Bitcoin Mine opportunity with ultra-cheap electricity

[chiguireitor]

Have you tried to promote your idea on Bitcoin Venezuela? Or are you trying to keep this low profile for the moment?

Most people on "Bitcoin Venezuela" haven't got the muscle to take part on this initiative, and the ones that do, i know them already or they can read this post too.

[juliogf]

I suggest you organize a investment group to finance you,you paying interest and showing your partial progress.
per example.
10 S5 miners
+ infrastructure
+ your work
+energy cost X
detailing and proving
in a rented apartment
how much it will cost total, selling 20 shares per example that you will pay an interest of 2.2%month+return in 12 months (it is your first public project) For this high interest, you can make the obligation that it can't be anonymous the investment as if it works, you will replicate it to other users, so you want a proof that it worked...

Then you ask for bitcoins...
----
By the way, with this cheap energy/costs can't you find a loan? sell your car/finance in a bank/loan shark/ask mom :p

good luck

[chiguireitor]

I suggest you organize a investment group to finance you,you paying interest and showing your partial progress.
per example.
10 S5 miners
+ infrastructure
+ your work
+energy cost X
detailing and proving
in a rented apartment
how much it will cost total, selling 20 shares per example that you will pay an interest of 2.2%month+return in 12 months (it is your first public project) For this high interest, you can make the obligation that it can't be anonymous the investment as if it works, you will replicate it to other users, so you want a proof that it worked...

Yeah, that's what i'm doing on a private basis... not much to ask there as i have the capital to have a small apartment with 15-20 miners.

By the way, with this cheap energy/costs can't you find a loan? sell your car/finance in a bank/loan shark/ask mom :p

As i said already, for low amounts, i already have the capital (20 miners atm, building up more), A bank credit here is at most, about ~$3000 (don't believe me? check out my bank, www.bancomercantil.com in the personal loans section, or any other Venezuelan bank, divide that by the price of bitcoin either on btcparalelo.com or bitven.com). Selling my car would net me at most another 3-4K... my mom is poorer than me, same as the whole family... i know several people that have a good amount of money, but most of them have alredy their own mines and don't care building more. Loan shark: no way. Better use BTCJam and i'm good to go.

Also, the idea is help decentralize mining, once again, not get a huge mine for me, as mining interest is declining on a lot of places and that impacts on the Bitcoin ecosystem as a whole.

Anyways... i'm just gauging interest here, not taking money atm.

[juliogf]

I do believe you.
I 'm a neighbor from Brazil and know how your government is "helping' the country.
-By the way, how people in Venezuela is bringing electronics inside country ? via paraguay?
(Venezuela has very high taxes for electronics right?)

[chiguireitor]

I do believe you.
I 'm a neighbor from Brazil and know how your government is "helping' the country.
-By the way, how people in Venezuela is bringing electronics inside country ? via paraguay?
(Venezuela has very high taxes for electronics right?)

The tax is 25%, not that much as cars (100% tax).

There are several couriers nowadays that bring everything you buy from Miami to the country, and they work pretty well

[gablay12]

I am interested in your project.

Can you define the minumum amount of money you need to start your project?

Pls. also explain how you are going to import 100 S5 to Venezuela?Do you have a company?Do you need a company?
Will the investor be the owner/partner of the company?Or how are you going to organize it?

[chiguireitor]

I am interested in your project.

Can you define the minumum amount of money you need to start your project?

Pls. also explain how you are going to import 100 S5 to Venezuela?Do you have a company?Do you need a company?
Will the investor be the owner/partner of the company?Or how are you going to organize it?

As i stated back then, this project isn't set in stone yet, but i have ballpark figures of around 100 BTC per "shop", probably less when figuring out real costs.

Importing Miners to Venezuela is easy with the plethora of couriers that do Miami->Door handling nowadays. Me and my group of friends import a lot of miners monthly and there's no issue handling them.

"Investors" will be owners of their respective "shop", so in a sense, it will be like buying a shop in a mall, but this building is exclusively targeted at HPC.

[Kamino]

Any update on this? Is this still happening or has the project been abandoned?

[torepia]

I'm interested. Send me a PM when you got more info!

[chiguireitor]

Still on the planning phase.

[timk225]

This guy is full of shit.  Nothing is "in the planning phase" for this length of time.  He is a scammer and will steal any money you give him.  Ignore his dumb ass.

[chiguireitor]

This guy is full of shit.  Nothing is "in the planning phase" for this length of time.  He is a scammer and will steal any money you give him.  Ignore his dumb ass.

I love you too <3

[dance191]

I am interested in your project.

Can you define the minumum amount of money you need to start your project?

Pls. also explain how you are going to import 100 S5 to Venezuela?Do you have a company?Do you need a company?
Will the investor be the owner/partner of the company?Or how are you going to organize it?

As i stated back then, this project isn't set in stone yet, but i have ballpark figures of around 100 BTC per "shop", probably less when figuring out real costs.

Importing Miners to Venezuela is easy with the plethora of couriers that do Miami->Door handling nowadays. Me and my group of friends import a lot of miners monthly and there's no issue handling them.

"Investors" will be owners of their respective "shop", so in a sense, it will be like buying a shop in a mall, but this building is exclusively targeted at HPC.

Just want some clarification, you are saying 100 BTC per shop, with a shop being 36 kW?  So, for about $23,000 (~100 BTC) right now you get access to 36 kW of electricity.  The electrical rate is currently about $0.002 USD per kWh?  Is there any other monthly costs beyond the cost of electricity?

I understand the appeal of the almost free electricity (which is very nice), but you gotta do much better than $23,000 per 36 kW.  That is about $638 per 1 kW installed, that is really expensive.  Am I misunderstanding your numbers, are those number correct?  How is it costing you $23,000 to install 36 kW, am I misunderstanding?

[chiguireitor]

[...]
Just want some clarification, you are saying 100 BTC per shop, with a shop being 36 kW?  So, for about $23,000 (~100 BTC) right now you get access to 36 kW of electricity.  The electrical rate is currently about $0.002 USD per kWh?  Is there any other monthly costs beyond the cost of electricity?

I understand the appeal of the almost free electricity (which is very nice), but you gotta do much better than $23,000 per 36 kW.  That is about $638 per 1 kW installed, that is really expensive.  Am I misunderstanding your numbers, are those number correct?  How is it costing you $23,000 to install 36 kW, am I misunderstanding?

~100 BTC is total cost of ownership, without including electrical costs.

The $638/kW would have included: refrigeration, monitoring and a ownership of the place. This would be the equivalent of buying a house for your miners. Fortunately, that doesn't loses its value, and can be resold for the same or higher price at each owner's discretion.

[notlist3d]

[...]
Just want some clarification, you are saying 100 BTC per shop, with a shop being 36 kW?  So, for about $23,000 (~100 BTC) right now you get access to 36 kW of electricity.  The electrical rate is currently about $0.002 USD per kWh?  Is there any other monthly costs beyond the cost of electricity?

I understand the appeal of the almost free electricity (which is very nice), but you gotta do much better than $23,000 per 36 kW.  That is about $638 per 1 kW installed, that is really expensive.  Am I misunderstanding your numbers, are those number correct?  How is it costing you $23,000 to install 36 kW, am I misunderstanding?

~100 BTC is total cost of ownership, without including electrical costs.

The $638/kW would have included: refrigeration, monitoring and a ownership of the place. This would be the equivalent of buying a house for your miners. Fortunately, that doesn't loses its value, and can be resold for the same or higher price at each owner's discretion.

So you are buying property to put miners in?  Seems like two different investments one is bitcoin other is land/building ownership.    

How can you guarantee property does not lose value?   

[chiguireitor]

...
So you are buying property to put miners in?  Seems like two different investments one is bitcoin other is land/building ownership.    

How can you guarantee property does not lose value?   

Historically, Venezuela has not lost land value in a VERY long time on our capital... like 100+ years.

In fact, Sq. M costs on the capital (on a pretty bad slum) are 2x montly minimum wage. Pretty hefty.

Besides, the datacenter quality of our capital (being the best spot for a latin-american endeavor with european or US targets) is very high, with the regional IBM and Procter&Gamble datacenter residing here.

Really, it's a no brainer: cheap electricity, highly valuated real-state == long-term profit for bitcoin mining.

[chiguireitor]

May i add this: the time i'm taking to plan is because i want to create a mini-condo so i can test out some ideas on a small scale first, and then go full blown with this project. So, any skeptics out there saying that this is something that doesn't take too much time, try and do the same

[notlist3d]

...
So you are buying property to put miners in?  Seems like two different investments one is bitcoin other is land/building ownership.    

How can you guarantee property does not lose value?  

Historically, Venezuela has not lost land value in a VERY long time on our capital... like 100+ years.

In fact, Sq. M costs on the capital (on a pretty bad slum) are 2x montly minimum wage. Pretty hefty.

Besides, the datacenter quality of our capital (being the best spot for a latin-american endeavor with european or US targets) is very high, with the regional IBM and Procter&Gamble datacenter residing here.

Really, it's a no brainer: cheap electricity, highly valuated real-state == long-term profit for bitcoin mining.

I just would not promise a guarantee building/land is worth more when being sold.  US we once thought housing was impossible to loose and we had a bubble ( https://en.wikipedia.org/wiki/United_States_housing_bubble ).   It is possible to loose money.

As far as the project you say taking time to create the plan.  Is it really that it is still being worked on or that it has not received backing?  It sounds like you have a plan just has not received backing.  

And I could be wrong as not a Venezuela expert. I'm just asking questions .

[chiguireitor]

...
I just would not promise a guarantee building/land is worth more when being sold.  US we once thought housing was impossible to loose and we had a bubble ( https://en.wikipedia.org/wiki/United_States_housing_bubble ).   It is possible to loose money.
...

Indeed, all this could be just a big waste of money and space.

As far as the project you say taking time to create the plan.  Is it really that it is still being worked on or that it has not received backing?  It sounds like you have a plan just has not received backing.  

And I could be wrong as not a Venezuela expert. I'm just asking questions .

As mentioned back in the thread (and i think, you were the one who said it ) it takes money to make money. I'm putting my money where my mouth is and building a miner-oriented house on a piece of land my family owns, to test some ideas first. Nothing too big, just a test for a 36Kw place. If it goes well, i've already put my eyes over a small real-state to create something bigger for me and some friedns, to test the vertical condo idea, and if it goes well, big condo it is.

Also, don't be afraid of asking questions, our country is a largely unknown gem to most of the bitcoin mining world.

EDIT: And backing wise, there are several people already interested, but i haven't been able to help them out because their requirements are FAR more complex than my original idea (go figure). I just want to help the little guy that wants to run a profitable mine but doesn't has a multi petahash farm already, not just the big guys. Mostly, a lot like the sidehack mentality of not pandering to the big fat wallets, but instead to the guys/gals that loved to mine but can't do it because their electricity service is crazy costly.

[notlist3d]

As far as the project you say taking time to create the plan.  Is it really that it is still being worked on or that it has not received backing?  It sounds like you have a plan just has not received backing.  

And I could be wrong as not a Venezuela expert. I'm just asking questions .

As mentioned back in the thread (and i think, you were the one who said it ) it takes money to make money. I'm putting my money where my mouth is and building a miner-oriented house on a piece of land my family owns, to test some ideas first. Nothing too big, just a test for a 36Kw place. If it goes well, i've already put my eyes over a small real-state to create something bigger for me and some friedns, to test the vertical condo idea, and if it goes well, big condo it is.

Also, don't be afraid of asking questions, our country is a largely unknown gem to most of the bitcoin mining world.

EDIT: And backing wise, there are several people already interested, but i haven't been able to help them out because their requirements are FAR more complex than my original idea (go figure). I just want to help the little guy that wants to run a profitable mine but doesn't has a multi petahash farm already, not just the big guys. Mostly, a lot like the sidehack mentality of not pandering to the big fat wallets, but instead to the guys/gals that loved to mine but can't do it because their electricity service is crazy costly.

I did ask some questions but I cannot take credit for saying takes money to make money (at least not in this thread).   

I guess I don't understand you are putting down money for a structure of some-sorts and land.   Why not just upgrade current space if it works out and have one bigger space actually  built with cooling and BTC in mind?