News Cryptominers made $100,000 from mining at an Airbnb for three weeks — the guests ran up a $1,500 electricity bill

[Y Chronos Zone]

Unlikely results. Plus is promoting these alleged rewards responsible reporting?

 

[vulkanosaure]

The author of this article is quietly trying to let us believe that this mining activity had a 98.5% interest rate, without even commenting about how exceptional this sounds.

And on top of that, let us assume it's true (it's not), someone who found this out of this world opportunity is gonna go through the hassle of moving from RBNB to RBNB just to save this tiny 1.5% electricity cost, rather than setting up a stable and long term mining farm ?

Is this article even written by a human ?

 

[johnmountain]

What were they guests for 8 years, racking up this bill every month, with the host somehow not knowing? Lazy, if not irresponsible journalism? This search took 1.2 minutes, and the numbers are from 2021, when the price was half of what it is today. https://www.coingecko.com/research/publications/bitcoin-mining-cost
How Much Electricity is Needed to Mine 1 Bitcoin?
As a solo miner, an average of 266,000 kilowatt-hours (kWh) of electricity is required to mine a single Bitcoin (BTC). This process would take approximately seven years to complete, demanding a monthly electricity consumption of about 143 kWh. To put this into perspective, this monthly electricity consumption is roughly one-sixth of what a typical household in the United States consumed in 2021.

 

[Toyashi]

Of all the things that didn't happen. This didn't happen the most.

 

[aaraujo]

the whole story is bull. if Mara which is a Bitcoin mining company pays .05c per kilowatt spends almost $50,000 to mine. One Bitcoin worth $60,000. amateurs in 3 weeks min $100,000. I guess the writer had nothing to write about and he decided to make this up this whole story.
Think about it. If you can spend $1,500 in electric and make $100,000, why won't they just mine in their own apartment? Or House.

 

[Pierce2623]

What were they guests for 8 years, racking up this bill every month, with the host somehow not knowing? Lazy, if not irresponsible journalism? This search took 1.2 minutes, and the numbers are from 2021, when the price was half of what it is today. https://www.coingecko.com/research/publications/bitcoin-mining-cost
How Much Electricity is Needed to Mine 1 Bitcoin?
As a solo miner, an average of 266,000 kilowatt-hours (kWh) of electricity is required to mine a single Bitcoin (BTC). This process would take approximately seven years to complete, demanding a monthly electricity consumption of about 143 kWh. To put this into perspective, this monthly electricity consumption is roughly one-sixth of what a typical household in the United States consumed in 2021.

I think you’re missing the fact that there is a minute random possibility of a lucky solo miner just quickly hitting a block (which pays 2BTC) on their own. It happens occasionally. A guy supposedly hit a block on a little USB miner in a story on here a couple weeks ago. Don’t get wrong, crypto people are scum. I’m just saying the story isn’t implying anything about mining for a long time.

 

[TJ Hooker]

The catch has to be that they were mining on their own instead of in a pool that just pays for hashing. If you just luckily hit a block on your first try, you could get $100k out of $.50 worth of electricity or less. That’s the thing about crypto mining. Stuff with guaranteed payouts is minimal. To really make money you have to have the computing power to hit blocks by yourself. The “pools” have to pay for your GPU use whether they hit a block or not so payouts are minimal.

Mining solo or in a pool doesn't change your expected return, other than the pool fee charged (typically 1-2%, IIRC). If you're not profitable mining in a pool, you're probably not profitable mining solo either. Unless one's entire plan is to get lucky, in which case you may as well just buy lottery tickets.

 

[slightnitpick]

A guy supposedly hit a block on a little USB miner in a story on here a couple weeks ago.

Unless one's entire plan is to get lucky, in which case you may as well just buy lottery tickets.

This. The USB miner cost $179, not including electricity costs. The Daily Tennessee jackpot and Rhode Island Wild Money have odds of 1 in 501,942 to hit jackpots that are currently in the mid and upper $100ks, and the Kentucky 5 has odds of 1 in 575,757 to hit a jackpot in the upper $200ks. Buying $179 worth of tickets brings those odds to around 1 in 3000. I know there are a heck of a lot more USB miners being sold than just 3000. https://www.lotteryusa.com/odds/

It's pretty sad when your odds of winning the lottery are better than your odds of hitting a middling bitcoin win. And sadder still when these rare wins are used as a marketing scheme.

 

[Pierce2623]

This. The USB miner cost $179, not including electricity costs. The Daily Tennessee jackpot and Rhode Island Wild Money have odds of 1 in 501,942 to hit jackpots that are currently in the mid and upper $100ks, and the Kentucky 5 has odds of 1 in 575,757 to hit a jackpot in the upper $200ks. Buying $179 worth of tickets brings those odds to around 1 in 3000. I know there are a heck of a lot more USB miners being sold than just 3000. https://www.lotteryusa.com/odds/

It's pretty sad when your odds of winning the lottery are better than your odds of hitting a middling bitcoin win. And sadder still when these rare wins are used as a marketing scheme.

I fully agree. I’m just explaining why the people who are mentioning interest rates and whatnot are incorrect.

 

[Pierce2623]

Mining solo or in a pool doesn't change your expected return, other than the pool fee charged (typically 1-2%, IIRC). If you're not profitable mining in a pool, you're probably not profitable mining solo either. Unless one's entire plan is to get lucky, in which case you may as well just buy lottery tickets.

If you’re not mining in a pool, there is no return unless you hit a block. Nobody but pools pays for straight computation time. Hitting blocks is the only way to make money mining. If there weren’t blocks that paid out, there wouldn’t be any money.