They mentioned they earned more than $100,000 just from mining during their stay, so no need to feel sorry for them having to cover the $1,500 bill.
If mining is pulling in that kind of cash, I'm not sure what else to think.
If mining is still profitable as I just read in the article why don't they do it in their own apartment. They said they didn't mind paying the electricity bill since they made a lot of money, they could have as well stayed in their own apartment, saved money on paying for Airbnb and just mined their crypto. I think the only cost they would incurred is the electricity cost. Well as it seems, after paying taxes on the $100,000, which I assume they would their real profit may be around $75k. It is an assumption unless they would pay no tax on it.
I have few thoughts after reading the news.
1. It mention computer, so they probably mine altcoin rather than mining Bitcoin.
2. Ratio of electricity paid by the property owner and estimated income by the guest isn't realistic. With https://whattomine.com and setting electricity cost to $0.01/kWh, there's no coin which have profit/revenue ratio close to 0.985.
3. Rather than creating specific rule "no crypto-mining" and "no electric vehicle charging", the owner should've put limit of acceptable electricity usage.
most lay people see something that looks like it is electronic and assume it is a computer. they have no idea any further than that. so i wouldn't trust the person who said they saw "computers" to know exactly what kind of computing devices they were.
obviously it's not realistic. i wouldn't even expect if you spent $1500 on electricity that you could even make $1500 back. not in the usa with a small setup of just 10 "computers" over a short time period.
when your name is on the power bill, you're ultimately liable for paying that bill.
when mining eth was godlike a 3000 watts rig could make 100 a day.
that would be 72 kwatts so say 20 cents a kwatt means 14.40 usd spent earned 100
so
14.40 gets 100
144.00 gets 1,000
1440.00 gets 10,000
thus I think the 1500 in power earned at best 10,000
maybe 20,000 if it was 10 cent power cost during the best month for mining eth
feb or march 2021
Fair point, the included tiktok video doesn't show any of the CCTV footage either.
Which makes this news feels weird.
That's true, but i'm talking about rule set by owner, not who's paying the electricity bill.
There are a few odd things about this article:
1. They can make $100k in less than a month, but they do this to save on electricity, that's weird.
Honestly, I doubt they can make that much money in such a short period of time, if it was that profitable, they wouldn't worry about paying a relatively small electricity fee.
2. If they bring 10 computers with them, I think any owner would have questions about what these guys want to do there, and it's obvious that there will be cameras installed in the yards of such properties, which is very bad for the privacy of these guys. They themselves should be worried about advertising their activities too much in this way.
With this kind of income, they could buy a small house in a few months and not worry about rent, but it seems obvious to me that this is not the truth about their income, or maybe they are not engaged in mining but in something else...
1,500 we divide by 20 cents and get 7,500 kilowatts of electricity
7,500 divided by 21, we get 351 kilowatts per day or 14 kilowatts per hour.
I will say that the house has very good wiring if the renters could get that kind of power from ordinary outlets. In my house I did separate wiring to the garage so I could consume that kind of power
From what I read through your link if it's true I think many people would have forgotten cryptocurrency investment especially Bitcoin and concentrate on mining, because if they can realise hundred thousand dollars [$100,000] within two weeks that means mining is a lucrative business despite its electricity consumption..I'm thinking that the link is something bloggers did and is not real, I don't think mining of cryptocurrency base on the specification of the coin people are venturing into it again...but if that's truth I don't think the charge of one five dollars [$1,500] they ask them to pay is high
indeed! maybe that's why they are renting certain airbnbs rather than buying their own house because the wiring setup might be expensive. 14 kilowatts per hour is about 118 amps. A household circuit here in the usa is only rated for 15 amps. So they would need at least 8 dedicated circuits to pull it off. And make sure to unplug the refrigerator.
It's the same in Russia. A 15 amp circuit breaker is usually used for 1 round of wiring. Houses and flats use ordinary household sockets for 15A or 220*15=3300 watts. And that for safety such sockets should be with ceramic base. Sockets with higher power have industrial application, different design and are not used for household purposes.
I don't think mining is that profitable. I also read the article, and as far as I understand, the guests tried to use free electricity to mine whatever crypto they wanted. Luckily, it worked for him at first, but later, he had to pay a $1500 electricity bill. I don't think the homeowner knows how the guest was mining crypto well.
He probably tried solo mining with an ASIC miner and hit a block. Or maybe he tried solo mining in altcoins. Without solo mining, I cannot think of mining 100K in just three weeks. It's just pure gambling, and people can hit a block within an hour of starting mining.
If it was bitcoin, the profit would be much bigger, because the average reward for 1 block of bitcoin is 180000 dollars and more, which depends on commissions.
If it is a block of lightcoin, there is a reward of 400-500 dollars.
They needed to mine a lot of altcoins blocks in solo mining.
Make sense. Probably the miner did not tell the actual profit amount. Probably he mined a Bitcoin block and profited more than 180k but did not tell the exact amount. As you know, Bitcoin is not the most profitable coin to mine. So, it's also possible that the miner tried some new asics to mine Kaspa or ALPH which is profitable at this moment. But I don't know if these tokens can be mined through solo mining and what is the block reward. Nobody knows the exact story because the miner did not shared. The news portal should try to verify and collect more information. But it is what it is.
If we go back to the calculations and remember that about 7,500 kilowatts of electricity were used, you won't find altcoin asics with that kind of profit.
Solo mining for altcoins is not so profitable because of the low reward per block.
Choose any solo pools, but if you calculate the possible profit from the statistics of other miners, you will realise that the profit depends very much on luck.
https://miningpoolstats.stream/kaspa
https://miningpoolstats.stream/alephium
If so, then I cannot think of anything else where a miner can profit $100K from a short period without starting mining with many ASICs. I am not a miner, and I don't think I would be able to predict just how a miner could predict the possible scenario. So, I started to assume either the miner did not share the true story or the homeowner lied to the media.
I heard some hobby miners stopped mining since the halving because it's not profitable anymore. The only way to continue mining is if someone wants to hold their block reward for a while to sell it at a better price. I don't think everyone can do that.
I am a miner, and I will tell you that I would not rent someone else's house for the purpose of mining cryptocurrencies on asics.
I don't know what kind of wiring is there and it could end up in a fire and big losses for everyone.
In the beginning the miner does the wiring and protection and with many asics it is very difficult to be in the same house because of the noise and it is dangerous to leave the house. The socket can be of poor quality and can catch fire from overheat.
This is just a bluff no proof that they mine in 10 computers and earn $100k in 3 weeks seems Ashley recorded a TikTok video she doesn't seem to know about crypto.
Unless the 10 computers they talking about are the new ASIC unit called AL1 ALPH Miner that just released last July because that's the only ASIC miner nearly that can reach that profit and consumes $1500 power for around 0.08 cents Electricity rate.
This unit still makes a huge profit until now even though the profitability slowly dropped but the coins it mines keep rising. What do you think?
i didn't know there was something like that that could make that much profit but it seems doable. but the power requirement would be 35 kilowatts. i doubt that lady's house could handle that type of situation. so that's out of the picture.
it is simply not true.
10 pc's with 2x 3090 ti 's could earn 400 a day at peak eth.
it says 10 pc's
400 a day for 21 days = 8400
they would burn 3528 kwatts in 3 weeks at 40 cent cost California you would get to you 1500 buck bill, but earn just 8400.
The best mining possible I can think of was mining doge with L3's in summer 2020 doge was 2/10 of a cent
10 L3 units would earn a good amount of doge in 21 days then hodl the doge til it went to 70 cents and you may have done it.
but it was really the held doge that went from 0.002 to 0.700 not the mining