Bitcoin Forum

Hi Folks

My first post in the forums so nice to meet you guys! I stay in Edinburgh, Scotland :)

I tried the search function but couldn't really find anything on it.

As the title says I have free unlimited electricity. I would like to start mining bit coins but my knowledge isn't all that great. I know the market is pretty saturated so solo mining will pretty much get you no where so mining in a pool is your best shot. Apart from that my knowledge starts to run a little dry.

I have an alienware Aurora R3, it has 6Gb Ram, i7 processor overclocked from 2.67ghz to 3.2ghz with 8 cores.  2 ATI HD5700 graphics cards crossfired.

Where do I start?

Any advice is greatly appreciated folks :)

Thanks

First off.. Unless you are mining x11 algo shitcoins that rig isn't good for mining at all..

If you want to mine BTC.. Look into Bitmains S1 and S2.

I advise if you start mining altcoins to understand everything about mining, profits and so on.

Then, you can move to bitcoins.

So with my rig it wouldn't be worth getting into mining at all (unless upgrading/buying new equipment?)

Your rig would be useless to mine BTC.  Some of the alt coins would be a better fit (DarkCoin for example).  If you want to mine BTC your best bet is to purchase ASIC hardware like the Antminer S1 as a beginner unit.

okay  free unlimited power?  your statement not mine.

How much power?   1 k-watt an hour   or 10 kwatts an hour or more.


I ask  for a simple reason  1k-watt an hour will run 1x  1000gh dragon miner.  more or less close enough.

so below is what it earns if power is about 2 usd a month  and if I give it to you for free.  (cost is about 1800-2000 usd)

it earns 2142 usd.  so don't buy any gear for your self none.  

 just rent your power to someone ie host.  there is some money in hosting.



http://imagizer.imageshack.us/v2/1280x1024q90/843/hikr.png

Having free power, you're very lucky. Once you establish some trust, you can get  into both running your own miners (by purchasing ASICs and supporting equipment), and hosting miners for others (assuming you can troubleshoot, have a stable internet connection, etc). I'd definitely read over the requirements and manuals for equipment before ordering where possible, and practice dealing with crypto coins by mining some X11 coins on your computer directly.

It's too late for GPU mining now.

You can try with altcoins, as it will be more profitable.

Then, you could exchange LTC for BTC.

I wouldn't even go into LTC at this point; there are more profitable scrypt coins out there (some more stable, some massively unstable).

Assuming you actually have unlimited free power (an idiotic assumption), you should probably look to get professionally funded, since your farm will vastly outperform, well, every other farm, ever.  I'd kill to be involved in an operation with no power costs.

Jokes aside... Look into X11 as others have said.  http://coinking.io/register.php?r=10351 is a great pool for X11, it'll switch you to the most profitable X11 coin, then auto convert that to Bitcoin, or you can just diversify into some altcoins.  

edit: just realized you're on ATI GPU's, not sure what's the best software for that nowadays.

Free electricity only deals with one main issue - the maintenance cost of mining.

You would also need free space if you want to capitlize on the free power

You would need capitol to build a structure to run the miners - most homes can't handle more than a few miners

If you really want to make money you would host other people's miners but then you would need to have insurance

If you don't want to do all that, go read up on the alt coins and start mining those with your 5700s and realize how little GPUs make nowadays.

Simply put without throwing money into SHA-256 ASICs you won't be making much BTC.

Thanks guys, some interesting ideas! Some of them I don't quite understand but i've got a good idea.


Ok I'll clear up a few things.

For quite some time now 've been renting a office within a bigger office (basically lots of studios) which is linked to over a hundred other studios, it's only just hit me I could be using this spare power for mining. These studios are all meant to be powered but your lucky if 70% really use that power (they are used for offline purposes, art etc.) Some studios use big power as they have lazer machines, huge format printers and other heavy machinary. But majority are all offline (no or small usage of power)

You only pay rent, you don't pay any electricity etc. I know some of their power is obtained via solar/wind and on grid.

I have 7 240 volt sockets available (typical UK spec) not sure on how much power they can handle but quick google reseach will probably give me the answer.

So these sockets are there with power available but not being used.

I realisticly don't want to spend any more money (because I'm in the middle of starting up a company and it's all going to that) I wanted to see what I could use my existing rig to make a little bit of overnight cash mining.

My friend has a huge rig down south (in newcastle) and I know he's been having power problems. So when I told him about this yesterday he almost cried as he's already sold half of his rig. He would have sent the whole lot up to my office lol. he has left ready for ebay 6x 280x and 4 x 1000watt corsair psu's with all riser cables and 2 psu splitters.

Hosting sounds good, I have the power there but not the rig I suppose.


Oh I just read  the last comment on the last post.

I have full public liability insurance and contents insurance. Hosting other miners wouldn't be a problem.

If you have free electricity, first step is to buy a shit ton of asic miners!   :D

That Mickey Mouse rig ain't going to cut it.

You'll need to invest multi TH/s worth of Asic equipment that'll ship within a week, no pre-orders.  Pre-orders will just tie up your investment for months on end, and there's absolutely nothing you can do about it.  Buy equipment that's either in stock, in hand, or that ships within a week.

I'd suggest buying a small miner, like a Rockminer R-box or an Antminer S1 just to get your feet wet and see if mining is for you.  Lots of setup, maintenance, pool watching, and hardware and software monitoring involved to ensure uptime and optimal hash rate.  Then if it's right up your alley, ask in this forum for pointers to the right equipment, then pounce on some 1 TH/s+ equipment.

Hope this helps.

Chuck

I think you may want to confirm first what free electricity means.  Yes a lot of places like yours have included electricity in the rent, but they may have escape provisions if you start sucking down 20k watts per hour or something.
Realistically, you are going to have to spend money.  I guess with some alt coins you could pull in like 10 bucks a week with what you already have but I don't think that is what you have in mind.

Well hosting wouldn't be a problem, but trust would.  What I mean is, no one is going to just mail thousands of dollars of equipment to someone they don't know.  Whats more, you have no experience whatsoever; even if we could trust you in the sense that you won't steal our stuff, you obviously won't know how to run, maintain, or even setup the equipment. 

So not trying to shoot down your dream or anything, just some things you need to think about.

Having 7 power points of included electricity is awesome, but certainly not unlimited.

If you are going to get into mining, find out the limits. Max current draw per point, max draw overall.

Perhaps the points are divided among more than one circuit, so work that out and max draw per circuit. To find out circuits, go to the breaker box and turn off a circuit, then find out which power points are off using a lamp to plug in to each one. Label those points as circuit 1 and label the breaker switch with a 1. Do the same with all the circuits.

Hire an electrician for 30 mins to look at your circuits and advise on max limits of everything. For example, they may say that each point is 10A, each circuit is 16A, and total power to your office is 60A. Assuming you are on 240V, this means max power draw is 10x240=2,000W for each point, 16x240=3,840W for each circuit, and 60x240=14,400W overall.

However, that is the peak load the wiring can handle. For continuous power draw (e.g. mining 24x7) we can only draw 80% of the peak. So for example 1,920W per point, 3,072W per circuit, and 11,520W total.

Respect all the limits. If there are two points on a circuit we are limited by the circuit, ie about 3kW for those two points (rather than 2x1.9kW). We also need to leave headroom to actually run the business. Work this out, and leave something e.g 2kW for that. So the max mining is about 9.5kW in this made-up example.

The other thing to think about before you acquire too many miners is the heat. Basically all of that power is converted to heat. If you need to run air conditioning, that takes a chunk out of the remaining power (9.5kW in this example). I don't know how much air con you need, it all depends on the efficiency of the air con unit. You may need 3.2kW of air-con to cool 6.3kW of mining gear. So we're down to about 6kW of power for mining.

The next thing to think about is the noise.

So start with one small miner and see if it will work for you from a heat and noise point of view. You also get experience mining to see if it is your thing.

Hello there and welcome,

You almost certainly have 1 16amp ring main. There may be a 32 but it's almost certainly not as they're mainly used for kitchens.

All these plugs will run off this one circuit.

Each Terraminer uses 2.1kw roughly 9amps

Free electricity is great but you need lots to run multiple ASIC miners.

If you're not willing to outlay a significant amount of money for miners your best proposition would be to host ASICs for others.  But the risk involved is that you have to insure them.  It's not unheard of for some of these units to arc or catch fire.  Last thing you want is to have the place go up in flames and then have 10 miners yelling at you demanding payment for their burned ASICs.

There are a few other people who do collocation - PM them for ideas.

Plus also remember that if you're mining you will be generating a lot of heat.  Even with "free" electricity you will need some device t remove that heat.

Theft?

Free and unlimited you say.

--

Biodigestor. Like these systems:

http://www.grobergreen.com/delft-blue-veal-biogas-process/

http://www.grobergreen.com/electricity-for-excrement/

http://www.ridgetownc.uoguelph.ca/research/documents/fleming_Final_Report_Ontario_Pork.pdf

With this:

http://www.allied-control.com/datatank/flat-rack

I bet that is the best / cheapest and green solution you could hope to find. Marry a pig farmers daughter?

Cheers guys some really good info. You're right these would be 16A

As for heat I wouldn't see as too much of an issue as I live in Scotland and it's always cold :P but I wouldn't intend to have such a powerful rig to draw that much heat.

It's not a dream really. I have an opportunity (i've checked the rental contract and there are no issues rising about electricity) I have spare power sockets that aren't doing anything and just wanted to see what my options are.

You guys were great at giving those options a real big help.

So now I have 3 options

A) Do Nothing and just work in office as per
b) use existing rig to farm some over night alt coints
c) invest some money into a few antminers or something.

Cheers again guys... now to ponder.  :-\ :-\ :-\ :-\

free unlimited electricity?

then here is idea to make pure profit

sell electricity to other as you have unlimited at free of cost

hi I am also a degree Greetings from Indonesia :)

for about mine because I do not have the tools so expensive, but I often nambang in some particular mining site :)

well it seems you can make a lot of coin just to sit sit and wait: D

What site? And how much do you really make JS-mining?

well here i got some free electricity too ... but canot mine some alt coins i dont have any gpu or a miner :) but still happy..

Buy Antminer S1's. You can get them damn cheap because they aren't that efficient anymore. But you don't care about efficiency.

You'll need power supplies and network access.

 8) ;D 8) ;D

God is the only source of infinite energy, all other forms of energy are finite. Or rather, the energy won't disappear, but the increased entropy would render it useless for generating electricity at some point.

anyway, mining with computers will get you nowhere in bitcoin. If you really want to abuse your free god-source of infinite electricity you should consider buying a shitload of ASIC miners. (I wonder how long you will keep getting free electricity, and how long it would take for the cops to check if you are not running a weed plant).

Anyway with your computer it would be best to mine monero or dogecoin or something.

I would agree with you, until the news of the Antminer S3 struck like thunder yesterday.

If you got free electric, the S3 is the way to go.

That depends on timing.  1 week could mean the difference between profit and loss, especially with KNC about to pump out their Q1/Q2 Neptunes supposedly.

True, but have you seen the Neptunes, it's not 1 case or enclosure anymore.  It's just 5 600 GH/s boxes now:

http://media.coindesk.com/2014/06/Screen-Shot-2014-06-17-at-3.19.26-PM-300x185.png

You know people will buy farms of the S3, and it'll definitely be cheaper than the Neptunes.  Bitmain already has 20% of the network hash rate, I could easily see it go to a third if the S3 is priced right.

But yes, with both Bitmain and KNC releasing around the same time, all miners profits will be cut into immensely.

Stopped reading after that.   ::)

Yeah they pulled the same thing BFL did with their minirig.  Well, it would be better suited for the home user.  The problem is it will be overpriced.  So the only people who would buy them (other than those who remained pre-order) would be clueless customers - and we have a lot of those.

Either way both will hit the network at the same time.  We might be seeing a couple of 20 or 30% jumps.

Hello!
IMO every newbie to mining should start mining altcoins and study how it works and then mine BTC or any profitable coins but remember, more profit the coin is, more difficult to mine it
Kindly,
        Muhammed Zakhir

Very insightful.  Mine profitable coins, unless they aren't profitable.  Thanks for the tip!

lmao.  this is funny

I am starting to get the feeling that even with free electricity, mining is no longer a viable option. With the amount of hash power that's required, you could just buy coins outright instead of paying for some piece of equipment that may or may not be delivered on time or ever, that may or may not last, etc.

When you refer to newbie, are you talking about yourself?  When multicoin pools switch coins they pick the one that has a lower difficulty relative to it's price.  I think you're a little confused  :o

Depends on what type of multi pool you are talking about. usually they are mining the most profitable coins.

I think you missed DrG's point.  The coin that has the highest price relative to it's difficulty will be the most profitable.  In that scenario that would be the coin with the lowest difficulty so to speak.  Every multipool mines the most profitable coin.

if you dont want to waste much time and money best is to buy a few Antminer S1
they are cheep and trouble free.
Then when you make some money and understand how it works buy all the end of life
equipment on the bay and put them to work...

DjAirwolf i have a range of asic miners available with shipping from uk stock and if you have free electricity to hell with just get the Cointerra`s plugged in!  2kw each but very burly btc miners which run at 1.6 th each,   ;D

Yeah! Multicoin pools like eobot mine profitable coins. What I said was when you mine using your own hardware it will be difficult to mine more profitable coins like BTC & LTC as their difficulty are high and are rising now too! You misunderstood what I said. :)
Kindly,
        Muhammed Zakhir

OK I understand what you meant.  Yes it will be more difficult, but as long as it's the more profitable coin it's worth it.  Would you climb 1 flight of stairs for $1 or 3 flights of stairs for $20?

That's a nice question. But for a newbie I don't think they can afford a good miner. Without a good miner, it would be useless mining profitable coins nowadays. So I just suggested mining less profitable coins and they can buy good miners later. In this way they can get some money and they can study all thing about mining too. :)

Kindly,
        Muhammed Zakhir

Yes, currently no home miners doing it casually can have a significant part of the network.  This ended when the GPU phase died.

But getting 0.001 of a $1000 coin is the same as 1 of a $1 coin.  It just makes the person holding 1 whole coin feel better sometime.  As we get used to decimals and microBTC people will get over that.

This: Everyone is going to be selling their antminers in the next few months because they aren't profitable.

Yet, with free electricity - they sure are profitable.

Wait, WHAT?  You're suggesting mining less profitable coins if the person doesn't have a "good" miner?  Why?  Why would they do that? 

The business most suitable is to start a cloud mining firm if you have "Free" and "Unlimited" electricity.
If you want to buy mining hardware buy the SP10 or 30 Sha256D miner.
You can go to a good profitability calculator which consider difficulty in profit calculation.
Put all the available miners list there. Put "watts" field with zero and buy the most profitable one.
or atleast, You can sell them to grid in some places.

Mind you I ask how do you get free electricity?

Most people get it as part of their lease or rental contract, but you need to be careful since many of those free electricity locations have stipulations that the utility not be used for commercial purposes.

There are Free electricity, virtually. I know such setups. There are such legit setups.
In historic years even people patented free energy making machines in US.
Later, after such a persons funeral, the secret behind it was found,
It was terrible he used many forced air/pumps to crease such Perpetual Motion Machines. All where hidden in his floors and walls.

Sorry, I was not talking about such a Perpetual Motion Machine.
But some initial investments and if you have an environmental support like a water fall, a virtually free energy source can be created.
Along with that solar and wind can be added to make a hybrid system. But all includes some initial investments and maintenance costs. But its worth the money.
Inshort virtually we can generate free electricity at a small "cost".

Either English is not your first language (which is fine) or you are high right now because I cannot understand anything you just posted. Perpetual Motion Machines are not legit.

Electricity is never really free unless somebody offers to pay for your use.

I agree with you. Try re-reading. I did some edits.
I was in a "high".
Perpetual Motion Machine are fake that's what the post says.
The above said "virtually" free electricity is from nature at a "cost".