Bitcoin mining rigs now LOSING money daily as the Bitcoin Ponzi scheme continues to unravel
by: Ethan Huff
NaturalNews.com
Saturday, September 23, 2017
he cost of mining Bitcoin is quickly outpacing the dollar value of Bitcoin itself, new reports indicate. The most up-to-date Bitcoin mining devices cost upwards of around $4,000, and yet by the time it produces enough Bitcoin to even break even, such a machine will already be obsolete and in need of replacement.
Silver Doctors recently took a closer look at the mathematical inconsistency, showing how a “Bitmain Antminer D3 (15GH/s X11 Dash Miner 1200W)” machine that mines Bitcoin will cost $3,900 when it is eventually released in November 2017. This machine requires a special “Antminer Power Supply (APW3++ 1200W@110v 1600W@220v w/ 10 Connectors)” power supply to operate it, which costs an additional $268.30 on Amazon.com as of this writing.
Combined, the cost of the two pieces of hardware is a hefty $4,168.30, which is roughly the price of a single Bitcoin (as of this writing). According to Silver Doctors, this setup will probably have a life cycle of around two years maximum before it needs to be replaced with a faster machine that likely costs even more. But it takes time to mine Bitcoin, and the expected return doesn’t seem to outweigh the costs of buying the mining technology – not to mention the exorbitant electrical costs associated with running it 24 hours a day, seven days a week.
Citing a cost calculator offered by Crypto Compare, Silver Doctors illustrates how those who mine Bitcoin using even the latest and fastest technology will still incur a net loss when all is said a done – a phenomenon that some are referring to as “peak Bitcoin.”
“CryptoCompare shows that a rig set-up for this would be a net loser daily, monthly, yearly, or however long the miner choses [sic] to lose money by turning it on,” the site explains. “Since people are looking to ‘get rich’ off of Bitcoin, it’s not like they’re contributing to some sense of community either, because the community is motivated by profit.”
China mines the most Bitcoin because electricity is cheaper there than in the West
The Rest…HERE
