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If you have the money to pay for the electricity you'll see more profit by just buying the BTC at the current market price. You start making money immediately i
by rtkwe 5y ago
If you have the money to pay for the electricity you'll see more profit by just buying the BTC at the current market price. You start making money immediately instead of having to make it to the electricity price you paid. So it still only makes sense as a strategy if you're stealing electricity, have an off grid system with excess electricity (or you don't get paid for back feeding the grid) or have a (really really) weird cashflow situation.
- josefresco 5y agoLet's assume your mining rig costs $1 to run, generates 1 FAKECOIN with a current value of $.90. That first month you pay $0.10 out of pocket for 1 FAKECOIN. If you had just purchased 1 FAKECOIN, it would have cost you $1. 10x the cost. Like a startup, this is not sustainable without external factors changing. "Just buy it directly" requires a separate income.
- addingnumbers 5y agoHang on. You think the power company only asks for $0.10 after you use $1 worth of power that month?
- josefresco 5y agoMy mistake, I'm a moron. The math is just worse, because you'd have to cash out some of your FAKECOIN for electricity. I'll accept the downvotes with dignity!
- cecilpl2 5y agoYou'd have to cash out all of your FAKECOIN for electricity and still be out $0.10, with no FAKECOIN left.
- josefresco 5y agoClearly, mining and math on Friday is not for me lol