Cryptocurrency mining profitability vs bitcoin electricity to mine one btc
The bottom line is that bitcoin and other cryptocurrencies remain a high-risk, high-reward investment with little consensus about the economic roles they will play in the coming years. New York-based research firm Fundstart said the price of bitcoin is nearing a break-even of 1. Home Markets CryptoWatch Get email alerts. Using current generation equipment, we have calculated the approximate cost how to connect nicehash account to coinbase sell best buy gift card for bitcoin mining one Bitcoin in a variety of countries while assuming constant difficulty:. In many cases, one of the major criteria used to select mining hardware is the price-performance ratio — a measure of how much performance a machine outputs per unit price. Although this is one of the smaller pools available, the Bitcoin. Cloud mining platforms are also able to take advantage of the economies of scale, allowing them to manufacture or purchasing mining equipment at much lower than retail price, which further reduces the expenses involved in Bitcoin mining. A less powerful rig mining alternative currencies could save you money. Last on the list of the best Bitcoin mining pools in is the Bitcoin. The price paid per Watt litecoin pool mining bitstamp ripple gateway greatly influence profitability. The next halving event expected is around mid Any such advice should be sought independently of visiting Buy Coinbase software engineer college grad 1 usd to ripple Worldwide. Scam Alert: Because of this, we do not recommend investing in a cloud mining contract unless you are genuinely just looking to test the waters before jumping in. There are even some exchanges that automatically direct their combined hash rate at the most profitable cryptocurrency — taking the guesswork out of the equation. The Antminer S15 is one of the only SHA miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list. Text Resize Print icon. Some companies also charge a maintenance fee. The market for cryptocurrencies is young, and for every analyst who sees great potential, there is another who expects the market to go bust.
Here’s how much it costs to mine a single bitcoin in your country
In a recent interview, Mao Shixing of F2pool, the fourth largest BTC mining pool revealed that more thanminers have shut down their operations since the start of the mid-November price decline. The reason for this trend? If the last blocks were discovered in less than two weeks, then the difficulty is increased. Since the total hash rate of a pool is directly related to how quickly it discovers new blocks, this means the largest pools tend to discover a relative majority of blocks — leading to more regular rewards. Since warranty claims are often challenging, it can often take a long time to receive a warranty replacement. Image any way to buy bitcoin how to buy bitcoin p of Blockchain. Sign Up Log In. However, as of this writing, it occupies the title of third-largest public mining pool. According to Fundstrat data, when the price of bitcoin peaked in Dec. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide.
When it comes to mining Bitcoin, the probability of discovering the next block is directly related to the amount of hashing power you contribute to the network. As such, we do not accept payment for articles. I accept I decline. The biggest drop ever of 18 percent occurred in If the last blocks were discovered in less than two weeks, then the difficulty is increased. While has been predominantly bearish, since mid-November, BTC prices took an even larger tumble, falling 38 percent — which is apparently now squeezing out the less-profitable miners. Once a block is discovered, new transactions are recorded and verified within the block and the block discoverer receives the block rewards — currently set at Typically, these mining pools will distribute block rewards to contributing miners based on the proportion of the hash rate they supply. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your own. Since electricity costs are likely to be one of the largest expenses when mining Bitcoin, it is usually a good idea to ensure that you are getting good performance per watt out of your hardware. We use cookies to give you the best online experience. BeInCrypto believes readers deserve transparency and genuine reporting. Although the difficulty increment will almost certainly not be uniform, it should produce a closer estimate than simply disregarding difficulty changes. In times where the hash rate is lower, the difficulty will fall to ensure Bitcoin maintains a minute block discovery time approximately. If the value of the cryptocurrency drops, you could be stuck in an unprofitable contract. Benoit Coeure, a board member with the European Central Bank, argued in January that cryptocurrencies could prove to be a good system for cross-border payments as long as there is an understanding of how to "control these gateways between the shadow-currency universe and the regular financial system. To begin, we must select a suitable ASIC mining rig. Because of this, only hardware compatible with this algorithm can be used to mine Bitcoin.
Calculating Mining Profitability
If you purchase a higher hash rate, you are expected to receive more coins for what you pay for, but it will cost more. Assuming the difficulty increment is uniform and equally distributed over each retargeting round, we can expect the difficulty to increase by at least 2. According to Fundstrat data, when the price of bitcoin peaked in Dec. The best option likely depends on individual circumstances. Which Has Experienced a Breakout? The system for adjusting the difficulty is relatively simple. In addition to this, the number of BTC rewarded for discovering a block is halved approximately every four years after every , blocks have been mined. He added that Bitmain would be one of the most vulnerable miners at low price levels considering their hoarding of Bitcoin Cash, which is currently sitting at historic lows. Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars.
In a recent interview, Mao Shixing of F2pool, the fourth largest BTC mining pool revealed that more thanminers have shut down their operations since the start of the mid-November price decline. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes. When hash rates increase, the difficulty will also increase. Prev Next. The Bitcoin mining pool industry has a large number of players, but the vast majority of the Bitcoin hash rate is concentrated within just best way to pay bills with bitcoin can i buy ripple on coinbase few pools. Related Posts. In general, cloud miners that allow you access to bitcoin come at higher rates. Comment icon. Read. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. In wallets and mining cryptocurrency crypto analasis, bitcoin mining energy consumption is set to exceed private consumption, an energy expert told the BBC. Jordan Tuwiner Last updated January 29, An excellent result! In most countries, operating outdated mining hardware is typically cost prohibitive, as energy costs outweigh the income generated by the mining equipment. The reputation of a pool is one of the most important factors in selecting the genesis mining usa hashflare bitcoin mining calculator that is best for you.
It’s Now Easier (And More Profitable) to Mine Bitcoin After Difficulty Drop
In order to mine your first Bitcoin with the lowest costs, you will want to ensure you are on the cheapest electricity plan available to you and are running the most efficient Bitcoin mining hardware within your budget. Since the total hash rate of a pool is directly related to how quickly it discovers new blocks, this means the largest pools tend to discover a relative majority of blocks — leading to more regular rewards. Because of this, several pools target their services to newer users by offering a simple to navigate user interface and providing detailed learning resources buy bitcoin in usa online cannot verify transaction on ledger bitcoin cash transfer prompt customer support. This article is not intended as investment advice and should not be taken as. The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and power supply bitcoin dell bitcoin user identity stable income is. New York-based research firm Fundstart said the price of bitcoin is nearing a break-even of 1. Jordan Tuwiner Last updated January 29, Usually, the the bitcoin faucet litecoin trading by country with the absolute lowest fees is not the best choice. At lower difficulty, it will now become easier for new miners to re-enter and receive their bitcoin reward. Daniel has been bullish on Bitcoin since before it was cool, and continues to be so despite all evidence to the contrary. With hashrate shooting up over the years, it would seem blocks would be found by miners ever more rapidly.
Daniel Phillips After initially entering the fields of anti-aging research, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. I accept I decline. To be sure, Venezuela offers a host of other challenges miners must overcome. Best Bitcoin Mining Hardware. One of the major challenges of simply using a Bitcoin profitability calculator to estimate how long it will take and how profitable Bitcoin mining will be is the regularly-changing Bitcoin difficulty. This happened in early Cloud mining is a term used to describe a remote Bitcoin mining operation that allows users to mine bitcoins through a cloud mining provider — without having to buy, set up, or manage any hardware of their own. Share Tweet Share. Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. Load More. This can include investing in renewable energy sources such as solar, geothermal, or wind — which can yield increased profitability over the long term. In times where the hash rate is lower, the difficulty will fall to ensure Bitcoin maintains a minute block discovery time approximately. Pools essentially allow smaller miners to compete with large private mining organizations by ensuring that the collective hash rate is high enough to successfully mine blocks on regular basis. What is your opinion on Bitcoin mining in ?
Scenario 1: Big Chinese Miners
I consent to my submitted data being collected and stored. Load More. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and a stable income is made. A less powerful rig mining alternative currencies could save you money. It adjusts to hashrate to ensure that blocks are found roughly every 10 minutes. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your own. Cloud mining is a term used to describe a remote Bitcoin mining operation that allows users to mine bitcoins through a cloud mining provider — without having to buy, set up, or manage any hardware of their own. We use cookies to give you the best online experience. Scam Alert: Occasionally, Bitcoin hash rate spikes as a big new mining pool comes online. Usually, the pool with the absolute lowest fees is not the best choice. Technically, Venezuela is one of the cheapest countries in the world in terms of electricity, with the government heavily subsidizing these energy costs — while Bitcoin offers an escape from the hyperinflation suffered by the Venezuelan bolivar. When assuming the difficulty will not increase or decrease, the profitability of Bitcoin mining appears much better. Some crypto miners instead opt for other currencies.
Reuters reported in January that banks such as JP Morgan still view cryptocurrencies as unproven and likely to drop in value. However, the very largest pools also tend the have higher fees but often make up for this with sheer success and additional features. Cloud mining platforms are also able to take advantage of the economies of scale, allowing them to manufacture or purchasing mining equipment at much lower than retail price, which further reduces the expenses involved in Bitcoin mining. Bitcoin mining giant Bitmain has less positive news as In return, participants receive compensation in bitcoins BTC. The Rundown. You can join a bitcoin mining pool bitcoin blockchain cannabis best bitcoin doubleer be more effective, but that comes with a fee, reducing your profits. Although the difficulty increase is an extreme example, it does demonstrate the how to setup an ethereum miner time wait calculator bitcoin transaction that Bitcoin profitability calculators can produce wildly inaccurate estimates. To aid in selection, the Bitcoin Wiki provides a handy mining hardware comparison:. If Bitcoin does improve in value in the near future, Bitcoin mining will likely grow in profitability. Sign Up Log In.
Money can be made, but no method guarantees profit
Best Bitcoin Mining Pools. Email me! That, coupled with cheap, hopefully sustainable power solutions may once again make Bitcoin mining profitable to small individual miners around the world. These pools are technically more challenging to use and mostly designed for those familiar with mining, happy to hop from coin to coin mining whichever is most profitable at the time. A less powerful rig mining alternative currencies could save you money. Since electricity costs are likely to be one of the largest expenses when mining Bitcoin, it is usually a good idea to ensure that you are getting good performance per watt out of your hardware. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption. The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Since the amount of hashing power you can dedicate to the mining process is directly correlated with how much Bitcoin you will mine per day, it is wise to ensure your hardware is still competitive in By Aaron Hankin Reporter. Although smaller pools typically have more relaxed requirements with reduced performance thresholds, these pools may be only slightly more profitable than mining solo. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and a stable income is made. Currently, there are dozens of suitable pools to choose from — but we have selected just a few of the best to help get you started on your journey. To begin, we must select a suitable ASIC mining rig.
However, as of this writing, it occupies the title of third-largest public mining pool. Emilio Janus May 09, On top of that, serious miners have built huge arrays to mine, making it harder for smaller miners to compete. Although it is technically possible to discover blocks mining solo and keep the entire Advanced Search. When choosing a suitable pool, typically one of the major considerations is its fees. Etherium on xapo kraken bank transfer fees mining is still technically possible for anyone, those with underpowered setups global trading club bitcoin live chart euro find more money is spent on electricity than is generated through mining. This number was initially set to 50, halved to 25 in late, and halved again to Under the worst case scenario, if Bitcoin difficulty increases at the same rate as it did between January and Januarythen we can expect a roughly 6.
Mining Hardware
While buying on an exchange like Coinbase is usually fairly simple and allows you to buy fractions of cryptocurrencies, there are those who prefer to mine their coins. Unlike other platforms, BTC. This problem is further compounded by the fact that many hardware manufacturers offer discounts for bulk purchases, allowing those with deeper pockets to achieve a better price-performance ratio. The first bitcoin miners were able to earn coins relatively quickly just using what computing power they had in their homes. One of the major challenges of simply using a Bitcoin profitability calculator to estimate how long it will take and how profitable Bitcoin mining will be is the regularly-changing Bitcoin difficulty. The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Bitcoin just had its second largest drop in mining difficulty in history: The next halving event expected is around mid Well-reputed pools also tend to be more transparent about their operation, many of which provide tools to ensure that each user is getting the correct reward based on the hash rate contributed. The fees and reward structures of various pools are compared in this list. Best Bitcoin Mining Pools. Depending on the company you choose, you might pay a monthly fee, or you might pay according to the hash rate. Miners are shutting down. Text Resize Print icon. Prev Next. We do not publish sponsored content, labeled or — worse yet — disingenuously unlabeled. Similarly, miners with a free energy surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware. Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. There are also pools that offer 0 percent fees. Watts per hashrate per second.
What the report see table above found is that the U. The current fiat price of Bitcoin ; critical for calculating profitability. A less powerful rig mining alternative currencies could save you money. Emilio Janus May 09, In most countries, operating outdated mining hardware is typically cost prohibitive, as energy costs outweigh the income generated by the mining equipment. Why go through all the effort of buying, setting up and managing your own mining hardware, when you can just purchase a mining contract bitcoin simultaneous transactions can you buy bitcoin on bittrex the likes of Genesis mining or BitDeer? The lifetime of mining hardware also plays a critical role in determining how profitable your mining venture will be. In fact, bitcoin mining energy consumption is set to exceed private consumption, an energy expert told the BBC. Reuters reported in January that banks such as JP Morgan still view cryptocurrencies as unproven and likely to drop in value. These platforms typically market themselves as the easiest way to get involved in Bitcoin mining but do not mention that the easiest way is rarely the best. Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. Similarly, miners with a free bitcoin mining on old equipment 2019 to catch coin wild bithouse bitcoin surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware. In previous years, Bitcoin mining proved to be a lucrative investment option — netting miners with several fold returns on their investment with relatively little effort. In some cases, you might be bitcoin sandbox us based bitcoin exchange to sign a year-long contract, locking you in.
Current Generation Hardware
New, more efficient mining hardware may be released at any time, although we are reaching the technological limits of improved efficiencies. By using The Balance, you accept our. The best option likely depends on individual circumstances. Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. Buying bitcoins with hope of their value rising is equally risky. It adjusts to hashrate to ensure that blocks are found roughly every 10 minutes. Buy Bitcoin Worldwide is for educational purposes only. The Antminer S15 is one of the only SHA miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list. Best Bitcoin Mining Pools. The pool has moderately high fees of 2 percent but offers servers in several countries — including the U. To be sure, Venezuela offers a host of other challenges miners must overcome. Assuming the difficulty increment is uniform and equally distributed over each retargeting round, we can expect the difficulty to increase by at least 2. Some other cryptocurrencies are worth very little in U. In addition to this, the number of BTC rewarded for discovering a block is halved approximately every four years after every , blocks have been mined. When you participate in Bitcoin mining, you are essentially searching for blocks by crunching complex cryptographic challenges using your mining hardware. If you purchase a higher hash rate, you are expected to receive more coins for what you pay for, but it will cost more. Although this is one of the smaller pools available, the Bitcoin. Pools essentially allow smaller miners to compete with large private mining organizations by ensuring that the collective hash rate is high enough to successfully mine blocks on regular basis. We use cookies to give you the best online experience.
Those with a strong interest in such things, namely cypherpunks, cryptographers, technically-minded polo bitcoin mine litecoin ubuntu and assorted hackers, were first to stake their claim. Continue Reading. Andrew Yang: You can join a bitcoin mining pool to be more effective, but that comes with a fee, reducing your profits. In return, participants receive compensation in bitcoins BTC. Why go through all the effort of buying, setting up and managing your own mining hardware, when you can just purchase a mining contract from the likes of Genesis mining or BitDeer? A less powerful rig mining alternative currencies could save you money. I consent to my submitted data being collected and stored. In search of cost savings, cryptocurrency miners traverse the globe to take advantage of cheaper energy. What the report see table above found is that the U. With hashrate shooting up over the years, it would seem blocks would be found by miners ever more rapidly. What mining pool zcash claymore monero your opinion on Bitcoin mining in ? Selecting the best pool for you can be a challenging job since the vast majority of pools are quite similar and offer similar features and comparable fees. Ensuring your equipment runs smoothly can also add in additional costs, such as cooling and maintenance expenses. The fees and reward structures of various pools are compared in this list. It is likely you will need to deduct electricity costs and hardware costs to determine your net profit. Bitcoin mining is unlikely to achieve a positive return on investment unless certain, highly favorable circumstances are met.
A less powerful rig mining alternative currencies could save you money. Reuters reported in January that banks such as JP Morgan still view cryptocurrencies as unproven and likely to drop in value. This number was initially set to 50, halved to 25 in late, and halved again to Miners are shutting. Some crypto miners instead opt for other currencies. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your. Currently, there are about An excellent result! Electricity is the major on-going cost of Bitcoin mining. Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. Ethereum and Silver Find Horizontal Channels. Selecting the best pool for you can be a exchange token versus product token bitcoin cheat job since the vast majority of pools are quite similar and offer similar features world computer ethereum when will bitcoin cash hard fork finish comparable fees.
Share Tweet Send Share. Unlike other platforms, BTC. The Rundown. This can include investing in renewable energy sources such as solar, geothermal, or wind — which can yield increased profitability over the long term. However, the very largest pools also tend the have higher fees but often make up for this with sheer success and additional features. Related Posts. The reason for this trend? Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars. In fact, bitcoin mining energy consumption is set to exceed private consumption, an energy expert told the BBC. As increasingly-powerful mining hardware continues to be deployed, it is likely that this trend will continue and, as such, should be factored into which hardware you purchase and how you calculate your mining profitability. Some other cryptocurrencies are worth very little in U.
Do you think the hash rate will continue to grow this year, or will it break the trend? This article is not intended as investment advice and should not be taken as such. Unfortunately, although many cloud mining platforms appear profitable on the surface, very few take into consideration the fact that the mining difficulty will likely increase significantly over the contract period — which can severely dent your earnings. Most Popular. Image courtesy of Blockchain. Read more. Last on the list of the best Bitcoin mining pools in is the Bitcoin. However, some estimates have the break-even price of mining a bitcoin higher. While buying on an exchange like Coinbase is usually fairly simple and allows you to buy fractions of cryptocurrencies, there are those who prefer to mine their coins. Although the difficulty increment will almost certainly not be uniform, it should produce a closer estimate than simply disregarding difficulty changes. This is the cryptographic work which miners perform in order to find the solution which allows them to define a new block. The Bitmain AntMiner S9 is a modern mining rig which offers a good hashrate for its power consumption. To aid in selection, the Bitcoin Wiki provides a handy mining hardware comparison:. The Antminer S15 is one of the only SHA miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list. Using current generation equipment, we have calculated the approximate cost of mining one Bitcoin in a variety of countries while assuming constant difficulty:. Since very few profitability calculators make any prediction about how difficulty might change over the length of the calculation, they can produce wildly inaccurate estimates — particularly when projecting long-term income. The average home miner will struggle to be profitable or recoup the cost of mining hardware and electricity, especially with the Bitcoin downward price trend. Additionally, pools with the lowest fees often have the highest withdrawal minimums — making pool hopping uneconomical for most. It is responsible for mining around 17 percent of new blocks.
Which Has Experienced a Breakout? In fact, bitcoin mining energy consumption is set to exceed private consumption, an energy expert told the BBC. This is the cryptographic work which miners perform in order to find the solution which allows them to define a new block. Antpool also offers regular payouts and has a low minimum payout of just 0. By Aaron Hankin. When calculating how much it costs to mine one BTCthere are two major factors to consider:. According to Bitcoin. Between January and Januarythe difficulty increase by 2. Some companies also charge a maintenance fee. Daniel Phillips After initially entering the fields of anti-aging research, Daniel pivoted to the frontier field of blockchain technology, where he began to absorb anything and everything he could on the subject. The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Buying bitcoins with hope of their value rising is equally risky. Continue Reading. Those virtual miners perform a crucial function within the blockchain, or the decentralized ledger technology that underpins most cryptocurrencies, by solving complex problems to validate transactions on the network, In exchange for this function, which powers miners are rewarded with bitcoins. Selecting the ubiq vs eth mining profitability what do they mine in cloud city pool for you can be a challenging job since the vast majority of pools are quite similar and offer similar features and comparable fees.
Usually, the pool with the absolute lowest fees is not the best choice. The next halving event expected is around mid Antpool also offers regular payouts and has a low minimum payout of just 0. Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars. The Bitcoin mining pool blockstack cryptocurrency warren buffett cryptocurrency has a large number of players, but the vast majority of the Bitcoin hash rate is concentrated within just a few pools. Follow Us. Set up a computer to help solve complex math puzzles and you are rewarded with a coin or a fraction of a coin. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption. Cloud mining platforms have regularly been criticized for taking advantage of uninformed users, luring them into a contract that will, in all likelihood, fail to generate a positive return on investment. Bitcoin Mining. Share Tweet Send Share.
Whatever the actual break-even costs are, times are much tougher in South Korea. Jordan Tuwiner Last updated January 29, In other words, the unit will pay for itself within a year. If you purchase a higher hash rate, you are expected to receive more coins for what you pay for, but it will cost more. Last on the list of the best Bitcoin mining pools in is the Bitcoin. With bitcoin , the reward is halved every four years. However, after the current drop in difficulty, it has now become a lot more profitable to mine Bitcoin compared to rivals Bitcoin Cash and Bitcoin Cash SV. Reuters reported in January that banks such as JP Morgan still view cryptocurrencies as unproven and likely to drop in value. While your mining hardware is most important when it comes to how much BTC you can earn when mining, your electricity costs are usually the largest additional expense. Why go through all the effort of buying, setting up and managing your own mining hardware, when you can just purchase a mining contract from the likes of Genesis mining or BitDeer? Other cryptocurrencies have seen similar surges and dips in value. Similarly, miners with a free energy surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware. Occasionally, Bitcoin hash rate spikes as a big new mining pool comes online. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing.
Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading. An excellent result! The bottom line is that bitcoin and other cryptocurrencies remain a high-risk, high-reward investment with little consensus about the economic roles they will play in the coming years. Lately, miners have flocked to Iceland, known for its relatively moderate climate and the abundance of hydropower. Email me! Read more. Sign Up Log In. Cloud mining platforms have regularly been criticized for taking advantage of uninformed users, luring them into a contract that will, in all likelihood, fail to generate a positive return on investment. In order to mine your first Bitcoin with the lowest costs, you will want to ensure you are on the cheapest electricity plan available to you and are running the most efficient Bitcoin mining hardware within your budget. Follow Us.