A lot of people have a strong desire to buy ASIC rigs to mine Bitcoin for passive income. However, attempting to host and run these machines at home can be a major headache. Fortunately, there is another option - River.com offers hosted Bitcoin mining and can do all the hard work for you.
I personally use River Financial and have them hosting Bitcoin mining ASICs for me, so this review is based on my personal experiences using them to generate a supplemental income. I know it can be nerve-racking to send a large wire transfer to start an investment with a company you really don't know, so I've created this guide to let you know what to expect from them and to confidently proceed with creating your own bitcoin mining business.
Best of all, I've even arranged for you to receive $100 off the cost of every single ASIC miner that you buy from River when you start up your account! See my full review below for more details.
Why Use Hosted Bitcoin Mining?
I personally run GPU mining rigs at home to mine Ethereum. I highly considered doing the same with ASICs to mine Bitcoin too. My situation is pretty much the perfect set up to do ASIC mining from my house. I own my home, and there's a second building on the property where I run my GPU rigs. However, I still ended up deciding to use River's ASIC Miner Hosting instead.
Heat, noise and electricity are the biggest concerns for any kind of crypto mining. With ASICs, all three of these problems are greatly amplified. The modern ASICs like the Bitmain S19J Pro, Bitmain S19XP, or the Whatsminer M30SPP will generate over 80dB of non-stop noise 24/7/365. Over 85dB can actually cause hearing damage! This is comparable to a power lawn mower, a lot of vehicle traffic or even a jam-packed restaurant. You really don't want a single one of these to be inside of your house or even out in your garage.
While there are 120V ASIC miners that you can buy for use at home, they really should be used on a 240V outlet instead. Many modern ASICs will use more than 3000 watts, and the vast majority of home breaker circuits really can't handle that much sustained power output on a 120V. You use the twice the amps with 120V, so you might need 30 amps on 120v and only 15 amps on 240v. My entire property is only wired for 200-amp service and would require special permits to go beyond that level. This really wouldn't allow for a very big mine.
I'm able to handle heat from my GPU rigs with a really powerful fan that moves more than 3000 cubic feet per minute. I would likely need even more of these, along with intake vents, to handle the massive heat load that even a few ASICs would spit out. This would require chopping holes in the side of the building. I'd basically need a massive renovation of the building and the electric system just to be able to handle more than a few ASIC miners at home.
Start-Up Costs: Buy ASICs
To create an account with River Financial and start building your Bitcoin mining business, you'll have to buy ASIC miners from them to host. This is going to be your biggest cost for the entire business. The more miners you can afford to buy, the higher your monthly revenue and profits. In general, you can set your monthly income with this business, although this can fluctuate with the price of Bitcoin.
Right now in June 2022 and likely in the next few months is the perfect time to buy. Manufacturers change the cost of their miners based on the price of Bitcoin. The current price is lower than it's been in more than a year, so it's actually a great time to buy because your investment cost will be lower. River passes along these savings to the customer - when they can buy the miners for less, you pay less for them to River.
The exact cost of an ASIC miner with River will vary depending on the current market and the miner models being offered. In general, you can expect to pay somewhere in the neighborhood of $8,000 - $14,000 per miner. I'll get into more detail about revenue potential for each miner soon.
Electricity & Maintenance Expenses
The only ongoing expenses you have for a hosted Bitcoin mining business are electricity and potential maintenance costs. I have not yet had any maintenance issues with my miners, so I cannot accurately review how that works with River. However, I will be sure to come back here in the future to update this blog post to let you know when I have more info on the subject.
Electricity is one of the most important factors when it comes to mining any cryptocurrency. The more you pay for energy, the less profits you'll make. I live in South Florida and my electric costs per KWH are around 12 cents. That's actually a bit higher than the national average of 10.4 cents per KWH. I can make a profit with GPU mining with my electric costs, but Bitcoin mining is even more power intensive.
Power costs are one of the big reasons I decided to contract River Financial to buy and host my ASIC miners. They offer electricity at 6.9 cents per KWH. Big companies can often get even better rates than that, but for me, that's an excellent rate that I'm unable to beat locally. This simply lets me make a much higher profit margin with my miners.
After you purchase your Bitcoin miners from River, you'll have to pre-pay each month for electricity estimates based on the power usage of each machine. This technically adds to the start-up costs a bit since you'll have to make one power payment before you actually start mining Bitcoin.
Bitcoin Mining Revenue
The revenue and profits you can make from Bitcoin mining with ASICs at River Financial can vary drastically based on price of Bitcoin and trends in the global hash rate. However, I can at least give you some rough estimates based on current conditions.
I'm currently only using Bitmain S19J Pro miners. You can expect to pay $8k - $11k upfront for each, based on the current price of Bitcoin. Each one produces a hash rate of 104 TH/s, which can make around 0.014 BTC each month. Again, that's at current hash rates in June 2022. With current prices around $30,000 per coin, that's a monthly revenue around $420 per ASIC miner. The power bill for each of these machines is around $150/month. Right now, each rig is only making about $270 per month in profit.
Revenue is not always that clear-cut though. Your expenses for each miner are a set rate in USD. Your revenue is in BTC though. For this reason, your earnings are NOT actually based on the price of Bitcoin when you mine it. How much money you make mining is actually determined by the price of Bitcoin when you decide to sell it. That one key fact offers the potential to make much higher profits from mining.
Even though each ASIC miner is only making $420 per month right now, that revenue is in the form of BTC - about 1.4% of a Bitcoin each month per miner. If I hold onto the 1.4% BTC I mine in a month from a machine for 6 months until the price goes back up to $60,000 per token, I can double my revenue to $840 per miner. At those rates, each rig makes a profit of $690. This increases my profit margin to 82.1% from 62.4%! As you can see, your actual revenue and profits will depend on when you sell. As a result, if you're willing to hold your mined BTC for potentially years, you could see huge profits if the price eventually spikes into six-figures.
River.com Hosted Mining Review & $100 Off Deal
Ultimately, I highly recommend River Financial hosted mining for anyone that wants to start a Bitcoin mining business on a small scale (I'm talking less than $10 million investments). It's much easier this way compared with running ASIC miners in your home, and it can actually cost you more money to do it yourself.
My only complaint with them is pretty minor and can actually benefit some customers. After I bought my miners, the prices went down about a month later before my rigs were even online. I didn't receive this price break since the company had already ordered and paid for my ASIC miners at a higher cost. It's not really their fault the market works that way, but it can still be frustrating to be on the bad end of that price change.
I mentioned earlier that I've arranged a special $100 off credit for you for each ASIC miner you buy from River. Just follow these steps to get your credit:
- Click the link here and sign up for a River Financial account: River.com
- Talk with a sales rep at River on the phone or via email to arrange the purchase of your hosted ASIC Bitcoin miners. They'll provide you with a list of the currently available options and prices
- They'll invoice you for the purchase - your $100 off credit per miner will be reflected here!
- Sit back and wait for your rigs to come online and collect your check each month with zero effort.