Beginner in Bitcoin mining

[Pchahal]

Hi,  I live in the UK and i want to start mining bitcoin i have a couple of questions...

What do i need to know and have to start off?.

What is the process of bitcoin mining?

Where should i store the hardware and computer and

what costs should i consider and how do i calculate them?

Also what are the chances of earning 1 bitcoin with, for e.g the Antminer S9 at present (September 2017 to end of year?).

[Mister1k]

Hi,  I live in the UK and i want to start mining bitcoin i have a couple of questions...

What do i need to know and have to start off?.

What is the process of bitcoin mining?

Where should i store the hardware and computer and

what costs should i consider and how do i calculate them?

Also what are the chances of earning 1 bitcoin with, for e.g the Antminer S9 at present (September 2017 to end of year?).

To calculate the mining profit with the basis of kw per unit and miner you use it with the online mining calculator.
You can store your mining machines at anywhere but cool place is preferable to reduce the over heat expose from the miners.
Mining is process of helping to transfer the bitcoin transaction from one wallet to another but network blocks has to work on it get succeeded.

[newfulluser]

Hi,  I live in the UK and i want to start mining bitcoin i have a couple of questions...

What do i need to know and have to start off?.

What is the process of bitcoin mining?

Where should i store the hardware and computer and

what costs should i consider and how do i calculate them?

Also what are the chances of earning 1 bitcoin with, for e.g the Antminer S9 at present (September 2017 to end of year?).

How much does one kw cost in your region?

[Pchahal]

Hi,  I live in the UK and i want to start mining bitcoin i have a couple of questions...

What do i need to know and have to start off?.

What is the process of bitcoin mining?

Where should i store the hardware and computer and

what costs should i consider and how do i calculate them?

Also what are the chances of earning 1 bitcoin with, for e.g the Antminer S9 at present (September 2017 to end of year?).

How much does one kw cost in your region?

It varies. I say it ranges between £0.10p-£0.12p per kwh

[AtraxPool]

Been running s3 and s9's in the UK for a while now.

I do not recomend mining from home as the power cost for home electricity in the UK is extortionate.

If you can find a small commercial porperty or unit you can get small business rates for electricity which are much better for the purpose.

I have been solo mining and transaction mining I am still to hit a block almost 6 months in with x14 S3's running 24/7

I use the S9's for my income mining and the s3's for lottery mining.

You should also look up the tax laws in the UK regarding bitcoin I think there are going to start a crackdown soon on miners in the UK so be warned if your cashing out your coins you WILL need to look into tax.

[Pchahal]

Been running s3 and s9's in the UK for a while now.

I do not recomend mining from home as the power cost for home electricity in the UK is extortionate.

If you can find a small commercial porperty or unit you can get small business rates for electricity which are much better for the purpose.

I have been solo mining and transaction mining I am still to hit a block almost 6 months in with x14 S3's running 24/7

I use the S9's for my income mining and the s3's for lottery mining.

You should also look up the tax laws in the UK regarding bitcoin I think there are going to start a crackdown soon on miners in the UK so be warned if your cashing out your coins you WILL need to look into tax.

Hi, thankyou for that useful information. How much did it cost you to invest in an antmimer s9 just out of curiosity?. When do you think is the latest to mine bitcoin? Or is it already too late?

[AtraxPool]

ASIC mining is the only way for bitcoin now so your costs would be investing in either avalon or bitmain miners,

You must factor in electricity cost and also take note that mining with ASIC is noisy and generates a lot of heat with you will need to deal with by way of extraction.

Your main cost will be buying the miners and setting up a good ventelation system even 2 or 3 s9's or s5s generate a lot of heat and that is your enemy along with the bitcoin difficulty.

You will also need to factor in cost of power supplys and networking if you plan on running a few miners.

There are resources like tradeblock that you can work out cost for your equipment and power,  In the uk I would look into the industrial unit market as you can get cheaper electricity in commercial property than you would get at home.

You should work out your costs before making any decisions and take into account the difficulty will reduce income over time which must be factored in.

If you are planning more than 10 miners you might also need to think about how your will protect your mine from things like fire, theift,  Remote monotoring is ok for small mines but when you have a large power draw its advisable to have someone watching the equipment at all times.

[veleten]

Been running s3 and s9's in the UK for a while now.

I do not recomend mining from home as the power cost for home electricity in the UK is extortionate.

If you can find a small commercial porperty or unit you can get small business rates for electricity which are much better for the purpose.

I have been solo mining and transaction mining I am still to hit a block almost 6 months in with x14 S3's running 24/7

I use the S9's for my income mining and the s3's for lottery mining.

You should also look up the tax laws in the UK regarding bitcoin I think there are going to start a crackdown soon on miners in the UK so be warned if your cashing out your coins you WILL need to look into tax.

isn't s3 lottery mining way too expensive in the UK?
if you calculated the electricity costs for running three s3s for 6 months 24/7,you would have been much better off
adding some money and buying one extra s9,just my IMHO
or,alternatively,you can look into hotmine.io upgrade kits:
http://en.hotmine.io/x5-x6-upgrade-kit-new
you can read about them here: https://bitcointalk.org/index.php?topic=1857129
generally,it is not advised to mine in the UK,the power costs are too high,your ROI will be delayed by several months extra

[AtraxPool]

This is why a small comercial property is best in the uk.

Here are some figures for UK

https://www.ukpower.co.uk/business-electricity

Business Size    Average Electricity Consumption (annual)    Average Electricity Price (annual)
Micro business    5,000 - 15,000 kWh    £1349
Small business    15,000 - 30,000 kWh    £2566
Medium-sized business    30,000 - 50,000 kWh    £4280

Medium sized works out aroiund 0.085p per kWh there are good deals out there on electricity if you are in a comercial propety and there are advantages if you run your mine as a buisness all be it small to medium scale.

[Pchahal]

This is why a small comercial property is best in the uk.

Here are some figures for UK

https://www.ukpower.co.uk/business-electricity

Business Size    Average Electricity Consumption (annual)    Average Electricity Price (annual)
Micro business    5,000 - 15,000 kWh    £1349
Small business    15,000 - 30,000 kWh    £2566
Medium-sized business    30,000 - 50,000 kWh    £4280

Medium sized works out aroiund 0.085p per kWh there are good deals out there on electricity if you are in a comercial propety and there are advantages if you run your mine as a buisness all be it small to medium scale.

Hi guys,

Just was curious as to where you purchased your mining hardware from specifically the S9? Ive been on bitmain website and they have been sold out. Theyve also had numerous problems with their website regarding processing orders due to the demand. i dont know where else to purchase the antminer s9 from besides ebay and they are very expensive on there.  The only other place i found was alibaba but not sure who is a legit supplier on there ?

[AtraxPool]

The S9 is hard to find at reasonable price at the moment dew to demand.

Stick with bitmain thought don't be tempted to spend double market price for one off ebay hold out untill the official retailer announces new stock.

[xIIImaL]

The S9 is hard to find at reasonable price at the moment dew to demand.

Stick with bitmain thought don't be tempted to spend double market price for one off ebay hold out untill the official retailer announces new stock.

I hope so you looking to buy the antminer s9 in Ebay or some other auction site. Don't do that directly bitmain provides you the way to buy the miner. Exact of cost this miner is around 1300$ to 1400$ only. If you are able to find the local trader in your city that would be much. Please buy PSU supply along with that it cost around 400$.

[Pchahal]

The S9 is hard to find at reasonable price at the moment dew to demand.

Stick with bitmain thought don't be tempted to spend double market price for one off ebay hold out untill the official retailer announces new stock.

I hope so you looking to buy the antminer s9 in Ebay or some other auction site. Don't do that directly bitmain provides you the way to buy the miner. Exact of cost this miner is around 1300$ to 1400$ only. If you are able to find the local trader in your city that would be much. Please buy PSU supply along with that it cost around 400$.

Hi its hard to order off bitmain as its in very high demand and its like a first come first serve basis. Ive also had an interest in getting the D3 Antminer too.