Should I Get Into Bitcoin Mining Now?

should-i-mine-bitcoin-now

I believe bitcoin mining will beat HODL over the next 6 months to few years. The math is simple and has smart money salivating for a piece. If you’re reading this then you are smart money. 🙂

Bitmain S19j Pro ASIC Bitcoin Miner
Bitmain S19j Pro 100TH ASIC Bitcoin Miner

It appears to me there are many companies just now trying to put together big bitcoin miner orders with waitlists etc. In my opinion they may be late to the party. They’re way behind today unless they already ordered and paid for lots of miners.

I doubt there are any Bitmain s19j pro bitcoin miners sitting idle anywhere but on a plane for a brief period. These are among the most efficient miners in the world. Light one up and it literally prints BTC.

This is as big as the gold rush.

Large US institutions have already pounced and are setting up shop. They already have lots of big orders of 20,000+ miners in Bitmain’s pipeline so new orders will have to pay at current prices but may not see a single machine hashing until next fall.

Should I wait for a bear market to get miners cheap?

If this is your goal it would be wise to watch Compass’ hardware page. If a bear market comes current miners already setup will be unloading their machines there certified and for sale on their site.

The most optimum thing to happen with a plan like this is for Bitcoin to enter bear right now and crush all these big projects, the hopes and dreams of everyone in the game RIGHT NOW all smashed. You’d get some good prices on bitcoin miners if this happens. This is doubtful at the time of writing this where Bitcoin has recently reached new ATH and consolidated a bit.

If we spend the next 4 months going parabolic then everything changes and a single S19j pro will be $25k+ or god knows how much. Just my guess.

If the future bear market bottom is higher than or ranges around current price (low 60s) the machines will still likely be more expensive than they are today because they’re rare.

How can I compete with big mining companies setting up in the USA?

Many larger institutions have lofty mining goals but I imagine that its a headache with all the regs, permits, political maneuvering and all that entails. I expect large multi-month or possibly year long delays before many of the planned big projects actually light up. I’m trying to beat this with my own miner purchases this year.

The tech is evolving quickly.

There are also many projects being invented and some being used already where these same s19j pro miners are immersed in oil taking 95% of the heat and sound away.

Bitcoin mining energy is being used to heat entire towns, homes and pools etc.

Mining bitcoin is fast becoming the greenest use of energy on the planet.

Bitcoin mining numbers
Bitcoin Mining

Immersion miners, flared gas miners and new boiler tech are major game changers allowing Bitcoin to sit on a throne for the biggest driver of green energy ever.

Just get the machines as fast as you can is my advice.

The line is getting very long and starting to wrap around the block. Jump in line somehow if you can. When Compass Mining or similar lists a bundle they sell out quickly. You have to refresh their page regularly to catch.

I expect to be in the green (dollars quicker than BTC 🙂 quite quickly with mining. My calculations show this should take about 6 months. Then the remaining lifetime of each miner is all gravy.

How do I get paid from bitcoin mining?

For bitcoin mining payouts, most large pools pay daily to whatever wallet you provide. Larger pools sort of remove the need for luck. If you have hashpower you will be paid daily in BTC for it with top ups when luck does strike the pool.

Opportunity is now.

Right now and near term may be a once in lifetime opportunity really. By the time a possible bear market plays out many of the large companies may be hashing.

Run your own Bitcoin node.

Instead of trusting anyone to custody or convert anything just get your own node. You’ll have your own live version of Bitcoin running on your desk with your own keys and wallet.

After lighting up a node I have my own trustless bank I can verify with my own live on the fly version of the timechain.

The internet could go down entirely and only the miners and nodes would be left running bitcoin via satellites, ham radio and mesh networks.

What a grand time to be alive! I feel many are severely underestimating the future value of a single bitcoin. I agree with @PrestonPysh that 1 BTC in the future may hold the equivalent buying power of 100 years of salaries.

Summary
Should I Get Into Bitcoin Mining Now?
Article Name
Should I Get Into Bitcoin Mining Now?
Description
Grandpa Bitcoin shares his thoughts on whether you should get into mining bitcoin now.
Author
Publisher Name
Grandpa Bitcoin
Publisher Logo
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.