I’ve noted a couple of times in this blog that I’ve been kinda ignoring the power cost of mining so far, as for me at this time it’s so low. Upon mature reflection, this is not very smart. When you start adding hardware the cost of powering it grows fast, and while it’s great that you might have earned some Bitcoin, reality bites when you get an electricity bill for twice its worth.
So first, here’s a table:
So what are we looking at here?
- Watts is how many watts your rig is pulling from the wall. Even a rig which is idling will pull something.
- Khash is your hashrate
- CPM is Cost Per Month in euros
- IPM is Income Per Month in euros
CPM is worked out with the formula:
CPM = (Watts/1000) * Cost of 1 Kilowatt Hour * 24 * 30
IPM is worked out as follows:
IPM = (Hashrate in KH/1000) * Expected return per MH * BTC value * 30
Breakeven occurs when these are equal, and from my chart, you can see that in my case this happens at about 300 Khash or so. Increasing my mining power after this significantly increases profits. But a few important things here:
- I am using an auto-switching auto-payout (BTC) pool which can offer a consistent 0.01/MH/day.
- I am assuming in the above that BTC has a value of €500. I have tried to be conservative.
- Electricity where I live (Ireland) costs on average €0.15 per KWH (often called a “unit” on your bill).
- For the sake of simplicity I have taken every month as 30 days
Hope this helps a bit for people who are trying to decide whether or not to get into the mining game! As always, comments welcome 🙂