Is creating a bit coin farm still a profitable investment?
So, bitcoin is not nearly as expensive as it use to be comparative to the USD. But is mining still something that can be profitable? For example if one where to purchase 1600 Antminer S5's at 1.15 TH/s, they you would have 1,840 TH/s, or 1.84 PH/s. Now assuming that power rates where 0.104/KwHr for commercial spaces. Those 1600 machines at 590W each would consumer 944,000W. Using bitcoin calculators online it returns a payback period of 208days, and annual profit of $993,867.39. Now assuming I could reinvest 50% of the profit back into the system I could effectively double my hash rate the next year and stop in 2017 when the reward is halved and walk away with a few million... This is just a quick thought experiment about bitcoin mining. The initial cash outlay would be significant and with the volatility in bitcoin exchange rates such a project could go bust. Clearly it's not this easy, if it was everyone would be doing this...but why is what I want to know. [Edit] I have no intention on doing any of this. I know very little about Bitcoin, I am looking to learn about it. I want to know why the above would/wouldn't work.
Just a reminder that if the 4 exahash that came online on Bitcoin.com is the new 7 nm miners, well they are using less power for the same hashrate which changes the profitability calculation. It allows them to mine longer at a loss then SV miners who don't have 7nm miners. /r/btc
Anyone know a method using a google financial spreadsheet formula or equivalent to calculate bitcoin value to hundredth or thousands of a cent. Something along the lines of this: http://www.coindesk.com/calculato As in 0.00004 BTN isn't 0.05 USD rather 0.048942 Thanks!
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