blog You may recall that MacTalk founder and all-round geek Anthony Agius has been conducting something of an experiment to determine whether an Australian Bitcoin miner could make enough money to justify the practice. Well, the results are in: And the answer is: “Most likely not”. Agius’ conclusion (we recommend you click through to the whole, fascinating, post on his blog):
“Even with 20 rigs and rent, I’d make money for 5 months, but after that, would start losing it, and would never make enough in those 5 months to pay back the $28,000 I spent to buy the equipment, until I’d start to pay more for power than I would earn in Bitcoin. Regardless of how many machines you have, the cost of that machine and the power it takes to run it, will never make you back any money.”
The key to making money from Bitcoin mining in Australia, according to Agius, is to obtain a so-called “ASIC miner” — a CPU and chipset specialised for this kind of task. Most people use powerful graphics processing units from the likes of NVIDIA to get the task done, but according to Agius, the cost of such a setup in Australia means that locals probably won’t be able to make their expenses (electricity being a large one) back. It’s sad, but the Australian Bitcoin mining rush may be over — unless, of course, you can clandestinely subvert the resources of a major corporation to get the processing done. We can all dream.