Bitcoin Forum

You have $1,000,000 USD to set up a mining operation. What hardware? Why?

You don't, you invest in one of the manufacturers. Or you hire someone to do the research instead of asking strangers on a forum.

If I have $1M, I get a quarter million chips and build my own miners, then blow the rest on power supplies and breaker panels. But then that's just me.

Maybe even swoop up the rest of AM's assets and finish developing their BE300

Man that'd be pretty sexy. BE300 beat every other chip this generation with the possible exception of BitFury's behind-closed-doors whatever-the-heck. I think all it needed was someone to fund the factory batch; engineering samples seemed to work just fine.

But do you really blame anyone for not wanting to pump money into that sinking ship? It is truly a shame, because their prior gen chips were tough, cheap and competitive, and the BE300's looked very promising. Despite their failures with the Prisma, the tube was an excellent design, all it needed was a decent controller for better flexibility. I would have loved to see more modular designs like it with options to upgrade hashing boards and re-use the heat sinks/fans. Truth be told, I'd love to see anything consumer grade at this point :(

The BE300 sample data was what got Novak and I thinking seriously about miner design. After hearing what was going on at AM at the time, no I don't blame anyone for not putting money in there because it looks a lot like it would have disappeared with the rest of the assets.

If i have 1.000.000 $ im not buy hardware mining, i will use 1/3 of that to trading 1/3 to real property 1/3 to buy mining hardware i will buy asic miner and mining altcoin :) less fee, less cost, and high potential to get profit

let's do some math

with 1M you can buy about 2857 antminer s5 or 10k(i don't remember if they are sold at below $100 right now) antminers s3(i found those two miners to be the best right now)

2857 antminer s5 come with 3299835 GH/s or 3.3 peta, basically 1% of the network

10k antminer s3 come with 478000 gh/s or 4.78 peta, wich is 1.5% of the network, but they will consume more

if electricity is not an issue s3 would be preferable if you have the space for them, otherwise you know what to buy

My bet is that you would have a great deal of difficulty actually ordering 2500 S5's from Bitmain.

Save a big chunk of your $1M for a location somewhere with cheap electricity, and also power supplies and infrastructure. Just dividing $1,000,000 by a miner price won't get you anywhere.

Agree, as long as I know the manufacturer is reliable and they have operations with a low electrical cost and strong hashing capability, it would make sense to just piggy back on their stuff.

$1,000,000 invested in bitcoin...

Living in Australia, The worlds windiest & sunniest countries...

I would buy a small property in our lovely sunny drought prone areas approx $400,000

I would spend the remaining $600,000 on a mix of solar & S5's...

Balance the mix of miners so that u have enough solar power to maximise the amount of miners....

That way the mining power is always cost free other than isp fees...

I can't believe no one else in this thread had thought past the point of just buying lots of miners without thought for where ur going to house them & how u were going to power them, Now & into the future...

$1,000,000 worth of bitcoin miners without these key elements are about as useful as $1,000,000 worth of boat anchors & u don't even have a boat!

He said $1M to set up, not to maintain. So I'd build a bunch of miners and then buy PSUs and materials to upgrade the electric infrastructure on the building I already have access to.

Good point, though. If I had to do everything from the ground up I'd probably not use that building. But I also wouldn't spend $400K on land - around here, that'd get you enough land that if you saturated it with solar panels you'd have something like 250MW of power (assuming all my unit conversions are right). I'd probably fetch about 80 acres, put up my own building and wire it. That's maybe $200K. Then put the rest into miners I reckon, and set some aside (as well as a percentage of any profits) to beefing the renewables portion of the electrical infrastructure over time. More realistically, I'd buy 20-40 acres and put some of the extra ~$100K into solar panels and VAWTs. Probably drill and pipe some in-ground cooling loops, which would be especially good if I stayed near where I live now since we got nice cold aquifers all over the darn place. Use that to cool intake air for the hosting room, exhaust it right out the other end. Ooh, might also be fun to build a greenhouse system off the exhaust end at some point and rent it out to folks want to have fresh veggies in January.

I'd very specifically not put any into trading or altcoining because those are both basically just clever ways to trick people into paying you to do work with no real value, and I'm fundamentally opposed to that policy. I'd probably also prefer to build my own miners because I like to think I could do it for cheaper than the manufacturer's asking price, or maybe better at the same price (since manufacturers tend to be in China and China tends to not care much about treating floor workers worth a hoot) and enough people are already working on making them filthy rich they don't need my help too. Except, well, for buying their chips. I'd have to do that.

@ sidehack :

Would you please give us some info about solar panel price and requirement for 2 MW solar power station.

We have a very cheap power here in my country, but i would love to have some more info about the solar power.

Thank you.

Land and Sun is also not an issue here.

I... what? No, this is all hypothetical. I have like $10 right now, and no solar power setup. The only part that's not hypothetical is building the miners, I really am working on that.

I would contact KnC and start a negotiation about their the chip, widely released this fall. Those will be profitable for a loong time.

If I had 1 million, I would just buying them into the bitcoin market directly, because the ROI period of mining is very long and the block reward will halve soon (in ~57k blocks). Also as the price of bitcoins started to drop, the profitability of mining is dropped to almost zero or below zero. I would only invest a small amount on mining for the current situation.

if I have $1 Million dolars, I want to buy a much Asic Miner for mining bitcoin and build Super Computer with GPU thats good for mining altcoin. that is very funny