Is it profitable to mine altcoin in Australia

Is it profitable to mine altcoin in Australia

Is it profitable to mine altcoin in Australia

Do you know what “altcoin” means?

Altcoin means “alternative to Bitcoin”.  They are also digital currencies same as bitcoin.  As of this moment (8 August, 2017) there are over 1000 different altcoins.  Each one of them has a different technology and story behind them.  Some countries has introduce their own coin like “Dubai Coin” which is obvious,  “Arctic Coin” which introduced by Russia and “NEO” for China.

Some of the coins you cannot mine and some you can.  The most popular ones are Bitcoin, Ethereum, Monero, Zcash and Litecoin, etc.  For the purpose of this article, I will not discuss how to do the mining but just discuss about the profitability of mining these coins.

First, you might want to know “Is it profitable to mine Bitcoin?”

The simple answer is NO. You can refer to this article below.

7 Reasons Bitcoin Mining is NOT profitable or worth it in 2017

If bitcoin is not profitable to mine then is it profitable to mine altcoins, and I will discuss with you and focus on mining in Australia.  Since I live in Australia and I know how much it cost for electricity.  The calculation and figures below are in Australia Dollars.

Cost of equipment – mining rig

I will just give an example of using one mining rig with 6 video cards.

To build your mining rig, you will need the following.

  • CPU  $250
  • Motherboard $150
  • Power supply $170
  • Riser Cards $80
  • Rig $100
  • SSD hard drive $75
  • Mouse and keyboard $25
  • RAM $100
  • Video cards x 6 $3000

Total= 3950.  Lets round it up to $4000 as the cost of the equipment.

Electricity use by the mining rig

The mother board and the CPU would draw around 50 Watt.

Each video card will draw 90 Watt.

Total power consumption is 50 + (90 x 6) =590 Watt.  For easy calculation I will make it 600 Watt.

Electricity cost

The electricity cost where I live is around $0.21 per Kilowatt. (You can check you electricity bill.)

The electricity use per day = 600 x 24 /1000 Kilowatt = 14.4 Kilowatt

Cost of electricity per day = 14.4 x 0.21 = $3.024


I have used my own computer to do some experiments.  I will give you a conservative figure for the earning.  I will exclude the CPU mining in my calculation.

Earning per video card is $2

Earning for 6 video cards = 2x 6 = $12

Earning per day = earning – electricity cost = $12 – $3 = $9

Return on investment (ROI)

At you can see, I can make $9 per day with this setup.  How long will it takes to get my investment back.

ROI = Setup Cost / 9 = 4000/9 = 450 days

Which is approximately 450/30 = 15 months


So the conclusion – Is it profitable to mine altcoin in Australia?

You see electricity cost is a major factor in the profitability of mining altcoin.  In my calculation, it eroded a quarter of the earning.  In some countries the electricity cost is very low, then it would very profitable.

The other reason why it is not so good in Australia is because of the cost of hardware is more expensive than in USA.  Like the video cards which sold in USA is around US$340 and is equal to roughly A$400, but if you are to buy it in Australia it will cost $500.  A huge $100 different and six video cards will cost $600 more.  Not to mention all the other parts like CPU and motherboard.

Even though it takes 15 months to break even.  I would say it is still worth doing if you consider the long term prospect of mining.  Here are the reasons:-

  • After you earn back the initial investment after 15 months, from then on it will be pure profit.  Since the video cards should be able to run for 3 to 5 years.
  • The value of the altcoin increase and your profit will increase. Just take Ethereum as an example, it has increased like 100 times in a very short time and I foresee many of these altcoins will increase in value in the future.
  • It is a passive income, you don’t have to do much after you set it up. You just need to check it once a while to see if they are all running well.
  • Some people reported they are able to get their return on investment in around 6 month’s time.  Which is possible if the coin you are mining increase in value.
  • Although some coins have increase in mining difficulty, but you can always pick other coins which are more profitable.

If you are not the kind of people who have the patience to wait for a long term gain, you can invest your $4,000 in buying the coins you want in the exchange.  I recommend Coinspot, it is a good Australian company and you can read my review – CoinSpot Review.

The price of the digital market is very volatile and the price could swing up and down very quickly.  The result is you can make money quickly but you can also lose money.  As for mining, you will get a stable income and you won’t lose all your money even if mining becomes unprofitable.  Because you can sell your hardware and get back some of your money.

I  like mining because you can scale up your earning and invest more money.  If you are able to invest $40,000 for hardware, you earning will increase to $90 a day.

If you have any brilliant idea on how to make more money and think my calculation is not correct, leave me a comment below.

Cryptocurrency coins that could make you a millionaire

Cryptocurrency coins that could make you a millionaire

Cryptocurrency coins that could make you a millionaire

Cryptocurrency is becoming more and more popular.  More people are aware of them and many more people are starting to use them, just like when internet was first invented.  At the moment, I guess there are less than 0.1% of the world population has any idea what is cryptocurrency. Cryptocurrency trading or investing could be very lucrative.  Many had became millionaire within few months time and many more millionaire will be created in the near future.

Since cryptocurrency is still at its infancy, so if you get into it early there will be more chance for you to make money.  For me, I only started to look into it just a couple of months ago.  As I learned more about them, I realize the potential to make money.  Digital currency are here to stay in the future and we will be no longer using paper money anymore.  Most money are already stored in digital form already and also transactions are make in digital form – we use our credit card or phone to make a payment, no physical money is involved.

At this moment, the market capital of all cryptocurrencies amount to 100 billion US dollars, it is not a small amount.  This figure will go higher as more people are investing into it.

There are 5 digital coins which are very cheap and they could make you a millionaire if you invest in them.  I am not suggesting they will definitely increase in value since I cannot foresee the future.  I am just telling you the possibilities.  There are few reasons that they are good investments.  Firstly, they are all valued under US$1 and they are all belong to the largest top 50 in terms of capitalization.  Also, the daily trading volumes are high, from 3 million US dollars up to the highest 24 millions.  The reason people are interested in them because they are good investment and they have good technologies behind each company.

I will start with the coin which has the highest trading volume. The figures are taken at the time I am writing this article.  The reason I suggest them is because of you don’t need a large investment to buy the coins.


BitShare (BTS), current value $0.125765  and 24 hour trading volume 24 Millions US.


DigiByte (DGB), current value $0.016017 and 24 hour trading volume 10.2 Millions US.

Stellar Lumens

Stellar Lumens (XLM), current value $0.016173 and 24 hour trading volume 4.3 Millions US.


Nxt (NXT), current value $0.099094 and 24 hour trading volume 3.4 Millions US.


IOTA (MOITA), current value $0.260440 and 24 hour trading volume 2.96 Millions US.

As you can see there are millions of dollars changing hands on these coins, it indicates people are interested to invest in them.  Some countries are starting to use some of these coins in their economy, such as USA, Japan, China and some parts of Europe.

If you are interest to invest, you can visit CoinSpot where you can buy these coins.  They are a reliable merchant which operates in Melbourne, Australia since 2012.

If you are interested to know about the coin market, you can visit to see the listing of all the coins which are available.  You will be surprise by the big number of coins there is.

Invest in Cryptocurrency Australia – top 6 best crypto coins

Invest in Cryptocurrency Australia – top 6 best crypto coins

Invest in Cryptocurrency Australia – top 6 best crypto coins

Before I tell you my best choice for anyone who wants to invest in cryptocurrency, I want you to know that I am not an investment adviser or I have any qualification in this area.  So any investment you make is your own decision and whether you make money or not is non of my business.

The picks I am going to make are base on sound logic, analysis and observations.  My advice is you should invest in a long-term perspective and don’t trade short-term, because the cryptocurrency market is very volatile.  Swing of more than 50% of the value is not uncommon in this market. But I do believe if you hold the coins long enough, you are going to make some money.


It should be no surprise to you that this is my first pick.  The reason is they have a very good team working on this project and are all professionals.  They have experience and the expertise to make it successful.  Also, they are backed by some big companies like JP Morgan, Intel, Microsoft and others.  This coin’s market capital has risen to number 2 position just behind bitcoin.  Some people believe it will overtake bitcoin and I think it is no surprise.  The attraction in investing in this coin is the potential to make money in a long-term and the prospect is better than bitcoin.

More information can be found at


This coin has a very good marketing team as well as their innovative idea of saving money in cross border transaction for banks in all countries.  As of this moment, there are many banks who are already trying the Ripple technology.  There are also 9 countries who is implementing Ripple in real production. It is currently sitting at number 3 position of market capital behind Ethereum.

This company has great prospect to make it more successful in time even though the current price of this coin is not high, but I do think it will change.  How high will it goes which I don’t know.  More information can be found on


This coin has the same technology as bitcoin, but as it’s name suggest it is lite (light).  What it means is the load on the network is not as heavy as bitcoin.  Bitcoin currently suffers a lot of problems.  For example, the transaction time is getting longer and longer, currently it takes more than 10 minutes for a transaction to settle.  Also, the blockchain is getting longer and longer each day as more transactions come in and added to the chain.  There are many proposals on how to make bitcoin a better coin with faster transaction time.

Will Litecoin replace bitcoin later, no one really knows. But the popularity of Litecoin is soaring day after day.  The price of this coin have increased 10 times in just a few short months since March this year.  The market capital is currently on number 4th position.  More information can be found at


The attract of this coin is it protects the identify of it’s transaction.  No one can trace the transaction as where or who it is coming from and also where it is going to.  The way it does that is it hide the sending address and receiving address, also the amount of the transaction by it’s unique technology.  Therefore, it is welcome by people who want privacy.  Hence, it is most popular in country where there are tons of black money.  It is currently sitting on the 9th position.  More information can be found at


If you have heard of share computing, then Golem is using this technology and taking it to a new height.  The Golem Network is a decentralised sharing economy of computing power, where anyone can make money ‘renting’ out their computing power.  In plain English, if a business wants to run some calculation intensive programs, they can pay other people on the network by distributing the job to thousands of computers within the network and the job can be done quickly.  It is a remarkable idea.  Your computer can make money when you are not using it – isn’t that great?

It is well receive by most people because this idea is simple to understand and it has real application.  Currently, it is sitting on 22nd position, but I believe it has good potential to go higher in the ladder. More information can be found at


The MaidSafe technology is decentralise database.  Instead of storing data on your computer, with maidsafe you can encrypt and upload it on the decentralise server.  No one can access your data without your permission and is 100% secure.  It is better than the current cloud storage because of the decentralisation and encryption.  You can participate by connecting your computer on the network and provide storage space for other people.

They have an amazing team of people working behind this project.  It is sitting on position 31, but it has huge potential to do better in the near future.  More information can be found at


Technology has come very far, but seldom is such an abundance of innovative ideas behind the creation of all these digital currencies.  I have picked only 6 of them doesn’t mean that I don’t think the others are not good.  In fact there could be other coins which will perform better than these one I chosen.

We are living in an amazing time and I do believed that we can surely make money from investing in digital currency.

If you are interested, you can click on the banner below to sign up and buy these coins.

Good luck!

Coinspot Australia