We are often asked by customers, is it possible to make a profit from mining in New Zealand? 

The short answer to this is "Yes!" (right now) but..


The longer answer is, it depends on a few factors, and we encourage customers to spend a bit of time planning out their mining rig before proceeding with purchasing something.

Your profitability will very much depend on the type of video card / GPU(s) that you purchase. You should consider the following factors when purchasing

- The upfront capital cost of purchasing a card
- How much will power cost
- What is the profitability of the card (how much will it earn mining)

EXAMPLE:

Currently (as at the time of writing) a 6600XT card costs $948 to purchase
Using a profitability calculator this card earns $3.39 per day


The card uses approximately 55W to mine per day.

At a power cost of say 30 cents per KW it will cost around 40 cents (55W x 24 = 1.3KW). 

DAILY PROFIT (1 card) = $2.96
DAILY PROFIT (8 cards) = $23.68
ANNUAL PROFIT = $8,643.20
ANNUAL ROI = (8,643.20 / 7584) = 114% 

This example excludes the cost of a rig, but is simplified for demonstration purposes

However.... there are some risks

- You should consider that profits with GPU mining are never guaranteed, they go up and they go down. 

- Anything you mine will be in the form of a Crypto Coin - this in itself may be subject to wild fluctuations

- Your responsibility is to pay Income tax on any income derived. Some people consider the setup of company structures to hold the equipment and offset expenses.

Read Next -> How to choose a GPU / Video Card

Useful links
Nicehash Profitability Calculator
WhatToMine.com Profitability Calculator

By Jamie Punnett 0 comment

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