Large scale mining operations discussion

[Berau]

I'd like to pick some brains for a bit
we've all thought about it.. "if only i had 200 antminers sitting/being delivered right now, how would i make it happen"
we've all probably watched videos on youtube about those big ass Chinese mining operations, located in old factories and the like

my question is, how would you guys do it? would you stay local or move to someplace with better Laws/Energy/Mindset, would you try to get your own power source (solar panels, wind? generators?)
would you hoard btc? sell all as soon as you get it? some other combination of the 2?
and ofc, would you use the profit to upscale the equipment, and what percentage of income would be used this way?

Let your brains fly

[1714104940]

1714104940

[1714104940]

1714104940

[1714104940]

1714104940

[1714104940]

1714104940

[1714104940]

1714104940

[Qartada]

Based on a mining calculator we'd be generating about a Bitcoin every three quarters of a day, assuming low electricity costs of $0.07/kWH.

The first thing I would do is start my own pool.  It would already mine enough to get a block every 12.5 / 0.75 = 16.66 days on average, but the variance for that might be a tad too high.  Start a pool, advertise the low fees of about 0.5%, and that would be enough to get a reasonable number of people to join.

I'd move my mining operations to somewhere with cheap enough electricity to achieve the roughly $0.07/kWH electricity I was talking about, since I would have more than enough money to pay for that.

I wouldn't get renewable energy at first as the repayment time on those in most countries is ridiculously high.  I might get them after I have a stable income and enough money to afford them.  I wouldn't use my profit to add more equipment, but I would get people to build housing for them so that they're safe and air conditioning of course in the room. 

I would hoard as much of the Bitcoin as I could, but for upgrades to the miners and surviving, I'd have to pay in fiat so I would convert some of it to fiat at the beginning.  If Bitcoin's price rose to over $2000 I would probably just sell it all, move somewhere nice and never be seen again.

[European Central Bank]

i would only do what maximised profit. it's a waste of time otherwise. so i'd be heading to wherever the electricity, property and labor was the cheapest. i wouldn't sell unless it was absolutely necessary. i think i'd try and pile up as many coins as possible in as short a time as possible and then pull out. i don't think mining makes sense long term unless you're a serious player.

[lottery248]

if i had the miners to work in bitcoin, depending on the price of bitcoin, in case of low, i would rather work in other place to gain the wage pay the electricity then hoard the bitcoin than selling bitcoins to pay. in case of high, i would pay the electricity with bitcoin and the normal spending in the daily lives. because mining is not guaranteed of profitability, independent mining, if you can risk, is better.

[leowonderful]

There's plenty of horror stories of guys who have had to sell off all their miners because of the authorities coming over to their house and saying they've used too much electricity or pulled too much or something of the sort, if I'd go large scale I'd make a datacenter or host in one and put my miners in there. I'd just go with normal electric as the electricity around in my area is relatively cheap.

[Amph]

i won't simply do it at this point, there is no real room for profit, too much competition, and too much money to invest for a little gain, it's better to buy bitcoin directly with the money you would invest in your farm

and these large mining operation need in the first place, a large building with proper cooling solution and dissipation, which alone cost already too much, also yes it must be build near an idro generator to have a rate lower than 0.5 if possible

the mining with bitcoin is a dead horse, your only way now is to buy few miners just to have a rounded income added to your salary, but not as a main income

[philipma1957]

i won't simply do it at this point, there is no real room for profit, too much competition, and too much money to invested for a little gain, it's better to buy bitcoin directly with the money you would invest in your farm

adn these large mining operation need in the first place, a large building with proper cooling solution and dissipation, which alone cost already too much, also yes it must be build near an idro generator to have a rate lower than 0.5 if possible

the mining with bitcoin is a dead horse, your only way now is to buy few miners just to have a rounded income added to your salary, but not as a main income

I rather have a few hundred thousand invested in a gpu farm then a few hundred thousand in s-9 gear.

Antminers suck  they break.

Avalon 741's are good they don't break but the use a lot more power.



I could run  a 100 rig gpu farm  with ½ amd gpus and ½ nvidia gpus.

My guess is over the next year it will be better then asics for btc

[Amph]

i won't simply do it at this point, there is no real room for profit, too much competition, and too much money to invested for a little gain, it's better to buy bitcoin directly with the money you would invest in your farm

adn these large mining operation need in the first place, a large building with proper cooling solution and dissipation, which alone cost already too much, also yes it must be build near an idro generator to have a rate lower than 0.5 if possible

the mining with bitcoin is a dead horse, your only way now is to buy few miners just to have a rounded income added to your salary, but not as a main income

I rather have a few hundred thousand invested in a gpu farm then a few hundred thousand in s-9 gear.

Antminers suck  they break.

Avalon 741's are good they don't break but the use a lot more power.



I could run  a 100 rig gpu farm  with ½ amd gpus and ½ nvidia gpus.

My guess is over the next year it will be better then asics for btc

yeah i concur, the bitcoin network is as secured as it get, no place for casual mining all is in big farm now

gpu are now producing the same amount of bitcoin that all the bitcoin nethash is producing per day

gpu are not limited to a whole day production based on reward like with the bitcoin emission, but based on demand, which mean that there is a chance to have a very high profit if bitcoin keep growing

i feel like bitcoin should have remained with gpu, would have a better distribution now

[Qartada]

yeah i concur, the bitcoin network is as secured as it get, no place for casual mining all is in big farm now

The only reason big farms are profitable because they have profitable conditions.  You could equally have a small amount of miners, or just one, in good conditions and it would still be profitable.

For example, you live in a place with low electricity costs, you buy an Antminer or Avalon miner and put it in your basement/garage, then boom you're mining and it's profitable.  Often it'll still be more profitable than most investments which we forget tend to actually only get ~10-20% per year for people, and this is riskier but it's not so risky that it makes it unreasonable.  Cooling systems etc don't necessarily need to be very good or even in place at all unless you're already doing a big operation.

[Berau]

ok then, most of you would go the GPU route i guess

what GPU's would you use?

[lottery248]

ok then, most of you would go the GPU route i guess

what GPU's would you use?

if i could use the GPU mining, if the price were lower, i would recommend use the AMD pro duo, it has more FLOPS per watt. other than that, i would depend how fast of floating point they are. like GTX1080Ti are mainly for gaming, not mining. i would decrease the clock and have more cores if it could majorly decrease the electricity per core.

yeah i concur, the bitcoin network is as secured as it get, no place for casual mining all is in big farm now

The only reason big farms are profitable because they have profitable conditions.  You could equally have a small amount of miners, or just one, in good conditions and it would still be profitable.

For example, you live in a place with low electricity costs, you buy an Antminer or Avalon miner and put it in your basement/garage, then boom you're mining and it's profitable.  Often it'll still be more profitable than most investments which we forget tend to actually only get ~10-20% per year for people, and this is riskier but it's not so risky that it makes it unreasonable.  Cooling systems etc don't necessarily need to be very good or even in place at all unless you're already doing a big operation.

+1 such as the people who use their heating (if any) as a source of electricity. mining farms would often lead you to be far more busy upon maintaining and/or upgrading the software/hardware; despite it could be more profitable than operating a trading company.

[Amph]

yeah i concur, the bitcoin network is as secured as it get, no place for casual mining all is in big farm now

The only reason big farms are profitable because they have profitable conditions.  You could equally have a small amount of miners, or just one, in good conditions and it would still be profitable.

For example, you live in a place with low electricity costs, you buy an Antminer or Avalon miner and put it in your basement/garage, then boom you're mining and it's profitable.  Often it'll still be more profitable than most investments which we forget tend to actually only get ~10-20% per year for people, and this is riskier but it's not so risky that it makes it unreasonable.  Cooling systems etc don't necessarily need to be very good or even in place at all unless you're already doing a big operation.

it's peanuts you are making with just one, you will never roi, having more than one guarantee roi on at least part of the other miners

and also having a very large farm guarantee that you can add more easily new miners, without compromising your roi time too much

this si a huge difference between a person casually mining bitcoin with a single asic and a chinese mega farm

[Berau]

i would prefer GPU solutions if for no other reason then because in case it all goes to shit or you change your mind, i guess GPU's in good condition can still hold better value then an Antminer after the new model comes out..

[kassadin5]

how would you control for instance 20+ gpu's? on several different setups or?

[Qartada]

yeah i concur, the bitcoin network is as secured as it get, no place for casual mining all is in big farm now

The only reason big farms are profitable because they have profitable conditions.  You could equally have a small amount of miners, or just one, in good conditions and it would still be profitable.

For example, you live in a place with low electricity costs, you buy an Antminer or Avalon miner and put it in your basement/garage, then boom you're mining and it's profitable.  Often it'll still be more profitable than most investments which we forget tend to actually only get ~10-20% per year for people, and this is riskier but it's not so risky that it makes it unreasonable.  Cooling systems etc don't necessarily need to be very good or even in place at all unless you're already doing a big operation.

it's peanuts you are making with just one, you will never roi, having more than one guarantee roi on at least part of the other miners

and also having a very large farm guarantee that you can add more easily new miners, without compromising your roi time too much

this si a huge difference between a person casually mining bitcoin with a single asic and a chinese mega farm

I'd say the only thing is that it stabilises the income because you have several and they're not all going to fail at once, but if you have just one it'll be working for over a year in most circumstances and you will ROI a large amount relative to the amount you invested.  You don't need to ROI a large amount if you only put in a small amount, and if you have profitable conditions you should ROI unless your miner breaks.

In all investments having more money means that you can do better, but in this case the profit is pretty much proportionate to how much money you put in, as long as you have a decent place to put the machines.

[NotFuzzyWarm]

how would you control for instance 20+ gpu's? on several different setups or?

By using management software such as Awesome Miner... https://bitcointalk.org/index.php?topic=676942.msg18549841#msg18549841

[fanatic26]

how would you control for instance 20+ gpu's? on several different setups or?

There are multiple options out there. I would recommend simplemining.net if you are building a small setup with only 20 gpus as you can cover that many on 3-4 rigs total. It is free and has a plethora of options to customize whatever you need.



P.S. There are plenty of options for you to start a farm, although I wouldn't recommend it unless you had a couple million dollars in startup capital. Not all the big bitcoin farms are in China. Fact checking is a long lost art I guess.

[pixie85]

If I had that many being shipped in and was responsible for setting it up I'd first consider the timeline. Usually setting up somewhere abroad would take a lot of time and the miners are getting older and weaker by the week. This means that If i had the miners coming right now (in a week or 2) and it would take me over a month to find a suitable spot, connect the wiring, do all the paperwork for rent, internet, power, reroute the miners to the new address... I think I'd waste too much mining time and it would be easier to find a local spot.

[QuintLeo]

how would you guys do it? would you stay local or move to someplace with better Laws/Energy/Mindset, would you try to get your own power source (solar panels, wind? generators?)
would you hoard btc? sell all as soon as you get it? some other combination of the 2?
and ofc, would you use the profit to upscale the equipment, and what percentage of income would be used this way?

 I cheat - I'm ALREADY living in the land of Very Low Cost Electric, so I would not need to move.
 Forget solar, wind, and your own generators - NOT cost effective unless your local power cost is ALREADY prohibitive for mining.
 I'd probably sell enough to cover cost of rent/electric/living expenses, and use the rest to buy more hardware with 'till I get to the limit of my available SAFE power capasity, then likely hang on to the rest waiting for a price spike.

 In fairness, I suspect some of the hardware I'd buy wouldn't be crypto-specific, but would be more for something like BOINC work with the earned GridCoin just to cover the electric cost (or perhaps a SMALL profit in good months like this month when GRC is high).

[lottery248]

how would you control for instance 20+ gpu's? on several different setups or?

he might be using multiple PC to do it, because the multiple GPU is depending on how many PCIe slot the motherboard has.
simply buy more computer then send it to the same pool's account.