Demystifying Bitcoin Mining Update: October '24

Please read the intro article that sets the stage here: https://www.dhirubhai.net/pulse/demystifying-bitcoin-mining-my-s21-pro-hosting-jesse-pielke-zlqyf/

In this monthly update, I’ll review the key metrics of the mining operation, including Revenue, Cost, and Profits, all presented in BTC and USD terms. I’ll also provide a current Break-Even Calculation and share notable developments.

Key Events

• Miner Installation and Setup: The Bitmain S21 Pro was installed and went online, with the first full day of mining recorded on 02.10.2024.
• Foreman Access Activated: I now have Foreman access, allowing me to monitor hash rate fluctuations and other key metrics in real-time.
• BTC Payments: I completed the initial deposit and paid for the first month’s hosting cost entirely in Bitcoin, keeping costs streamlined.
• Pondering Pool Switch: While I’m still mining with Wilson Pool, I’m considering switching to OCEAN pool, as its payout model may offer better returns. For now, I’ll keep it on Wilson and monitor the results.

Revenue

For October, the miner has generated approximately:

• 426234 Sats: This is the total mined in BTC terms, reflecting Wilson Pool’s low-fee structure.
• $282.14: Based on the current BTC/USD exchange rate, this month’s revenue totals approximately $282.14.

Costs

Electricity and Hosting:

• $195.60: My Kansas host charges a competitive $0.0775/kWh, translating to roughly 0.002862 this month.

Profits

• Net Profit in BTC: 0.00140076
• Net Profit in USD: $86.24

Break-Even Calculation

To break even, I’ll continue tracking revenue against my initial machine cost and ongoing expenses. The current Break-Even progress stands at 2% in BTC and 4.4% in USD

Hashrate History

Here’s a snapshot of the Hashrate History from Foreman, showing production stability.

Pool Performance

A recent snapshot from Wilson Pool provides insights into the mining operation’s payout consistency and overall pool performance.

This update is part of my ongoing effort to provide transparent insights into the mining operation. For the next update, I’ll continue monitoring revenue, costs, and profit, and consider any potential improvements, such as a pool switch to OCEAN if it proves beneficial.