Silarous on Nostr: I bought a S19J Pro 13 months ago. Here's the numbers... I bought a S19J Pro Bitcoin ...

I bought a S19J Pro 13 months ago. Here's the numbers...

I bought a S19J Pro Bitcoin miner to use as a garage heater in February 2023. I've been tracking its earnings on a spread sheet. It's had roughly 99% up time since I got it. I ran it overclocked for the majority of the time at 4000w and 125TH. In the summer months, I underclocked it at 1700w and 70TH. My residential electricity rate is right around $0.08 kWh. Here's the numbers using a current BTC price of $62,801

* I spent $2454.41 for the miner and everything I needed to get it up an running (control board for overclocking, wire, outlet, breaker, AC Infinity fan, fan shroud, etc.)
* I spent a total of $2,434.56 in electricity.
* Total expense = $4,888.97
* As of today, I earned 8,372,182 sats. That's worth $5,257.81.
* Mining profit = $368.84
* If I was to sell the used equipment today, I'd get roughly $1,368.35 or 2,178,866 sats.
* Total profit from mining and selling used equipment = $1,737.19 or 2,766,182 sats.
* Total BTC accumulated = 10,551,048 sats worth $6,626.16

Not bad, right? I made $1737 over the course of a year while heating my garage. In USD, that's a net gain. However, if we do the math on BTC earned from mining vs using the money spent on the equipment and electricity to buy BTC...

* $2454.41 spent on the equipment in Feb 2023 would have bought approximately 10,751,441 sats.
* $2,434.56 spent on electricity would have bought approximately 7,329,100 sats if I purchased BTC on the 1st of every month.
* Total BTC from buying = 18,080,541 sats, worth $11,354.76.
* Total profit buying BTC = $6,465.79
* Net loss from mining vs buying = -7,529,493 sats or -$4,728.60

In my case, I would have made a lot more money and bitcoin if I just bought it. But, I wouldn't have had a heated garage either. However, many of the months I didn't need a heated garage and ran the miner anyway. :) Would I have paid to heat my garage without the miner? Probably not. Either way, I had fun tinkering with it, it was a great learning experience, and I'm still happy I did it.

To those thinking about spending a large sum of money starting up a mining business, you seriously need to run the numbers. This situation would have worked out even worse if I bought more miners, infrastructure to support them, and had rent to house them. With the halving coming up in about a month, I will most likely become unprofitable and will be shutting down unless BTC doubles from here or difficulty drops. Time will tell.

#bitcoin