DW: Yesterday Bitcoin hit a new all-time high, surpassing $7,000 for the first time. Is it still feasible to start mining Bitcoin now?
Oliver Albrecht: If certain conditions are met, yes. You’d need:
- A dedicated Bitcoin mining rig
- Proper ventilation/cooling infrastructure
- Access to low-cost electricity (e.g., industrial rates at €0.05/kWh vs. household rates of €0.25–€0.28/kWh)
High electricity costs would make mining unprofitable.
DW: How long would it take to mine one Bitcoin at home with average German electricity prices?
Oliver Albrecht: This depends on Bitcoin’s market price. Conservatively:
- Estimated runtime: 6+ months
- Electricity cost: €600–€700 (€100/month per rig)
- Additional expenses: Cooling systems, ventilation setup
👉 Bitcoin mining hardware recommendations
DW: Is monthly Bitcoin investment worthwhile for individuals?
Oliver Albrecht: Yes—if Bitcoin appreciates. Example:
- $100 mined today → $150–$200 later if value rises
DW: Can home PCs mine Bitcoin?
Oliver Albrecht: Not anymore. Pre-2010, it was possible; today’s computational demands require specialized ASICs.
DW: What about using idle office PCs at night?
Oliver Albrecht: Unviable. Each PC would yield just €0.02–€0.03 daily—less than the electricity cost.
Key Bitcoin Mining Facts
- Global mining distribution: 99% in China
- Mining rig cost: ~$1,200/unit
- Alternative: Cloud mining services (remote hashpower rental)
👉 Cloud mining services explained
FAQ
Q: What’s the minimum investment to start Bitcoin mining?
A: ~$1,200 for a rig + cooling setup.
Q: Can solar power reduce mining costs?
A: Yes, but ROI depends on local sunlight and initial panel costs.
Q: Is cloud mining safer than owning hardware?
A: It eliminates maintenance but requires vetting providers for legitimacy.
Oliver Albrecht is a technical expert at Bonn Bitcoin Club.
DW adheres to journalistic neutrality. Views expressed belong solely to interviewees.