Bitcoin Mining... YES or NO - Miner Explains

[00:00:00]Bitcoin mining? Yes or no? Is it really easy passive income? Is it too late to Bitcoin [music] mine? Or is it really just one of the best kept secrets, if you can even call it that, at this stage of Bitcoin's life cycle? Or is it just some crap scam cryptocoin [music] NFT thing? Or is it magical internet money? I'm Voss. You're on the Voscoin YouTube channel. I've been mining Bitcoin and other cryptocurrencies for many years. I'll talk briefly about mining other altcoins. Well, here's a [music] spoiler. You got bitcoins and you got shitcoins. But that doesn't mean you can't be mining shitcoins and making bitcoins. But I'm gonna make this really clear. Should you mine bitcoin? Yes or no. [music] This is going to be a sobering video. You're not going to like what I have to say. Probably.

[00:00:53]This is the bitane amp miner S21 XP.

[00:00:57]This is the most popular for the money, for the size, for the efficiency Bitcoin miner current generation. Basically, efficiency right now. If you're like, "Oh, give me the best miner I can buy today that isn't way overpriced." It's this. The build quality mediocre at best. The rates you see, these rates are at 8 cents per kilowatt hour. Spoiler.

[00:01:21]If you don't have 8 cents per kilowatt hour or a way to effectively get there, you shouldn't be mining. I know I probably should have said that later in the video. You might click off. Maybe you're arguing with me in the comments.

[00:01:32]Maybe we're going to talk about solo mining. Yes, we will. But that's a whole different animal. Let's take an average residential electricity rate. Rates are going up across the board everywhere.

[00:01:42]You're probably getting slapped at 15 cents per kilowatt hour or worse. Even a good res rate of like 12 cents still has you in the red with one of the best miners that you can buy right now. You go down to 10 cents per kilowatt hour.

[00:01:56]Congratulations. Your business is all about losing $5 a year per machine that you deploy. Realistically, right, you go to buy one of these at one of the only mining resellers we recommend, ASIC Marketplace, you can buy the S21 Pro, which has worse efficiency, but it's going to come in at a better price point there, right? 234 terraash, 3510 watts, uh, $2,000 before the Bosscoin coupon code. You go and pull up the S21 XP, that thing's slapping near $4,000. hard to justify, but the efficiency is better. These numbers are always changing, so let's not get too fixated on that. The reality is at 10 cents per kilowatt hour with one of the best miners you can buy right now, you are losing money. Yeah, tax write off. Yeah, expense the electricity. Yeah, there are some advantages, but you better have a profitable business to go in conjunction with your mining endeavor because it's not until basically eight cents that you have anything worth writing home about.

[00:02:58]a profit of $633 per year projected. Uh, understand that Bitcoin mining difficulty has either been going up or the price has been going down. There has been nothing in the favor of Bitcoin miners. Also, be advised there are better miners than this on the horizon.

[00:03:16]You're not really going to see them much though because the manufacturers do not want to release them in these market conditions, which further reinforces that there is no buying the dip or building in the bear for Bitcoin mining anymore. They have everything figured out and they have such big war chests that they could write out bare market after bare market. Can you say the same?

[00:03:38]On average, the answer would be no.

[00:03:41]Maybe you need some connections. Maybe you need some help. Maybe you need to go to Mining Disrupt, a sponsor of Voscoin MD back in Miami. Another Voscoin short link/MD will get you discounted tickets if you want to connect with other miners, minor manufacturers, and basically you want to get in the mining game, this would be the next best opportunity to network for that. Now, back to how you do this yourself. Well, there's some things you can't change or can't really change without doing certain things, like your electricity rate. You need to figure that out. You need to do some research. You need to just get a device, plug it in, and if it doesn't work out, send it off to be hosted or something. Um, or sell it or whatever. Um, or sit there and do the math properly and do the research as you really should do. If this reality is already dawning on you that it's just not going to work out mining at home, but you do want to deploy some capital to start mining Bitcoin and then there are only two options that we recommend for running your hosted miners with. And one of those is Musk miners. I'm running some gear with Musk miners. Just with a minimum order quantity of one, you can get in there and start mining. And the reality is if you don't have a couple million dollars to start a serious farm and chase some serious, you know, low electricity prices, which keep in mind that especially at at serious scale, you're going to be competing with everybody looking to deploy AI data centers. We live in unprecedented times.

[00:05:13]Uh yeah, it's more competitive than it's ever been and really less of an upside, but at least there's a couple good options like most miners out there that can help you get started. uh then you know your rate, right? For example, my rate when I started building out the farm and I got things up to scale, I was under 8 cents. Now, the way they're jacking my rate, I'm over 10 cents and some of my worst bills with added fuel service charges and all this stuff are pushing nearly 12 cents per kilowatt hour. Uh Bitcoin mining has been an awful endeavor the last few years. Uh there's been a couple shining moments, but the market's been tough and the electrical landscape has has been atrocious. So, if you can't get a better rate anyway, there's really only one other route, solar, which is how I'm single-handedly trying to save the Bosquin mining farm by building out a commercialgrade solar farm. Solar can be deployed in two ways, right? It just takes out some of your electricity bill, lowering your effective cost per kilowatt hour, right? [music] If I'm using say just random numbers 1,000 kwatt hours and my solar generates 500 kwatt hours then I'm only getting build for 500 kwatt hours right so let's just say that my bill was 20 cents per kilowatt hour but I essentially doubled my kilowatt hours I'm effectively at a 10 cent per kowatth electricity rate you can also embark on the goal to zero out your electricity we've talked talked about it some with our home solar, but we deployed so much home solar that I zeroed out my home electricity bill. I can charge my Tesla. I can crank the AC.

[00:07:00]I can turn up the heat. And I can run one full-size Bitcoin miner 24/7, 365. I get a bill from the utility company every single month for $8.98. That's my meter charge and the local taxes. And that's it. no sort of actual electricity bill. But let me break it down real clear. If you can't get these rates or you won't do solar or you don't happen to be building a mini nuclear reactor, the answer is no for Bitcoin mining. And it sucks. I love mining so much. Proof of work, that blockchain consensus mechanism is incredible and it's the key thing that solidified Bitcoin as being special. But what Bitcoin began as and what Bitcoin is now continues to change.

[00:07:52]But once the box is open, you can't close it. And I'm serious when I say you need God at least a million dollars at least honestly to try to build some sort of valid smallcale medium scale if you want to round up Bitcoin mining operation in this era. And let's talk about all coins and coins. It's a total gamble. They're alling trash. They all just end up not doing well sooner or later. And it's not so much hate on the coins, but the mining hardware. And these Chinese companies that make all these ASIC miners with the lower competition on the altcoins, they are sitting on minor models that are twice as good as what you're going to go out there and spend several thousand on.

[00:08:37]Okay? They do not give a about you.

[00:08:41]You think you're mining Dogecoin or some trash like ZRA or or Trashba? Sorry, buddy. Those ASIC manufacturers are just mining you. Don't get it twisted. But it's not all doom and gloom. They're solo mining. One guy the other week defied the odds. Again, another one of those. He hit a Bitcoin block with just a little baby Bidax, turning, let's call it 200 bucks, if he paid, depending on when he bought it, into over $200,000 worth of Bitcoin. You can always check your odds in real time on solo.com. It's a very cool tool that we built, especially Joel. He's an absolute legend here at Voscoin. A Bitax Gamma has a 1 in 15,000 chance per year to hit a Bitcoin block.

[00:09:28]You can also buy a big boy miner and solo mine with it. Like that S21 XP. If 64 of you went out there and did it, one of you statistically would hit a block.

[00:09:38]But remember, those are just odds. You have to actually be lucky. It's not guaranteed. Only thing guaranteed that you're going to die and the government's going to scam you and lie to you. Now, the outlook. When will things get better? I don't think they will. I don't think they will. at this trajectory.

[00:09:58]Let's say we get a crazy bull run, there'll be a period where things will be good and profitable. The manufacturers will price gouge the crap out of everybody severely cutting into your ROIs. Uh [music] but there is one last refuge for mining and especially Bitcoin mining and it's solo mining. So, just getting a small Bitcoin miner, something that it will add to your electricity bill, but you don't care that much, or something small where you could literally just set up one solar panel as a weekend project and zero that thing out. Also, with the recent, I don't know if I'd call it advent, but especially ramp up of plug-in solar, you can get some plug-in solar and run that against your use. And I very much think that we will see people just doing some plug-in solar and some easy Bitcoin mining. Once I get through my heavy stuff, I'm going to do some fun projects like building off-grid Bitcoin miners and just setting up a battery, an inverter, a panel, and running Bitcoin miners and everything like that. But right now, I got to go to work. I got to go work on that solar farm and I got to get this done as fast as possible because I'm getting obliterated with my farm and I have to keep my use up for approval on solar of this scale. I'm Voscoin YouTube channel. This is our CSBR chief solar bitcoin officer here on the channel. I appreciate you. Wish the news is better, but the news is the news. Good luck and goodbye.

[00:11:36]I'm shin shining.