Bitcoin Forum

Pool mine - solo mining with your rate is the same as throwing 1 entry at a lottery

Which pool - you should try out several pools and see which ones your miner gets the best speed based on your particular location.  Make sure to set backups in case 1 pool goes down.

Usually the pool determines the payout method.

You should definitely go with Pool mining with those and you would get good amount of shares with them. When I used to mine I used https://mining.bitcoin.cz/ and their really great and fast payment upon reaching the threshold. Make sure to choose the nearest server to you and depending on statistics, you could choose to either go with the one that has more hash power but with lesser reward or with the lesser hash power but with more reward upon finding each block. Regarding the payout method, I would say set it to 0.05 for the automatic payouts to your wallet.

Defintally go with pool I would say if you want sure thing of mining BTC.  There are some different pools out there you need to decide if you want PPS with the two biggest pools do.  Or you might take PPLNS and support a pool such as ckpool that a lot like to support.

I see deciding the type of pay you want as biggest thing, and then picking pool you want to support.

Are you sure about the number of "0" in your electricity rate ? If it's acurate you should definetly look into buying used miners instead of paying for such efficient miners as S7.

I'm guessing most likely no.  Still is a not a horrible electricity at .06 he should do ok for near future.   Hard to predict anything far ahead.

Also we can let this thread go dont think op is reading it:
Date Registered:    January 25, 2016, 07:17:48 AM
Last Active:    January 25, 2016, 10:22:22 AM

Its a really good electricity rate you got there. You should consider buying used miners that are less efficient than buying the most efficient ones in brand new condition.

Just to check can you please give your electrical rate in fils per kWh.  

Update - I see it really is that price. I'm amazed.

This rate don't surprise me. He come from a country where the water surely cost more than the gas.

its 2 fils/kwh

You have a great price that is for sure.  I have not heard of many miners in Kuwait, and love to learn more about different countries.

How stable is your power grid with a price that low? Also how is security is it safe to run a decent operation.

And best of luck with your operation.

Very cool learning about other operations in different countries is something I really enjoy anymore.  It's neat to see it in so many different countries and so many different environments.

It sounds like you will have a heck of a operation with that low of electricity.   Thanks for sharing!

 Possibly since Saddam Hussain was taken out of the picture, definitely not before that.

As I am thoroughfully watching oil related news I came across this article. As Kuwait badly depends on oil price it's government budget is in deep trouble so they are considering removing subsidies. You should possibly calculate this into your plan.

"the government wants to raise electricity charges from 2 Kuwaiti fils per kilowatt currently to 5 fils per KW for the first 3,000 KW; 10 fils for between 3,000 and 6,000KW and 15 fils for consumption above 6,000 KW. "

http://www.arabianoilandgas.com/article-15246-kuwait-reviews-bid-to-slash-fuel-subsidies/

Even after 10 times increase, the price is just $0.066/kWh. It is cheaper than most places in the world.

Amazing price!

I wonder why we hear so little about big farms in your country. As I said before look into used miners. You would get much  more hash power for the same price. Efficacity is irelevent with this rate.

Yeah that electricity is too good to be true.

Bad thing is even ifyou got it for free you won't get ROI on your miners. The difficulty is just too high.

Just look at https://bitcoinwisdom.com/bitcoin/difficulty

Estimated Next Difficulty:   174,437,386,800 (+21.04%)

And remember we were at 65M in november (just 3 months ago).

This is pretty much nonsense as  a power rate of zero has a decent chance of getting roi.

You are basing his chances on a 90 day span with a really high growth rate.

sept 2014 to sept 2015 = more the 360 days and the network 2x
oct 2015 to jan 2016 = 90 days and the network 3x

So if we go back to the slower rate he will do okay.
Short term next 90 days we could do 3x again after that we will slow or die

However your statement would be true at a higher rate for power.  10 cents is pretty bad to roi.

he will spend about 4300 watts this is 4.3 x 24 = 100 kwatts a day that is 66 cents a day. 20 usd a month.  Growth will slow again.  I would think he will make a profit.

It all depends on growth and btc value. Both of these are to hard to speculate right now. I think growth is going to be high with new miners, I do hope it drops though I would find 5-10 more sustainable.  I just don't see 20 percent being sustainable, but could be wrong.

Also value I think a lot of new operations are dumping coins to pay for new gear in fiat.  Just  a feeling I have no real proof of it.   If btc gets a big jump in value it's going to change all the numbers better for miners.

 Can you say "HOT"?

 Also, Kuwait is a pretty small and very low population country.

I think it is also part of the environment of the country: https://www.google.com/search?q=Kuwait&ie=utf-8&oe=utf-8#q=Kuwait&tbm=nws

I look up news of countries and see how stable, is news positive, etc.  There are some news I would not want to invest a ton of money on a operation there reading.  And that is just from researching 10 minutes.  Some of the news might make a business look at other places when doing a huge investment on a data center.  We have to remember were talking about the Persian Gulf.

I would definetly not invest there. I was more thinking about people living in that area of the world. Almost free electricity is attractive !

Mining in Kuwait could be difficult due to the high temperature there. You need to buy air conditioning for mining.

so if he already has ac and can keep the units cool  he has .66 cent a kwatt power.

add .34 cent for the ac  and he has 1 cent power.

A large mining farm would require lots of AC power. It doesn’t take many miners to overpower an AC.

AC is actually the last way you want to cool your farm it's just to expensive.  First is evaporation cooling, but it does not work in all environments.   Next I would say is using CFM's of fans/exhust to move hot air out.

AC no large scale bitcoin mining operation would use.

Is AC expansive because of initial price or because of the electricity? He has almost free electricity.

I agree with you, evaporative cooling is very effective but lots of CFM, if sufficient, would be my first choice.

Another option would be 2 phases immersion cooling. I've researched deep into this technology and concluded it doesn’t really apply to northern climate like here in Canada. The new 16 nm Bitfury chip and its large overclock ability might make me reconsider using 2PIC.

AC is expensive possibly because of both.   But the ongoing cost's for running it are what keep most from using it.  The miners can just put out a lot of heat and get's expensive.

There is a point that standard AC in most houses were not meant to cool down.  If you had enough miners the standard ac setup would not be enough, rooms normally are not set up with asic cooling in mine.  They are set up thinking about keeping it cool is much easier conditions.  Most normally don't get this point though due to the cost of cooling miners with AC.