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.