All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The fresh information from CEX.io about the addition of an option to buy future mining contracts for Bitcoin has made us thing and calculate how profitable are they if we compare them to what other options are already available to start mining immediately. We are going to do a comparison between the FHA contracts (purchasing cloud mining hashrate for the end of April) that you can already purchase to the currently being shipped Bitmain AntMiner S1 BTC ASICs and to a BTC cloud mining service that is already available and running by offering 5 year Bitcoin mining contracts, namely the PB Mining Bitcoin cloud mining service. We are going to compare how much it will cost you to purchase 1 Terahash (1 THS or 1000 GHS) worth of Bitcoin mining hashrate at each of these services.
1 THS of ASIC mining hardware currently shipping:
– 5x 180 GHS Bitmain AntMiner S1 overclocked to 200 GHs each
– This will cost you about 5 BTC for the moment for the miners
– You will need power supplies for about 2100W for them
– You will need to pay for 2.1 KW of power an hour for electricity
– Miners will be at your door in a week and you will start mining
1 THS of PB Mining cloud hashrate currently being sold:
– The current cloud mining hasrate price is 0.0083 BTC per 1 GHS
– You will need to pay 8.3 BTC at the moment for 1000 GHS
– The cloud hashrate will start mining for you in a few hours
– No extra cost for electricity or need to support hardware
– This is a long term mining contract for 5 years that you purchase
1 THS of CEX future cloud hashrate for end of April (FHA):
– The current contract price for FHA is about 0.00799999 BTC per 1 GHS
– You will need to pay 7.999 BTC for a purchase of 1000 GHS contract
– The cloud hashrate will start mining in about month and a half for you
– No extra cost for electricity or need to support hardware
– You can sell or trade the cloud mining hashrate contract at anytime
So it seems that all of the above options do have their own advantages, but there are disadvantages as well. It is up to you to decide what seems the most reasonable for you at this moment if any of the options is a viable alternative for you. Based on our experience, the AntMiners are very good product and the company making them is really fast and ships from stock (if ordering directly from them), not to mention the always up to date prices going down with the difficulty increase. The PiggyBack Mining cloud mining service so far is working great based on our few weeks of experience using it, they also update prices after difficulty increase. The use of CEX.io for cloud mining is not so good of long term investment in mining hashrate due to the higher prices driver by the users trading on exchange, but if you use the platform for trade and treat the cloud mining as just an extra profit while trading it is not a bad option.
The Chinese company Bitmain has shown to all other competitors in the field of Bitcoin ASICs how they should do their business successfully and keep all of the clients happy and coming back. The company is still shipping very fast 180 GHS ASIC devices that are on stock and with a price getting lower and lower over time. Currently you can purchase a single 180 GHS Antiminer S1 ASIC that easily overclocks to 200 GHS for 0.998 BTC and the price even includes express shipping. Really unbeatable price for something that will arrive on your door in about a week from China and you will be able to start mining with it. We are already eager to see the company come up with the next generation of ASIC chips using 28 nm technology and offering higher performance with even better performance per watt of power consumed.
Today we’ve decided to finally do a measurement to see how much power does a Bitmain AntMiner S1 Bitcoin ASIC use both at idle (not mining), at stock 180 GHS and at overclocked 200 GHS mode. We’ve been using Bitmain AntMiner S1 miner for a while now and have already shared our best settings for overclocking AntMiner S1 to 200 GHS as well as some very interesting thermal images that what gets hot and how hot actually gets on the AntMiner S1 board. We are going to be measuring the power consumption (at the power socket) with the help of a very good 80 Plus Gold certified Power Supply (Seasonic SS-400FL) that is able to deliver about 90% efficiency at maximum load. This means that the actual power usage of the ASIC miner is 10% less than what our measuring device shows and the other 10% of power are being lost during the conversion essentially in the form of heat dissipated by the PSU. What you are paying for is the actual power measured by the device we are using for the tests of the power consumption.
The idle power we have measured was 75W (67.5W + 7.5W). This is the power usage that you can expect from the device as soon as you power up the AntMiner S1, it takes some time to start up and to connect to the Internet in order to get work from the pool and the power usage during that time is about 75W. Also should your ASIC miner loose connection to the Internet or the pool it is configured to mine at gets down and there is no backup or the other pools are also not available the device will consume 75W of power doing essentially nothing.
What you will be more interested in though is the power usage of the Bitmain AntMiner S1 ASIC when it is working and mining for Bitcoions. At the default frequency of 375 MHz of the Bitmain chips used in this device and a hashrate of about 180 GHs you can expect a power consumption of about 407W (366.3W + 40.7W). And if you overclock the device to 393.75 MHz as per our guide here you are going to be getting 20 GHS more hashrate at the cost of a small increase in power usage. In 200 GHS overclocked operating mode Bitmain AntMiner S1 ASIC will use about 422W (379.8W + 42.2W). So if you haven’t overclocked your Antiner S1 yet, then you should and our overclocking guide will ensure you get low HW error rate, lower power consumption and stable 200 GHS of hashing performance.