Compass Mining, a company dedicated to offering services related to the mining of bitcoin and other cryptocurrencies, now allows its clients to mine from home.
This new service offered by Compass Mining consists of sending the mining hardware to the customer’s home and the necessary support from your technical support to get it started. It should be noted that the mining teams would work in F2Pool, a renowned mining pool for Bitcoin and other cryptocurrencies.
At the moment, this service is only available in the United States. However, the company states that it has plans to expand this modality to Canada and Europe at the end of this year, 2021.
Mining at home: a necessary service or a mere luxury?
Mining cryptocurrencies from home in a modest way, with a small rig or a few ASIC equipment, it is something that can be achieved without the need to hire a company for it. You can contact a mining hardware dealer yourself, or a manufacturer directly, and buy the equipment.
The commissioning of the hardware for mining cryptocurrencies can be achieved effectively and safely by following free tutorials available online. So, in the face of Compass Mining’s proposal, a couple of crucial questions arise: Do you really need a service like this to mine from home? And what benefits can it bring compared to doing everything on our own?
Fortunately, the CEO of this company, Whit Gibbs, answered these questions in an interview for the website The Block. There he commented that the offer of this new modality of his services arises from its demand by potential users.
The benefits obtained by the Compass Mining client would basically be the technical support provided by the company and a 50% discount on the commissions that F2Pool charges its miners.
The profitability of mining bitcoin on a small scale or “domestically”, to call it somehow, may involve very high numbers. The average cost of 1KWh in the United States is USD 0.13 and the price of BTC in today’s market is USD 43,014. Therefore, daily earnings from mining bitcoin with an Antminer S19 they barely exceed US $ 15.
This mining device has a cost of USD 10,400 when acquired through Compass Mining. In other words, recovering the investment in the hardware would take almost two years of continuous mining, if the current conditions of the Bitcoin network and its price in the market were maintained.
The business model that companies such as Compass Mining engage in is the rental of mining equipment that is located in their own facilities. Therefore, an additional advantage of ‘home mining’ is that the availability of physical space to add new miners would no longer be a limitation. In fact, Gibbs commented that there are clients waiting until early 2022 to be able to contract their services due to the shortage of available space.
One of Compass Mining’s most recognized clients is Twitter CEO Jack Dorsey, who commented in a tweet last August that was using this service to get into cryptocurrency mining. However, Dorsey did not give more details about his investment, as reported by CriptoNoticias. It is assumed that you have the traditional mining services offered by the company and not the new “at home” mode.