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Thank you for your comments
Yes trust is an issue, but fortunately, bitcoin is 'trustless'. Am looking for one or two 40ft containerised mining rigs.....that's between 300 and 650 ASICs by my research. Along with peripherals, shipping and installation.....a ballpark figure of $3 -$4m. I would imagine any investors would be well researched before venturing close to and have done rigorous due diligence.
with mutlisig wallets all miner rewards would go directly to investors, no government can stop or censor payments.
Investor risk is whether the AICs will be switched on, or if I pack them up in a truck and drive off with them.
But more seriously the location and electricity supply is on a Multinational Multi-billion dollar industrial complex, which is easily checkable, hence I don't want to give more details here otherwise I will dox myself.
Any suggestions on the optimum ASIC's and possible genuine suppliers that I can approach.
the last research I did o this was almost three years ago.
Heat & Humidity thank you for your suggestions, any more sources for information on cooling and anti-humidity systems?
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Dear all I have spent close to 3 years on the basics of this venture, I can now categorically claim 4.5 cent per KW. Am interested in containerised mining operation My electricity supplier also has a suitable location in an industrial estate. Electrical supply up 2MW.
Am looking for technical and financial partners Realistic prices and suppliers for ASIC's, cooling, cabling and containers. There is absolutely no legislatory and authority risk......in fact there is support for establishing a 'data centre'
any advice is welcome free or paid (small lighting fee) interested parties, words of encouragement, ideas, suggestions, horror stories, cautionary advice, potential partners....please post replies here in the first instance.
thanks for your interest.
A suggestion is: 1) tell us the country it is in. It's on a private industrial estate with a Natural Gas Power station - in West Africa, very hot and humid, inhospitable ...at least for heat-emitting ASIC's so cooling is a major consideration. Not many of such facilities in the area so too easy dox, hence am not being more specific. Sevurity of equipment and personnel are well taken of.
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Dear all I have spent close to 3 years on the basics of this venture, I can now categorically claim 4.5 cent per KW. Am interested in containerised mining operation My electricity supplier also has a suitable location in an industrial estate. Electrical supply up 2MW.
Am looking for technical and financial partners Realistic prices and suppliers for ASIC's, cooling, cabling and containers. There is absolutely no legislatory and authority risk......in fact there is support for establishing a 'data centre'
any advice is welcome free or paid (small lighting fee) interested parties, words of encouragement, ideas, suggestions, horror stories, cautionary advice, potential partners....please post replies here in the first instance.
thanks for your interest.
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Most of the premium spots have already been taken up, and if you're forced to franchise or lease one, then you'll come across clauses that means you can't place your unit within X distance of another Bitcoin atm.
As for how much you'll earn, you should try contacting other Bitcoin ATM providers and ask how much they earn. Then you'll need to estimate whether you're likely to get the same numbers where you end up placing your unit.
Thank you, that's one reason I want to go it alone, so I am not hampered by the franchise agreement. I know one other BTC owner and they're doing at least 2 BTC a day, but am not certain how many machines his has
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thank you, that's a good resource
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Thank you all for your comments and insights, yes there is a lot information on Google, etc , much of it is old though. I was a relatively active trader on LBC and before i started on LBC it was difficult to get a handle on market size and liquidity, even with all my prior research.
I seem to be facing the same issue here, I can't judge the size of the market, its even more complicated because the market depends entirely on geographical location. Am thinking of locating in trendy, up and coming areas of town, but am confused...young student areas or yuppie newly gentrified areas? or largely immigrant ethnically mixed areas?...... once again any suggestions?
It would be great to hear from someone who actually uses BTC ATM's or anyone in the business
I understand very well the problem you are having judging the real size of your market. We are in a very similar situation installing the first machine(s) in Spain. I completely agree that the geographical location is the most important aspect (even on a micro level, ie. on one street vs. around the corner, inside a shop vs. street level w/ 24h access) and also security for the machine is very important. Personally I can only go by statistics, which show Gen Y is the best target market (25% of Generation Y between the age of 18 and 34 are now considering the cryptocurrency as a better investment than property - note that is a US based report) which seems like the natural progression. However I believe it is also just as important (or more important) to be in a location that is convenient, for example I think it would be better near the "central station" with high traffic and easily accessible by metro rather than a remote university town. Also, I saw another report showing that most BTC users are not "spending" BTC in developed countries as most users in developed nations are speculators which has us focusing on purchasing/crypto adoption strategies (however, I personally have only used the machines a few times and that was to sell BTC-> Cash in a pinch, so it is very hard to tell). I think it is best near a popular city centre plaza which is is also walking distance from a few universities (within the city it is a very high traffic area statistically). IMHO, the best solution is do as much research as possible, then test the market but make sure you are not locked-in by any long term rental contracts, and if necessary, move the machine(s) to different locations. Good luck! Thank you for your detailed response. Yes I am looking at locating the ATM in a busy city centre with lots of Gen Y and students and very mixed nationalities. I expect to make more in people buying BTC than selling (but time will tell). I am also expecting average buyer of BTC to spend on average €100 per person. Our target was 1 BTC per day but a previous poster says that's highly unlikely. What do you think?
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Thank you all for your comments and insights, yes there is a lot information on Google, etc , much of it is old though. I was a relatively active trader on LBC and before i started on LBC it was difficult to get a handle on market size and liquidity, even with all my prior research.
I seem to be facing the same issue here, I can't judge the size of the market, its even more complicated because the market depends entirely on geographical location. Am thinking of locating in trendy, up and coming areas of town, but am confused...young student areas or yuppie newly gentrified areas? or largely immigrant ethnically mixed areas?...... once again any suggestions?
It would be great to hear from someone who actually uses BTC ATM's or anyone in the business
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Okay , you need to think about something first. The fee should be a lil less as compared to the online fee when you sell the bitcoins to someone because that is what will make people use it more. At the same time there have been problems with the ATM when the person transferred the money but had to wait a lot lot more than the normal waiting time therefore you do need to thinking about solving such kinds of problems instantly. It is rather a good idea but you need to improve the existing idea of Bitcoin's ATM .
This is a good point, I'll ensure that there is always coin available for immediate transfer, the rates will be competitive, customers probably won't be able to buy massive amounts, both for security purposes and in line with KYC/AML and statutory reporting limits.
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I am UK based and looking to setup a BTC ATM, initially just one or maybe two locations, I'd rather not lease or take on a franchise, but run a machine myself. Has anyone any experience in this?, where's a good place to buy the actual machines? - I've seen a range of prices from US to China, how is easy is the software setup? I know the turnover question is difficult to answer but selling small amounts of SATs, can one location sell up to 1 btc per day?, any other things I should be aware of? BTW am pretty much clued on local laws in the UK. Thanks in advance
Since you are installing it in the UK, the best thing to do is first go for the reachable nodes of the current network to find a place where you can suitable put your Bitcoin ATM machine. I think one of the sites can give you such information is https://bitnodes.earn.com/nodes/?q=United%20Kingdom Just see for yourself if this kind of idea would help you. This interesting? but what's the advantage? do I have to be physically close to a node?.....the top node in the link is 450 miles from me!! I am in process of setting up my own node in any case. Will my own node help in the business model, I was just setting it up to have my own node and help the protocol.
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I am UK based and looking to setup a BTC ATM, initially just one or maybe two locations, I'd rather not lease or take on a franchise, but run a machine myself. Has anyone any experience in this?, where's a good place to buy the actual machines? - I've seen a range of prices from US to China, how is easy is the software setup? I know the turnover question is difficult to answer but selling small amounts of SATs, can one location sell up to 1 btc per day?, any other things I should be aware of? BTW am pretty much clued on local laws in the UK. Thanks in advance
Ugh, no idea about regulations, I will try searching bout some nice ATMs I seen a while ago but it was few operative systems back so probably lost. Anyhow leasing or taking on franchise isn't a good idea imho. Good luck and cheers for making bitcoin easy. On a side note I'm waiting for my crypto visa, the atm's won't be doing very well as soon as these visas start proliferating. Thanks for that, please post anything you find. Yep, I can't see the value in leasing or franchising, there are couple of players in the UK space who offer free installs and you generally charge them a rent....that's not for me, I want to get my hands dirty. I've had legal advice on the UK position. Think my real problem is equipment, software and judging market potential
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I am UK based and looking to setup a BTC ATM, initially just one or maybe two locations, I'd rather not lease or take on a franchise, but run a machine myself. Has anyone any experience in this?, where's a good place to buy the actual machines? - I've seen a range of prices from US to China, how is easy is the software setup? I know the turnover question is difficult to answer but selling small amounts of SATs, can one location sell up to 1 btc per day?, any other things I should be aware of? BTW am pretty much clued on local laws in the UK. Thanks in advance
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Is there a chance of you keeping and regularly posting a modest, anonymous log of this project? I would find the adventure to be incredibly interesting to read about.
All the spills, thrills and chills would be riveting, as would a breakdown of the financial side as your effort unfolds. We could vicariously live the life of a Crypto explorer through your reports :-)
Ok, I'll see what I can do......still very much at the embryonic stage though. But posting here will probably serve as an unofficial 'push' for me to get things do
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Apart from giving out merits how else can one like or thumbs up a response? Thanks again for such a detailed answer.
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@BitcoinRefiner...we still can't PM each other.....can you reach me on ozoro99atgmail?
@Notfuzywarm.....what's a dry cooler tower? For real.....miners can run in excess of 50C without fans or A/C's ? what's the downside? why don't all miners use immersion cooling?
the concept seems very interesting and dare I say revolutionary.
@WhyFhy....once again you come up trumps......I've checked out your link and I am waiting to hear back from them. But they're boasting they can reduce CapEx by 25%......maybe on the more expensive and larger roll-outs. But we wait and see what they've got to offer.....sounds really good in all manner of ways...deployment, cost, efficiency, etc
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Thank you sooo much everybody for very useful comments, I will PM those who have asked me to reach out to them. Am a newbie on this forum, so am just learning about 'merits', I'll be dishing them out if my newbie status allows. I welcome more comments and advice. Cheers everybody
@bitcoinrefiner......please reach me ozoro99atgmail Cheers
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Fantastic information, you guys are brilliant!!
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@steamtyme, thank you very much for your detailed response. I will study the cold aisle/hot aisle you've mentioned. The temperatures will regularly top 35°C and it's humid with heavy downpours. am looking to start ASAP ...the halving is scary, but hopefully it will eventually result in higher prices.
thanks for the list.
Cheers
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@Whyfhy
Sir, (I presume you're male, apologies if I have committed a cardinal mistake) you sound like just what am looking for, I will private message you in the next few hours.
thank you for your time and responses
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@Whyfhy
Wouldn't I need to have some idea of layout when building the infrastructure? In producing the business plan I will need details of tech...hardware, software...even details of how 'coins' mined will be recorded and sold. My backers are 'oilmen' and have no idea of crypto. The infrastructure is the easy bit.
You say 60 days lead time for the hardware.....am seeing the ability to buy mining hardware seems so difficult, the manufacturers all seem to have the best models sold out, there are seems to be quantity limits on what individual customers can buy at any one time. Other threads on this forum seem to say being on a waiting list is not a good idea as tech changes relatively quickly and all potential estimates can change dramatically with difficulty levels, BTC price movements, etc
I suppose what am asking, is how can put down a real 'factual' business plan (with emphasis on the tech) other than what I've picked in my cursory studies and knowledge.
Ideally would love to be starting to 'mine' within 90 days (especially if am using modified sea containers)
PS yes. cooling is going to be a major issue, any suggestions, outside temperature regularly hits 30 degrees centigrade. I wonder how Florida and Texas based miners 'cool down' their equipment.
Cheers
Additional question how genuine are the adverts for mining hardware on 'Alibaba'? prices seem too good to be true
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@Whyfhy Thanks for your reply.
Infrastructure shouldn't be too much a problem, I can relatively easily throw up 1050 sq ft (100m2) high ceiling warehouse, alternatively I can use converted shipping containers. I am locating in African oil fields, with access to electricity generated by 'waste natural gas'. We regularly ship out all sorts of heavy equipment to those fields, shipping in a bunch of computers and building a 'shed' will be in within our normal operations.
Yep, we currently use satellite for our internet access.
I am thinking our major challenge is understanding the technology, no doubt we'll need to employ 2 or 3 operators (at least to start with) - they will need to be available 24/7 I presume. But that can be arranged.
Frankly I think there's a good resource and potential set up waiting to be exploited. BTW our power supply is natively 220V/240V.
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