majestickid (OP)
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May 04, 2017, 03:53:14 AM |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
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xhomerx10
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May 04, 2017, 04:06:38 AM |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
How fuckin' weird is that?! There are also 0,001055 Mega joules in a British Thermal Unit! What are the odds? So what utopian country is this? Was there previously a capital city called Shangdu? |
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majestickid (OP)
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Activity: 4
Merit: 0
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May 04, 2017, 05:02:06 AM |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
How fuckin' weird is that?! There are also 0,001055 Mega joules in a British Thermal Unit! What are the odds? So what utopian country is this? Was there previously a capital city called Shangdu? the country is venezuela, we have the cheapest kw/h in the world hehehe. the Kw/h cost 4.22 Bsf the exchange rate is 4907,63 per dollar (today) do the maths. |
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xhomerx10
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Activity: 3822
Merit: 7917
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May 04, 2017, 12:30:00 PM |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
How fuckin' weird is that?! There are also 0,001055 Mega joules in a British Thermal Unit! What are the odds? So what utopian country is this? Was there previously a capital city called Shangdu? the country is venezuela, we have the cheapest kw/h in the world hehehe. the Kw/h cost 4.22 Bsf the exchange rate is 4907,63 per dollar (today) do the maths. Okay. I thought maybe you were in Mongolia and I've only had bad experience with Mongolia. So I can't verify your claim of 4901,63 BsF per dollar anywhere. If I use Xe.com it shows the exchange rate for VEF (Bolivar fuerte) to be ~0.1 per USD but I know that Venezuela is in turmoil at the moment so anything is possible. Can you point me to a more reliable site for exchange? |
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Nagadota
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May 04, 2017, 04:16:18 PM |
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The economy in Venezuela is in a state of hyperinflation isn't it? You could definitely go into Bitcoin as a way of avoiding unstable fiat currency, but mining is definitely a high-risk investment and some people will never get ROI.
With those kind of electricity costs though, you should definitely do it as long as you can keep your miners cool and safe.
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leowonderful
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Activity: 1624
Merit: 1129
Bitcoin FTW!
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May 04, 2017, 08:21:01 PM |
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Some guys got arrested for mining in Venezuela or something like that recently, right? I heard their farm got taken away and that's all I remember. Just make sure you're not pulling too much power because that could happen to you, too...
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abdulaziz07
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May 04, 2017, 08:24:15 PM |
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i dont think mining is still profitable, unless we have very cheap electricity
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majestickid (OP)
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Activity: 4
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May 05, 2017, 02:31:46 AM |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
How fuckin' weird is that?! There are also 0,001055 Mega joules in a British Thermal Unit! What are the odds? So what utopian country is this? Was there previously a capital city called Shangdu? the country is venezuela, we have the cheapest kw/h in the world hehehe. the Kw/h cost 4.22 Bsf the exchange rate is 4907,63 per dollar (today) do the maths. Okay. I thought maybe you were in Mongolia and I've only had bad experience with Mongolia. So I can't verify your claim of 4901,63 BsF per dollar anywhere. If I use Xe.com it shows the exchange rate for VEF (Bolivar fuerte) to be ~0.1 per USD but I know that Venezuela is in turmoil at the moment so anything is possible. Can you point me to a more reliable site for exchange? the think is that we are one of the only country in the world that the rate exchange is decided by the government, no-one can buy dollar in the banks, so you can only get dollar by the black market. the "legal" price for a dollar in my country is 750 bsf per dollar http://www.simadi.today (here you can see the price) the price in the black market is 4989 (today, because is always changing) bsf per dollar https://twitter.com/dolartoday?lang=es (here you can see the price) |
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majestickid (OP)
Newbie
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Activity: 4
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May 05, 2017, 02:44:05 AM |
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Some guys got arrested for mining in Venezuela or something like that recently, right? I heard their farm got taken away and that's all I remember. Just make sure you're not pulling too much power because that could happen to you, too...
I was reading that report, I have first to talk with the "electricity department" in my city, to see if there is a way to do mining in a legal way, the report also says that they didn't pay taxes to import those computers so they decided to charge them as "Merchandise smuggling". our law doesn't says anything about producing cryptocurrency so it is a legal void. but thanks for your information. we have to investigate a lot before doing something. |
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Searing
Copper Member
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Activity: 2898
Merit: 1464
Clueless!
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May 05, 2017, 10:56:52 AM |
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Some guys got arrested for mining in Venezuela or something like that recently, right? I heard their farm got taken away and that's all I remember. Just make sure you're not pulling too much power because that could happen to you, too...
I was reading that report, I have first to talk with the "electricity department" in my city, to see if there is a way to do mining in a legal way, the report also says that they didn't pay taxes to import those computers so they decided to charge them as "Merchandise smuggling". our law doesn't says anything about producing cryptocurrency so it is a legal void. but thanks for your information. we have to investigate a lot before doing something. Are you near a border with a neighbor country.....I'd slip across and do the mining there if possible...less hassle..just a thought...work with someone in that country..get around this whole thing |
Old Style Legacy Plug & Play BBS System. Get it from www.synchro.net. Updated 1/1/2021. It also works with Windows 10 and likely 11 and allows 16 bit DOS game doors on the same Win 10 Machine in Multi-Node! Five Minute Install! Look it over it uninstalls just as fast, if you simply want to look it over. Freeware! Full BBS System! It is a frigging hoot!:) |
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xhomerx10
Legendary
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Activity: 3822
Merit: 7917
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May 05, 2017, 01:29:30 PM |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
How fuckin' weird is that?! There are also 0,001055 Mega joules in a British Thermal Unit! What are the odds? So what utopian country is this? Was there previously a capital city called Shangdu? the country is venezuela, we have the cheapest kw/h in the world hehehe. the Kw/h cost 4.22 Bsf the exchange rate is 4907,63 per dollar (today) do the maths. Okay. I thought maybe you were in Mongolia and I've only had bad experience with Mongolia. So I can't verify your claim of 4901,63 BsF per dollar anywhere. If I use Xe.com it shows the exchange rate for VEF (Bolivar fuerte) to be ~0.1 per USD but I know that Venezuela is in turmoil at the moment so anything is possible. Can you point me to a more reliable site for exchange? the think is that we are one of the only country in the world that the rate exchange is decided by the government, no-one can buy dollar in the banks, so you can only get dollar by the black market. the "legal" price for a dollar in my country is 750 bsf per dollar http://www.simadi.today (here you can see the price) the price in the black market is 4989 (today, because is always changing) bsf per dollar https://twitter.com/dolartoday?lang=es (here you can see the price) Thanks for the links - now I understand the differing exchange rates. So, if you exchange your USD (assuming you have some) on the black market, you get nearly-free electricity. There is still a long period of mining before you will break even on the cost of the Bitcoin miners (if you can obtain them), you might not even have an infrastructure to supply electricity in Venezuela for that long from what the news reports say and as far as I know, rationing of electricity began a year ago in Venezuela. How many kWh are you allowed each month? I don't think this is something you should pursue. Save your USD and maybe buy a couple of Bitcoins - both would be stores of wealth against a hyperinflationary currency but the USD has less volatility than Bitcoin and with Bitcoin flirting with all-time highs, it may not be perfect time to invest. |
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Jating
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May 08, 2017, 07:40:46 AM |
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Some guys got arrested for mining in Venezuela or something like that recently, right? I heard their farm got taken away and that's all I remember. Just make sure you're not pulling too much power because that could happen to you, too...
That was in the news. The power supply is also not reliable. |
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Korporal
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May 15, 2017, 08:08:18 PM |
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A little OT, but your country should adopt BTC as a national currency and mine the piss out of it. Hyper inflation fiat currency countries should (must) adopt crypto if they want to survive. Throw those over-printed useless Bolivars in a thermal generator and make power from them  |
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italianMiner72
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May 16, 2017, 07:26:35 AM |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
i think problems in venezuela are Others than mining costs. A 17-year-old boy was killed yesterday during an opposition protest in Tachira's Venezuelan state This is bringing at least 46 deaths from the start of demonstrations against Nicolas Maduro's government in early April. thats damn sad!!! |
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veleten
Legendary
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Activity: 2016
Merit: 1106
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May 16, 2017, 07:58:43 PM
Last edit: May 18, 2017, 02:56:38 PM by veleten |
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I want to point out that the electricity cost in my country is maybe the lowest in the world around (0,001055$ per Kw/h)
I know it sounds ridiculous but its true. So I want your opinion about investing in this computer and if is profitable during the time.
I think I can invest around 9000$ to purchase the computers and all the equipment that is needed to put them to work, can you give me any advise or your opinion about this project?
i think problems in venezuela are Others than mining costs. A 17-year-old boy was killed yesterday during an opposition protest in Tachira's Venezuelan state This is bringing at least 46 deaths from the start of demonstrations against Nicolas Maduro's government in early April. thats damn sad!!! yet another country is going to be ruined and the goverment overthrown a la Yugoslavia,Syria,Libia,Ukraine etc. the pattern is there-"opposition"(usually US sponsored) "unhappy" with the "regime" dead "activists","tyrant" in charge and bombs soon flying in on the wings of democracy some things never change,sigh there is artificial lack of food and goods,galloping inflation and so called"shitMolotov" cocktails-venezualian know how  electricity is dirt cheap,true but you risk to get your mining equipment confiscated or even you getting killed,so I don't think you should consider running any mining business there |
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