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Author Topic: Looking to start mining when I move. Have a couple n00b questions.  (Read 725 times)
nexxusty
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December 02, 2015, 03:02:58 PM
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Hey all, nice to be a part of what seems to be a great community!

I am moving into a new place with my girl soon and the power is included in the rent price. I've always been under the impression that if power is not costing you anything you can turn a profit much faster/easier.

Was looking at grabbing an Antminer S7 from the Marketplace here (Someone has one for $1400 without PSU). From what I've calculated that miner will net me 1 BTC in around 32 days or roughly one BTC per month. Am I way off here? We could really use the extra cash 1 BTC a month would bring and I can "afford" to buy a decent miner (In the $1500 range), however I am open to absolutely any option or any scenario. If someone knows of a USB miner that one could combine many of them that would net me either a better hash rate or a cheaper investment price. Or both, lol.

I've been an IT Tech for over 20 years so even if there is a specific miner that overclocks well with some modification. Surprised there arent any watercooling mods for these. I'm guessing that is because they're not just one chip when you're talking large number hashing miners. An SOC with a couple hundred cores would be awesome, watercool it and overclock the crap out of it. Again, if I am way off correct me.

I do not want to fill my brain with any misinformation, if I am wrong... tell me please. Smiley

That's about it guys, thanks!
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spazzdla
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December 02, 2015, 04:14:17 PM
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S7 is the best miner out there.. Why wouldn't you buy from Bitmain..

Buying from a distrubtor that is charging LESS than Bitmain should be a serious warning to you...  If it's not perhaps you're not ready for mining.  There are a lot out people out there that want to steal your money.


I would consider looking for an S3 from Kijiji or an S5 as they will probably beat the S7 GH/$ wise.

Might want to look int othe fine print of power usage.  Lots of places sneak in if you use more than X they are going to charge you.
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December 02, 2015, 04:41:24 PM
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I have to told only few words. As an old miner (beginning three years ago). Don't mine. Even with electricity gratis (I doubt that it will be again free or within the rent when the owner who rent you the home will see the amount of electricity spent). Maybe you will have bitcoin but you cannot be never sure if you will have profit. It will be enough that the difficulty make one of its jumps for two-three weeks and you will be out forever. No one can know this factor and no one can predict how it will be in time. The signs are given with the last increase. Even I doubt that you can be in profit even with the percentage of increase of difficulty seen the last times (without the last one).

You must remember even that after 7 months will be the halving. Maybe will be verified increase of price and the bitcoin will have more value. But if you will use bitcoin to buy the hardware for you the fact of increase of the price of bitcoin will have not any effect. But the halving itself yes. Will be produced half of the actual amount and everyone will earn half the amount earned today. So you will have half of the amount (that would be produced without the halving) produced only after seven month.

I really doubt in your profits in mining. As for me I am sure that I wouldn't have profit.
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December 02, 2015, 04:52:58 PM
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Hey all, nice to be a part of what seems to be a great community!

I am moving into a new place with my girl soon and the power is included in the rent price. I've always been under the impression that if power is not costing you anything you can turn a profit much faster/easier.

Was looking at grabbing an Antminer S7 from the Marketplace here (Someone has one for $1400 without PSU). From what I've calculated that miner will net me 1 BTC in around 32 days or roughly one BTC per month. Am I way off here? We could really use the extra cash 1 BTC a month would bring and I can "afford" to buy a decent miner (In the $1500 range), however I am open to absolutely any option or any scenario. If someone knows of a USB miner that one could combine many of them that would net me either a better hash rate or a cheaper investment price. Or both, lol.

I've been an IT Tech for over 20 years so even if there is a specific miner that overclocks well with some modification. Surprised there arent any watercooling mods for these. I'm guessing that is because they're not just one chip when you're talking large number hashing miners. An SOC with a couple hundred cores would be awesome, watercool it and overclock the crap out of it. Again, if I am way off correct me.

I do not want to fill my brain with any misinformation, if I am wrong... tell me please. Smiley

That's about it guys, thanks!

Predicing a months can be hard... what calculator are you using to check ROI?

Also what is  your electricity cost, and do you have a vat/import tax?  With these 2 questions I can give a lot better anwsers.  And if to high hosting is another option somewhere it's cheaper.

But the S7 in forums you mentioned make sure to read up and use escrow on such a high dollar item.
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December 02, 2015, 06:27:12 PM
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I suppose we haven't seen any water cooling solution because the most popular miners are mass produced in China and in this case it's a lot easier to just use fans.

I'd be very interested to see water cooling used.

Your estimate is right assuming the difficulty doesn't go up, which is nearly impossible.

To be honest, if you recycle the heat from your miner and that electricity is free, it might be very well worth it.

Guruclef
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December 02, 2015, 07:20:04 PM
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I am moving into a new place with my girl soon and the power is included in the rent price.

I think you shouldn't aim too high in terms of power consumption (think more underclocking instead of overclocking), because your landlord will probably take notice to any large and sustained power usage. In this kind of situation, a low total power usage may even more important than power efficiency.
jonnybravo0311
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December 02, 2015, 08:03:19 PM
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Welcome.  I'll echo some of the other comments made here about "free" power.  There is no such thing.  Just because power is included in your rent, don't think for a second the landlord won't notice if suddenly his power bill goes up significantly.  Also, the S7 will consume pretty much an entire 15A circuit (assuming standard US residential wiring here).  Not sure what kind of a place you and your girl are moving, but before you consider mining, you'll want to know and understand the power situation.

Keep in mind that what an S7 might earn today is not what it might earn next week or next month.  The network difficulty changes every 2016 blocks.  Unfortunately, we're on an upswing (last was over a 10% increase and we're headed that way again), which means that your hash is now earning 10% less than it was the previous 2016 blocks, and will likely earn 10% less yet again next time.

As for your cooling questions, there have indeed been some interesting experiments.  Bitmain produced the Antminer C series that was water-cooled.  A number of people have tried full immersion cooling using different specialty liquids.

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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