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Question: Should I move ahead with the business proposal
YES - 1 (9.1%)
NO - 7 (63.6%)
CAN'T SAY - 3 (27.3%)
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Author Topic: Bitcoin Mining Farm  (Read 2215 times)
yslyung
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November 21, 2015, 08:19:59 PM
 #21

rule of thumb : don't know, don't touch !

proverb of the day : early bird gets the worm
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November 21, 2015, 10:22:02 PM
 #22

By the time you can get a farm built out from scratch it will be too close to the halving. You probably don't realize how long its going to take to do the upgrades to electrical, cooling, and general infrastructure modifications on that kind of project. And who on earth is going to loan you that kind of money? Id be afraid for my life if something on that scale failed to return for the investors. This project is also too large for one or even two people to set up in a timely fashion. I'd say it's a bad move. Profitable mining is coming to a quick end.  Undecided
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November 22, 2015, 08:48:05 PM
 #23

By the time you can get a farm built out from scratch it will be too close to the halving. You probably don't realize how long its going to take to do the upgrades to electrical, cooling, and general infrastructure modifications on that kind of project. And who on earth is going to loan you that kind of money? Id be afraid for my life if something on that scale failed to return for the investors. This project is also too large for one or even two people to set up in a timely fashion. I'd say it's a bad move. Profitable mining is coming to a quick end.  Undecided

The starting up phase on this scale will take you months if not more.

My advice is to start small with 100 miners or so and get a feeling for it. When you are experienced ask you questions. Is it worth it?  If yes expand, else you can easily sell your stuff off.
alh
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November 22, 2015, 09:41:48 PM
 #24

I would be truly stunned if you could actually buy a dozen SP50 miners and have them delivered, much less 100 of them. So far there are no public price numbers nor delivery dates. It appears that the merger with BTCS isn't likely to yield the result they both hoped for.

Unless you have a an inside source, how do you know what it would cost to purchase 100 SP50 miners? When would they be delivered? I really like Spondoolies equipment, it's just that the SP50 compounds the entire speculative nature of your enterprise.

I wish you the best of luck, you are going to need it.
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November 23, 2015, 10:21:53 AM
 #25

The low ambient temperatures will allow you to just run fans for cooling, which will lower your cooling cost and will let you run the miners a little harder most of the year.

 You STILL need lower electric cost to be able to be competative, especially at the scale you are contemplating.

 For referance, MegaBigPower pays less than 3 cents / KWH on their big Washington state farm (how much less depends on if it is located in Chelan county at a little under 3 cents/KWH or in Douglas county which is close to 2.5 cents/kwh).

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December 03, 2015, 10:44:33 AM
 #26

Hello Guys,

First of all thank you all for your valuable feedbacks. I have again recalculated my figures based on 100 Spondoolies SP50s. This is the link to that calculation. Could you guys please have a look at this ?

https://btcserv.net/bitcoin-mining-calculator?hashrate=11&hashrate_unit=peta&currency=USD&difficulty=65848255180&block_value=25.00&btc_rate=324.53&watt=1657000&kwh_cost=4.2&kwh_currency=INR&hardware_cost=5000000&hardware_currency=USD&pps=0.000000000152

Also, the place of the proposed server farm is kind of a hilly area with snow peaked mountains surrounding it. Average temperature during summers is maximum: 22C and during winters is 2c. Will it reduce my cooling costs.

Based on the calculation, the website did not factor in bitcoin halving which will occur in 6 months time. You will need to manually calculate using excel if you want to factor in the halving.

Will take few months to set up miners this scale. Make sure you don't save cost on your wiring Smiley.

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December 04, 2015, 04:26:06 PM
 #27

For setting up a farm that size, you can roughly double your electrical cost to factor in rent, insurance, maintenance, staff/security.  You should be able to get cheaper electricity than that if you sit down the the utility provider for a bulk commercial rate.  You are not factoring the block reward halving of next year or difficulty increases into your calculations.  Also, you will likely have to pay import duty/taxes on the purchased equipment.  You will have to educate yourself considerably more before moving ahead with a project of this magnitude.  

Also, do you think your rich uncle would be impressed that you have to consult with stranger on the internet to advise his multi-million dollar investment?  You are not quite ready.  Start small, get a feel for it, and read more.


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