Bitcoin Mining in 2016-June – Heating your home and earning BTC

Its winter in Australia, Sydney. And I have a choice, run a heater to warm the room, or run something that produces/does something and has heat as a Waste Product.

Welcome to bitcoin mining. The heater of the Internet.

Sadly the average person can’t mine anymore. The equipment is expensive and the return on investment low, however the average person can heat their home and play Bitcoin lottery with the cheap mining equipment on eBay.

Below is my new Rig, I mean heater:
IMG_2862
IMG_2863

This will soon be moved into our bubs room to provide lite background noise and heat, removing the need for the oil heater currently in the room and the noise from an old iPhone.

Here are the Specs:
https://www.amazon.com/Bitmain-Antminer-S1-Blade-Bitcoin/dp/B00HL4MEG6

  • 180Gh/s-200Gh/s over-clocking
  • Approximately 360 watts from wall
  • Requires two 6-pin PCI-e connectors
  • Nework connection: WiFi or Ethernet

I used the PSU (Power Supply Unit) from a PC not currently in use.

Will it pay out? Not using a shared pool:
http://eligius.st/~wizkid057/newstats/userstats.php/1A17oFZNvjJ2VHBEEZcER8TCxAtNoaKoem

Maintaining your 3 hour hashrate average, this will take at least another 14 months, 2 days, 7 hours and 26 minutes at current network difficulty of 196,061,423,939.65 to get  0.04192960 BTC. $30 for 14 months work and a very expensive electricity bill.

Yet if I only turn this on when I would normally turn on a Heater, technically i’m in front. As this heater will pay money back AND heat the home.

The next option from a Shared Mining Pool is the Bitcoin Lottery using solo mining:
https://solo.nicehash.com/bitcoin/user/1A17oFZNvjJ2VHBEEZcER8TCxAtNoaKoem.htm
If I find the next block hash key, the reward is 25 bitcoins! although my chances are very slim, I suspect this is better than lotto, plus the knowledge and fun of playing with old bitcoin hardware.

References:

Interface to the bit mining software on the S1:

Screen Shot 2016-06-14 at 9.21.28 PM

Manual https://www.bitmaintech.com/files/download/AntMiner%20S1%20Manual_EN.pdf

Youtube:

 

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