New Mining Farm

[danduwiz]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any . 

Thanks for your support .

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[WENGER]

Hello, that would be a good enough budget to have a good ongoing mining farm in my opinion. Personally if I were you, I would go with Antminer S7's, all of them  in which one of them is around $920 at the moment at Bitmain itself and perhaps some PSU's so that would be around 20 Antminer S7 plus needed PSU's together with some extra money left in case of any future expenses. I'm assuming the place were mining equipment's will stay is already built and that's separate from the budget you stated. Well about the lower price, the only think I could think of is if your from the same country from the manufacturer itself, aside from that, buying in bulk is the same price AFAIK.

[Chronikka]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any . 

Thanks for your support .

With an electric rate that high I would not consider mining a good investment. That's three times what I pay and probably about double the national average in the US. I think you might be better off spending your money entirely on Bitcoin miners, and then finding a good hosting service to run them for you. Otherwise your electricity costs are going to cut into your profits significantly.

[alh]

If you were to receive for S7's today, in about 40 days, you'll likely be losing money, just in running costs alone. The electricity price of $.22 just won't work for you. More miners won't help, only lower priced electricity.

Sorry to give you the bad news, but better to understand it going in (i.e. before Bitmain delivers a dozen S7 miners to you).

[mwizard]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .  

Thanks for your support .

I am intrigued by your mention of the Uranus miner. How did you hear about it?  To the best of my knowledge the Uranus Miner never appeared. View it as a scam.

As others have said mining is now only profitable in the small number of locations around the world where electricity is under about 0.10 USD/kWh.  Cloud mining is also extremely risky with most being scams.

If you really have 30K USD I suggest you start doing considerable research before investing.

[Morguk]

Just buy some BTC and hold it.

[jacko0088]

Just buy some BTC and hold it.

This is a good way

[notlist3d]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .  

Thanks for your support .

I am intrigued by your mention of the Uranus miner. How did you hear about it?  To the best of my knowledge the Uranus Miner never appeared. View it as a scam.

As others have said mining is now only profitable in the small number of locations around the world where electricity is under about 0.10 USD/kWh.  Cloud mining is also extremely risky with most being scams.

If you really have 30K USD I suggest you start doing considerable research before investing.

It almost sounds like a possible troll.  Someone who knows exact electricity price has done some research to know people will ask that right off.  For him to mention a scam miner that is pretty much dead in all  threads is interesting as it was a obvious scam.  

But troll or not electricty rate mentioned kills the deal .   You would need to pay a hosting center which is less then 1/2 of your power costs OP.  That is only chance at ROI.

[danduwiz]

If you were to receive for S7's today, in about 40 days, you'll likely be losing money, just in running costs alone. The electricity price of $.22 just won't work for you. More miners won't help, only lower priced electricity.

Sorry to give you the bad news, but better to understand it going in (i.e. before Bitmain delivers a dozen S7 miners to you).

When you say that in about 40 days I will be loosing money , are you reffering to the fact that new technology will be available on the market that will make the S7 somehow obsolete ?

What is an acceptable power rate in order to perform some profitable mining using the S7 ?

I am a risk taker by nature , and This is my first contact with the cryptocurrency world which is gaining some serious momentum worldwide and I don't want to miss out .

[danduwiz]

I am intrigued by your mention of the Uranus miner. How did you hear about it?  To the best of my knowledge the Uranus Miner never appeared. View it as a scam.

I came across it while googling , and I found this company in Estonia who is allegedly producing it . I only submited an email inquiry with no response so far . Anyways , if it is for real I would only buy it in person by pshysically going to Estonia .

As others have said mining is now only profitable in the small number of locations around the world where electricity is under about 0.10 USD/kWh.  Cloud mining is also extremely risky with most being scams.

If you really have 30K USD I suggest you start doing considerable research before investing.

Thanks for the advice , I am currently seeking cheaper alternative power supply in my home-country , not where I live .

[danduwiz]

Just buy some BTC and hold it.

Thanks for the advice , however this method relies solely on speculation , and I see more potential in the mining sector , as at the current rate of 25 BTC for every 10 mins , it will take another 3.8 years untill all the possible bitcoins are mined .

By the way , will the processing fees will be enough to sustain the existence of the bitcoin miners once all the bitcoins are mined and there is nothing else to mine . Assuming the Bitcoin doesn't fail in the meantime , will the processing fees cover the expenses of miners or would they be able to make any kind of profit ?

[Amph]

If you were to receive for S7's today, in about 40 days, you'll likely be losing money, just in running costs alone. The electricity price of $.22 just won't work for you. More miners won't help, only lower priced electricity.

Sorry to give you the bad news, but better to understand it going in (i.e. before Bitmain delivers a dozen S7 miners to you).

When you say that in about 40 days I will be loosing money , are you reffering to the fact that new technology will be available on the market that will make the S7 somehow obsolete ?

What is an acceptable power rate in order to perform some profitable mining using the S7 ?

I am a risk taker by nature , and This is my first contact with the cryptocurrency world which is gaining some serious momentum worldwide and I don't want to miss out .

no it's because of the diff, current farm will keep adding other s7 to their already vast number of asic, to be competitive and be on top, this mean that you will lose money if you don't upgrade yourself your farm

acceptable power is below 0.1 but it would be better if it is below 0.05, until new efficienct unit, more efficient than s7, come out

[QuintLeo]

The "Uranus miner" is a scam. It does not exist, as far as ANYONE has been able to determine.

At your VERY VERY HIGH electric cost, NOTHING is going to be able to mine enough to make enough money back to even come CLOSE to paying for the cost of purchace, as far as ANYTHING currently available.
 You need to get under 10 cents/KWH to even have a chance with NEXT GEN gear that should be showing up over the next few months - and realistically 5 cents/KWH would be a ton better, under 3c/KWH gets you into being competative with most of the "big farms" and gives you a good chance to make a profit long term.

[QuintLeo]

Just buy some BTC and hold it.

Thanks for the advice , however this method relies solely on speculation , and I see more potential in the mining sector , as at the current rate of 25 BTC for every 10 mins , it will take another 3.8 years untill all the possible bitcoins are mined .

 Block reward halfs next summer, probably sometime near mid-July. It will then half again about 4 years later - it will take decades for the last Bitcoin to be mined.

By the way , will the processing fees will be enough to sustain the existence of the bitcoin miners once all the bitcoins are mined and there is nothing else to mine . Assuming the Bitcoin doesn't fail in the meantime , will the processing fees cover the expenses of miners or would they be able to make any kind of profit ?

 No, but it's not going to be an issue quite that soon. It will start being an issue somewhere in the 2020s, when the halfings get the block reward down a lot closer to or under 1 BTC/block - IF bitcoin survives that long (I think it probably will).

[mitkala]

The electricity price is too high. It will not be profitable to mine with S7 in a few months. It is better to buy some bitcoin now. It just survived from another stab.

[Wandika]

Just buy some BTC and hold it.

That is a good suggestion. The electricity price is too high. In order to survive next halving and difficulty rise, you need to have less thna $0.1 electricity price.

[senyorito123]

i prefer trading. if you got 30k usd? why not use it for trading. and also do research on trading before you enter that field.

[notlist3d]

i prefer trading. if you got 30k usd? why not use it for trading. and also do research on trading before you enter that field.

A surprising amount of people that say i have X to invest, never actually invest.  It happens all the time on someone say's they are going to invest.... then goes silent or decides not to do it.

But right now I think buying looks pretty interesting at sub 400.  If it stabilizes again... could be profit.  And mining or trading no  guarantee of profit.

[senyorito123]

i prefer trading. if you got 30k usd? why not use it for trading. and also do research on trading before you enter that field.

A surprising amount of people that say i have X to invest, never actually invest.  It happens all the time on someone say's they are going to invest.... then goes silent or decides not to do it.

But right now I think buying looks pretty interesting at sub 400.  If it stabilizes again... could be profit.  And mining or trading no  guarantee of profit.

trading with patience got a lot of profits also mining i don't think its good idea to invest on that.

[notlist3d]

i prefer trading. if you got 30k usd? why not use it for trading. and also do research on trading before you enter that field.

A surprising amount of people that say i have X to invest, never actually invest.  It happens all the time on someone say's they are going to invest.... then goes silent or decides not to do it.

But right now I think buying looks pretty interesting at sub 400.  If it stabilizes again... could be profit.  And mining or trading no  guarantee of profit.

trading with patience got a lot of profits also mining i don't think its good idea to invest on that.

At .22 cent no it wont be.  Which adds to the chances of OP investing pretty slim.

If you truly had 30k to invest would you research it yourself or go to a board and just ask?  I personally would research first... as I find I have to believe in my investments.   Others opinions might give me some good ideas, but I would not go and ask before doing any research.

[Raimonn]

Just buy some BTC and hold it.

Thanks for the advice , however this method relies solely on speculation , and I see more potential in the mining sector , as at the current rate of 25 BTC for every 10 mins , it will take another 3.8 years untill all the possible bitcoins are mined .

By the way , will the processing fees will be enough to sustain the existence of the bitcoin miners once all the bitcoins are mined and there is nothing else to mine . Assuming the Bitcoin doesn't fail in the meantime , will the processing fees cover the expenses of miners or would they be able to make any kind of profit ?

Your electricity cost is very high to run a minning farm. And before investing on bitcoin minning its better that you learn more about bitcoin. Now 25 btc are minned on average time of 10 mins, in only 6 month this reward will be half (the bitcoin halving event), and another halving on 4 years... Also you need to know about difficulty, if it increases you will need more hash power to find a block.

[GreatNorthData]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

[mitkala]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

[ObscurePen]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

I think that the major factor of profitability of mining after the block halving is the price of bitcoin. If bitcoin does not rise, or actually drops, it basically means that mining revenue will instantly halve!

[notlist3d]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

I think that the major factor of profitability of mining after the block halving is the price of bitcoin. If bitcoin does not rise, or actually drops, it basically means that mining revenue will instantly halve!

Another big thing is the actual mining gear.  Assuming next gen on most companies comes out before or soon after having, they might be a decent factor.   Efficiency is a big deal already for a lot of miners, and will only become bigger.

Right now kinda hard to say with difficulty looking high right now.

[Wandika]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

I think that the major factor of profitability of mining after the block halving is the price of bitcoin. If bitcoin does not rise, or actually drops, it basically means that mining revenue will instantly halve!

Another big thing is the actual mining gear.  Assuming next gen on most companies comes out before or soon after having, they might be a decent factor.   Efficiency is a big deal already for a lot of miners, and will only become bigger.

Right now kinda hard to say with difficulty looking high right now.

I heard the 16nm will come out in March or April. So the difficulty will rise a lot before the halving.

[GreatNorthData]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

Yes. And CAD isn't going back to parity anytime soon...

[Amph]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

I think that the major factor of profitability of mining after the block halving is the price of bitcoin. If bitcoin does not rise, or actually drops, it basically means that mining revenue will instantly halve!

Another big thing is the actual mining gear.  Assuming next gen on most companies comes out before or soon after having, they might be a decent factor.   Efficiency is a big deal already for a lot of miners, and will only become bigger.

Right now kinda hard to say with difficulty looking high right now.

I heard the 16nm will come out in March or April. So the difficulty will rise a lot before the halving.

it depend on the efficiency, bears in mind that the efficenty is going toward the minimum already, this means that there is no more real gain from it

we have already a consumption of $45 per month at 0.05 per kw/h, even half of that it will not impact so much the maximum margin that miners have, and the halving will kill it anyway

[Wandika]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

I think that the major factor of profitability of mining after the block halving is the price of bitcoin. If bitcoin does not rise, or actually drops, it basically means that mining revenue will instantly halve!

Another big thing is the actual mining gear.  Assuming next gen on most companies comes out before or soon after having, they might be a decent factor.   Efficiency is a big deal already for a lot of miners, and will only become bigger.

Right now kinda hard to say with difficulty looking high right now.

I heard the 16nm will come out in March or April. So the difficulty will rise a lot before the halving.

it depend on the efficiency, bears in mind that the efficenty is going toward the minimum already, this means that there is no more real gain from it

we have already a consumption of $45 per month at 0.05 per kw/h, even half of that it will not impact so much the maximum margin that miners have, and the halving will kill it anyway

Do you mean even the 16 nm will not ROI easily if the price is the same and halving will cut the revenue by half?

[Amph]

If you wanted to host S7s with us in Canada it would be 7 cents/kwh. We can provide references and everything else you need, we're coming up on our third anniversary in April.

Email me james@greatnorthdata.com

Do you think it will be profitable for you after the block halving? The difficulty is rising too fast. If the CAD increase in value against USD, you might make a loss.

I think that the major factor of profitability of mining after the block halving is the price of bitcoin. If bitcoin does not rise, or actually drops, it basically means that mining revenue will instantly halve!

Another big thing is the actual mining gear.  Assuming next gen on most companies comes out before or soon after having, they might be a decent factor.   Efficiency is a big deal already for a lot of miners, and will only become bigger.

Right now kinda hard to say with difficulty looking high right now.

I heard the 16nm will come out in March or April. So the difficulty will rise a lot before the halving.

it depend on the efficiency, bears in mind that the efficenty is going toward the minimum already, this means that there is no more real gain from it

we have already a consumption of $45 per month at 0.05 per kw/h, even half of that it will not impact so much the maximum margin that miners have, and the halving will kill it anyway

Do you mean even the 16 nm will not ROI easily if the price is the same and halving will cut the revenue by half?

it's possible yes

since if we assume 2x efficient over current asic generation, versus that halving, it will not be so different than mining with s7 right now

but i think there will be a small time frame where these new asic will be very profitable, then you simply sell them fast after the halving and wait for th next technology, repeat

[QuintLeo]

the local power rate in my area is around 0.22 USD/KWh .

 Forget mining. You will NEVER achieve RoI, and it's iffy if you'll ever see any profit at all, at THAT VERY HIGH power cost.

 Take a serious look at hosting and cloud mining.

 Even when the 14/16nm generation shows up, it's VERY VERY IFFY that you'll ever have a prayer at RoI when you're feeding so much to the power company.


 Difficulty might settle down some after the halfing, when a lot of existing hardware for most folks goes unprofitable and folks start shutting older stuff down - but I doubt it'll drop permanently, more likely a short-term dip (possibly semi-deep) then start climbing again as the Big Farms get their next-gen upgrades online and keep growing their hashrate.

[mitkala]

When the summer comes, some of the miners will be switched off because of the high temperature. Some of them are on just to produce heat.

[philipma1957]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .  

Thanks for your support .

at 22 cents you can't make money.

I struggle at 9.7 cents winter prices for power


In the late spring power goes to 18 cents and I simply do not mine in my house from May 1 to Oct 1

Find cheaper power.

[notlist3d]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .  

Thanks for your support .

at 22 cents you can't make money.

I struggle at 9.7 cents winter prices for power


In the late spring power goes to 18 cents and I simply do not mine in my house from May 1 to Oct 1

Find cheaper power.

I am hoping some hosting centers will open with cheap power.  This difficulty is a big push twords cheap electricity.  I think we can call Febuary the month of the unexpected having.  On the 7th we had a change of 20+ and in 3 day's or so we get 15-20, and add even one more 10-15 change.... we have haved proits of mining in one month... which I still find crazy.

Follow cheap electricity is about as good as advice as we can give.

[mitkala]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .  

Thanks for your support .

at 22 cents you can't make money.

I struggle at 9.7 cents winter prices for power


In the late spring power goes to 18 cents and I simply do not mine in my house from May 1 to Oct 1

Find cheaper power.

My electricity price is $0.24/kWh. I mine just to generate some heat to make my room warm. I will stop in the summer.

[notlist3d]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .  

Thanks for your support .

at 22 cents you can't make money.

I struggle at 9.7 cents winter prices for power


In the late spring power goes to 18 cents and I simply do not mine in my house from May 1 to Oct 1

Find cheaper power.

My electricity price is $0.24/kWh. I mine just to generate some heat to make my room warm. I will stop in the summer.

What miner are you using to do this?  Man... at .24 cents I'm not sure I would use a bitcoin miner as heat. 

That is a pretty extreme electricity to attempt to mine with even during winter.

[Amph]

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .  

Thanks for your support .

at 22 cents you can't make money.

I struggle at 9.7 cents winter prices for power


In the late spring power goes to 18 cents and I simply do not mine in my house from May 1 to Oct 1

Find cheaper power.

My electricity price is $0.24/kWh. I mine just to generate some heat to make my room warm. I will stop in the summer.

i would suggest you to mine ethereum instead at 0.24 is still profitable, i know because i have similar electricity cost

so you can heat your room and have a small profit, depend on the gpu, 280x seems the best for ETH

[mrhelpful]

Op, if you really want to make a return.

Why not just partner up with a smaller known mining pool and agree on some terms with them to add more performance.

Its way better then to go against someone, esp when they been known for 2 years minimum like most and have to re-market yourself etc.