Looking for partners for starting a mining farm

[BitEnergi]

Hello everyone,

We are currently looking for partners to start a bigger mining farm, preferably GPU not ASIC.

We own 40 hectares (400 000 square meters, worth 6 million EUR) 15 km away from Bucharest city belt in "Crevedia", exactly 30 kilometers away from the center of the city. We also have a 200 sq. meters new building and access to medium voltage line and possibly high voltage 110KV line. We can use some of the hectares as a collateral in the deal. The land is positioned at the road, not in the middle of nowhere.
I am available to take care of the mining farm, buy new hardware, maintenance, find and hire employees.. etc.

Company income tax is only 1% in Romania for up to 1 million EUR a year.
Construction is very cheap here and it can be done very fast.

I represent the biggest lending company in Romania and I have ways to prove what I say.
Please reply or PM if there is any proposal.

Thank you.

[Rahar02]

This is a good project, here an advice.
Rule number 1 to do business here, especially if you're a newbie and want to attract some investors;
1. Transparency, doing all the discussion about the deal in this thread instead of in pm.

I have some questions, hope you don't mind to answer it.
What kind of coin do you want to mine? Why GPU and not ASIC? ASICs are more powerful and efficient to mine bitcoin and altcoins instead of GPU. GPU mining is becoming less and less profitable due to the significant increase in mining difficulty.
What about electricity cost, how much per KWh?
Thanks

[coinspeed]

Interested in the topic, write if there are updates, there are a couple of thoughts..

[edwardchu]

Any more details about the project ? what kind of coin will be minded, what is the business model, what is the cost of electricity , the target HashRate ?

Thanks,
E11

[BitEnergi]

This is a good project, here an advice.
Rule number 1 to do business here, especially if you're a newbie and want to attract some investors;
1. Transparency, doing all the discussion about the deal in this thread instead of in pm.

I have some questions, hope you don't mind to answer it.
What kind of coin do you want to mine? Why GPU and not ASIC? ASICs are more powerful and efficient to mine bitcoin and altcoins instead of GPU. GPU mining is becoming less and less profitable due to the significant increase in mining difficulty.
What about electricity cost, how much per KWh?
Thanks

Hi and thank you for the reply.
I have nothing against being transparent and have all the discussion here. If someone wants to PM, I have no problem with that either.

There is not a specific coin to mine. As of now with the 2 rigs we have I am mining Electroneum which is bringing a 23 % profit monthly (as of today), which we will reinvest immediately. We will acquire another 8 rigs maybe next week as this Friday there was a national celebration and it was 4 days where every business is closed until next Monday.
Ethereum is also good profit but not as good as Cryptonight algo coins on Vega56 videocards.
As of now, electricity costs are 10 % of the profit and we are paying at consumer prices of around 0.16 USD/KW.

In the new space we will have around 0.09 USD/KW as we will buy a medium voltage transformer of at least 0.25 MW for the start.

I consider GPU mining a much better option than ASIC mining. The ASICS have no use after they have become obsolete. You cannot get any money for selling it while GPU's and computers can be sold to people. After 2 years if you calculate the price of the hardware in a farm it's still valued at 50 % of initial value, maybe even more than that.

Last time I was trying to buy an ASIC L3+ Litecoin miner from a chinese company from Alibaba just for testing ASIC mining, they advertise a price of 2350. Next day when I want to make the payment, they say it's 2650 .. then after I get more money in the third day, it's becoming 3000 or something similar. Then after I try to talk to them again after a while it's becoming 3800 USD for a batch that will take one month to ship and 4500 USD for a batch that will take 2 months to ship. You can't open a mining farm with such behavior of suppliers.. and malevolent business practices. Buying video cards is more stable in my opinion and I can order directly in a bigger supplier... which is serious, located in Europe and not some Chinese with weird business tactics.

GPU mining was not profitable for a long time but this was because many people were not buying into cryptos for such a long time.
I had free electricity for my 2 rigs with R9 290 for the last three years. If I was mining Ethereum all that time, I would have had 5 million EUR in my pocket with only 2 rigs.. So for sure mining using GPU can be profitable even if it doesn't seem to be at some moment where profitability is low.
As of now I believe that alt coins will continue being profitable to mine for at least the next few years.. especially the ones that cannot be mined with an ASIC.

I still have nothing against ASIC if anyone would like to have an ASIC farm in this location.. I think it can be profitable if the ASICS are received as soon as they are paid for.. but I gave up the ASIC idea for myself.

Thank you a lot for your questions !

[BitEnergi]

Any more details about the project ? what kind of coin will be minded, what is the business model, what is the cost of electricity , the target HashRate ?

Thanks,
E11

As of now we have 2 rigs with 5 Vega 56 cards each. As much as I have tried I was not able to make 6 cards work in a rig, even if I had 12 PCI-express slots. Probably the fault is in buggy Windows 10 and buggy drivers that will give a Timeout detection and recovery (TDR) when using 6 cards... but I am still looking to fix that.

As not everyone might know, Vega 56 is allowing for 2 concurrent threads in mining Cryptonight and it's the most efficient card today.

As of now each Rig costs $3,600 to make and has 9560 h/sec with a power consumption of 910 watts. Theoretical profit on whattomine.com is $1,000/month for 1 rig after paying the electricity. That is 27.7 % ROI each month which can be reinvested even before reaching one month. As soon as there is money for one more video card, it can be added to the farm.. no need to wait for the money for a full rig.

I do not want to think that the 27.7 % ROI can stay the same each month. There are losses of course, there can be a lower profit rate but if I will use a 20 % ROI then if starting with $100,800 mining hardware (10 BTC approx) that means 28 mining systems and profit of $28,000 which will become:

After 1 year hardware farm value: 1.2 ^ 12 = 8.916. We multiply by $100,800 and this equals to $898,742 in value.
After 2 year hardware farm value: 1.2 ^ 24 = 79.496. We multiply by $100,800 and this equals to $8,013,282 in value.
After 3 year hardware farm value: 1.2 ^ 36 = 708.801. We multiply by $100,800 and this equals to $71,447,228 in value.

Even in the worst case of 10 % monthly ROI for $100,800 initial hardware we will have:

After 1 year hardware farm value: 1.1 ^ 12 = 3.138. We multiply by $100,800 and this equals to $316,310 in value.
After 2 year hardware farm value: 1.1 ^ 24 = 9.849. We multiply by $100,800 and this equals to $992,853 in value.
After 3 year hardware farm value: 1.1 ^ 36 = 30.912. We multiply by $100,800 and this equals to $3,115,998 in value.

As anyone can see there is much bigger expected value of farm hardware if percentage of monthly ROI is higher.

If the farm has ASIC hardware, after 3 years the end value is worth 0. The risk that mining is not profitable is the same as with GPU in my opinion. Clearly GPU farms are the way to go, as if something happens, the farm hardware can be auctioned on ebay for a good % of the initial costs and still be in profit.

The business model is to increase and reinvest all the money for a period of up to 2-3 years.. depending on the preference of the one investing. I can organize very fast a team of 10 people that will be building rigs. Everything can be done as a company registered in Chamber of Commerce so it will be legal.
I will attach pictures of our location 15 km away from the city, it's the light yellow new building that has 2 floors, total of 200 sq meters. Costs to build it were around 100 EUR/sq. meter in that time.

I will also attach pictures of the rig frames that I personally built using aluminum V-slot extrusion and 3D printed connectors.. I love things done professionally.. and pictures of the final rigs mining nicely in our HQ which is 1 kilometer from the center of Bucharest (which anyone is welcome to visit, by the way).

https://imgur.com/a/sVr58

[HMM230766]

Hi,
Still looking for  a partner?

[aioc]

Hello everyone,

We are currently looking for partners to start a bigger mining farm, preferably GPU not ASIC.

We own 40 hectares (400 000 square meters, worth 6 million EUR) 15 km away from Bucharest city belt in "Crevedia", exactly 30 kilometers away from the center of the city. We also have a 200 sq. meters new building and access to medium voltage line and possibly high voltage 110KV line. We can use some of the hectares as a collateral in the deal. The land is positioned at the road, not in the middle of nowhere.
I am available to take care of the mining farm, buy new hardware, maintenance, find and hire employees.. etc.

Company income tax is only 1% in Romania for up to 1 million EUR a year.
Construction is very cheap here and it can be done very fast.

I represent the biggest lending company in Romania and I have ways to prove what I say.
Please reply or PM if there is any proposal.

Thank you.

I don't see anything that will prove that you are legit, all I see are words arranged like you are going to launch crowdfunding, where are the pictures where are the details and where are the credentials we don't see any, you did not even name your biggest lending company.

[BitEnergi]

Sorry mate, there will be no mining farm anymore. Also that land is still available for sale. Everything is legit, we have papers that we own it.