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I have been doing my fair share of tests with an Antminer s3 and i had some sucess

My family owns factory and there are some empty rooms with AC and all the electrical instalation to support a small farm installed electrical capacity is huge in the factory because there are industrial machines there working 24/7. There i can have free security and even supervisors that work there night shifts

I live in Venezuela here electricity costs less than 0,003$ kwh and the factory already pais for a set amount of kw that they dont even use so it is free.

I have been doing some calculations using a 10% difficulty increments and i can recover investment in 6 months and even after the coming halve of blocks still i can get some nice profit and with cheap electricity i can keep those S7 running for a long time. Or after first year sell that equipment.

What you guys think?

I was also thinking of starting just to try with second hand antminers s5+ i can get them for cheap and i can still profit from them

If this is true, I would kill for this opportunity. If you truly have free electricity, it's a no brainer in my opinion.

I would probably invest in S7's, you get warranty, better GH/J, and more GH/m2.
If you are not limited by m2/squaremeters, and could get used S5+ from a trusted source, it would probably be a good idea to get some, as they probably give better GH/$.

Surely you have a limit on your free power? In that case I would go for the S7's.

Btw, if this real, I want in.  ;)

I do have a limit but it is huge i gotta have 50 s7 running at least to get to the point where the flat tariff we pay rises

Even then here electricity is 0,003$ kwh with no limits. And thats an industrial facility in an industrial zone we pay even less than 0,003 wich is almost paying nothing

ALSO in Venezuela there is a Currency Exchange strict control but there is a huge currency black market if u have any meanings to earn foreign currency you can live like a king here

Problem here is security but like i said it is a facility with guards and CCTV, alarms etc etc.

I was checking a lot of 16 SP20 fore sale what you guys thing of SP20 vs S5? he made me an offer of 16 SP20 with PSU included for 6072$ i made the calculations with a 8% difficulty increar only a monthly 2% raise of BTC price and i break even in 6 months and taking into consideration a halve of blocks in july i still can make 3000$ by january 2017

Im thinking of starting with a small investment of 15 or 20 Antminers S5 or make a big investment (At least for me) of 20 Antminers S7

PD: I would love in a future if i can run a succesful farm to host other ppl miners for a fee i have everything in place in that facility to do it easily thats how i got interested in bitcoin mining

I would start off smaller personally.  To go from no miners to 20 of anything.... is a lot of growing pains.  You will need proper electricity wiring, and cooling.  I don't think a normal factory has been setup for bitcoin mining so you will need to make a area most likely if you have 20 miners going.

Is it 220/240?  Do you need to wire the electricity?   Add breakers or other things?   Do you have PDU's the list goes on and on.

But try a few and see how it goes... then build up if it works good.  Don't start with 20 with being new to mining.

All this ^

Plus S7s, you can get a few and have more hashing power, less power use, less gear needed, learn some stuff about miners than think bigger after a trial period.

He is in a country with extremely cheap (not the most reliable) electricity.  Part of reason I say start low is just the power alone I don't think he will be setup for 20 S7's.

Now if his warehouse really does have a lot of power... and he can get it wired then he could try it out and move quickly.  But I do think he underestimates the amount of planning and setup needed for that much electricity.   The cooling alone I think will be something he has never dealt with. 

Also did not mention but with location security would be huge.  Do you have guards 24x7 there?  That is just a country I would not invest big in if there was not good security.

I have  S5, S5+, SP20, Neptunes and C1 for sale here in Venezuela. Immediate delivery. 0 wait. PM if you are interested.

I really doubt if you can earn some money from it.
The difficulty is very high. Even with the cheap energy rates of hashnest, S7 shares are losing day by day...

It's safe to say we can let this thread die look at op's stats:

Date Registered:    January 07, 2016, 01:16:44 PM
Last Active:    January 07, 2016, 02:21:43 PM

But if free electricity efficiency is not most important thing.  It would be the best price per hashing power.  Likely S7 is not the cheapest per hash.

At first I thought if electricity is free then it's %100 chance of profit but then I see this message. If you have mining equipment in Venezuela and you try to sell I think it's not that profitable to mine at all. Selling equipment make you more profit.
I think if OP is serious about that he should try with smaller equipment first and see the income as notlist3d said.

If "free" it really is a huge deal.  To be able to pick gear spead over efficiency.  It really is as close to guaranteed in bitcoin as it comes, as you can run forever (depends on miner some last longer then others). 

The only thing is things such as value you have no control.  So if bitcoin takes a downturn and you bought before it.... even free could lose money.  But free have a huge step up.

My situation is different. I been doing this for a couple of years now. I have multiple sites spread over the capital city in order to avoid reducing the risk of having all the eggs on the same basket. The nice thing about operating in this area is that the government always tries to avoid programmed electricity cuts on Caracas.

I'm at the point where I spend a lot of time managing and maintaining sites. I sell my older miners to buy new ones just to get more hash rate per location.

Most people would think that I should hire technicians to keen up with all the grow, but it would just elevate my risk of getting robbed or kidnapped.

I've always kinda wondered about those truly operating there.  To many try to get others to send miners there, or buy into a operation there seems like once a month but it has slowed down.

If you did have a sizable operation how bad is it? Would you need full time security of multiple people?  How dangerous is it?  I'm curious as you seem to be pretty honest on it.

It's better to get your hands asap on some s5 miners and see how it's going. Remember the difficulty is an uncertain factor.
You can't really rely on that.

But with free energy, your are quite certain to get your investment back.

Took a look at OP.  I think we can let this thread die now:

Date Registered:    January 07, 2016, 01:16:44 PM
Last Active:    January 07, 2016, 02:21:43 PM

So there is a good chance he is not even reading this thread at this point.