Setting Up A Bitcoin Mining Rig As A Begineer In India

[TheBitcoinChauffeur]

Dear Experts!!

Recently the supreme court of India lifter the RBI Ban on bitcoins in India. Now I want to start bitcoin or ethereum mining here, depending on your suggestions.. I thought of setting up a custom rig but then i decided on buying a miner from Bitmain and some other retailers, The cost of electricity per unit in my state is-- $0.091
The choices of rigs i have are-----

AntMiner T17+ $905

AntMiner S17+ $1565

AntMiner E3  $600  (for ethereum)


so, guys, any recommendations or suggestions??

if you guys can suggest a better "custom" build then please share it eith me, I'd be grateful to you all!!
My budget is around $1600 my main aim is to learn the basics of mining and try to recover the money i will invest in this project/new hobby in 9-10 months or a year from when I start.

Regards,
TheBitcoinChauffeur

[CoinEraser]

I'm not a mining expert, but before you buy mining hardware, do the math to see if it's even worth it. See how much money you can earn with a miner after deducting the electricity costs and includes the fact that bitcoin still has a block reward halving in place this year. Furthermore, you have to assume that the diff at bitcoin will continue to increase and your income will decrease. Calculate with these things and see when you will reach your ROI and if the risk is even worth.
Ethereum may switch from pow to pos this year. You should take that into account if you want to buy an AntMiner E3. Also applies to AntMiner E3, calculate everything before, if and when you reach your ROI.

Before you spend money, learn about mining and check the mining board.
Wish you much success and have fun with your plans. 

[BitMaxz]

There is no secret sauce of setting up a custom rig it still not profitable to mine unless if you have a free power source.

ASIC is a much better option compared to a custom mining rig.

If you want to calculate how much you can earn with 0.09 Electricity rate you can check this tool https://whattomine.com/miners

It is just an estimation but it helps to estimate how much you can earn on a daily basis minus the Electricity cost. You can also see the other ASIC miner options if which one is profitable nowadays.

[odolvlobo]

Read the Mining sub-forum: https://bitcointalk.org/index.php?board=14.0

[Thekool1s]

Not an 'expert' of any sort but I did mine as a hobby. First of all, there is no such thing as an expected ROI timeframe with mining. Bitcoin's price fluctuates way too often to calculate an accurate estimate. E.G one of my mining rigs paid itself in a timeframe of 4 months while the other did in almost 1 year and 5 months... Also, are you sure about $0.09 KW/h? I made a mistake when I started mining, I thought my cost was around $0.05 KW/h but it turned out it was progressive billing of sorts, Once I consumed over 500 Units the cost almost doubled, so be sure you know all of your T&Cs of your energy supplier so there are no surprises down the line.

At the current pace expecting an ROI in a year is way too optimistic IMO, Unless as I said before bitcoin's price doubles or moons again and you will have your ROI in no time... But it's a risk like all other investments. An S17+ will give you a profit of around a dollar a day so that's like 30 bucks of profit each month, you will only make around $300 by the end of the year nowhere near your investment and given the mining difficulty always rises over time this estimated figure will only go down... One way would be to sell the miner at the end of the year but usually, the prices of ASICs do drop sharply and especially when there is no demand in your region you have no choice but to hold on them... So make sure there is demand in your region for ASICs so that you can divest your investment if needed.  

If you just want to get a feel of how mining works and aren't comfortable with handling the risk of a large investment, get a GPU mining rig instead of an ASIC, you will be able to sell the GPUs easier in your marketplace as compared to an ASIC to recover your investment... Make sure you have accounted for most variables which can affect your ROI timeframe and you should have a pretty smooth sailing... As suggested by others Follow the Mining sub-board you will find quite useful stuff in there... Good luck!

[fortunecrypto]

You are not roaming around this forum, we have a mining section we are lucky to have a lot of great miners here in our community better check that category everything you need to get you started in mining are all here, another good source is Youtube I have a friend who become very good in mining just by watching on Youtube.

[TheBitcoinChauffeur]

I have finally decided to get this mining ASIC machine for bitcoin mining, and yes my final electricity rate is Rs.6.95 per unit.
This ASIC machine has some modifications and it has a hashrate of 100TH/S and the power consumption is 1500W. It's price is $1795. I fit these details into the bitcoin profitability calculator and it gave me a resulting profit data of $10.97 per day and $1843 per year while taking into consideration the effects of the bitcoin halving this year.
After the bitcoin halving, how will the profits for everybody get affected? Sorry for all of my questions guys, I'm just a begineer and it's hard to find the information about the results of bitcoin halving and ethereum shift to POS on the internet.

The mining ASIC----  https://promineruk.com/product/bitmain-antminer-s17-100th-s-1500w-psu-by-prominer/

regards,
vibhuti shyam

[odolvlobo]

I have finally decided to get this mining ASIC machine for bitcoin mining, and yes my final electricity rate is Rs.6.95 per unit.
...
The mining ASIC----  https://promineruk.com/product/bitmain-antminer-s17-100th-s-1500w-psu-by-prominer/

Modified S17+? It is a scam. Here is the real S17+: https://shop.bitmain.com/product/detail?pid=00020200226221734823y2nbwIDR06BF

Also, how do you plan to manage the heat and noise?

Finally, Rs. 6.95/kWH is not cheap. It might not be profitable after the halving.

[squatter]

I have finally decided to get this mining ASIC machine for bitcoin mining, and yes my final electricity rate is Rs.6.95 per unit.

That works out to 0.0939 $/kWh. You may also need to account for multiple tiered rates at different levels of consumption.

I would be wary of third party sellers promising "modified" machines. The S17+ direct from Bitmain costs $1,567.00 and delivers 67TH/s at 2680 Watt power usage. You can see how those numbers work out here: https://whattomine.com/coins/1-btc-sha-256?utf8=%E2%9C%93&hr=67000.0&p=2680.0&fee=0.0&cost=0.0939&hcost=1567&commit=Calculate

At current prices and difficulty, you are looking at achieving ROI in 500+ days. After the halving, the block reward will drop nearly in half. The Bitcoin price may or may not increase to account for that, so you are essentially betting big on a price increase. That's the only way to improve the time it will take to break even on your investment.

Most people will probably tell you that your electricity rates are too high to justify mining.

[TheBitcoinChauffeur]

The electricity cost is approximately RS.6 upto 300 units.
Does this seem viable??

Also, for how many years will ASICs like S17+ Work??
Can it work viably upto 3 years??
My main aim is to break-even the cost price of the machine and get at least $1000 in profits, so it might take 3 years??
If everything works well and i get at least $2000 back in about 2 years , i might purchase the S19 next.

What other cryptocurrencies can be mined with the s17+??


Also, can you guys recommend a good source for getting ever information and basics about bitcoin and ethereum mining??

[Thekool1s]

I have finally decided to get this mining ASIC machine for bitcoin mining, and yes my final electricity rate is Rs.6.95 per unit.

The electricity cost is approximately RS.6 upto 300 units.

So which one is it? You just contradicted yourself... 300 units is too low! Given S17+ consumes 2680 watts of electricity you will be using up around 2.7 units per hour... Your miner alone will consume around 65 units per day and for a month this figure will reach around 1944 units! and if you are mining at your house you will have to add in the additional units of what your appliances will consume... Visit the website of your energy supplier and check how they charge you for additional units consumed over 300 units... Don't make uninformed decisions...

Also, for how many years will ASICs like S17+ Work?? Can it work viably upto 3 years??

There is no magic number, it may break on you the day it arrives or a decade down the line.

Also, can you guys recommend a good source for getting ever information and basics about bitcoin and ethereum mining??

youtube...

[nc50lc]

Also, for how many years will ASICs like S17+ Work?? Can it work viably upto 3 years??

There is no magic number, it may break on you the day it arrives or a decade down the line.

Additionally (@TheBitcoinChauffeur), those ASICs are quite modular, you don't have to replace the whole unit if it breaks;
sometimes one of the three hashboards fails, most of the time it's the Power Supply.
But it depends on the environment, if it's too dusty, hot and there's no proper maintenance, don't expect it to last for 3 years.

Also, don't forget the "silicon lottery", some units can be set to "Turbo Mode" without degrading, but some might break a few years after.

[aioc]

The best place to ask this kind of question is the mining section I also would like to start mining there are new coins coming up that are worth mining, and we all know it's profitable if you are one of the early miner and the coins become popular

Here are the mining sections https://bitcointalk.org/index.php?board=14.0

[akirasendo17]

If you want to start mining you need to go big, so that you can cover the expenses daily, or better have free electricity , here is why, if you will have 1 asic miner you will have large consumption with no profit at all, but if you will start big like a lot of miners you will have some profit, or if you have free electricity it will be good for you, for more info go to mining section of the forum if you need guide and suggestion you will find help over there thanks and good luck