Can I offer the use of my electricity?

[BanffChain]

Really new to the whole concept of Bitcoin Mining, but we have very cheap electricity where I am (Approx 4cents/kwh).
Can people take advantage of this if we setup a Mining Pool or something like that?

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[philipma1957]

Really new to the whole concept of Bitcoin Mining, but we have very cheap electricity where I am (Approx 4cents/kwh).
Can people take advantage of this if we setup a Mining Pool or something like that?

A lot depends on how much power you can provide.
Also how good is your internet connection?

Also  where are you?

USA a state is enough info.


Not USA what is your country?

4 cent power is good.

So pretend you have 3x 30 amp circuits of 240 volts.

that is 90 amps .

an s-9 is a modern miner it uses about 5.5 amps at 240 volts.

so 4 miners is 22 amps a 30 amp circuit  that is  good since 24 amps is max to be used on a 30 amp circuit.

you could do 12 miners safely     15 miners  not so safe.

so the 1 miner cost for a month at 4 cent is  40 usd for you you want some profit  so 60 usd would mean you make 20 bucks a month  on each one.

that rate of 60 for an s-9  is very competitive with other hosters.

Not sure you want to charge that low so 65  is 25 a month for each miner in your pocket.  I do not count anything but power.

no net costs no other costs.

Plus people do not know who you are and will not want to send gear to you.

Lastly these miners are really loud and really hot. So dealing with heat and noise will matter if you run 15 or more.

[BanffChain]

I'm in Canada, Alberta (Province). Not many people around the area and it's cool weather most of the time.

Really new to the whole concept of Bitcoin Mining, but we have very cheap electricity where I am (Approx 4cents/kwh).
Can people take advantage of this if we setup a Mining Pool or something like that?

A lot depends on how much power you can provide.
Also how good is your internet connection?

Also  where are you?

USA a state is enough info.


Not USA what is your country?

4 cent power is good.

So pretend you have 3x 30 amp circuits of 240 volts.

that is 90 amps .

an s-9 is a modern miner it uses about 5.5 amps at 240 volts.

so 4 miners is 22 amps a 30 amp circuit  that is  good since 24 amps is max to be used on a 30 amp circuit.

you could do 12 miners safely     15 miners  not so safe.

so the 1 miner cost for a month at 4 cent is  40 usd for you you want some profit  so 60 usd would mean you make 20 bucks a month  on each one.

that rate of 60 for an s-9  is very competitive with other hosters.

Not sure you want to charge that low so 65  is 25 a month for each miner in your pocket.  I do not count anything but power.

no net costs no other costs.

Plus people do not know who you are and will not want to send gear to you.

Lastly these miners are really loud and really hot. So dealing with heat and noise will matter if you run 15 or more.

[helloeverybody]

Its a nice idea but i doubt anyone would take you up onm the offer since if they did then they would probably live near by anyway and have the same rates of electricity. If they did like the idea and they didnt live close by then they would have to send you out the miners and get you to set them up which would be a massive risk considering the extremely high cost of them and the even greater possibility that you are going to just run of with hem to either sell or mine yourself. Even if you where a very trustworthy member the s9 miners at 2k a pop would take some time to cover the initial investment without the worry of them being stolen.l

[Shiroslullaby]

At 4 cents, would an older miner like an s7 be profitable?
I'm sure you can get some very cheap now that people will be upgrading.
I would calculate the cost of some cheap older miners and see if you can make a profit.
If the ROI isn't too long its probably a good investment.

I think you would have to already have some sort of facility or basically free power if anyone were going to build a new mining setup these days.
Competition in other countries is just so great since they have such cheap power and no regulations on how things have to be set up.

[subhiii]

Thats really cheap electricity so i think your city might not be a big city means not very technologicaly progressed so i doubt you will get a good internet connection which works continuously without disconnecting.If it does then u can try this.

[ColderThanIce]

Thats really cheap electricity so i think your city might not be a big city means not very technologicaly progressed so i doubt you will get a good internet connection which works continuously without disconnecting.If it does then u can try this.

He's in Canada, so he shouldn't have any issues with connectivity. It seems that most ISPs in Canada are fairly reliable, even the poor ones.

OP, I'm going to assume that from your username, you're located in Banff. If you're located inside of the park, your options are probably fairly limited as to how much hardware you can host. I doubt you'll be allowed to build a warehouse to host mining gear inside of the park, but that's probably higher scale than you're planning on going.

If you plan to host a few miners out of your home or business, I think people would definitely be interested in 4 cents per kWhr power rates so you may have some people take you up on miner hosting services. The main problem with that plan is that you're a Newbie on the website with no previous trade history. Most people won't be willing to send you mining gear worth thousands of dollars for the promise of cheap hosting services as there would be nothing stopping you from running off with their hardware.

[Betwrong]

Thats really cheap electricity so i think your city might not be a big city means not very technologicaly progressed so i doubt you will get a good internet connection which works continuously without disconnecting.If it does then u can try this.

He's in Canada, so he shouldn't have any issues with connectivity. It seems that most ISPs in Canada are fairly reliable, even the poor ones.

OP, I'm going to assume that from your username, you're located in Banff. If you're located inside of the park, your options are probably fairly limited as to how much hardware you can host. I doubt you'll be allowed to build a warehouse to host mining gear inside of the park, but that's probably higher scale than you're planning on going.

If you plan to host a few miners out of your home or business, I think people would definitely be interested in 4 cents per kWhr power rates so you may have some people take you up on miner hosting services. The main problem with that plan is that you're a Newbie on the website with no previous trade history. Most people won't be willing to send you mining gear worth thousands of dollars for the promise of cheap hosting services as there would be nothing stopping you from running off with their hardware.

That's what I thought too. Not saying that I suspect OP is unfair, but he/she is most likely inexperienced so they need not only the mining gear but an experienced operator also.

That's been said, I really hope OP will find a way to use the cheap electricity for mining.

[Amph]

Thats really cheap electricity so i think your city might not be a big city means not very technologicaly progressed so i doubt you will get a good internet connection which works continuously without disconnecting.If it does then u can try this.

He's in Canada, so he shouldn't have any issues with connectivity. It seems that most ISPs in Canada are fairly reliable, even the poor ones.

OP, I'm going to assume that from your username, you're located in Banff. If you're located inside of the park, your options are probably fairly limited as to how much hardware you can host. I doubt you'll be allowed to build a warehouse to host mining gear inside of the park, but that's probably higher scale than you're planning on going.

If you plan to host a few miners out of your home or business, I think people would definitely be interested in 4 cents per kWhr power rates so you may have some people take you up on miner hosting services. The main problem with that plan is that you're a Newbie on the website with no previous trade history. Most people won't be willing to send you mining gear worth thousands of dollars for the promise of cheap hosting services as there would be nothing stopping you from running off with their hardware.

That's what I thought too. Not saying that I suspect OP is unfair, but he/she is most likely inexperienced so they need not only the mining gear but an experienced operator also.

That's been said, I really hope OP will find a way to use the cheap electricity for mining.

there is a way to do this

he buy the miner first,  your money for it remain in escrow, so he can not run away, then you can control the miner, and take 100% of the profit, you pay electricity plus hosting, but it must be a total that do not exceed too much the cost of electricity itself

when the miner repayed for itself, the money will be released, this was my idea to do a business like this with someone, because i need cheap electricity

[MingLee]

Really new to the whole concept of Bitcoin Mining, but we have very cheap electricity where I am (Approx 4cents/kwh).
Can people take advantage of this if we setup a Mining Pool or something like that?

People would be able to make use of your electricity if they had direct access to it, either physically or digitally through them sending you their mining hardware and you setting up interfaces and software for them to monitor their equipment. While it is possible to take advantage of such cheap electricity, there has to be a physical connection to it. I assume that you know this, but it isn't apparent from what you're saying you think you could do.

[equator]

What reply i read are one thing that their are so many miners who can support you but for that you have to give some type of security or details about you and how you are going to support. because if you run away or start your own mining then how will the investors will get benefit. 

[Betwrong]

Thats really cheap electricity so i think your city might not be a big city means not very technologicaly progressed so i doubt you will get a good internet connection which works continuously without disconnecting.If it does then u can try this.

He's in Canada, so he shouldn't have any issues with connectivity. It seems that most ISPs in Canada are fairly reliable, even the poor ones.

OP, I'm going to assume that from your username, you're located in Banff. If you're located inside of the park, your options are probably fairly limited as to how much hardware you can host. I doubt you'll be allowed to build a warehouse to host mining gear inside of the park, but that's probably higher scale than you're planning on going.

If you plan to host a few miners out of your home or business, I think people would definitely be interested in 4 cents per kWhr power rates so you may have some people take you up on miner hosting services. The main problem with that plan is that you're a Newbie on the website with no previous trade history. Most people won't be willing to send you mining gear worth thousands of dollars for the promise of cheap hosting services as there would be nothing stopping you from running off with their hardware.

That's what I thought too. Not saying that I suspect OP is unfair, but he/she is most likely inexperienced so they need not only the mining gear but an experienced operator also.

That's been said, I really hope OP will find a way to use the cheap electricity for mining.

there is a way to do this

he buy the miner first,  your money for it remain in escrow, so he can not run away, then you can control the miner, and take 100% of the profit, you pay electricity plus hosting, but it must be a total that do not exceed too much the cost of electricity itself

when the miner repayed for itself, the money will be released, this was my idea to do a business like this with someone, because i need cheap electricity

That's a good approach IMO. Only people in general don't have money for buying mining gear by themselves and that's why they propose to send them your gear and wait for profits. Considering a lot of factors I think it's too risky even if both parties are honest.

[PremiumCodeX]

How do you want to set up a mining pool? You wrote you were new into BTC mining, but I do not want to discourage you. I also am wonder where you want to obtain the knowledge for setting up a mining pool quick or how you want to do it because I have free access to energy due to the place where I am working.

[ColderThanIce]

How do you want to set up a mining pool? You wrote you were new into BTC mining, but I do not want to discourage you. I also am wonder where you want to obtain the knowledge for setting up a mining pool quick or how you want to do it because I have free access to energy due to the place where I am working.

I think the OP was more interested in setting up a miming farm rather than a bitcoin pool.

I don't want to discourage you either, but one of the first rules when setting up a mining pool is that if you don't know what to do, you shouldn't be running a pool. A pool can have millions of dollars running through it via solving blocks and withdrawals. If you don't know where to start with setting up a pool, I can pretty much guarantee you your security won't be up to par to prevent potential hacks resulting in financial losses.

[PremiumCodeX]

I think the OP was more interested in setting up a miming farm rather than a bitcoin pool.

I don't want to discourage you either, but one of the first rules when setting up a mining pool is that if you don't know what to do, you shouldn't be running a pool. A pool can have millions of dollars running through it via solving blocks and withdrawals. If you don't know where to start with setting up a pool, I can pretty much guarantee you your security won't be up to par to prevent potential hacks resulting in financial losses.

You are pointing out that starting a mining pool is not advised without big experience with the necessary knowledge so it is not a thing I read about on a day then implement it that night. Well, OP was writing about setting up a mining pool in the original thread and that is why I wondered what his plan was. I do not want to run a mining pool, at the moment, but I would be interested in your suggestion about a reliable source where to start learning about it. I am wondering what you keep a reliable source because as you wrote, if the security is not up to par, potential hacks may result in financial losses and I feel responsibility for protecting the users ( and myself ) from such losses in my possible future mining pool.

[ColderThanIce]

You are pointing out that starting a mining pool is not advised without big experience with the necessary knowledge so it is not a thing I read about on a day then implement it that night. Well, OP was writing about setting up a mining pool in the original thread and that is why I wondered what his plan was. I do not want to run a mining pool, at the moment, but I would be interested in your suggestion about a reliable source where to start learning about it. I am wondering what you keep a reliable source because as you wrote, if the security is not up to par, potential hacks may result in financial losses and I feel responsibility for protecting the users ( and myself ) from such losses in my possible future mining pool.

Well, I don't run a pool and I haven't before so I don't have very much knowledge at all about setting one up, it would probably be better to ask someone like -ck about it, because they run their own pool (CK's solo mining pool). However, I'd think a good starting point would be learning about Bitcoin-Qt and it's capabilities. I suspect you'd be using Bitcoin-Qt on the backend of the pool to keep the blockchain updated, and then integrating that with PHP and a database management system (such as mySQL) to keep track of users, balances, etc. and report that information to users via the pool's website.

[PremiumCodeX]

Well, I don't run a pool and I haven't before so I don't have very much knowledge at all about setting one up, it would probably be better to ask someone like -ck about it, because they run their own pool (CK's solo mining pool). However, I'd think a good starting point would be learning about Bitcoin-Qt and it's capabilities. I suspect you'd be using Bitcoin-Qt on the backend of the pool to keep the blockchain updated, and then integrating that with PHP and a database management system (such as mySQL) to keep track of users, balances, etc. and report that information to users via the pool's website.

I will install Bitcoin-QT to the server(s) then I will create some DB to store data on the server. After I have the DBs and the Bitcoin-QT installed, I will write some PHP script to synchronize a website with the Bitcoin-QT and MySQL DB and then open the pool with allowing users to register and participate through the website. That is how I plan the things, at least. Before implementation, however, I will learn about Bitcoin-QT's features and would ask -ck about what information security factors I should take into consideration to secure my pool.

Thank you for your help!

[deadsilent]

Really new to the whole concept of Bitcoin Mining, but we have very cheap electricity where I am (Approx 4cents/kwh).
Can people take advantage of this if we setup a Mining Pool or something like that?

Yes thats very cheap. You can do mining because you have very cheap electricity. You can earn from that as long as your electricity is very cheap. Its time for you to start mining. You are newbie at mining so i guess you should start at simple mining

[philipma1957]

op is long gone  maybe the thread could be locked?

[Achargeturry78]

Really new to the whole concept of Bitcoin Mining, but we have very cheap electricity where I am (Approx 4cents/kwh).
Can people take advantage of this if we setup a Mining Pool or something like that?

If you have friend that really can hell you out with this problem why not there are things that really hard to understand in building rig at take it as your risk. And yes it is advantage that you can use your electricity to start mining with and it will help you to earn alt'coins from web.