Start a new bitcoin Biz here

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Hello everybody i am an engineering student who love to take risk eg(collecting loan and using it to invest on some dye project many times it works for me but sometime it does not work),
 i am now starting a new project and i am planing to collect a loan from a loan company to establish a private bitcoin mining biz which the mining farm will be located in backyard in my country St Lucian

Bitcoin mining has been a great success for many people and i want to try the biz

Am planing to collect the total of $32,000, it is going to be dye project which i will build the mining farm at my backyard

I will be building a big room it is like a cold room (size 20 fit container measurement) which will house the bitcoin miner

The bitcoin mining house will be like this

eg



I have build a local ac unit which i used some condemned ac from a company in my area and changed compressor and i used 5 of them to build a micro cold room which i am going to use as the housing facility for my bitcoin mining

i am planing to use a fueless generator theory to power my project



The company is giving me the $32,000 on some condition that i will have to pay with interest of 3.50% and payment will be made monthly for 1 year (big risk)



Please what is your advice for a stubborn person like me

should i continue the project, will bitcoin put me into trouble,your advice is really appreciated

Thank you

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[BTC Loading]

Hello everybody i am an engineering student who love to take risk eg(collecting loan and using it to invest on some dye project many times it works for me but sometime it does not work),
 i am now starting a new project and i am planing to collect a loan from a loan company to establish a private bitcoin mining biz which the mining farm will be located in backyard in my country St Lucian

Bitcoin mining has been a great success for many people and i want to try the biz

Am planing to collect the total of $32,000, it is going to be dye project which i will build the mining farm at my backyard

I will be building a big room it is like a cold room (size 20 fit container measurement) which will house the bitcoin miner

The bitcoin mining house will be like this

eg



I have build a local ac unit which i used some condemned ac from a company in my area and changed compressor and i used 5 of them to build a micro cold room which i am going to use as the housing facility for my bitcoin mining

i am planing to use a fueless generator theory to power my project



The company is giving me the $32,000 on some condition that i will have to pay with interest of 3.50% and payment will be made monthly for 1 year (big risk)



Please what is your advice for a stubborn person like me

should i continue the project, will bitcoin put me into trouble,your advice is really appreciated

Thank you

eg
http://imgur.com/a/Qzp6i

[Dudeperfect]

So basically you want to build your own mining farm and for that you have a plan and a company is ready to give you loan for that. It seems fine through my point of view but I think you should try it on smaller scale with trial and error basis and evaluate your project, rectify errors and expand it. If you have any previous experience of mining then it looks good to start. Wish you all the best.

[SAMKUSH]

Maybe look into mining altcoins first, you can start with a few pcs and scale up to a reasonable size. If this is profitable for you then maybe you could look into Bitcoin mining. Just remeber Bitcoin mining requires alot of money upfront,  if it doesn't work it's a huge risk for you.

[krishna1]

I Suggest you that Bro Don't Try Mining Because Now Mining Is Not Profitable Because of the Halving Passed This Year and the Block Reward is Remains Half.
So According to me Mining is Not a Profitable Method to Grow Your Money.....

[Senor.Bla]

First of all: i do nor mine.
so you have to take my advice with caution.
It seems to me like you would like to operate in a cold room like house and to keep temperature low you would like to seal it tight.
since the air will be heated by your mines i think it would be important that there is some kind of circulation. So you should maybe look into that further.
And good luck!

[Dank14]

Since you took a loan to start a mining business, you need a quick return on investment. Currently, you will get a slow returns with bitcoin mining.

Check coinmarketcap.com to see the viable altcoins in the market, choose the one(s) you want, mine and sell. You might even exchange them for btc if you wish.

P.S: Ethereum classic altcoin is doing well at the moment.

[yenxz]

You can start with a few pcs and scale up to a reasonable size that you look inside alcoins first mining . if it is advantageous to you then maybe you could look into mining BTC . Needs to be underlined that in order to begin mining bitcoin
require a lot of money in advance .

[CoinBreader]

You have a general plan in mind to build a mining farm
so far so good
but you have to draw your white paper for example
Whats its gonna be your starting fund ? X $
How much it will cost you to build this construction (plus the aircondition cost) you must calculate also your total temp to aim where do you want the temp in the room , in order to find out how many BTU's you gonna need
How many miners you wanna get ? X cost$
Installation costs , cables, psu, back psu,
How much you will need for electricity ? X cost$ per month
Returns every month to pay back the loan
How much till ROI ?
Backup funds ?? for how many months ?
& Finally the profit

Keep that in mind that you must aim for 30% more on profit just in case something on the market go bad, lets say price drop 100$-200$-300$

Golden question is... Whats your electricity price look like... All start from there..!!

[franky1]

first of all.. that $32k wont buy much.. after building the storage lets say at $12k that will leave you $20k for rigs.
now take my estimates with a pinch of salt. but atleast something for you to take into account before doing anything costly

if your going to buy S9 at the retail price of $2,400each.. you will only get 8 asics with the funds left, which equals 112Thash at a bitcoin cost of 32btc
together with the cost of the storage(totalling52btc).. you are looking to hopefully get 53btc over the next year to just break even and pay off the loan+interest.

so have you even done the maths to work out how much bitcoin you will get per fortnight when its time to run the rigs..
for instance antpool has 252.46peta(2250x your estimated hash power)
antpool gets 34blocks (425btc) a day
which would mean you might get 0.18888889btc a day based on your estimated hash power.
which is 2.64444444btc a fortnight.
which due to difficulty increases of 10% =
2.64444444
2.379999996
2.141999996
1.927799997
1.735019997
1.561517997
1.405366198
1.264829578
1.13834662
1.024511958
0.922060762
0.829854686
0.746869217
0.672182296
0.604964066
0.54446766
0.490020894
0.441018804
0.396916924
0.357225231
0.321502708
0.289352437
0.260417194
0.234375474
0.210937927
0.189844134
total over 1 year=24.73584719

even with a difficulty increase of just 5% = 38btc over a year..

personally id just buy 54btc and hoard for a year.. because logically atleast you will have 54btc at the end of the year just hoarding

[ATguy]

i am now starting a new project and i am planing to collect a loan from a loan company to establish a private bitcoin mining biz which the mining farm will be located in backyard in my country St Lucian

Hopefully you have cheap electricity price, thats the most important. The smart ones building mining farm where is cheap electricity price, around 2 cents per kwh, cold climate thorough the whole year, and cheap workers to build and mantain your farm.