Bitcoin Forum

Hello forum! Total noob here, so please be gentle.

I have many questions about starting my own mining rig. So here goes some of them:

1.- This is the scenario, my country charges me 0.0003 USD kwh (no, its not a typing error), so taking that into consideration, I'm not worried for power consumption. And the main question is, ¿Which ASIC miners give me the most Hash rate for the lowest price? I shouldn't worry about how much Kw it consumes right?

2.- And I'm really a novice at this so if they could be hassle free for the installation part, it would be awesome.

Thank you for your support.

PS: Constructive criticism is always welcome.

Do you mean 0.03 USD kwh?  It is a much more reasonable number then what you put.

But if that is your electricity price you are lucky as it's going to be good to run miners.   Keep in mind summer heat is coming you might need to exhaust air depending on how big setup is.

Look over in hardware forum you will find a few different asics.  You will need a asic if you want to mine BTC.

No, the numbers are correct, its 0.0003 USD kwh, due to the exchange rate from the dollar to our currency.
Anyways, thank you for the information and one more question, does the temperature affect my Hash/s rate? If it does, in what way? thanks for the advice.

Hey, I am doing the same thing in my country. Try to read this forum atleast twice a day. There is so much more involved. If you have any specific questions, feel free to ask. It is possible for you to mine, check availability of Ethernet cabling, Cooling system, amount of Ampere they let you use, because some countries have weak electricity and only let you use a certain amount of ampere.

which country it is
its very cheap to everyone or you are using some kind of trick to get free electricity

Dragon's are pretty hard to beat on price if you have this low of electricity price.  One thing to keep in mind is the 1T's have been running for a long time.  A lot of them pump out some very hot heat and eventually need a PSU replacement.

I have used the Dragon 1.5 as well.  It has MUCH more heat sinks and puts out much cooler air.  Also have not had psu problems on it.

Are you in venezuela?

True, but he used the upside down ? mark in his OP which is a hallmark of the spanish language.

Also, venezuela is right on the equator, it gets very hot there too. And venezuela has extremely cheap electricity and a very weak exchange rate. However, it is true that kuwait has very cheap power as well--so I guess we'll see!

Yeah, can i ask how of all the many nations did it occur to name that precise one? Im looking for supporters here but it seems that due to the frequent economic ups and downs there's no one interested. I think i might be missing something.
Any suggestions?

Haha, it's not that I'm a spy or anything. You gave away a lot of clues!

• ¿ in your post (spanish)
• Cheap power (I know venezuela, kuwait, WA, and canada have the cheapest)
• Weak exchange rate

So, probably venezuela.
I'm not sure you'll be able to afford many miners outside of venezuela because of how weak your currency is. How much (in USD) can you afford to spend? Once we know that, I can suggest something in your range.

I have a tight budget, but i think i can stretch it to 1000 usd to start and see the results from this phase. The only problem Im having other than the rig configuration, is the costs that implies converting those bitcoins mined, to USD.

[Drags extension cord across the ocean] Where can I plug this in?

Probably the best place you to convert bitcoins to usd (and bolivars to bitcoins) in your country is LBC. Kind of like craigslist for bitcoin.
https://localbitcoins.com/country/VE (https://localbitcoins.com/country/VE)

$1000 is a very good budget. Will you have problems sending that money out of the country? I think venezuela has strict capital controls. You probably will need to use bitcoin to purchase the miners.

Because of these controls, sending money out of your country, even if using bitcoin, may be illegal. I would be extra careful doing that if I were you.

Power efficiency does matter to you, because your house can only support so many miners. If they are more efficient, you will be able to run a larger hashrate, and your shipping costs for the same speed will be cheaper. So don't grab the worst miners out there. I suggest buying the 0.7-1w/gh stuff:

• BTCGarden AMV2s
• Antminer S2s
• Antminer S3s
• Antminer S4s
• Terraminer IVs
• Etc

Don't overpay for inefficient hardware. You should be paying 0.5BTC/TH (if psu included), or less if you need to buy PSUs. Antminer S3s and S4s are worth a little more than that (0.6-0.7BTC/TH). These prices are before shipping. Always use escrow when buying hardware to avoid scams. If you want, I can help you pick out good hardware.

You will need a stable internet connection to mine bitcoin. It doesn't have to be fast, it just needs to not fritz out.

Ok, let me see how i can explain this, I'm living in the us right now but still have some properties in my country. So with that in mind getting the USD out is not a problem.
1.- "0.7-1w/gh stuff" I was thinking something more along the lines of Antminer S5s maybe 2 units and a thermaltake psu that can take a beating.
2.- The Rig. I'm not used to having a mess all over one of the rooms, so I Was thinking of starting with a rack, but not sure if the S5s are rackable.
3.- The internet connection. We don't have super fast internet speeds but its pretty stable. So taking this in consideration, I don't think the rig needs a designated router thats out of the ordinary (linksys, dlink, etc.). What do you think?
4.-Although its hot outside, inside there is a very powerfuul A/C unit that for a small space it has 5 tons of A/C. So that doesnt worry me much.
5.- Define ESCROW.
6.- And finally thank you for offering your help and will keep in mind if I get stuck on another topic. This conversation has been very helpful and much appreciated.

S5s are not rack-mountable. Only even numbered models in the S-series can be racked (ie S2, S4, and future S6).
You will pay a lot extra per TH for S5s, because of their very low efficiency (I think they are actually the best on the market), so I don't recommend them. If you're looking for good, compact hardware, I would suggest S4s. Zoomhash has some in stock, I'm not sure if they're legit but you should be fine if you do your research beforehand. Also, Spondoolies SP-10s, I've heard, are 100% awesome. Easy to set up, run very stable, good power efficiency (0.8w/gh), and rack-mountable. If you can find those, consider yourself lucky!

Your miners do not need a special router at all. The difficulty of setting up most miners is about the same as setting up a router. You'll need to connect to its local ip (most connect directly to your network via an ethernet cable, they have integrated controllers). Once you get that, all you have to do is input pool settings and it should start mining. As long as you are computer literate, you should be fine!

These miners produce A LOT of heat. A 1300w miner (S4) will put out 1300w of heat, about a standard baseboard heater. Your A/C unit will probably be overwhelmed once you have 2 S4s running, unless it is really powerful. Don't go all in right away, try at most 2.5KW to start, then work your way up if you can support more.

Another note, these miners also produce a lot of noise. Expect them to be as loud as a hair dryer, so I hope nobody sleeps in the room next over.

Escrow is when you send your money to a trusted third party who oversees your transaction. Lets say you buy a miner from Bob. You can't trust him to ship the miner after you pay him (he could take the money and never ship), and he cant trust you to pay him after he ships the miner (you could not pay him and take the miner).

BUT, if you both trust Alice, you can send the money to Alice first. Then bob will ship the miner. Once you confirm you get it, Alice will release the money to Bob. If one of you scams the other, Alice will decide who to send the money too. This is how escrow works.

Efficiency does matter! His house will support more miners and shipping costs will be cheaper (2 s2s are more expensive to ship than an s4) if the miners are more efficient.

It just matters less. Dragons would be a good idea, if the price&shipping is right.

Excellent ! Your  country is great , too ! You can mine bitcoin with huge profit. Congratz !

OMG ! 0.0003/KWh. Too cheap !. What is your country ? I should buy a miners ASIC,...

even with free electricity, you won't roi so easily, depend also on bitcoin price(because usually diff come after the increase, so there is a window where you can gain more)

antminer s5 is sold for 360 right now, let's say 1.5 btc, with that miner you produce 0.35 a day, this mean 4 months roi MINIMUM(probably 5), this without counting possible diff rise

Good luck but take the heat into consideration

That's too great. My country is very generosity to their citizen. A beautiful country. What's your country name ?

Having Free electircity does`nt mean anyhting unless you get full unless you get full profit from it .

You can put miners on mining if you have it or if you are unable to buy the miners just do some business with someone who invest in miners buy miners and give to you to mine. it will be good .

by the way in which country your are living in ?

Venezuela, he said it before.

i would go for spondoolies sp3x just because of shipping

if you are 100% you can sell the miners locally, you can go for less efficient miners, but take into the ROI equation the shipping cost

just my way of thinking :)

Your country is beautiful. 0.0003USD/KWh. too cheap. You can be get rich if you buy some miners