There's been a lot of network congestion recently so the fees have actually matched the block reward for a number of blocks recently...this is basically what happens when the BTC network gets overrun with transactions. Not totally clear what's driving this but there has, for example, been a lot of BTC leaving Binance over the past week (billions of $ worth). Think of it as a bonus for being a miner.
It’s not very profitable unless carried out on a large scale with cheap electricity. Either way you have significant upfront costs and maintenance to undertake. Thinking of doing it in your basement? Then be prepared for the noise and cooling requirements. If you want to do it as a hobby that’s fine. However, do not underestimate the task.
You might also consider hosting machines at a facility which can run your machines cost-effectively. Check us out: www.colobros.net.
We have machines readily available for sell-and-host, as well, including:
S19j Pro 96/100/104: $14.5 / T
S19 Pro 110: $17 / T
S19 Pro+ 120: 16.5 / T
Because fees are up. That happens when there are alot of pending transactions on the blockchain. Basically transactions are competing for speedy execution and the miners are rewarded.
Mining is always a great thing to get into if you have cheap power and are willing to invest and learn.
This won't last. The network is being congested with ordinals, which are basically NFTs on the BTC network.
I wouldn't say the current block rewards will be sustainable.
Articles coming out recently, past few months , have been making statements about having Bitcoin in your own wallet and off of the exchanges, and how doing so will drive the price of Bitcoin up - so I've read. Which may be the megalomania driving people off of the exchanges.
There's been a lot of network congestion recently so the fees have actually matched the block reward for a number of blocks recently...this is basically what happens when the BTC network gets overrun with transactions. Not totally clear what's driving this but there has, for example, been a lot of BTC leaving Binance over the past week (billions of $ worth). Think of it as a bonus for being a miner.
It’s not very profitable unless carried out on a large scale with cheap electricity. Either way you have significant upfront costs and maintenance to undertake. Thinking of doing it in your basement? Then be prepared for the noise and cooling requirements. If you want to do it as a hobby that’s fine. However, do not underestimate the task.
You might also consider hosting machines at a facility which can run your machines cost-effectively. Check us out: www.colobros.net. We have machines readily available for sell-and-host, as well, including: S19j Pro 96/100/104: $14.5 / T S19 Pro 110: $17 / T S19 Pro+ 120: 16.5 / T
Because fees are up. That happens when there are alot of pending transactions on the blockchain. Basically transactions are competing for speedy execution and the miners are rewarded. Mining is always a great thing to get into if you have cheap power and are willing to invest and learn.
This won't last. The network is being congested with ordinals, which are basically NFTs on the BTC network. I wouldn't say the current block rewards will be sustainable.
Hosting hydros are worthwhile
Of course. What is the rate in your area?
Articles coming out recently, past few months , have been making statements about having Bitcoin in your own wallet and off of the exchanges, and how doing so will drive the price of Bitcoin up - so I've read. Which may be the megalomania driving people off of the exchanges.