A comparison of buying a Miner vice investing cost of the minor
A comparison of buying a Goldshell Mini Doge Pro today and mining for 6 months vice investing cost of minor and electricity costs for 6 months. I was trying to decide about buying the minor today at its reduced cost and HODL the coins until prices went up. I did some simple math ( see below) to estimate my profit. I used F2Pool calculator to estimate DOGE, LTC, and electricity costs. I then did some math on what if I invested the $ into Doge directly. I know there are a lot of assumptions below like cost of electricity and prices of DOGE & LTC in 6 months. I was very surprised by numbers.
Goldshell Mini Doge Pro Cost $350
Hashrate 205 MH/S Power: 220 W Electricity Costs: $0.12 kW/h
Output Estimates: Doge: 6.3 LTC: 0.00343
Current Prices – 20 July 2022 Doge: $0.07 LTC: $59.88
Gross Profit: $0.66
Electricity Costs / day: $0.63
Net Profit $0.03 per day
Now if prices rise Doge: $0.36 LTC: $125 in 6 months and HODL all coins mined
Gross $2.70
Net $2.07
180 days * 2.07 = $ 372.60
Overall Net = $372.60 + $350 Miner hardware
Now if we invest vice buying
Invest $350 into Doge = 350 / 0.07 = 5000
Gain = (5000 * .36) – 350 = $1800 – 350 = $1450
Overall Net = $1450 + $350 initial investment
If we also invest electricity cost into coins
Electricity costs = $0.63 / 0.07 = 9
180 days later = 9 * 180 = 1620
Value = 1620 * 0.36 = $583.20
next we subtract Electricity costs for even comparison
Net = $583.20 – (180*.63) = $583.20 - $113.4 = $469.80
Overall Net = ($1450 + 469.80) + $350 = $1919.80 + $350 initial Investment
I was shocked at the numbers. Please comment below if you think I am missing something or have made a calculation mistake
F2Pool Calcutaor: https://www.f2pool.com/calculator?miner_id=261197¤cy=ltc
Goldshell: https://www.goldshell.com/product/minidoge-pro/
I think mining is just waste of resources in present day