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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

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    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
    • Bitcoin
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Experience to Earn: Everdome's Metaverse Frontier

    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Council of Europe Highlights Metaverse's Impact on Privacy and Democracy

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

    Carrieverse and Disney Ink Content Deal

    Carrieverse and Disney Ink Content Deal

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

    Somnia Launches Playground App to Empower Metaverse Creators

    Somnia Launches Playground App to Empower Metaverse Creators

  • NFT
    Base claims top 3 spot in 30-day NFT volume: DappRadar

    Base claims top 3 spot in 30-day NFT volume: DappRadar

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    Defunct NFT lender Parallel Finance charges users $500 to withdraw assets

    $3.62B Already Sold in 2025

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  • Gaming
    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

    KuCoin Pay Joins Forces with 2Game Digital to Drive Web3 in Gaming

    GaFin Joins Cyber Crash to Advance Web3 Gaming

    GaFin Joins Cyber Crash to Advance Web3 Gaming

    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

    Buzzy Ethereum Game Football.fun Has Soccer Fans Scoring Crypto Gains

    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Stability World AI Adds Games to Transform the Future of Web3 Gaming

    Play Solana to ship handheld gaming device in October

    Play Solana to ship handheld gaming device in October

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    The Rise of Indian Online Casinos: Affiliates, Crypto, and Seamless Gaming?

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    Avalanche Selects Funtico to Support Indie Game Developers

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    Google Boosts Gemini AI Image Capabilities in Latest Salvo Against ChatGPT

    How Toyota Plans to Transform Vehicle Data and Ownership with Blockchain

    How Toyota Plans to Transform Vehicle Data and Ownership with Blockchain

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    Polyhedra Network launches Proof Cloud in open beta

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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    I asked ChatGPT to predict Ethereum’s prospects as billionaire holders accumulate

    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

    What Is Cloud Mining in Crypto? Everything You Need to Know to Start

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

    What Is Crypto Arbitrage and How to Use It in Trading?

    What Is Crypto Arbitrage and How to Use It in Trading?

    What’s the Difference & Which Is Better to Trade?

    What’s the Difference & Which Is Better to Trade?

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

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    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Mining

How much you could make or lose mining Bitcoin in 2024

January 17, 2024
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How much you could make or lose mining Bitcoin in 2024
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Is individual Bitcoin mining still profitable? Our analysis of average costs post-halving may bring disappointing news.

READ ALSO

Trump-backed Bitcoin mining firm to go public on Nasdaq next month

Hut 8 Secures $330M Credit From Two Prime, Coinbase to Back 1.5 GW US Expansion

To figure out if mining Bitcoin for profit is worth it after the halving in 2024, we looked at a few important factors and conditions.

  • Bitcoin price: The price of Bitcoin significantly influences Bitcoin mining profitability. It may undergo changes, but for this analysis, we consider the current market price as of Jan. 16, which is around $43,000.
  • Mining hardware specifications:

    • Model: Whatsminer M53S++, a popular choice among BTC miners.
    • Hashrate: 320 TH/s, indicating the mining power of the equipment.
    • Power consumption: 7,040 W (or 7.04 kW), a crucial factor in determining Bitcoin mining electricity cost.
    • Purchase cost of miner: $6,400
  • Electricity cost: A major recurring expense in BTC mining. We use the average rate in the U.S., which is 16.21 cents per kWh.
  • Block reward: After Bitcoin halving in 2024, the block reward will be 3.125 BTC, half of the current reward, impacting the revenue from mining.
  • Annual operational and maintenance cost: This may include repairs, climate control solutions, ensuring efficient connectivity to a rapid and dependable internet provider, and arranging to staff if you choose not to oversee it personally. For the sake of simplicity, let’s assume it to be 20% of total costs.
  • Total network hashrate: Hashrate in 2024 may see a significant drop as smaller miners power down their rigs after the halving event. However, industry analysts project a potential surge in hashrate by the end of the year. We take an estimated 529 EH/s as of Jan. 16.
  • Annual blocks mined: Bitcoin is designed to mine 144 blocks per day, which is equivalent to 52,560 blocks per year.
See also  Move over Bitcoin, whales now prefer Ethereum - Here's why

Part 1: Annual electricity cost calculation

Part 2: Annual Bitcoin mining revenue calculation

Part 3: Total annual costs calculation

Part 4: Net annual profit or loss calculation

For simplicity’s sake, the calculation assumes the all-time high Bitcoin hashrate, accounting for likely future growth. Additionally, it assumes the mining operation begins after the next halving of the block reward, expected in April. The choice of a $43,000 Bitcoin price is completely arbitrary, merely reflecting the approximate price as of press time.

In this scenario, the operation results in a net annual loss of approximately $19,037

You might also like: A startup has developed a home heater that mines Bitcoin

Advantages of industrial miners over individuals

Over the years, BTC mining has evolved dramatically, favoring big miners over small ones.

One critical factor contributing to this shift is the early entry of industrial miners into Bitcoin mining. When Bitcoin’s value hovered around $500 or even $5,000, the cost of mining equipment was considerably lower, and the industry wasn’t as scrutinized for its environmental impact as it is today.

Moreover, industrial miners’ ability to participate in demand response programs sets them apart. Unlike traditional industries, BTC miners can rapidly adjust their energy usage, turning off operations when energy is scarce and expensive, which benefits both the grid and operational costs​​.

This flexibility is particularly profitable in areas like Texas, where miners have supported the grid by going offline during peak demand periods.

Access to cheap and sustainable energy sources further strengthens their position. Analysts suggest more than 50% of Bitcoin mining uses sustainable energy, including wind, solar, and hydropower, which are more cost-effective than fossil fuels.

See also  Bitcoin Mining Was Never Banned In China

This reduces operational costs and aligns with the growing importance of environmental sustainability in the industry​​.

You might also like: Exploring Bitcoin’s path to a renewable mining future

At the same time, the geographical flexibility of industrial miners allows them to set up operations in regions with favorable political climates and abundant green energy, such as Nordic countries and Canada. This is crucial, especially in light of regulatory changes like those seen in China and Iran​​.

Furthermore, industrial miners benefit from economies of scale, allowing them to reduce the cost per unit of Bitcoin mined.

Hence, as the Bitcoin mining industry continues to mature, these factors will likely become even more pronounced, marking the dominance of industrial miners in the field.

What to expect from Bitcoin mining in 2024?

In the above analysis of Bitcoin mining’s viability in 2024, we’ve employed realistic averages and assumptions for electricity and mining equipment costs.

However, it’s important to recognize that these factors can significantly vary, especially in large-scale mining operations. Unit economics shifts with the installation of numerous machines, altering profitability.

Geographical location is also crucial in mining profitability, with electricity costs being the primary expense.

For instance, in Iran, electricity costs are as low as 2 cents per kWh, far below the U.S. average. This disparity significantly impacts profitability, though it’s tempered by regulatory challenges, as seen in Iran’s crackdown on over 8,000 illegal mining facilities in May 2023.

Amid this, the SEC’s approval of spot Bitcoin ETFs introduces a new dynamic, potentially increasing Bitcoin’s demand and price, thus benefiting miners. Yet, the Bitcoin mining investment landscape is evolving. The Bitcoin halving in 2024 will reduce mining rewards, demanding more efficient operations. Optimizing operational efficiency and exploring alternative revenue streams become essential for those exploring opportunities to make money with Bitcoin mining.

See also  As DOE Preps for Take Two of Controversial Crypto Mining Survey, Industry Weighs in

Being a miner in 2024 demands strategically navigating these complexities. While ETFs could herald a bull market, the halving necessitates cost-effective and efficient mining practices.

Read more: Thinking outside the rig: 5 creative ways to mine crypto

Tags: BitcoinloseMining

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