Thursday, February 22, 2018

Rise of Bitcoin Factories

Article: The Rise of Bitcoin Factories: Mining for the Masses - Wall Street Journal

NOTE: The above article may only be available to non-subscribers for a limited time.

Bcause is a company that houses mining rigs for clients. But, they also want to offer cloud mining by charging $4,800 for one year of using one Antminer S9. I consider that to be unusable.

The objective of mining companies like Bcause is to make money off of your wanting to make money. It is unlikely that you will make your money back. Bitcoin difficulty continues to go up, and by time your S9 comes online, it is unlikely that you will be profitable. If you want Bitcoin at this point, you need to simply buy it.

It's really just too late to get into Bitcoin mining. Mining of other coins could possibly be profitable, but not Bitcoin. I bought one Bitcoin rig in October and received it in December. With that one, I will be working to break even on it. I might make a 100% profit on it over time, at the most. But, that's it. Bitcoin would have to go up quite a bit for it to be truly profitable.

I got into mining because I enjoy the technology, and I enjoyed the challenge of setting up my two Antminers, setting up the networking, setting up the electrical. But, I know that profitability, such as it is, is nothing to count on.

My 5 TH/s Bitcoin cloud mining at Genesis went online October 31 of last year. But, Genesis takes a 30% cut of what you make. And, while I will make my money back, that much of a hit to what I make should tell anyone that Bitcoin mining at Genesis, at this point, should be absolutely avoided.

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