Mining Operation in Shared Working Space

[cpmcgrat]

Is it viable to set up a mining operation in a shared workspace like WeWork? An single person office in San Jose costs ~$580/mo flat. Electricity in the area starts around $0.14 per kW and scales up to $0.22 if you're consuming "too much" (top 10% of consumers), so it gets expensive.

I figure it would be sketchy to dump a bunch of open air miners into the office, but I've done numerous builds in 4U server chassis. In an enterprise grade rack (e.g. X Rack Pro 25U w/ noise dampening http://www.xrackpro.com/v/vspfiles/xrackpro25U.htm) it would look like a typical server rack everyone is used to seeing in corporate offices. I know a couple of companies that run numerous servers in their office (firewalls, data storage, compute, etc).

Lets say for example I put 6x 4U mining rigs into the office consuming 1.25 kW each (8x GTX 1070 rigs) for a total of 7.5 kW. Assuming best case cost at $0.14 all of the power, that would run $781.20. Assuming worst case at $0.22 it would cost $1227.60.

0.14 $/kW * 7.5 kW * 24 hrs * 31 days = $781.20
0.14 $/kW * 7.5 kW * 24 hrs * 31 days = $1227.60

Also, further savings could be achieved by renting the office through a shell company (LLC or S Corp), then selling off enough crypto every month with the corporation to cover the electric cost as a business expense pre-tax.

Assuming a 40% personal tax rate, the true cost (pre-tax) of the consumed electricity is:

0.14 $/kW * 7.5 kW * 24 hrs * 31 days = $781.20 / 0.6 = $1,302.00
0.14 $/kW * 7.5 kW * 24 hrs * 31 days = $1227.60 / 0.6 = $2,046.00

Thus total savings would amount to minimum $722/mo, but closer to the maximum of $1466/mo.

Has anyone attempted this? How did it turn out?

[bitfools]

Move to China,

Mining in California?

Businesses are leaving the state quicker than they're being created

Do you realize that if you have an office you must pay tax, and have biz license? U integrate all the costs of "Doing Biz" in CALIF, nada

Pray tell why do you live there?

Consider DALI CHINA ( in Yunan ), its beautiful, cheap power, and the old women openly sell marijuana in the markets, there are kung-fu temples in the nearby mountains that you can train anytime you wish, when your not mining are getting high, or chasing chinese girls

Kunming is nearby to DALI and has more computer HW shops like FRYS than San-JOSE

You can buy HW for 5% of the cost in USA?

I beg to ask... Why the fuck would U even bother?

Say your rig Example U have given, you would even keep 50% post expense, total in the cost of HW, but power, and then the real COST of doing business in CALIF? I think you fail to realize that your miners would only be 10% of your cost, cuz the STATE would tax you 200% on any profit you made.

***

Right now the MOST profitable coin to MINE would net you $450 on a GTX-1070 class rig(6gpu), that before you subtract your cost of ELEC, so your telling us that you plan to run a NEGATIVE  PROFIT? and still pay rent&taxes??

The $450 is now, more&more ppl are jumping into GPU mining, so the $450/month profit is ONLY going to go down, ( six gpu rig metric just one ok ), you power cost would be $120 in calif, so you profit maybe $300/month per rig, ...

As we ALL know, the only ppl who make money are the ppl who get FREE electricity,



Go to CHINA


***

Lastly, your numbers are suspicious, I have 1070 rigs and I know how many watts they consume I watch them like a hawk, I'm always trying to reduce my power, to keep my monthly bill down.

I suggest you work with one 1070 and learn how much power it needs, I would say with equihash you can get 450 sols/sec just fine at 100watts, so say you had a btc-12 mining rig, that's 12 1070's at 1200 watts + 200 watts for cpu/power-supply

1400w * 30 * 24 * 0.22 ( don't full yourself, one mining rig pushes the house-hold tier into high tier, I know ) = $200/month per rig

450 sols * 12 = say 6,000 sols, that's $30/day, or $900 less your $200 electricity, so you profit $700/month per rig

Your problem, is you need to learn how to run your rigs at 100 watts per 1070 @ 450 sols/sec,

But again the REAL problem here is your profit of $900/month before costs is NOT GOING to LAST, too many people are jumping on the GPU equihash bandwagon

Just like DASH bitmain D3 it went from $400 week to $2 week in month, ... too many ppl doing the same thing

[cpmcgrat]

Move to China,

Mining in California?

Businesses are leaving the state quicker than they're being created

Do you realize that if you have an office you must pay tax, and have biz license? U integrate all the costs of "Doing Biz" in CALIF, nada

Pray tell why do you live there?

Consider DALI CHINA ( in Yunan ), its beautiful, cheap power, and the old women openly sell marijuana in the markets, there are kung-fu temples in the nearby mountains that you can train anytime you wish, when your not mining are getting high, or chasing chinese girls

Kunming is nearby to DALI and has more computer HW shops like FRYS than San-JOSE

You can buy HW for 5% of the cost in USA?

I beg to ask... Why the fuck would U even bother?

Say your rig Example U have given, you would even keep 50% post expense, total in the cost of HW, but power, and then the real COST of doing business in CALIF? I think you fail to realize that your miners would only be 10% of your cost, cuz the STATE would tax you 200% on any profit you made.

***

Right now the MOST profitable coin to MINE would net you $450 on a GTX-1070 class rig, that before you subtract your cost of ELEC, so your telling us that you plan to run a NEGATIVE  PROFIT? and still pay rent&taxes??

The $450 is now, more&more ppl are jumping into GPU mining, so the $450/month profit is ONLY going to go down,

As we ALL know, the only ppl who make money are the ppl who get FREE electricity,

Go to CHINA

I don't run all of those rigs now, just theoretically.

My mining rigs are in my cube at my office so power is free, but there's only so many computers I can stuff there before someone notices and gets upset, just thinking through how to expand.

Also, I live here because although shit is expensive, BUT I make way more money as a software engineer here than I could elsewhere, and all my extended family is here.

For an LLC the cost of running the corporation is $800/year so not bad at all, easily can be factored in/deducted (also a business expense). I could easily transfer some crypto to the organization's wallet and sell it there, then hodl the rest in a private wallet not linked to the org at all.