Bitcoin Forum

Hello guyz, just need opinion of people who have been in the bitcoin mining circle.

Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.


*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.


Thanks for you advice & suggestion

This is a no brainer question of course, it is a big yes for me. Electricity is one of the biggest expense a miner is facing that some of the mining companies out here are venturing out to countries with cheaper electricity cost. If your country has somewhat a reasonable subsidy for electricity cost then it is a go for me. You might actually have a higher ROI compared to other miners with high electricity cost. Other things you need to consider is if mining is legal in your country as well as the maintenance cost for your miners.

Cost of electricity is major expenditure while mining.  Coal; thermal; atomic; energy are the major sources of electricity.  In my country these are all government controlled because of huge investments in the plants; but it (electricity) is really costly.

Why not we switch over to solar / wind energy which is very cheap and nature friendly too.  In my country India Government is subsiding solar equipment.  People are getting installed solar panels on their roof tops.  They are not only fulfilling their own consumption needs even they are free to sell the surplus energy to Government. I am of the view if the present government again wins 2019 elections then there will be a big revolution in the field of solar power. 

We will see a big revolution in the years to come.  So very much bright chances.

Absolutely yes. Free electricity or only 40% money you need to became rich. I will grab that opportunity until i gain a lot from it. Don't mind the equipments that you will use in mining. Electricity is the main problem why most of the miners stopped because they got too high bills that they cant pay with the mining.

Ok, thanks for your contribution(s)

You shouldn't even give it a second thought; just go and start mining as soon as possible. Most of the cost behind mining is caused by the electricity that is required to mine the coins. So; if somehow we can actually reduced this cost; then we can make a huge profit. So; you should definitely grab the opportunity.

Completely yes. Free power or just 40% of the cash you have to end up rich. It's no about the pieces of gear that you will use in mining. Power is the principle issue why a large portion of the mineworkers ceased in light of the fact that they got too high bills that they can't pay with the mining.

Yes off course! If you are getting this opportunity then undoubtedly you should go for this. Electricity is one of the biggest expenses for mining companies and thus they are unable to pay bills and stop mining. So; if your country has this type of reasonable subsidy for the electricity then go for it; you will earn more ROI than other miners whose electricity cost is high.

It is a yes only if you have enough initial investment funds (i.e., money for mining equipment). Due to large interest in mining (which leads to an even larger rise in difficulty and smaller gains) and low value of cryptocurrencies, mining is not a no-brainer activity, even with free electricity. You still should think about this matter thoroughly before investing. 

Everybody would like to mine bitcoin but for electricity charges. Nobody would say no to bitcoin mining when electricity is free. Some miners even change geographical location to have a reduced cost of electricity for their bitcoin mining activities.

Absolutely, as long as the mining produce supersedes the cost of production which in this case this is minimal since most of the electricity its free then just go ahead.

I think you should start your mining straight away if you have electricity that cheap. This will give you an edge. Cost of electricity is a major factor which is affecting the profitability of cryptocurrency mining. I can be very sure that you will recover your invest and start making profit.

Coin mining and blockchain consumes huge electricity. It is very expensive for the users. So if anyone has the access of electricity then he or she should use it and safe almost 60%-70% electricity expenses. If I had this kind of opportunity then I would definitely take that.

Glad I just saw this post.  I just put up a 18,000KW/year system and have extra energy I need to use or the electric company steals it at the end of the year.  The mining section scared me off.  I may buy a few cards and see what I can do.  ITs better than giving the credits back to the power company.

you still have to make a big investment in equipment and cooling system, have a dedicated space and endure the sound and heat of the operation unless you have a storage space and it is separated from where you are (home, work or wherever you are that have that "free electricity").
also make sure that there is no legal problems. not just about bitcoin and mining it, but also about usage of that electricity for mining. for example i have seen people mine bitcoin at work with "free electricity" who got caught!

also check out altcoin mining before starting anything. you can visit calculation sites like https://www.coinwarz.com/calculators and see how much you can earn mining bitcoin and how much you can earn mining altcoins then selling them for bitcoin.
one good thing about mining altcoins is that there is a lot of them and you can rather simply switch between them but there is the risk of its price dumping hard. but the good thing about mining bitcoin is that you know you are making profit even if price went down.

Nobody has an access to free power supply unless you own it anyway there is a lot of renewable energy out there you can choose what you want but setting up a new one is very expensive.

A big YES from me because in mining electricity is the main problem and the main cost. If you can get that for free than why not! You should definitely start from now.

The situation might have changed now, but I remember what happened a couple of years ago with my friend who tried mining btc. He bought a couple of good Ant miners, about $500 each. He had access to free electricity and of course miners were not located in his flat, because they are extremely loud. They broke about half a year after he started and the only thing he managed to do is recover the money he spent on miners. Of course, if he kept mined btc up till the ath time, he would be very rich now, but the same would happen if he simply bought btc back then, so it's not about successful mining.

Well, for me its better to mine altcoins rather than bitcoin since bitcoin uses proof of work. I believe that 60-70% of power supply you are mentioning will come from solar and wind energy. Choose an altcoin that uses proof of stake rather than proof of work in mining because it doesn't require that a high specs device to start with, a medium, one is enough. Researches also suggest that proof of stake is cost efficient compared to proof of stake.

Off course it is a very good opportunity and if I got a chance like this I will definitely grab it. Many of the miners stopped their work only for high electric bills that they cannot afford. So obviously it is a attractive opportunity.

Expense of electricity is a great obstacle in bitcoin mining. Many of us cannot afford this cost and thus cannot do mining. If anyone have free access to electricity then he surely should go for mining.

Electricity is a major concern for a person who are planing to start mining projects so first we need to compare electricity prices of different cities in our country and check how much subsidy is providing by governments for our mining plant then we can start our project also we can go for solar panels for production of electricity and can use for mining. many peoples are doing mining in other countries where electricity is less expensive.

in my opinion I’ll suggest you that ‘’yes’’ because using electricity for mining is the biggest expense. Beside keep in mind that mining btc is complicated. One have to buy the right equipment for mining which may cost a lot.

I think this topic should be moved to the right section for your inquiry in mining.
 Move this topic to mining section.

 i have read all of the reply posts in this thread and it seems like nobody suggested you to move this thread, and if there is, kindly correct me if i misread it. 

For mining you need high regulation computers and also electricity. But it is costly because electricity bills are high but it also true access free electricity is not possible.

How can someone can get free electricity with no limit ?
As far i know bitcoin mining with a rig is really need much power wattage and ofcourse it's really recommended to mining if it's free electricity

Yes definitely. Electricity’s is one of the most expensive sector in mining companies. If your state has somewhat a sensible subsidy for electricity cost will go down. Then you will get higher roi compare to electricity cost

Electricity causes the highest amount of damage financially while trying to mine coins; so if you are getting free electricity I suggest you invest all the money behind getting a very good rig worth 30;000$ and it will definitely pay your debts off sooner than other miners.

Yes, definitely. A lot of these mining farms in China have the edge over other mining farms because they are using subsidized electricity or surplus electricity. Unfortunately there are other things that you have to consider too, like noise problems if you are going to run this in a urban setting and also additional hardware cost for extra cooling.

Do you also have access to Asic miners, because most Bitcoin mining is done with Asic chips now.  ;)

Sure why not. Its like an easy job with small risk. I would do mining if i got free electricity. Right now mining is so risky cause you need to buy a proper equipment which is not cheap and also mining become more harder.

Even more than that I can suggest you to sell your electricity and attract new investors into the pool, so you would be able to give a place for them to put their mining farms to your area and have the cheaper electricity.

Definitely yes. Electricity is the main concern in case of mining any coins since ASICS mining require a lot of electricity power to run so many powerful hardware. That is why Bitcoin miners also count the electricity bill along with other costs when it comes to mining. You should not miss out on this chance if you are getting 70-80% electricity for free.

yes; I would love to give advice but this thing is bit complicated that's why it is still not popular among the users that much but If you could understand it once then you will realize that how much easily you can earn profit from here; so first study the market

Definitely NO! Not until you did the math!
Everyone is just screaming yes, do it, but if you still need to pay for 30% of the electricity, you should for sure first do some calculations. And think about the hardware invest as well.
Check out whattomine.com and put in all the details, like which ascii miner or gpu you are planning to use. Calculate the power usage (for your complete setup) and put in what you pay for a kWh. This will give you the profil per day.
Now calculate how long it will take until you earned the money you initially needed to invest for the hardware.
Does it take several month or even years to reach break even? Might be too risky as the hardware could fail, the difficulty could rise or the price for your mined crypto drop.
Is it paying off after a few weeks or some month and/or do you expect crypto to rise soon? Then it looks a lot more promising.
Good luck with your decision.

Mining cryptocurrencies require intense use of electricity which incur a lot of bills. so if someone has free access to electricity,then why not take the advantage and make money.

One of the biggest cost of bitcoin mining is electricity. People who live in countries which have a higher cost for electricity are less likely to bitcoin mine because of their higher cost for which their bitcoin mining will be less profitable. And it is profitable for someone who has access to almost 60% free electricity. Because then his cost of mining will be 60% less; which is a great amount. But there are definitely other factors effecting bitcoin mining. So I will first recommend to know well about bitcoin mining and then go for it if someone has access to almost 60% free electricity.

Very often there is an overabundance of electrical energy at Electric Stations. Try to find out from them. Free electricity only - alternative: the sun, water, air.

That’s affirmative. I would even be a business partner for that mining operation. Imagine having the most expensive part of the operation taken out of the equation.  ;)

Thank you for your kind advice @kryptqnick

Really appreciated!!

Obviously yes! free electricity = +profit for you, it's everyone miners dream almost free or cheap electricity. It's a no brainer ;) If I were you if you have the money build some mining rigs gpus are lowering their price at the moment if you can afford some asic then go ahead. good luck

Of course i will, electricity causes a lot of expense and sometimes i worried too much for paying my bills. So if there's a way to make it free i hope they will do. Because i need it so badly.