Posted on

How profitable is the Antminer S9 in South Africa?       

Bitcoins have become harder and harder to mine for various reasons. With more and more bitcoins discovered, the difficult has risen from 520,569,941 GH/s to the present record high of 1,426,731,353 GH/s. This is a tripling of difficulty in mining bitcoins. This might paint a bleak picture of the profitability of bitcoin mining, but equipment like the Antminer have become more powerful.

We previously looked at how profitable Crypto currency mining can be in South Africa. Today, we’ll look at a specific piece of equipment that is very popular in Bitcoin mining circles. It’s the new Antminer S9, a 14TH bitcoin miner.

Not only does it have added processing power, it also draws around 1372W in power, which is a pretty low rate, compared to technology that existed even 10 years ago. This means that our profit can still be as high as it was previously.

Cost and Profit

One can buy an Antminer S9 for as little as 43,000 rand. However, you are more likely to find one around 55,000 rand. This might seem like a steep investment upfront, but we will show you that you are likely to break even in around an year.

With this processing rate, you will be looking at mining around Ƀ 0.001070 per day. This would be around 120.47 South African Rand per day, at current exchange rates. The power cost for this would be around 32.91 Rand per day, and could be even lower, depending on your tariff.

This would net you around 2632 Rand per month. In an year, you’re looking at a profit of 31,584, once you factor in the electricity payments you would have to make. If you get a cheap Antminer at around 43000 Rand, you’d break even in around 16 months, which is about a little more than an year.

Additional Factors

All the above is assuming that bitcoin prices stay stagnant or fall slightly. However, the reality is that Bitcoin prices have risen year on year since the beginning. What you could be looking at is a profit far greater than what we have shown here, which is assuming a worst case scenario. In reality, Bitcoins rose around 20 times its initial value in 2017, and if the same rate continues in 2018, then you will be looking at breaking even in less than even an year, and in fact, being at a profit greater than the price of the equipment you bought.

Assuming that you net around 0.39 Bitcoins in the year. This is around 44000 rand currently, and you would spend around 12,394.04 on electricity bills. However, if the value of Bitcoins doubles by the end of 2018 (A very conservative estimate when you realise it increased 20 times in 2017), then you would have made a profit of around 66000 rand in the year, which is far greater than the price of the Antminer. If it increases 20 times, like it did in 2017, you will have netted 867,000 Rand, which is more than 10 times the price of an Antminer

Conclusion

An Antminer is a wise investment to make in search of mining bitcoins in South Africa. If you can afford to invest, then this is an excellent choice to make.

 

Posted on

Bitcoin Hardware in South Africa

Buying Bitcoin Mining Hardware in South Africa

Many people go online to buy dedicated hardware for mining Bitcoins. However, while still niche, more and more people are mining Bitcoins in the country. Some great stores have popped up where Hardware can be bought, online or in person.

So let’s look at some of the dedicated stores that have opened up in the country.

Bitcoin Market South Africa

Bitmart has recented opened its first retail store, which will allow you to buy ASIC’s, GPU Miners, and all the other hardware that would be needed to mine Crypto Currency.  Whether you require a PSU with great power, a brand new AntMiner or a new Hardware drive, everything you want is available here, in what is the most extensive Crypto Currency Mining store in the country.

They have also been conducting a number of seminars to further educate the South African Public about the value of Bitcoin. They have also have opened up a number of ATM’s for customers to be able to access their Bitcoin Wallet. This is one shop that you will need to get to.

MineShop

Mineshop is another place where you can buy GPU Rigs. It’s another newly opened franchise, which also sell quite a few required accessories for mining Bitcoins.

While not as extensive as Bitmart, price comparisons of both stores show that MineShop is cheaper. This means that you can extract maximum profit by doing careful research about what to buy from where. Taking advantage of the cheaper prices of some GPU mining rigs from Mineshop could help you break even a lot quicker, and you know that you’ll be getting a quality product which you will have bought in front of you, something you are not as sure of when you buy something online.

BitCoin Propser

You can buy items online from BitCoin Prosper, the number one provider of Bitcoin mining hardware in South Africa. Affordable and high quality items are available here.

Conclusion

Crypto Currency mining is a profitable endeavor and more and more stores in South Africa are catering to the need of getting specialized equipment to profit from the craze of Crypto Currency. Whether it be Bitcoins, or whether it be the rising Ethereum, profit is there to be had, and the equipment is now starting to be readily available in different stores. There are no excuses to not making a profit in these times now.

 

 

Posted on

The rising phenomena of Crypto Currency

 

What is Crypto Currency?

Millions of people around the world are now investing in the phenomena known as Crypto Currency. From Australia to the USA, from China to Russia, from South Africa to India, millions around the globe have become embroiled in the trading and mining of Crypto Currency.

We’ll define both mining and trading later. First up though, the question is, what is Crypto Currency?

Crypto Currency

Crypto Currency is basically an online currency. To understand this, let’s look at Bitcoin, the first of its kind. Now what separates Crypto Currency from other more centralized forms of currencies spent online by banks?

For this, you need to realize that to make digital payments work, you need a payment network with accounts, balances, and transaction. However, the issue with money online is that you can accidentally spend it twice, and a bank has to prevent an error like that. Double spending would mean a person could spend more money than he has and this would put a bank out of pocket. To do this, a central authority (The Bank) checks every transaction and ensures that no money is able to be spent twice

Difference between Crypto Currency and Traditional Currencies 

Here in lies the key difference. In this form of decentralized currency, every single entity of the network has to do this job of double checking. If even one is wrong, then the whole network will fall down. Yet in over 10 years, not one time has there ever been a mistake.

This is because Bitcoins and any other digital currency (Or even physical currency for that matter) are basically a list of records in a database that list the value of currency. That’s all they are, that’s the entire basis of currency. And if you can get decentralized nodes to check the database for you to ensure that no coin is spent twice, you’ve created a network that does the job for you.

Why does Crypto Currency Matter?

The main reason why Crypto Currency matters is because there’s a lot of potential in the currency. Like any new currency, there are a limited number of coins in it. However, here’s where the difference ends.

Not all Bitcoins have been distributed, and Bitcoins are not the only digital currency. What this means is that there’s potential for you to make money by discovering these coins by mining it, or by trading coins.

Mining is of greater profit in the longer run, while trading can lead to lower returns quicker.

Conclusion

Crypto Currency is the future of Technology. You can either resist it, or you can embrace it and make some profit while you’re at it. The potential of this relatively new technology is immense. With the right guidance, you can make a huge profit of this technology.