Bitcoin's Price Surge is Making Hobby Mining Profitable Again

captaincoin (37)in #bitcoin • 7 years ago

Roque Solis never imagined the bitcoin mining equipment he bought in February would have already paid for itself. And on top of that, made him money.

Solis is the president of SoliSYSTEMS Corp, a company that developed an EMV smart card for electronic benefit transfer for the federal assistance program, Women, Infants, and Children (WIC). While attending several conferences last year, Solis was unable to ignore bitcoin. So, he decided to experiment with the technology via mining to get a better handle on whether the technology could be used within his company.

Solis bought a Bitmain Antminer S9 on eBay for $2,400.

As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet.

These gains, though, are particularly interesting in that, even last year, individual hobby mining wasn't profitable anymore. Individuals with just one or two miners couldn't compete with the companies mining bitcoin using large warehouses full of servers dedicated to the task (and seeing lucrative returns as the price rose).

#investing #cryptocurrency #money