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Author Topic: To Mine or Not - see what you think?  (Read 528 times)
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November 09, 2017, 03:07:37 PM

I am failing to get the answers I want from anywhere else so challenging the Forum for a consensus.

We are complete crypto currency virgins and not technical, although we have reasonable business acumen.(I live in the UK)
I recently visited a friend in Czechoslovakia who introduced me to his friend who has been mining on a large scale for 2 years and made some decent money.
His place had about 150 antminers in the basement of an old building!!!!

It set my mind thinking so when I got home I investigated and now have a reasonable understanding of mining, its challenges and opportunities.
However there is a lot of conflicting information on the internet, so I thought I would challenge you guys to answer the following and stimulate some debate!

Here is my baseline -
We own a small building in the UK, with internet and power.
We have access to lets say £50k cash to spend on a rig.
We have a contact that has offered to sell me some brand new Antminer S9, L3+ with PSU's (at a slight premium to buying direct from Bitmain) he has them in stock I have seen them.

1) If you were me would you make the investment?
2) Given the choice what would you mine - Bitcoin, Litecoin or something else like Ethereum? (I understand you cant mine Ethereum with ASIC's ?)
3) If we chose Bitcoin would you mine direct or join a mining pool?
4) What software would you use?
5) what wallet would you use?
5) what sort of Internet connectivity bandwidth do you require to say run 20 or 30 x S9's? Can you join all these to the same pool?
6) What about tax implications?
7) What is the minimum baseline equipment list required to set up a farm? Network? Electrics?
Cool what else should I worry about?

Lets see what you guys come up with !!! Should be interesting or not.
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November 10, 2017, 04:26:36 PM

Why oh why is this same damn question asked over and over here?
There are dozens or more threads about this and as the OP said, there is no consensus.


Because as all the threads state over and over - IT ALL DEPENDS ON YOU!
Your cost of electric, your local temperatures, your comfort with financial risk, etc.

There is NO solid 'Yes' or 'No' answer because conditions are different for everyone.

Read the existing threads and after considering the various bits, make up your own damn mind and accept responsibility for your actions.

The only thing you asked that has a solid answer is about using a pool vs solo mining. No if's and or but's -- use a pool. Only multi-peta hash farms have a chance of somewhat predictable returns when solo mining and even then most use still use pools.

For bitcoin to succeed the community must police itself - Joshua Zipkin aka Joshua Alexander leaked AMT A1 miner skype chats
How a miner mfgr SHOULD operate: HaggsFIN trip to Canaan My info useful? Donations welcome! 1Fuzzyk398kDWVjuC5qPX5v6CjSkvbgAbd
-Support Sidehacks miner development. Donations to:   1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr
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November 16, 2017, 04:20:09 PM

In response to 'Notfuzzywarm' comment;

You are correct, I took your advice and got off my arse......and having reviewed the boards over the last week and done some additional homework I have reached a conclusion.

Its all about the power cost for me - here in the UK it is relatively expensive- but I have a few options to explore.

I have contacted Slush direct, identified a preferred wallet, got a location, spoke to an electrician, spoke to a network guy and got my family to buy in to the venture.
I also have access to a company with an import license to buy direct from china and identified the miners I want to buy (well almost) they also have a local contact in China who
I am speaking with which is proving quite interesting.

So all that is left is to get some 'balls' to have a go in the new year and look in to my crystal ball !!

So 'Notsofuzzywarm' what do you reckon to that? The question still remains - should I go for it ( and we already know your answer to that)
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