Newbie - cheap electricity - mining possibility ?

[absanka419]

I’ve been reading the topics on the speculation thread for a bit and it seems like mining seems to be a little profitable if the electricity is very cheap. I for one am from a a country where my state’s govt. is pushing for industrial investments with electricity grants as low as $0.015/kw. Being a complete newbie, I’ve been trying to find some resources on how to get things started. I have stumbled upon this link and would like to know how accurate this could be.

https://www.whattomine.com/miners?cost=0.015&button=

Would it be better for me to buy a miner,(if so what would be a decent miner to begin with) and learn from it or get in touch with other companies to setup base here ?

On the topic of the type, is it better to mine ETH than BTC as I think that ETH has the scope to trade at atleast half of what BTC is currently at. Looking forward to your opinions

[bakasabo]

I am a person that is quite far from mining, but I think that being solo miner is no longer profitable. Just because there is an access to cheap electricity, being a solo miner with few rigs or gpu, does not mean miner would see profit soon. Comparing GPU prices and profit, I think it is better to become a holder, than a long term device investor.

I've read a bit about Chia mining - option to mine on ssd/hdd. This is something new in mining, perhaps investing in it now, will make you rich when the prices of this alt skyrockets. Also, mining on ssd/hdd does not require cheap electricity, as they dont consume much power.

[absanka419]

Thank you for your opinion. How about setting up a rig and joining the pool ? Would that seem better ?

Chia farming looks interesting and there seems to be a huge learning curve. I shall do my research about it. Thank you.

[philipma1957]

Dude you are a true king if you have 1.5 cent a kwatt power.

So the question for you is how to source gear.

All gear is costly at the moment. But at 1.5 cent power old s9 gear for mining btc will turn a profit

and old L3+ gear for mining ltc+doge will tuen a profit.

if prices drop you still have a cushion with that cheap power.

so 2 x l3+ burn 1650 to 1700 watts that is around 43kwatts or 66 cents.

2x l3+ earn 7 usd in ltc and about 15 usd in ltc this is 22 - 66cents   you clear close to 20 a day.

I advise you to get L3+ used but I do not know the rules for your country.

I do not know how much power you can get at 1.5 cents.

1 s9 burns 35 kwatts  or 52 cents a day at 1.5cents

it earns 5 dollars so it nets maybe 4.50 usd a day.

to me you need l3+ and s9 gear. and maybe 50kwatts  an hour or 1200 kwatts a day of cheap power at 1.5 to 2,cents.

[FloridaKid]

Are electricity really this cheap in some countries? This sounds way too good to be true honestly and I was forced to build a solar energy with batteries and inverter just to be able to mine 24/7 but still I can't use something like ASIC miner

[FP91G]

You have very cheap electricity, so you can buy any mining farm with AMD PX 4xx series video cards or Nvidia 1xxx series and newer.
As well as any ASICs that are profitable from your link.
If you can, I would buy both ASICs and video cards.
I do not buy ASICs because I have a limited electricity consumption limit

[absanka419]

Dude you are a true king if you have 1.5 cent a kwatt power.

So the question for you is how to source gear.

All gear is costly at the moment. But at 1.5 cent power old s9 gear for mining btc will turn a profit

and old L3+ gear for mining ltc+doge will tuen a profit.

if prices drop you still have a cushion with that cheap power.

so 2 x l3+ burn 1650 to 1700 watts that is around 43kwatts or 66 cents.

2x l3+ earn 7 usd in ltc and about 15 usd in ltc this is 22 - 66cents   you clear close to 20 a day.

I advise you to get L3+ used but I do not know the rules for your country.

I do not know how much power you can get at 1.5 cents.

1 s9 burns 35 kwatts  or 52 cents a day at 1.5cents

it earns 5 dollars so it nets maybe 4.50 usd a day.

to me you need l3+ and s9 gear. and maybe 50kwatts  an hour or 1200 kwatts a day of cheap power at 1.5 to 2,cents.

Thank you for the great analytics. Sounds helpful. So ideally I would be looking at 2xL3+ which costs about $700 each in the used market. I know this because I found one of your posts mentioning grace zhou and minerexpert sales' telegam channel where there are WTS posts for the aforementioned price. Can i find them for lower if I wait or is this a nominal price?

Your calculation for the l3+ seems nice. It would take me about 3 months for my ROI (which seems brilliant in a business perspective) either for one or two machines.

Shipping would not be a problem for me and there are no bans in my country for shipping Miners so that's a plus. However, my major struggle would be get these systems fixed if they encounter a problem. Do you have any suggestions ? I might as well throw it away instead of trying to find someone who fixes it.

[absanka419]

You have very cheap electricity, so you can buy any mining farm with AMD PX 4xx series video cards or Nvidia 1xxx series and newer.
As well as any ASICs that are profitable from your link.
If you can, I would buy both ASICs and video cards.
I do not buy ASICs because I have a limited electricity consumption limit

Our residentail electricity is actually 10 cents but since the state's govt wants more investors to come in, they are offering up attractive deals as such for indsutries. Which is why I would like to see if I can make use of it.

How close can one expect the profitability according to whattomine ? say 20% less ?

I'm ideally looking to make atleast $35USD a day possibly with two machines with an ROI for 4-5 months . But then again,finding machines cheap is a big hassle as people selling them at lower prices seems to have a large MOQ.

I am not looking at holding and would like to convert them to fiat as and when possible.