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Crypto Mining Feasibility in Ireland

  • 29-09-2024 06:23PM
    #1
    Info_Seeker
    Registered Users, Registered Users 2 Posts: 85 ✭✭


    Hi Folks,

    Is crypto mining still a good side hustle in Ireland - considering hardware cost, electricity cost, increasing mining complexity and local taxes?

    I have just started exploring this idea. Can someone please give some tips/leads on how/where to start?

    Regards



Comments

  • #2
    Info_Seeker
    Registered Users, Registered Users 2 Posts: 85 ✭✭Info_Seeker


    https://www.boards.ie/discussion/2058371266/crypto-mining-feasibility-in-ireland

    can someone please help me here? Thanks 🙏



  • #3
    Spear
    Moderators, Computer Games Moderators, Technology & Internet Moderators, Help & Feedback Category Moderators Posts: 25,949 CMod ✭✭✭✭Spear


    The electricity costs are just too high on a day to day basis at least. So unless you're prepared to spend now and wait a long time for your chosen coins possible price increase, then it's not practical in the short term. Unless you have some arrangement where power is either free or very cheap, you'd be better off buying the coin of your choice off an exchange instead.



  • #4
    Potatoeman
    Registered Users, Registered Users 2 Posts: 4,526 ✭✭✭Potatoeman


    The hash rate has gone up due to the number of miners. You can look into the device and return then look at the kWh usage. The real issue is the competition and growing hash rate even if it was now the hash rate could increase and your device is not profitable after you invested in it and didn’t make your investment back. Ireland has high electricity prices and the whole Middle East thing is going to drive up prices.



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