Is it worth Mining Bitcoin yourself or with a Mining Contract – Beware of Scams!

The arms race in the Bitcoin mining industry has resulted in a huge shakeout of providers. Most of the Companies that were producing their own ASIC’s have either folded or moved into cloud mining where they run equipment on behalf of the client – but the growth in cloud mining has led to an increase in scam artists.

Bitcoin Mining Equipment

Bitcoin ASIC’s of 2016 are just to costly for retail consumers to have plugged into their own homes – and too noisy – the latest machines sound like a jet engine.

If you want to buy Bitcoin mining equipment there are only two producers worth looking at – and one doesn’t disclose what it sells it’s equipment for (although its rumored to be above $35k a piece).

These are the SP50 from Spondoolies Tech and the Antminer S7 from Bitmain. Comparing them is like chalk and cheese. The SP50 produces 110TH and the S7 produces 4.7TH, so you need 23 S7’s to make one SP50. Long gone are the days of individuals running their own miner and generating a passive income – as the network power sits above 1 Eta Hash.

CryptoCompare Antminer S7 BitmainRead more ... source: TheBitcoinNews