The $20,000 Startup Mining Question

[maadiah]

Hi folks,

I am looking to put $CAD 20,000 into a startup mining project at home to learn about the business, assess longer-term viability and of course to have fun. I was wondering what you would recommend to start with in terms of specific hardware as well as which coins to mine at launch. (All hardware costs assume Manufacturer list pricing, and are in $CAD)

Right now I'm thinking about the following:

3 Antminer S9s mining Bitcoin: $10,000
1 Antminer A3 mining Sia: $1,700
1 Antminer L3+ mining Litecoin: $2,300
1 GPU rig mining Altcoins $4,300
Cost for electrician and incidentals: $1,700

Total: $CAD 20,000

I'd live to hear how YOU would invest the $20,000?

Cheers.

[1715111817]

1715111817

[Last of the V8s]

read these threads https://bitcointalk.org/index.php?topic=2674194.0

[Sandal_Hat]

Hi folks,

I am looking to put $CAD 20,000 into a startup mining project at home to learn about the business, assess longer-term viability and of course to have fun. I was wondering what you would recommend to start with in terms of specific hardware as well as which coins to mine at launch. (All hardware costs assume Manufacturer list pricing, and are in $CAD)

Right now I'm thinking about the following:

3 Antminer S9s mining Bitcoin: $10,000
1 Antminer A3 mining Sia: $1,700
1 Antminer L3+ mining Litecoin: $2,300
1 GPU rig mining Altcoins $4,300
Cost for electrician and incidentals: $1,700

Total: $CAD 20,000

I'd live to hear how YOU would invest the $20,000?

Cheers.

U did not take into account your setup and cooling costs. U need to rent a place as the noise is very loud or find some expensive soundproofing solution. Do not underestimate the noise.

[coins4commies]

In home, you should stick with GPU

[blockchange88]

lol theres so many of these threads. if you cant define what a hash is, you shouldnt be spending 20k on a mining set up. spend a little time, educate yourself. when you do start mining, itll make speculation 100x easier.

edit

heres a nice resource for you to start.

https://www.youtube.com/watch?v=UieiMU-ImvI&t=1518s&list=PLQVvvaa0QuDebbCxrDPCux6SzC1RET4mF&index=1

[Agozyen]

At current difficulty with 3 X 14TH Antminer S3 ASICs it would take you 8 months to generate 1 bitcoin.  This does not factor in cost of electricity or higher difficulty levels. Your actual ROI could be much longer.  Or, you could buy 1 bitcoin today.


Forget SIA.  Bitmain screwed all the Obelisk preorder people over with their ninja-release.  By the time you get yours it will take a while to recoup your investment because a lot more SIA miners will have started mining.  If you got it early enough you might be able to generate a little profit, but I doubt it will happen.


You can try with a single L3 and GPU rig.  If profitable, then expand, if not, learn from the experience. 


If it were me I'd sink half the money in mining rigs and the other half in a portfolio of staking coins.

[nsummy]

bulllllllshit.  Post a screenshot of your bank account showing that you even have $20k Canadian.  Hell if you can do that I'll buy your first GPU for you. 

These threads are so stupid.

[gotminer]

bulllllllshit.  Post a screenshot of your bank account showing that you even have $20k Canadian.  Hell if you can do that I'll buy your first GPU for you. 

These threads are so stupid.

Careful ... It isn't that out of the question.  I've taken about 18K USD out of my savings account and invested it in mining hardware to build my farm over the past few months.  Not everyone is poor.  20K really isn't that much money when you think about what you earn making an average salary of 60-80K over the course of your career in a lot of fields.

[coins4commies]

I just got 18k cc with 0% until 2020. I spent 2k on mining and will see how it goes once the interest is due.

[dhouse]

i cant believe the amount of these threads. Try getting one miner and setting it up. Then take it from there.

[gotminer]

i cant believe the amount of these threads. Try getting one miner and setting it up. Then take it from there.

To the OP's defense ... Most of what he is talking about is ASIC hardware and my 8 year old newphew could figure out how to set one of those up.  The setup and configuration of ASIC hardware is very simple.  GPU rigs are a lot more time consuming and difficult to set up and he's only talking about building one gpu rig to start with.

[gotminer]

I just got 18k cc with 0% until 2020. I spent 2k on mining and will see how it goes once the interest is due.

Be very careful using money that you don't have to invest in anything crypto related.  If you're only talking 2K, I guess that isn't that bad, but please don't max out your credit card on mining hardware even if it is 0% interest until 2020.  You could be setting yourself up for a bad time later down the road.

[Bighero76]

Wirh btc at a low now why not invest $10k in btc and rest in mining

[coins4commies]

Good point on not overextending yourself. I have the money, but why not take a free loan on an investment and worst case scenario is you have to pay it back later?  2,000 is the number I chose as my disposable income each month.  

If I spent 20k and lost it all then yeah, I'd be scraping by for a year to pay it off but I'm essentially differing putting all my extra December money into it now and I can put 100 dollars into per month and pay it off in 20 months with 0 interest.  Its a no-brainer without interest and gives me a measurable mining goal.

Even if mining goes to 0 today, paying100 per month for 20 months is painless.  At current difficulty/prices, I'm earning 300/month so its most likely going to result in a lot of free money with no initial investment.

If difficulty increases change profits to 100/month, its still paid off in 20 months.

If difficulty decreases profits to 50/month, 1000 is paid in 20 months and then I pay the other 1000 at that point.  

You also have to factor in inflation and how 1000 in 2 years is cheaper than 1000 now.  

[gotminer]

Good point on not overextending yourself. I have the money, but why not take a free loan on an investment and worst case scenario is you have to pay it back later?  2,000 is the number I chose as my disposable income each month.  

If I spent 20k and lost it all then yeah, I'd be scraping by for a year to pay it off but I'm essentially differing putting all my extra December money into it now and I can put 100 dollars into per month and pay it off in 20 months with 0 interest.  Its a no-brainer without interest and gives me a measurable mining goal.

Even if mining goes to 0 today, paying100 per month for 20 months is painless.  At current difficulty/prices, I'm earning 300/month so its most likely going to result in a lot of free money with no initial investment.

If difficulty increases change profits to 100/month, its still paid off in 20 months.

If difficulty decreases profits to 50/month, 1000 is paid in 20 months and then I pay the other 1000 at that point.  

You also have to factor in inflation and how 1000 in 2 years is cheaper than 1000 now.  

It sounds like you've actually thought this out and that's the important part.  Like you said, don't overextend yourself on credit that you can't easily pay back if it has to come out of your own pocket.

In general, I like tell people not to pay for anything on credit if they don't have the cash to pay it back the second they buy it, because the majority of people do not use credit in a responsible manner.  They use it impulsively, which ends up creating big problems for them later on.  These rules sadly apply to the masses, but they don't necessarily apply to those who know what they are doing.

[gotminer]

Wirh btc at a low now why not invest $10k in btc and rest in mining

Maybe he wants a hobby.  To be honest with you, I may have never invested in anything crypto related, if it were not for mining.  I like being in this space because of mining. 

[blockchange88]

bulllllllshit.  Post a screenshot of your bank account showing that you even have $20k Canadian.  Hell if you can do that I'll buy your first GPU for you. 

These threads are so stupid.

dude, dont need to be so rude.

[gotminer]

bulllllllshit.  Post a screenshot of your bank account showing that you even have $20k Canadian.  Hell if you can do that I'll buy your first GPU for you. 

These threads are so stupid.

dude, dont need to be so rude.

He's fine.  Maybe slightly out of line on this one, but there is a level of rudeness that is acceptable when stupid questions become threads on this forum. 

[colomine]

maadiah,
Provided you already live in a place with cheap electricity and make an effort to find GPUs from manufacturers directly at a normal price (not at 300% of original price) and chose the cost efficient ones, then 20k could actually work for altcoin mining.  But if you live elsewhere and pay 12 cent per kwh or more, then obviously with 20K you would not be able to relocate with your startup somewhere where electricity is cheap and mine away from home. For that to work you would need more money to invest into it.
As for the noise and cooling expences, I like the idea of immersive cooling that helps to cool hardware and to save power prolonging the lifespan of your hardware as well.  You  need transformer oil  and a car radiator and water pumps for that. Google it.
As already mentioned, educate yourself on all the nuances first and only then make a decision.

[vatusasid]

i cant believe the amount of these threads. Try getting one miner and setting it up. Then take it from there.

I started from 1 miner and have 5 now.