Oddbean

If someone asks if mining is a good idea. Tell them to get a bitaxe. Tell them to report back to you in a month. Then tell them to thank you from saving them from spending thousands on mining rigs and to use the rest of the money to stack sats. Low cost education lol.

Mining is all about using waste heat or stranded electric. If you aren't tied into one of those or winning the lotto solo mining you are going to get fewer sats than buying on the open market. My s19 heated my house all winter. Paid for itself and future winters sats are all profit. I'm also planning to build a food dehydrator and a fish tank heater out of miners. I was using the electric anyway so 100% of sat rewards are profit. nostr:nprofile1qqsy6q3ua80awknlxp6m368qssqghct6ra6scca4meepumhcswkuwegpz9mhxue69uhkummnw3ezuamfdejj7qgawaehxw309ahx7um5wghx6at5d9h8jampd3kx2apwvdhk6tcppemhxue69uhkummn9ekx7mp0hzcsrt already built a dehydrator and converted his electric dryer to get heat from a miner too. He even used a miner to make maple syrup. Others are heating pools, hot tubs, home hot water, and greenhouses. It isn't that mining is unprofitable, it is that you didn't do the work to figure out how to profit and thought you could just turn on any random miner on residential electric rates and get a free ride.

This. This is all. Few. nostr:nevent1qqst4u00aua2uqp4r8r2a3c6zqg7lv3ffs0chhkzl6j0yztj5hcfkqspz4mhxue69uhhyetvv9ujuerpd46hxtnfduhsygqpphcvjj87n2656t9hafpql7sg64u43xqmd6ngaqa25l4jm5lstgpsgqqqqqqsq0xtal

Am s9 is cheaper than a bit axe and much more useful in general. Plus, when you're ready to upgrade to an s19, the PSU can be utilized with a Loki chip to continue to mine on 110v power. S9 still the goat when it comes to getting started mining.

If I’m understanding what you are communicating, I think it is similar conclusion when I was mining $KAS #kaspa #pow There is the moral belief behind it (for lack of better statement) and contributing to the security of the network vs its certainly more cost effective to just buy the already mined tokens…