I invested approximately one BTC back in November 2021 for a mining rig (S19XPs) to be ordered, installed, and managed by compassmining.io. Starting in August 2022, one miner was scheduled to come online monthly. In addition, I purchased some miners at the end of 2022 on the secondary market. All in all, I „own“ (aka „pay for“) twelve miners: nine S19xp and three S19j, totaling around 1.5 TH/s on paper. On average, over the last six months, I had less than half of that hash power online, with the rest in repair (the S19XP seems to be a delicate device) or subjected to power curtailments. I would be interested to hear other miners’ experience as to whether this level of uptime is the industry standard or whether it is specific to compassmining. Anyways, hosted mining is all trust without any possibility to verify what is happening - quite the opposite of Bitcoin itself. In the next round, I tend to invest in a local setup where I can walk up to the miners and check what is going on.
Discussion
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Compass mining has been plagued with issues.
I am surprised they are still in business.
I am sorry this is happening to you.
Hosted mining, IMO, isn’t a good idea. It doesn’t really help the network and it’s a poor business model.
Mining, in general, is a difficult business.
I run 2 S19 J Pros at home because:
1) KYC bitcoin
2) Decentralize the hash rate
3) It is a hobby project
In terms of profitability, it would have probably been best to just buy the bitcoin.
I was always telling myself I needed to mine, but I’ve heard so many stories of just buy instead. I admire your reasons for doing it as a point of decentralising the hash rate, I still would like to say I do that but can’t justify upfront cost with family commitments. It’s obviously key to the whole Bitcoin process and non kyc sats mined from a home setup is like growing your own food 🔥
My main reason for mining was to help secure the network. Ideally, one day, my contribution to the total hash rates equals my fraction of the total Bitcoin. Ironically, if I continue my chosen path, it will come true at or near zero ...
Home heating is the way. I think one or two s19pros will heat my entire house if I get them tied into central heating system.
A miner is an expensive heater though. Its a gamble to buy new units. Just keep it small, don't spend too much and think of it as a kyc free rewards program for electricity.
Currently, I have old units for space heaters and those seem worth it.
Correction: 1.5 PH/s
Was looking for that comment 🤪
Anyway, so far I haven't been running anything else than my two S9. They only do their work when the sun is shining in my roof (to be exact it's >1kW excess power production), which is like 30% uptime over the year.
Up until today they work like clockworks, but I guess you can't compare that to your situation... 🤷♂️