Bitcoin Forum

Hi guys, because of some reason, the place I live now has super low electricity fee, around $0.02/kwh , should I start mining? My place can withstand around 60-70 miners I think , I will be starting with 2-3 as I have no much extra cash

When you say miners what do you mean exactly ? Since you are posting on Alcoin Mining I guess you mean mining rig that consists of 6 GPUs ? So when you say you have money for 2-3 miners that is 12-18 GPUs ? Or you have money for 2-3 GPUs ?

Yes 6 GPU mining rig , so i would able to afford around 12-18 GPUs

Since you have low electricity charges why don't you get an antminer or a similar miner for other coins instead of a GPU rig?
GPUs are a bit of expensive at the moment

18 GPU should make you some really decent profit with your electricity rate. If I were you I would start buying all the parts for a rig like Processor, Motherboard, ram, ssd ,psu and GPU-s. At this moment rated by many as the most ideal card to mine with based on cost/performance/energy consuming is the GTX 1060 3GB which will give you 290 sol/s overclocked +200 memclock and about 22.8 Mhash overclocked.

18 GPU of this kind would make profitability for you for a day in bitcoin 0.0066 btc with 5220 sol/s you would get from these cards.

Almost same or only a very fraction more of profitability you will be doing when mining Ethereum.

It is about 0.21 bitcoin a month which is not a value to be underestimated especially nowadays with the bitcoin price at these high levels.

Make sure you verify that circuit is enough to handle such power. Otherwise you will be sad if you experience a power related issue.

Certainly if I were you I would be going aggressively into mining with few gpu rigs and couple of  antminers S9 and L3 each in fact you can buy S7 which is very cheap in fiat terms but consumes more electricity and since you have a negligible electricity cost and low budget  used S7 are the perfect choice for you 

In what country do you live, how is the temperature because in hot countries you need airco up and running 24/7 almost except evening sometimes.

They are expensive, but when you are done with them you can always sell them and there will always be buyers. When you are done with ASIC no one will buy it because its no longer profitable, so no point in having it around

It is highly recommended that you stay away from the gtx 1060 3GB variant. When ETH's dag size increases (very soon. current size is already at 2+GB) you will no longer be able to mine ETH using these cards. People tend to rather go for the 1060 6GB variants to ensure future usability.

Yes I took all the power into consideration, should not be a problem anything below 80 6 GPU mining rigs

Better be sure you need like 400AMP main circuit breaker for this large of an operation, must be in industrial area. It's impossible that you have that as a default one in residential area. Obviously can upgrade but is quite expensive.

Wow, that's really profitable , I think I will start to buy parts but GPU is really difficult to source tho , btw thanks for the comment, too bad I have not enough money to buy more

with very low electricity i would be looking at cards with the highest hash rates and not worry too much about the power consumption. that way you maximise your profits

If you have really cheap electricity you should go with mining BTC . You will save yourself the hassle of getting the right cards and the effort of setting up the rigs . If I was you I I have the money I would get myself an antminer s9 . much better than building a rig for an alt coin .

Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

After everyone giving advice it really makes me think to buy Antminer but I don't see any stock around the market now

My country is relatively hot so I will be preparing A/C for 24/7

Yes it's an industrial area , I have it safety check every often too so shouldn't be a issue, thanks for reminding haha

I will tell you one thing do not hear anyone and just do you search . use whattomine and enter you numbers and see what is more profitable for you . If you are waiting to just hear what others thing trust me you will go no where ! you can make others opinion help you but you need to make your own search . because everyone have different opinion and trust me everyone have valid points for his opinion .

you should start mining! Electricity is pretty much the problem of all miners it is still profitable if your earning minus the electric bill is still positive which in your case would be a great plus for having a low electric bill.

True words , must stop having the mindset of being spoon feed , will start to do my own research carefully !

Agreed. Most people on this forum would gladly pay $0.02 KWh. At this low of a rate you will almost no competition as far as ongoing expenses as electricity is probably the largest single monthly expense for most miners. Also if mining profitability would take a drastic downturn, where people paying 6, 8, 10 cents per KWh start to shut their rigs down, you can take comfort in the fact that you will most likely always be profitable

Actually I do have one problem tho , my country has very strict rules on financials , if I change all the coins I mined into my country's currency , I will definitely get call by the government as there is a big amount money coming into my account , but mining is not valid to be a prove of income , so I'm really lost whether I should do it as I got no way to spend the money

Welcome to Siberia!  :) You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

People start mining even on 0.10$/kwh and you have so low electiricy fees, there is no doubt you should start mining if you want to do so because you will see a great profit with such prices.

This means you have to pay some fees to goverment for this? It depends on how much do you mine. If you'll mine with 20 antminer and so, than there will be much electricity fees and it will cause doubts. So mine with small number of miners (GPU, antminer, don't know your choise) and exchange them, I think you won't have any problem if crypto is accepted in your country as everywhere.

Is there a possibility to ship my rigs there?? Electricity here costs more than $0.10 kWh, and it's killing me slowly...

Siberia does have wonderful weather for mining. :)

We're paying $0.13 KWh for electric here and it's still profitable, so having $0.02 KWh sounds absolutely excellent to me. I don't know what your government's policy is on crypto, but usually you just pay a tax on it when it's converted to fiat. I don't think any government is going to say no to more tax money...

Nice to see that some people are willing to put in some research! Before I started I was collecting data for months and made dozens of excel sheets to get a real good impression of the details of mining. Doing this will make your operation way more profitable.

That's a good idea, but first thing I want to make sure. Do you have enough power supply for mining? I mean, you need to care about the total energy limit for mining, e.g., if you have a 100 rig, that means the energy consumption will be 100KW. In general, you cannot really rely on usual electricity network but you should construct special power net for 100KW.

It's actually an industrial area near to a water generator ,we have a factory here doing family business, not just us,other factories around here also had a deal with the electric company long ago , some of theme even have $0.01/kwh deal. Recently due to slow down on China's economy and demand, business is not that well . So power is nt really a concern because it used to power high power consumption machinery

Russian government haven't decided about cryptocurrency until the end. Maybe soon they prepair normative base of Cryptocurrency regulation. And if the conditions will be enough acceptable the mining in Russia will be a very good idea. Due to main mining issues: electricity and heat are not so matter in Russia.

You got me thinking should I start a mining rig hosting company haha

With those low power cost you can start a new business. You can give miners from other people a cheap "home". People pay you electricity and rent....and you are the lucky guy.

Just an idea..

Clicked ! I was thinking it too, just pay me the electric that your mining rig consume and just tip me abit haha

start mining like yesterday with that electricity cost

where do ulive? i should move there hahaha

My country doesn't offer this rate , it is just my area we had a deal with the electric company

Where are you at getting 0.02/KWh? That's cheaper than where I plan to get power 2 years from now when I can get a building next to a hydro dam! & are you sure you can run that many rigs at that price? Many power companies change higher tier rates based on usage, etc.



My buddy kept telling me about whattomine but the site is messed up or something. The #s are never right. 3 other sites have X results, all the same & WTM has another.. Idk

Yes yes yes , my family have been running factory here for 10 years

In that case it might not be a bad idea to really do something there dude! Like I doubt Genesis Mining could get those kind of rates. Do what someone else mentioned where you lease space/hashpower to other miners. After you get a few rigs going of course :) Best of luck!

Just bought two rigs, setting up right now weee !! thanks for everyone helping , I think I will try to leash out or see anyway to do partnership with anyone who's interested since I do still have plenty of spaces

oh man thats was cheapest i ever heard, mine with second hand gpu like 290x/295/7990 should be awesome
295 give you around 6.6$/day
290x 3.3$/day
7990 3.5$/day
rx 480/580 2.5$/day
r9nano/fury x 2.9$/day

the best choice its 290x dual mining eth/lbc, around 170-200$ 2nd gpu

yeah true gpu its better choice

Question : why do you dual mine LBC instead of DCR,Sia or ubiq? Is the profit good?

if you can buy more than 1 rig, then i think you can start mining and i think you can get profit if you can choose the right coins. with that low electricity fee, i see your chance to mining is big but you need to search and test the potential coins so you can make profit in a week or month.

Just set up 2 rigs , both 6 mining card Nvidia P106-100 , hash rate around 140 after overclock, the profit is quite good from the estimation shows lol

You can mine many different coins with GPU.