Need help with Future Bitcoin Farm

[prorallydriver]

Hi,

I am just kind of new in the Bitcoin space. I've done some research about how to mine and how this works. Myself and a potential investor friend want to build a considerable big Bitcoin Farm. I have several question that I need from real experts to help me build the business plan for this future company.

Note. Please remember that I am not an expert and also capital is not an issue.


1) Where is the best place to build a big bitcoin farm? Washington State? Iceland? or what is your suggestion?

2) I just discovered the Bitfury Data Center (http://bitfury.com/products#container-datacenter) If its better to build one similar or this is the best option in the market? I received the quote for this Data Center and its $2.5 Million. Its worth it? If so, why?

3) How many bitcoins I can get per day with that Data Center? They told me the capacity is 15PH and 2MW of power. What this means?

4) What other costs are involved when building a bitcoin mining center?

5) How many people I have to hire? Do they have to be Engineers? Technicians? What exactly?

6) I want to generate between at least 5000 bitcoins monthly. What Equipment do you suggest and what is the cost?

7) Are there any Taxes to pay if you get bitcoins in the US? what about Iceland?

8 ) How much is the electricity cost?

9) How and where to  store 5000 Bitcoins per month?

10) Is there a tracking software to keep monitoring all the bitcoins generated?

11) At that large scale how to prevent hackers or employees to steal bitcoins?


I appreciate your responses in advance and thank you very much for the help.

[cpfreeplz]

You're asking way too many in depth questions that have such huge ranges I don't even know where to begin. You need to do your own independent research and look these things up. There aren't lots of people with huge mining farms on this forum. Most people just don't have the capital to get it up and running and continue to grow over time.

I would suggest once you're up and running to have backup upon backup of your bitcoins on paper wallets, hardware wallets etc so you couldn't never lose 5000btc. Although I think you're being far too optimistic with that number, I feel it's just as important to store your bitcoins 100% securely. Don't use a computer that's connected to the internet.

[prorallydriver]

You're asking way too many in depth questions that have such huge ranges I don't even know where to begin. You need to do your own independent research and look these things up. There aren't lots of people with huge mining farms on this forum. Most people just don't have the capital to get it up and running and continue to grow over time.

I would suggest once you're up and running to have backup upon backup of your bitcoins on paper wallets, hardware wallets etc so you couldn't never lose 5000btc. Although I think you're being far too optimistic with that number, I feel it's just as important to store your bitcoins 100% securely. Don't use a computer that's connected to the internet.

I appreciate your response. I specified I need help of a professional bitcoin miner and people that is willing to help with this.

I am not looking for criticism or sarcasm. I am looking for help to build a business.

Again, Thanks for your response.

[xhomerx10]

Honestly I don't mind helping people and answering a few questions but you have a very long list of questions that would require a lot of thought and probably an essay to answer.  If you are serious about this investment, you shouldn't come in here with a list of questions (especially when you apparently haven't bothered to do much research on your own).  Instead, you should be asking how to hire a Bitcoin mining consultant.  If you are seriously going to invest millions of dollars, you'd better not rely on the free responses you are going to get here.  You need a comprehensive report complete with charts, graphs, proofs, math and a summary that even a layman could understand.

 If you buy a containerized solution from Bitfury, you will never get your money back.  It is far too expensive. Also, Bitfury will be your competition so I doubt they have much incentive to sell to you other than to make more money from you than they could by mining with the container themselves.

 Another thing I will tell you is that in order to make 5000 coins per month, you would need to have 9.25% of the network hashing rate which presently works out to 168 PH/s or 10 of those $2.5million containers.

[unholycactus]

A lot of the questions you ask entirely depends on where you will be located or they are too specific.

Don't need engineers, it's not very complicated.
If you hire people and run it as a business, you'll be expected to pay taxes. Not on Bitcoin itself, but on your revenue.

Criticism of your idea shouldn't be disregarded. I also think like the previous poster that you don't seem to much about Bitcoin.
Why invest heavily in something you're not familiar with? Aside from capital, you don't bring much to the business yourself.

[prorallydriver]

A lot of the questions you ask entirely depends on where you will be located or they are too specific.

Don't need engineers, it's not very complicated.
If you hire people and run it as a business, you'll be expected to pay taxes. Not on Bitcoin itself, but on your revenue.

Criticism of your idea shouldn't be disregarded. I also think like the previous poster that you don't seem to much about Bitcoin.
Why invest heavily in something you're not familiar with? Aside from capital, you don't bring much to the business yourself.

Thanks for the feedback and that is  why I said I am "new" with Bitcoin. That should answer your comment.

[bit815792215]

A lot of the questions you ask entirely depends on where you will be located or they are too specific.

Don't need engineers, it's not very complicated.
If you hire people and run it as a business, you'll be expected to pay taxes. Not on Bitcoin itself, but on your revenue.

Criticism of your idea shouldn't be disregarded. I also think like the previous poster that you don't seem to much about Bitcoin.
Why invest heavily in something you're not familiar with? Aside from capital, you don't bring much to the business yourself.

Thanks for the feedback and that is  why I said I am "new" with Bitcoin. That should answer your comment.

You are new to bitcoin, and you want a farm that generates 5000 coins a month (10% ~ of the network hashrate)?

         -assuming the 90% chance you are trolling, then 

[prorallydriver]

Honestly I don't mind helping people and answering a few questions but you have a very long list of questions that would require a lot of thought and probably an essay to answer.  If you are serious about this investment, you shouldn't come in here with a list of questions (especially when you apparently haven't bothered to do much research on your own).  Instead, you should be asking how to hire a Bitcoin mining consultant.  If you are seriously going to invest millions of dollars, you'd better not rely on the free responses you are going to get here.  You need a comprehensive report complete with charts, graphs, proofs, math and a summary that even a layman could understand.

 If you buy a containerized solution from Bitfury, you will never get your money back.  It is far too expensive. Also, Bitfury will be your competition so I doubt they have much incentive to sell to you other than to make more money from you than they could by mining with the container themselves.

 Another thing I will tell you is that in order to make 5000 coins per month, you would need to have 9.25% of the network hashing rate which presently works out to 168 PH/s or 10 of those $2.5million containers.

Again, I am new to the business and I am trying to learn. I thought this forum was to ask for help and expertise. I said at the beginning that I am new in this and I am very interested. Of course I am serious and involves millions but I am just touching waters here. Thanks for the information you provided.

Also, about the container what would be the best option to build the farm? what technology and chips etc etc?

Thanks

[shield132]

1. Best place is the ares where electricity costs are low, because mining requires much electricity.
2.They have their datacenter with fan engine and everythink that they need for mining and they control.situation themselves.
3. It absolutely depends on your hardware ( electricity costs).
4. You need great system offan engine and etc
5. You don'tneedmany people but I can't really answer you.
6. Most of mining company's have their own hardware. Look at antminer s9.
7. I don't know US laws.
8. Depends on country and region
9. Maybe in wallet which will be highly secured.
10. Yes, there are, try to search
11.You need programmers and etc for them.

P.S  You need a comprehensive report complete with charts, graphs, proofs, math and a summary of everything.

[mwizard]

To generate 5,000 Bitcoins per month at current difficulty you would need to be running 170,000 terrahash/s.

This is the equivalent to about 13,000 Antminer S9s.

These would draw about 17 Megawatts.  The miners would also cost about $20 million to purchase.

So the first thing you will need to do is to travel the world looking for a hydro plant or similar that is capable of providing say 20 megawatts or more of cheap power.  Then you need to construct somewhere to house the miners and call BitmainTech with your $20 million dollars in hand.

If you only want 500 Bitcoins per month divide everything by 10.

[shadowhlohavec]

Better aim for 5 btc a month no 5000, wow you haven't done deeper reasearch do you? 

[2112]

This looks like a real opportunity for some scam artist to earn serious consulting fees.

Last century, when I was still working in the entertainment business we one prospective investor like that. He was a son of the owner of a chain of used car lots that catered primarily to Spanish speakers in southwestern USA. He wanted to start a rap label catering to non-English speakers. I don't recall the actual money invested wasted, but it was in the range between $1M and $100M. It was completely integrated, it had A&R scouts, recording studio, duplicating plants and marketing organization. All went to waste because none of it sold, although some of the artists they signed were later successful under new names and new management.

I haven't personally met the guy, but I read his e-mail and spoke with many of his "advisers" and "assistants". The lack of though and introspection is very similar. It is an opportunity for e.g. newly minted lawyer who needs to pay of his school loans. He won't pocket the whole money but will nicely earn during buildup and inevitable liquidation.

The guys I used to know got a lot of free limousine rides out of the above "deal". If this guy is real then be prepared to ride some uncomfortable but very fast cars.

No kidding, this looks like a real opportunity for some smooth, but ruthless operator who doesn't mind having to do some butt kissing when it handsomely pays. Just lawyer up appropriately, those kinds of scams aren't prosecuted in the USA because they involve "accredited investors."

Edit: Along with kissing butt, you will probably need to kick butt. Feel free to abuse me verbally as a "naysayer", "banker's stooge", "statist", etc. I don't mind. It is part of the entertainment in the front row.

Hi,

I am just kind of new in the Bitcoin space. I've done some research about how to mine and how this works. Myself and a potential investor friend want to build a considerable big Bitcoin Farm. I have several question that I need from real experts to help me build the business plan for this future company.

Note. Please remember that I am not an expert and also capital is not an issue.


1) Where is the best place to build a big bitcoin farm? Washington State? Iceland? or what is your suggestion?

2) I just discovered the Bitfury Data Center (http://bitfury.com/products#container-datacenter) If its better to build one similar or this is the best option in the market? I received the quote for this Data Center and its $2.5 Million. Its worth it? If so, why?

3) How many bitcoins I can get per day with that Data Center? They told me the capacity is 15PH and 2MW of power. What this means?

4) What other costs are involved when building a bitcoin mining center?

5) How many people I have to hire? Do they have to be Engineers? Technicians? What exactly?

6) I want to generate between at least 5000 bitcoins monthly. What Equipment do you suggest and what is the cost?

7) Are there any Taxes to pay if you get bitcoins in the US? what about Iceland?

8 ) How much is the electricity cost?

9) How and where to  store 5000 Bitcoins per month?

10) Is there a tracking software to keep monitoring all the bitcoins generated?

11) At that large scale how to prevent hackers or employees to steal bitcoins?


I appreciate your responses in advance and thank you very much for the help.

[alh]

To generate 5,000 Bitcoins per month at current difficulty you would need to be running 170,000 terrahash/s.

This is the equivalent to about 13,000 Antminer S9s.

These would draw about 17 Megawatts.  The miners would also cost about $20 million to purchase.

So the first thing you will need to do is to travel the world looking for a hydro plant or similar that is capable of providing say 20 megawatts or more of cheap power.  Then you need to construct somewhere to house the miners and call BitmainTech with your $20 million dollars in hand.

If you only want 500 Bitcoins per month divide everything by 10.

And don't forget that every month your BTC income (NOT profit) will likely decline by about 4%, possibly more. This is called the difficulty adjustment.

[Tupsu]

Better aim for 5 btc a month no 5000, wow you haven't done deeper reasearch do you?  

My 20x S9 earned 0,245 BTC per day.  (Last 20 days)

[notlist3d]

This looks like a real opportunity for some scam artist to earn serious consulting fees.

..... (rest above)

I would suggest he gets someone who can help before investing as the question's were all over the board.  I would advise him to start out small and also start with his own money.  It scares me he already has a "potential investor friend" with these questions above.  If you go into this wrong it's going to strain that friendship.

So much is related to electricity price anymore you would really have to start there.   But I don't think the container solutions out there are going to be something for serious investment.  Most of them have just been so pricey it makes more sense to do a data center.  But again at this point were talking about huge investment something you really need to do a lot more research before asking friend to finance.

[alh]

Better aim for 5 btc a month no 5000, wow you haven't done deeper reasearch do you?  

My 20x S9 earned 0,245 BTC per day.  (Last 20 days)

So, 7.35 BTC/month (30 day month). Does the "earned 0.245 BTC per day" include the running costs (e.g. electricity and cooling)?

Using those figures, OP would need roughly 13600 S9's to produce 5000 BTC/month. Anybody have an idea on how many S9's have been sold by Bitmain already?

[philipma1957]

To the op:

A legitimate set of answers to your questions would be worth quite a bit of money.

If you are really serious and want to earn 5000 Bitcoins per month as your profit you would need to offer a consulting fee to someone.  Not ask questions on a forum.

The network  pays on average 144 blocks per day it has adjustments to keep that average c lose to 144. i.e. more miners mean harder difficulty to earn a coin.

so 144 x 12.5 = 1800 coins a day  or 54,000 coins a month.

you want 5,000 coins a month profit.

So 1 s9 earns .3794 coins a month  so 13,178 s9's earn 5,000 coins.

  but  I did not account for the power cost ,the building, the land ,the employees. heat removal etc

at best my estimate is 13,178 machines would cost 1000 coins of the 5000 they earn

and adding that many machines  would drive your share lower.  to 4500 coins minus say 900 = 3600 coins.

So a fast boost   to the 13,178 s9 guess is more like  18,000 s9s would earn 5,000 btc after profit.

an s9 pulls 1400 watts at the wall so  you pull 25.2 mega watts  per hour to run the plant  .



So if you are really serious find some place that will give 30 mega watts per hour 24/7/365 at 3 cents a kwatt hour.

 you can send me 1 btc to help show you mean business as the advice in bold above is worth the 1 btc if you are real.



 Here is where you can send the 1 btc

 1AHvwRLwg98Y5nUVpp4qQu8DXSDkucDfpW

it is impossible to do what you want without 30 megawatts of power at 3 cents a kwatt.