ASIC Bitcoin Mining Hardware Is Another Scam

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:

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:

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

• Best ASIC in the comparatible table above, the Dragonmint 16T tagged $2,729 (consumes 1,480W for an optimal Hash Rate of 16TH/s)
• Today’s BTC rate of $6,426.90
• Today’s electric price from BG&E: 8.08c/kWh

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…

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:

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.

Thanks for reading!