Is it worth to continue this mining operation ? [Video included] [Europeans]

[zekarsalih]

Dear Bitcoin enthusiasts,

Since A couple of years, Bitcoin got my attention and interest. I wanted to mine Bitcoins, and since then, everyone told me it would be impossible to do this profitable. Being a 24 year old Economics student, I wanted to find this out myself, because I was sure that I could still be one of the early adapters if I entered the market quickly enough.
After doing a lot of research, visiting Dutch Bitcoin conventions (monthly) and questioning everyone with experience in mining/bitcoin, I was sure I could do it. The country I am originally from, has subsidised electricity. To make this easy for you to understand, the price is around 2 cent per KwH, as long as you don’t use more than 3000 KwH PER MONTH. This is quite a lot, but not enough to do industrial mining with of course. I came up with the idea to distribute bitcoin miners over the stores and apartments that our family owns in this locations. I started off in a store that one of my nephews runs a CD store in. He has good internet access, like most shops, and a space to put the miners in. I purchased a big air-conditioning and placed around 5 th/s worth of miners (bought second hand on Dutch market).  After running this operation for a while, I knew it was time to update my hardware. I did get ROI but not a lot of profit, mostly because of the outdated hardware.

I have found a partner that is now willing to start investing in this project. He has ordered 2 S7’s and they will arrive soon. Take a look at the picture below to get an idea of how small these types of farms are.

https://www.youtube.com/watch?v=8dhHjLKGXm4

I have made an 80 ampere wire that is used for the mining only. This will allow at least 10xS7’s  which will total 48 TH/s. At current price/difficulty this would account for 1900 USD per month. With a burn rate of only about 200 USD per month (internet/electricity), the profits are big.


If anyone lives in Europe and has miners to be placed in such a location or is interested, please feel free to message me. I will keep this page updated and make a new video as soon as the S7’s have been installed. Currently there is 2 S7’s being shipped to us, just for the partner to verify our operation.
If you have any remarks and/or tips, feel free.

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[philipma1957]

A suggestion is to find a good escrow guy until you are a bit more established.

Offer to place   about 3 or 4 btc in the escrow as insurance policy for people that place a miner in your hands.

It is a show of good faith. To the community.

[zekarsalih]

A suggestion is to find a good escrow guy until you are a bit more established.

Offer to place   about 3 or 4 btc in the escrow as insurance policy for people that place a miner in your hands.

It is a show of good faith. To the community.

Very true. I am just a student and have not got a lot of money. I have allready put money into this project to get it to where it is right now. I am hoping people like to take the risk with me, even if it is really small. This way I get to prove my credebility. The escrow insurance is something that would really benefit me, I agree. Therefor, the first BTC I get from the 2 S7's (which I own 30 % of revenue from), will be invested in such activity. Thank you for the advice.

[notlist3d]

After doing a lot of research, visiting Dutch Bitcoin conventions (monthly) and questioning everyone with experience in mining/bitcoin, I was sure I could do it. The country I am originally from, has subsidised electricity. To make this easy for you to understand, the price is around 2 cent per KwH, as long as you don’t use more than 3000 KwH PER MONTH.

Depending on size of your house, and how many are there.  3000 KwH might not be as much as you are thinking.  I don't think of it as a huge amount.  Your right for the first tier you have good electricity rates.

What are other tiers and prices?  Also how many KwH do you normally use a month right now before adding a miner?

[mwizard]

If anyone lives in Europe and has miners to be placed in such a location or is interested, please feel free to message me.

To answer your question "Is it worth to continue this mining operation ?" the answer would seem to be that for you it is worthwhile. I suggest the best solution is for you to earn enough to buy your own miners, say the very cheap S5s.  You can then run them yourself in your family locations.  You have enough power to run say 2-3,000 Watts of miners per location.

But as far as asking us if anyone wants to host their miners with you in the "stores and apartments that our family own", I suggest the answer is a resounding no.  I cannot see anyone being willing to relocate their miners to a strangers house in a foreign country (Iraq?).

The only rational approach for you is to buy some cheap miners and use the cheap electricity yourself.  If what you are proposing is such a good deal, and your family owns so much property, surely you can raise or even earn a few hundred dollars to buy some very cheap S5s or similar.

[zekarsalih]

After doing a lot of research, visiting Dutch Bitcoin conventions (monthly) and questioning everyone with experience in mining/bitcoin, I was sure I could do it. The country I am originally from, has subsidised electricity. To make this easy for you to understand, the price is around 2 cent per KwH, as long as you don’t use more than 3000 KwH PER MONTH.

Depending on size of your house, and how many are there.  3000 KwH might not be as much as you are thinking.  I don't think of it as a huge amount.  Your right for the first tier you have good electricity rates.

What are other tiers and prices?  Also how many KwH do you normally use a month right now before adding a miner?

The list goes up to 6000 KwH per month which will cost around 300 USD. It is a lot more expensive since you will have around 5 cent per Kwh, but still not to bad. The stores and houses are not using a lot (200-700 Kwh per month).

Placing 5 S7's would get you around 5000 KwH per month of usage, which is also the maximum that will fit in a store.
25 TH/s per store/house would not be bad at all, since I know hundreds of store owners who would be willing  to cooperate.

[zekarsalih]

If anyone lives in Europe and has miners to be placed in such a location or is interested, please feel free to message me.

To answer your question "Is it worth to continue this mining operation ?" the answer would seem to be that for you it is worthwhile. I suggest the best solution is for you to earn enough to buy your own miners, say the very cheap S5s.  You can then run them yourself in your family locations.  You have enough power to run say 2-3,000 Watts of miners per location.

But as far as asking us if anyone wants to host their miners with you in the "stores and apartments that our family own", I suggest the answer is a resounding no.  I cannot see anyone being willing to relocate their miners to a strangers house in a foreign country (Iraq?).

The only rational approach for you is to buy some cheap miners and use the cheap electricity yourself.  If what you are proposing is such a good deal, and your family owns so much property, surely you can raise or even earn a few hundred dollars to buy some very cheap S5s or similar.

Thank you for your input. You are right that it is MY family owned apartments, that is part of the deal and convience since the hardware owner has nothing to do with it.
You are also right that no one is willing to put his miners in a location like this, if you do the research, the location I mentioned is still safe and has not been effected by the war other than economically. People seem to be really interested also because this helps the bitcoin network to be spread all over the world.

[notlist3d]

After doing a lot of research, visiting Dutch Bitcoin conventions (monthly) and questioning everyone with experience in mining/bitcoin, I was sure I could do it. The country I am originally from, has subsidised electricity. To make this easy for you to understand, the price is around 2 cent per KwH, as long as you don’t use more than 3000 KwH PER MONTH.

Depending on size of your house, and how many are there.  3000 KwH might not be as much as you are thinking.  I don't think of it as a huge amount.  Your right for the first tier you have good electricity rates.

What are other tiers and prices?  Also how many KwH do you normally use a month right now before adding a miner?

The list goes up to 6000 KwH per month which will cost around 300 USD. It is a lot more expensive since you will have around 5 cent per Kwh, but still not to bad. The stores and houses are not using a lot (200-700 Kwh per month).

Placing 5 S7's would get you around 5000 KwH per month of usage, which is also the maximum that will fit in a store.
25 TH/s per store/house would not be bad at all, since I know hundreds of store owners who would be willing  to cooperate.

If your top tier is 5 cent's that is not bad.  I think if you get into mining there is a good chance you will be on the top tier and max it out on that depending on how big you get.

I recently sold off all my last gen gear... it was a decent amount.  Turns out today they sent electricity company guy to make sure my meter was working right with the drop .  I was surprised as they never have cared with me living on a farm and having high electricity bills... but if it turns out they look closer when you drop a lot in a short period of time. 

[HostSurf]

5 cents per KW is very good actually. Too bad since i just left the mining business else I would consider your offer.

The suggestion of philipma1957 is wise. If you want to fill up the space you need to show a sign of good faith, else nobody would go for it. There's a lot of scamming going on in this business

[notlist3d]

5 cents per KW is very good actually. Too bad since i just left the mining business else I would consider your offer.

The suggestion of philipma1957 is wise. If you want to fill up the space you need to show a sign of good faith, else nobody would go for it. There's a lot of scamming going on in this business

One of the big things is with most of EU there is a decent vat.  So you ship gear.... you are going to pay more then a lot of other places that done have VAT's.

I think VAT kills a lot of EU deals.  Which is sad I do wish that wasn't true as I'm for mining to be easy for all.