Is Bitcoin profitable in Britain?

Pavel

Robin
Orthodox
I have been thinking about Bitcoin mining as a side hustle. Please remember I live in the UK and electricity is anything but cheap. It is said the electricity bill can be ridiculous and that's why a lot of mining moves to cheaper countries like India or South East Asia.

I have the space (a garage) and can have my set up there. So in terms of space I am okay. I only am looking some advice to work out the number if it's worth it. There are a few people based in the West (like the US) who are doing this from their garage and they are in profit. This video for example:


Mining is not illegal in the UK. So I am looking for a profitable side hustle. Does anyone have any experience of running a Bitcoin mining farm it in the UK? What's the profit and cost? Please share your experience. Thanks a lot.
 

BURNΞR

Pelican
defi is new profitable side hustle. Mining was the side hustle from 2009-2013. It's 2021 now and mining solo is fastest way to destroy yourself financially unless you either have FREE electricity and happen to have a bunch of GPUs and CPUs lying around. Mining might be a good side hustle in countries like Iran or Venezuela where electricity is free and you can be profitable so long as you don't get caught doing it by their authorities.
 

Feyoder

Kingfisher
Question is where are you going to get the GPUs at any reasonable price? Every year the street price premium over RRP gets more ridiculous. Your energy price is also extremely high (vs the world). Also (although it may still be ok) there are massive changes (PoS) coming to ETH to make GPU mining obsolete.
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
Re-posted from the crypto thread:

... liquidity mining, e.g. mining CAKE or RAY, is, I believe going to be the closest thing rookies can get to mining BTC ten years ago.

I was mining Litecoin in 2013. By that time I guess BTC mining would have yielded very little. I was getting about 4 LTC per day, which was probably worth about about $3 at the time. But it fried my graphics card. Now a months worth of mining would be worth about $22,500. I was also thinking about getting an LTC (Scrypt) miner at the time for about $2,000. It would have been a good investment if the coins were kept until at least 2017.

As well as liquidity mining you can look at running nodes. For example running a BNB / BSC node will get you about 15% / year.

Two others you can run nodes for are BLZ and PRE. There are others some of which you can find on the website Staking Rewards.

In the case of PreSearch (PRE), they have been providing reward tokens for using their search engine. If you used it to the max you would now have $2,500 for just using a search engine. If PRE wants to continue its recent rally that could end up in excess of $10,000.

You can also run a node for the search engine. I am not sure what the rewards are exactly, but if Presearch ends up on par or exceeding DuckDuckGo, I think you can assume these tokens could end up akin to mining ~10 years ago. [Addition - Presearch is well ahead of ZuckZuckGo for growth; pushing 4m searches / day]

Set up nodes and hold the coins until at least the next bull market.

***********

Whatever you do in this space, it is going to have to be with the long-view (minimum of 4 years); and now you are looking at a very crowded space. In 2013 there were a handful of coins - BTC, LTC, PeerCoin, NameCoin, FeatherCoin and ChinaCoin. Picking at random you had a 1/3 chance of picking something that would go up in value a lot - BTC or LTC. The other coins are now junk, even though NameCoin was a good project.

Unless you already have coins, you are looking at entering at prices that are almost definitely going to be higher than the this time next year. That will be particularly true of alts, of which there are now 1,000s. Your 1/3 random shot (above) is now a lot broader.

My advice is to buy now and try and time the top to exit. Wait about a year for a ~90% broad market pull-back, buy back, store in a hardware wallet, loan/liquidity-mine; and forget about it.

Also buy a set amount every month from hereon out. This is the best option for those who don't have years of observation/learning + at least 20 hours a week to burn.

And make a big entry at the next point when absolutely on one wants to buy in. Technically that is <=30 RSI with a 1W view (red boxes):

kraken-btcusd-Nov-02-2021-20-3-56.png
 
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