, cost, responsiveness, physical infrastructure or room to grow, we will cover it all in our coming posts.
