Bitcoin Forum

Hello

I live in Kuwait in the Middle East. Electrical power in my country is among the cheapest in the world. I addition to this fact, I have access to up to 1 MW monthly for free due to a special arrangement. I also have about 2.000 m2 air-conditioned space available.
Unfortunately I do not have any knowledge of Bitcoins. I only heard that the cost for electrical power seems to be the most important factor if one wants to mine them economically.
Here my question: would it make sense to install computers here in Kuwait order to mine Bitcoins? If so, what profit can be expected?

Regards
Khaled

Hello Khaled:

Would you PM me for estimated budget you have to inter bitcoin business?

I can help you with some more info.

You can PM me in arabic .

Don't have a budget. Neither knowledge :( Would it make sense at all? The news says that many stop mining because its not economical anymore. But if power is free, it should still make sense, right?

without a budget you can't nothing sry

with free power you might try antminer s3 to start

OK. Once again: I am really new to this. Let's say I would invest about 10K KWD (US$ 36.000) in equipment. Power and air-condition is free. If the machines would run day and night. Is there a way to calculate when I break even (Assuming the worth of a BTC would stay at today's value)? Can the profit be guaranteed?

Best calculator by far:

https://bitcoinwisdom.com/bitcoin/calculator

If you have $36,000 to throw at equipment, this is by far the best you'll do:

http://www.spondoolies-tech.com/products/sp35-yukon-power-shipping-from-stock

That buys you about 16 of the SP-35's.

Unless difficulty plateaus forever, you'll most likely not break even, even with free electricity.

Just buy the 154 BTC.  It's at a discount price right now.   8)

Do you have electrical distribution to PDUs or outlets? How many tons of AC do you have?

@ChuckBuck Thanks a bunch. I am checking different sites already to get more into this matter. I found this here: https://coinplorer.com/Hardware
Maybe I am a bit blunt, but can I just order 100 pcs of the PRISMA SHA256 from ASICMiner (China)? They claim its about US$ 302. So I'll be around US$ 35.000 with all the rest of the equipment maybe?
Financed over 36 month its about US$ 1100/month. Power is free. Still no way to break even ever? Why would anyone still mine BTC?

no no, don't listen to ANYONE. Buy S1s they are CHEAP! you can get 2 TH/S for 0.9 BTC. go for that !

@ASICSPACE No PDU yet. The available space is ~ 2000m2 fully air-conditioned. Should be enough cooling power for a few hundred units.

If power is free, THIS IS THE BEST IDEA.

Kijiji is the way to go for this.

Honestly, I'd have to see the space, but I doubt you'd be able to fit much more than 200 kw in that space without additional cooling.
If you're going to use your MW you will need a cooling solution.

If you need some advice or consulting catch me on skype at: robertvankirk. I have extensive experience in the mine design and cost cutting.

In my country we got FREE electrical power too:

With free electric, I dont think you would find a better deal than this at present.
Need to move fast though, but it is a really good deal in my opinion @ $69 for 1.4 terahash !


Round One of Block Erupter Prisma2.0 Auction has begun.

Auction Rules
starting unit price: 0.3BTC
minimum unit price bidding increase: 0.01BTC
minimum quantity: 20
total quantity: 200
ending time: 08:00:00 AM January 25, 2015

To bid, please reply in this post:
https://bitcointalk.org/index.php?topic=932445.msg10233572#msg10233572


edited - spelling

I am in the EXACT scenario are YOURSELF.

I have free electricity but I don't want to RISK any money buying miners that will NEVER get an ROI.

Your best option is to buy USED miners from the classifieds or from this forum from people who can no longer afford to run them.

You are pretty much looking at the old KNC Miners, S1, etc. These miners are VERY bad on efficiency but for yourself it doesn't matter. And they are DIRT cheap.

If you buy something new, it costs more and you are at risk of losing money. Looking at the chart, looks like BTC might go to $150 sometime this month or next.

@adaseb Interesting. Thanks for the suggestion. I am just thinking: If I invest my 10K KWD (US$ 36.000) now into 100 pcs of cheap, new miners with about 1.4 Th/s and just let them run continuously , even if the BTC drops further, I'll have the advantage of less competition, right? The way I understand the process is, that the less people mine, the higher the chances for everyone. I don't pay for power or AC, so what is there much to loose?

If BTC drops to $150 again expect tons of buyers.... and if you have btc hold out so that you aren't a contributing factor to the market drops

You can buy a 1Th/s miner for about $150-200 right now. But you also might need to spend $75-150 on a PSU.

1Th/s only makes $2.50 per day. So it will take 80 days to get ROI for the miner. It might be another 30-40 days just to pay for the ROI.

So if price drops within the next 120 days, you will lose money or take longer to get ROI. The miner will be almost worthless but PSU might be worth 50% on eBay.


If price stays the same, after 120 days, you finally start making money.

If price goes up, you will pay for the miners quicker and make money sooner.


There will always be risk. Anybody that bought BTC or mining equipment in 2014 after Feb or March, is sitting at a loss.

@adaseb

Thx for the information. Doesn't sound too scary for me. As with all currencies, its always a bit of a risk.

If your wanting to get into mining and without much cost go lookup Burstcoin Hard drive mining totally different concept to how bitcoin is generated and seems to be taking off pretty good since start has had steady price progress and plenty of development since it started.

https://bitcointalk.org/index.php?topic=731923.0

If you got no budget or idea of what your going to chuck into it. At least can buy hard drive been cheap and learn about Burst and not use much energy at all as where even if you got free energy and considering mining BTC you will need at least 30 to 40TH of power to generate a good amount of coin.

Will your "special arrangement" of free electricity still exist after the first month's bill comes in and the company/person paying sees how much you're drawing from the socket?

It may  I have received  a deal for 2.4 cents a kwatt since july.  the catch was only 700 to 1000 watts max.  I have run 2 s-3's since july no issues.