Is It Too Late To Start Mining Bitcoin in 2024?
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- Опубликовано: 12 апр 2024
- I've been mining Bitcoin for 1.5 years now. In this video, I'll tell you how much I've made, how much I'm making, whether it's too late to get in, and how the upcoming halving is going to affect mining. This is taken from a recent live stream, but all the dead air has been edited out and the Q&A section removed so it's shorter and easier to watch.
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Thanks for sharing your experience.
Nice job
Hey andy, I’m curious how asic resellers make their margins, specifically the smaller ones that can’t afford to purchase bulk orders of 100+ miners of every bitmain release. I mean there are many asic resell companies where i live that offer s19k pros within 1-2 weeks after payment which makes me think they don’t deal with bitmain directly as it’s not in stock on bitmain’s site. How do they run their operation?
I look forward to the future vids on detail how you earn "transaction fees". You say you get paid with BTC "for transactions". Where? Direct on the BTC blockchain? How so? I thought mining BTC only pays when more blocks are produced? As a BTC miner (particularly post halving) are you not completely dependent on the price going even higher to remain profitable?
How often would you recommend pulling the mined coin off the dashboard into cold storage?
Up to you! Mine does it automatically once a week. Depends on how much you want to give up on transaction fees.
So, does it have sense to do mining btc in cloud????
I never have an ASIC miner, good to get one..
We obviously need miners but most people will be better off buying the coin.
It's easier to just buy Bitcoin yes. So for most people, that will be the preference. But if you mean "better off" as in make more money, then no, it's not so clear. You can indeed make more BTC from mining than buying.
I rather have passive cashflow perpetually than one lump sum increase
@@dumfadedexactly, this is huge, still earning while price remains flat
I love mining the noise the maintenance the balance in my account everyday
I have the solution. Working with a big company doing mining with all payed with the rent.
A question for someone to advise. I produce much more power than i can spend at my house. Literally 3-4thousands of KW are being unused. I can also resize my production by several times if needed. Can someone advise me whether getting miner’s equipment for btc will provide a steady income?
if I buy the machines and decide to host with MM, do they set them up themselves, or I got to go there and get it setup? I've never done mining before 😅 ...been hodling for years though 😊
They do everything for you! You just tell them what mining pool you want (or they put you on Lincoin which is where I am) and you give them your BTC address where the coins will be sent. That's it. They do all the rest.
@@YourFriendAndy That's awesome! :)
Do you plan to sell all BTC miners (except S21s) and replace them for S21s?
I plan to sell them all at peak BTC bull run. But if you are asking if I'm selling my machines now to buy S21 units, then no. I'm going to keep running all my S19s into this cycle.
What’s the different between mining bitcoin with a basic desktop pc and an s19 or s21?
You can't mine BTC with a desktop BTC and earn anything (other than a few fractions of a cent). You CAN mine something else on your desktop if you have a good enough GPU and then convert it to BTC. That could net you a few dollars a day. S19/S21 are specialized machines for Bitcoin. They are thousands/millions of times more powerful at BTC mining than your desktop.
Update May 2024
All his BTC miners, except for S19K/XP and S21, currently cost more to host than the $ value of the BTC they are mining … and are each mining 8% less BTC every month as the mining difficulty increases by the same amount.
Everyone talks about when BTC hits 1 million, nobody talks about the mining difficulty increases… but when you’re sponsored by an ASIC reseller 🤷🏻♂️
Yes to late for anyone to just start mining.
I personally mined & bought, now I possess more then 42.4550+ Bitcoin, but you can start if you desire. Good luck
So you're telling me you have 42.45~ BTC ? and you stopped mining? but the people who still mine, arent stopping.. it makes no logical sense for me.. maybe im wrong
Do you need to be an LLC or real business to write off mining rig purchases? Do you recommend starting an LLC for this? Even if I just buy like 3 s21 to start and run them at 10 cent kw/h electric cost?
Yes. You should be paying yourself through 1099 for everything, especially something like crypto miners or realestate
@@dumfaded can i write off the miners, pdus, and electricity through schedule c even if have a w2 /normal job and this is side income ? Im trying to understand, been researching . I believe as long as you are itemizing instead of the standard deduction than you can write these off as business expenses since i am using these miners for income and not as a hobby. Correct me if im wrong. No LLC but internet says it doesnt matter.
@@ryanshea6141 Excellent questions; let me tackle these one by one:
If you are self hosting, you can write electricity off, however you MUST account precisely for the amount of energy used as the IRS will look at utilities bills if an audit occurs (utilities are often mixed used where someone can claim their personal and business utilities under the same account/meter) If you are hosting it with someone else, unless they don't write off their own electricity you can write it off based on their going rate, you can ask for an efficiency report and have a precise number of kwh used within the tax year.
You have multiple ways of doing this; I personally moved away from W2 simply because you keep less at the end of the year then you make "on paper", I have an LLC that I get paid through my main job from, an LLC for each of my duplexs and properties, an LLC for my mining "hobby" (I do not self host, but have put in significant capital into mining therefore I took advantage of the write off to help offset crypto exchanges + sell offs (as I use some of the mining revenue to pay the bills)
You on the other hand, if you remain w2 you could write up to 50% (I forgot the full amount), but its very risky as someone spending 20-30K on crypto miners and trying to write off most of it in one tax year for a hobby could be a red flag. as a w2 stating secondary income you do not have the same tax advantages as a business, and are limited in terms of credits and deductions.
You should use an LLC for any and all cash flow generating investments that require a large capital investment or is responsible for a large loan. ALWAYS. You cannot itemize everything in your personal taxes, you can only do that if you get paid out through an LLC that you own, and have an EIN for. Then you CAN do a line item deduction for "Other Income/Defferred Business Income" With an LLC for everything, I am able to write off food purchases, gas, my car insurance, literally almost everything I pay for within reason.
The true reason as to WHY you want to have everything in a LLC is two fold; Full tax deductions and credits (you can use section 179 to deduct the cost of purchase in year one, and then USE IT AGAIN to deduct your YEARLY DEPRECIATION. ) REMEMBER, crypto miners do not last forever, you can and SHOULD write off depreciation. You can also write off repair costs (especially those done for you by others) so you could and should deduct the total cost of your miners, off the amount you take out year one, or better yet do what I do and just mine and hold and pay even less. Second, LLCS PROTECT YOU!! The most important thing about an LLC is that I t protects you incase something goes wrong. You need to have a separate entity from yourself in case something happens to you personally or god forbid you are sued or whatever it is. You need to separate your ASSETS!!! you need to make your money YOURS and out of REACH. that's how the richest people in the world do it and how my mentor does it and his mentor etc etc. Treat crypto like any other venture. Do your research, plan your taxes, plan your business structure and have your passive income work for you SAFELY. The truth is though, the chances of getting audited by the IRS are minimal.
@@ryanshea6141 @ryanshea6141 Excellent questions; let me tackle these one by one:
If you are self hosting, you can write electricity off, however you MUST account precisely for the amount of energy used as the IRS will look at utilities bills if an audit occurs (utilities are often mixed used where someone can claim their personal and business utilities under the same account/meter) If you are hosting it with someone else, unless they don't write off their own electricity you can write it off based on their going rate, you can ask for an efficiency report and have a precise number of kwh used within the tax year.
You have multiple ways of doing this; I personally moved away from W2 simply because you keep less at the end of the year then you make "on paper", I have an LLC that I get paid through my main job from, an LLC for each of my duplexs and properties, an LLC for my mining "hobby" (I do not self host, but have put in significant capital into mining therefore I took advantage of the write off to help offset crypto exchanges + sell offs (as I use some of the mining revenue to pay the bills)
You on the other hand, if you remain w2 you could write up to 50% (I forgot the full amount), but its very risky as someone spending 20-30K on crypto miners and trying to write off most of it in one tax year for a hobby could be a red flag. as a w2 stating secondary income you do not have the same tax advantages as a business, and are limited in terms of credits and deductions.
You should use an LLC for any and all cash flow generating investments that require a large capital investment or is responsible for a large loan. ALWAYS. You cannot itemize everything in your personal taxes, you can only do that if you get paid out through an LLC that you own, and have an EIN for. Then you CAN do a line item deduction for "Other Income/Defferred Business Income" With an LLC for everything, I am able to write off food purchases, gas, my car insurance, literally almost everything I pay for within reason.
The true reason as to WHY you want to have everything in a LLC is two fold; Full tax deductions and credits (you can use section 179 to deduct the cost of purchase in year one, and then USE IT AGAIN to deduct your YEARLY DEPRECIATION. ) REMEMBER, crypto miners do not last forever, you can and SHOULD write off depreciation. You can also write off repair costs (especially those done for you by others) so you could and should deduct the total cost of your miners, off the amount you take out year one, or better yet do what I do and just mine and hold and pay even less. Second, LLCS PROTECT YOU!! The most important thing about an LLC is that I t protects you incase something goes wrong. You need to have a separate entity from yourself in case something happens to you personally or god forbid you are sued or whatever it is. You need to separate your ASSETS!!! you need to make your money YOURS and out of REACH. that's how the richest people in the world do it and how my mentor does it and his mentor etc etc. Treat crypto like any other venture. Do your research, plan your taxes, plan your business structure and have your passive income work for you SAFELY. The truth is though, the chances of getting audited by the IRS are minimal.
@@ryanshea6141 I keep trying to reply to this but I guess its too long, cus it keeps getting removed.
if you remain w2 you could write up to 50% (I forgot the full amount), but its very risky as someone spending 20-30K on crypto miners and trying to write off most of it in one tax year for a hobby could be a red flag. as a w2 stating secondary income you do not have the same tax advantages as a business, and are limited in terms of credits and deductions.You should use an LLC for any and all cash flow generating investments that require a large capital investment or is responsible for a large loan. ALWAYS. You cannot itemize everything in your personal taxes, you can only do that if you get paid out through an LLC that you own, and have an EIN for. Then you CAN do a line item deduction for "Other Income/Defferred Business Income" With an LLC for everything, I am able to write off food purchases, gas, my car insurance, literally almost everything I pay for within reason.The true reason as to WHY you want to have everything in a LLC is two fold; Full tax deductions and credits (you can use section 179 to deduct the cost of purchase in year one, and then USE IT AGAIN to deduct your YEARLY DEPRECIATION. ) REMEMBER, crypto miners do not last forever, you can and SHOULD write off depreciation. You can also write off repair costs (especially those done for you by others) so you could and should deduct the total cost of your miners, off the amount you take out year one, or better yet do what I do and just mine and hold and pay even less. Second, LLCS PROTECT YOU!! The most important thing about an LLC is that I t protects you incase something goes wrong. You need to have a separate entity from yourself in case something happens to you personally or god forbid you are sued or whatever it is. You need to separate your ASSETS!!! you need to make your money YOURS and out of REACH. that's how the richest people in the world do it and how my mentor does it and his mentor etc etc. Treat crypto like any other venture. Do your research, plan your taxes, plan your business structure and have your passive income work for you SAFELY. The truth is though, the chances of getting audited by the IRS are minimal.
Bro help me plz i have tryed to download Nicehash but my pc says its a harm or verus to my pc
????
So I wont be making any money anymore. If I get cut in half. Did I understand that right? Or is there a way I can join other people in a Pool? Is that a company I can do that with?? I have a 8 GPU Miner Making me money still slowly but yet making money, I have been mining for 3 years now. What do you think I should do?
ya, quite the difference in watts with the 110th from bitmain and reality. they say 3050w and it's actually above 3350w and MY temps here in Chinadastand is still cold. just saying
Good vid friend
Thanks for watching! And that largely depends on your voltage. A Bitmain machine at 208v (like what I have in my shed) will consume more watts than at 240v or higher. I think Bitmain calibrates theirs at voltages even higher than that.
@@YourFriendAndy Ya i'm at 240v with the rest of my plugs. The rest of the asics r quite close to specs. it's just the 110th
Thanks bro
Bro you got an update post halving? Seriously looking into my first miner. Will start a shed of 10 after testing one first
I'm 10 cents a kilowatt is it worth it?
I'll do a post-halving update! But so far my profitability hasn't changed at all. Crazy. Lots of fees on the network making up for the halving of the block reward.
$0.10/kWh is higher than I would mine BTC at, but not terrible. Still profitable with a lot of a machines (S19K or S21).
@@YourFriendAndy appreciate the reply, I heard that profit was the same with the increased fees it just helps to hear it straight from a miner. I found hosts still charge like 9 cents so it's not much difference. A lot of calculators still show I'd make $8 a day profit and I forsee btc price going up so gonna roll the dice. Starting with single S21 200 ths. Eastern WA electric rates are 2.33 to 4.88 cents per kw might buy a shed there lol
@@ryanshea6141 good luck!
Dude's like "Just spend $250,000 on mining machines and you'll be fine" lmfao
Bro Make a Video On Navy ai & Deboard Nodes Which Is Better
I'll take a look
Do the machines depreciate on a five year schedule?
You can depreciate them on your taxes over time. I'd recommend chatting with a tax pro to maximize how you handle that.
I got free electric don’t ask 😉 have 8 x t21 running overclock 222th each 300 amp 3 phase supply 😊
I’m doing mining with a BIG Italian company that can operate all over the world.
Not too late, but nobody should be disillusioned that they're going to get (significantly) rich from it
It depends on your definition of "significantly rich" and how much money you put into it. 👍
What was the Bitcoin price when you bought your first mining machine
Somewhere around $32-34K
@@YourFriendAndy have you done the math on if you invested $150,000 of your Capital at that time into Bitcoin at 32,000 you would have doubled your money clearly at $70,000 and had a total of $300,000 today give or take of course but clearly a little bit of good information
$1. I built a $600 computer with 2 cards that mined 30 bitcoin in 2011. Here is the kicker. If I had just bought the coin instead of the machine I would have had 600 bitcoin instead of 30 and without the power bill. Does that model still ring true? I haven't done the math but I'd bet the coin is your better bet still.
@@chb2live I didn't have $150k set aside for mining at that time. I entered into it over time. Just like I've bought BTC every month since 2017. Over time.
Certainly if I had set aside some amount of money and waited for $15.8K BTC after the big crash, I'd had even more. But this is just easy to think about in hindsight. It is unknowable when you are actually living through it.
Either way, it's far too early to call this experiment one way or another. I could stand to make a ton more BTC from mining this year just from fees. There are plenty of studies that show you can indeed get more BTC from mining than buying. Like this one: twitter.com/BlockwareTeam/status/1777351891489525795
@@YourFriendAndy I'm glad you responded 🙂
Imagine having solar panels on the roof and winning an awesome miner… (like me)
Would be cool to win that miner 😝
imma start mining with a single 980 ti
Is it too late? No. But is it a smart idea? No, you're better off mining Altcoins over Bitcoin right now.
Wrong decision
@@oliverspitzer3787 What's decision is wrong?
@@MassBoost altcoins mining is always big shit - btc only and ltc+ doge only alt
@@oliverspitzer3787 No, there's tons of Altcoins beyond Litecoin and Doge. 95% of Altcoins outperform Bitcoin during the bullrun, and in 2 of the 3 bullrun, Altcoins in general have averaged a 21X from the time of the Bitcoin halving, to the peak of the market, which if far greater than what Bitcoin has done during that time.
If you could really make those profits everyone would buy miners and do it.
You can really make those profits. Not everyone does it because they don't understand it, they are risk adverse, or a million other reasons.
There is a reason most people in the US don't invest. You can buy the S&P 500 with just a few clicks and it's been essentially guaranteed profits over the past many decades... yet most don't do it. That doesn't mean it's not real.
@@YourFriendAndy I'm gonna try it. Let say I have 15k and my electricity is .08 per hour. Thank you
I'm going through all your videos to find the answer. I was thinking Kaspa. I do have a lucky miner I just got.lol
Can’t believe e I laughed at bitcoin miners when bitcoin was under $1k a BTC.
😅
Ya I think your fill of it nothing for free I went to the Musk web page your wrong no Contest
Winner winner, chicken dinner 😁🤣😂
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Got anything else to shill for 10 mins?