5 Years of Bitcoin Mining: My Lessons, Challenges, and the Road Ahead

Written By Dusan Matuska

When I look back at the last five years, it’s incredible how much Bitcoin mining has shaped me – both personally and professionally. It hasn’t been easy: we’ve had to move operations across continents, survive rising electricity prices, and learn from some expensive mistakes. But every challenge taught me something valuable, and today I’m proud of where we are and excited for what’s coming next.

How I Got into Mining

My mining journey started long before I ever plugged in the first machine. Since 2018, I’ve been teaching people about Bitcoin – what it is, why it matters, and how it works. I often talked about mining, explaining that it’s essential to keep the network secure and decentralized.

But I also knew that mining only makes sense where electricity is cheap – and ideally renewable.

Through this educational work, I met Gabriel Kozák, who later became my co-founder. At first, I thought he was just curious about mining. Then he told me his relative owned a small biogas plant in Slovakia. What felt like a distant dream suddenly became a real opportunity.

In 2021, we started mining in Slovakia. But soon after, electricity prices skyrocketed, and the war in Ukraine created the risk of being disconnected at any moment. We had to act fast – first relocating to the Czech Republic, and later moving our operations to Paraguay, where we could mine near Itaipu, the third-largest hydroelectric plant in the world.

From there, we expanded to other countries with cheap renewable energy, including Ethiopia.

Our First Machines

When we started, we went for the best machines available: Antminer S19s. At the time, they were the most powerful ASICs on the market, running at 100 TH/s, while most competitors were around 80 TH/s. We wanted to be as efficient as possible – both for ourselves and for our clients.

Today, mining difficulty has doubled. The same machines that once produced a certain amount of Bitcoin now generate only half as much. You can still mine with S19s, but only if your electricity costs are very low.

Mining technology is moving fast – water-cooled and immersion-cooled rigs are now standard, and efficiency has improved by roughly 50% in just a few years.

Why I Chose Paraguay and Ethiopia

Leaving Europe wasn’t an easy decision – but it was necessary for survival.

Electricity prices in Slovakia and the Czech Republic kept rising, and the risk of sudden disconnection was too big. I wasn’t willing to put our clients’ machines in jeopardy.

Paraguay was the perfect choice. It’s the world’s largest electricity exporter and produces 100% hydropower.

Today, we run more than 2,000 miners – most of them in Ethiopia, where 95% of electricity comes from hydropower and prices are among the most competitive in the world.

Can You Still Mine in Europe?

Mining profitably in Europe is very difficult. If you have access to free electricity or you’re running a small machine where power is included in your rent, you might still make it work — but I’m not encouraging anyone to do anything illegal.

There are some exciting use cases though. In Finland, for example, large companies like Marathon Digital use mining heat to warm entire neighborhoods, bringing their effective electricity cost down to just 2–3 euro cents per kWh.

We’re currently exploring two projects in Finland and might even start heating homes with mining rigs by the end of this year.

Running a Mining Business

Electricity costs account for 80–90% of all mining expenses, so even small price changes have a huge impact.

There was a moment when our monthly revenue equaled our electricity bill – meaning we were effectively mining at zero profit, or even at a loss. At that point, you have two options: shut down or move.

Mining teaches you to be flexible. You can’t control your revenue – you can only control costs. You can’t ask Bitcoin to pay you more for your work. That’s why I believe the most successful miners are the ones willing to travel, experiment, and find the cheapest, greenest energy sources available.

Lessons Learned and Advice for Beginners

We’ve had some painful months. Once, we spent €50,000 on infrastructure in Slovakia – and had to leave shortly after. But we’ve also had incredible months where we mined several Bitcoin.

If you want to start mining in 2025, here’s my advice:

  • Start small – buy a used S19 or a small desktop miner like Braiins BMM 101 or Bitaxe. Learn how hashrate and efficiency work, and experiment with overclocking.

  • Do your research – many people think they’ll break even in a few months. In reality, it’s safer to plan for 2–3 years.

  • Be careful with altcoins – some look profitable on paper, but difficulty and price can change overnight. Many end up with expensive machines that never pay for themselves.

  • Consider hosting abroad – if you want to mine at scale, look for locations with cheap energy surpluses.

The Future of Mining

Right now, I’m most excited about projects that integrate mining with energy systems. For example, in Africa, we’re testing whether local waste streams can generate 10–15 MW of power to run turbines and mine Bitcoin. This would both clean up waste and monetize it.

We’re also working on heat reuse – from heating homes in Finland to potential applications in greenhouses.

I truly believe the future of mining is about more than just Bitcoin – it’s about making energy systems more efficient, reducing methane emissions, and creating new business models around renewable power.

Want to Learn More?

If you’d like to go deeper into Bitcoin mining, here are some great resources I recommend:

And if you’re ready to take the first step into mining, we offer a free 30-minute consultation to help you design a plan that fits your goals: www.amityage.com/why-to-mine

Looking Back

Would I do it all again?

Absolutely. Even with all the mistakes, relocations, and sleepless nights – this journey has made me stronger, smarter, and more resilient. I’m grateful for every lesson and every person I’ve met along the way.

The future of mining is bright. And I can’t wait to see what comes next.

Dusan Matuska
Next

Powering the Future: AmityAge's Newest Bitcoin Mining Data Centre in Addis Ababa