ASIC Bitcoin Mining Hardware Is Another Scam

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(Last Updated On: February 26, 2022)

Bitcoin Mining Hardware aka ASIC are too late, too expensive, not profitable. Period.

Link to Roubini’s Senate hearing held on October 2018, 11

What Are ASICs?

Since it’s now impossible to profitably mine Bitcoin with your computer, you’ll need specialized hardware called ASICs. Below is a price comparison of the best ASICs available as of today, 19 October 2018:

ASIC Bitcoin miners comparison table for October 2018

Originally, Bitcoin’s creator intended for Bitcoin to be mined on CPUs (your laptop or desktop computer). However, Bitcoin miners discovered they could get more hashing power from graphic cards. Graphic cards were then surpassed by ASICs (Application Specific Integrated Circuits).

Think of a Bitcoin ASIC as specialized Bitcoin mining computers, Bitcoin mining machines, or “bitcoin generators”. Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with access to low-cost electricity.

Well, pretty much everything is said. You need a specialized hardware to mine, and your potential benefits simply come from a balance between the BTC market price versus the resource spent:

Profits = BTC market price – (hardware investments + electric bills)


Let’s Talk About Today’s Profitability

Let’s talk about that, yeah. I will simply use one of the many calculators available online, let’s say, this one:

ASIC Bitcoin profitability calculator october 2018
ASIC Bitcoin profitability calculation for 19 October 2018 with best performance ASIC: Dragonmint 16T

For this calculation, I used today’s rates and prices for:

As you can see, no profits with this configuration. To start making “Profits” of 1c/day (yeah that’s a lot), BTC rate should raise back up to $11,000!

Let’s Imagine…

BTC insanity by Jinn: BTC smashes through $18,000 in 2017
Yes, it happened: BTC rate smashed through $18,000 in 2017

Now, imagine (yes, use a lot of imagination) that BTC gets back to a peak value of $18,000 as seen in 2017 and look at the astronomical profits you will make:

ASIC Bitcoin profitability calculation 19 october 2018 with BTC worth $18,000
ASIC Bitcoin profitability calculation for 19 October 2018 with BTC worth $18,000

Yes, you do not dream anymore: with a BTC re-evaluated at $18,000, you will make an astronomical profit of $57/month, with a hardware worth $2,729!

To make a Return On Investments (ROI), it will take you 2729/57 = 47 months!

Return On Investment = 47 months

It looks like that with the current BTC value, you won’t actually make any profit until 4 years have passed… And this is with the best, most efficient ASIC available for consumers as of today. lol. Just, lol.

Conclusion

Personal ASIC mining? As of 2018, nope. On the other hand, you could participate in pool mining. The world’s largest mining pools are barely making a profit from mining Bitcoin – at best. And you think you can make some by mining yourself? Give me a break.


Ask Yourself This Question:


why would Anyone in its right mind sell a supposedly profitable hardware instead of running it by themselves?

Thanks for reading!

Team Cook

Self-taught IT guy, and Communist slayer for the past 40 years. Who controls the information, controls the future.

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