Hi Ozbargainers,
Of lately my friend bugs me to order an AntMiner to mine litecoin and convert the coins into cash overnight. I have done some research on it but, however, I couldn't come to a conclusion whether it's a worthy investment of $4K USD on the miner.
Could you shed some lights on,
Cheers,
Sowny
lol of course not. I thought I can make at least $20 per day out of it.
Australia was always a dicey proposition for anything longer than short-term mining(to cash in on a rapid boom) with our electricity costs, and with our complete clusterf#ck of an energy policy now? Forget about it.
Does this still hold true for those with excess PV generation that is otherwise only paying piddly FIT?
In my state (SA) Origin energy pays 18c/kWh. That's much higher than the retail price for coal fired power in places like China, so when mining is unprofitable at 18c they're still chugging along at a healthy profit. And the FIT does not attract any taxes.
In Qld the best FIT I could find without getting terrible usage rates is 11c/kWh. I just wonder whether it is possible to turn a profit out of mining using power that otherwise would be exported.
You'll be competing with places on Earth that get electricity for 5c/kWh and maybe even less. Do you think you can compete with them?
If you think litecoin/altcoin will rise in value in the future you could just buy it now and wait. No risk of scammers not deliverying your gear, or the gear failing prematurely.
This not to mention the work involved.
probably not
Spend on 4k on actually buying litecoin.
Depends on if you want to put time and effort in.
Check out
Put in the hashrate the miner will doing, the cost of electricity and the wattage and it will give you a rought estamite.
If you want to buy Antminer new, it's not shipping as per the Bitmain website.
Antminer S9-13.5TH/s
Shipping: Jan 11-20,2018
Usually not worth the time and effort to do it on a small scale like yours.
I have a mate who had some but he has shipped them to Thailand and has them running over their due to cost of electricity in Australia.
Just use the money to buy the crypto you where going to mine.
Do you get electricity for free?