I can develop low cost electric power, what are my options on what to do with it

[Wudcutter]

Hello, I'm new to this forum, first post.  I work in the oil and gas industry and have access to very low cost natural gas. I am looking at running used continuous rated gas generators to produce power to run mining farms. My calculations show under $.05 kWh. Gas is in remote locations. Looking for best ideas on how to support mining and make some money. I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

[1713490419]

1713490419

[1713490419]

1713490419

[1713490419]

1713490419

[1713490419]

1713490419

[1713490419]

1713490419

[1713490419]

1713490419

[mk4]

I suggest moving this topic to the Mining[1] section, your topic is probably going to get more replies and attention there.

The move topic option is on the lower left side of this page.

[1] https://bitcointalk.org/index.php?board=14.0

[ranochigo]

Mining is profitable if you do it on a large scale and you manage to get a discount on the hardwares. Mining requires quite a huge space and power to make it worthwhile. Your electrical rates is competitive but having enough cheap ASICs to run your own farm can be quite a challenge, not to mention the logistics of setting it up and maintain it.

It would be best for you to find a partner if you plan on operating a farm. The startup costs has to be borne by someone and you can split up the costs. It could be more profitable than just reselling the power but it does come with the additional costs.

[HardFacts]

Hello, I'm new to this forum, first post.  I work in the oil and gas industry and have access to very low cost natural gas. I am looking at running used continuous rated gas generators to produce power to run mining farms. My calculations show under $.05 kWh. Gas is in remote locations. Looking for best ideas on how to support mining and make some money. I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

Do not worry, by the time you could get anything up and running, the price of energy will have gone way up again.

BitCoin mining will become even less attractive as the price of BitCoin falls...

Expecting these low energy prices to stay low, and BitCoin prices to stay high is a good way to lose a lot of money  

Hard Facts

[AniviaBtc]

Mining is profitable if you do it on a large scale and you manage to get a discount on the hardwares. Mining requires quite a huge space and power to make it worthwhile. Your electrical rates is competitive but having enough cheap ASICs to run your own farm can be quite a challenge, not to mention the logistics of setting it up and maintain it.

Mining will really give you a lot of profit and you said that you will provide low cost energy for that so that it must cheaper, but you also need to consider maintenance and new equipment that will allow you to work efficiently in mining. Mining is expensive and I know that you need a huge budget for you to make it possible especially on how you will maintain it for so long.

It would be best for you to find a partner if you plan on operating a farm. The startup costs has to be borne by someone and you can split up the costs. It could be more profitable than just reselling the power but it does come with the additional costs.

It will really becomes easier for you if you have someone like a business partner, it is really hard for you to start a mining business and do it on your own. You need someone in engaging in a mining industry especially that you will encounter hardships once you've started doing it. Don't let your pride prevail, seek some help or financial assistance to other investors so that you will not have a hard time and you can maintain your equipment and workers to work with you.

[ABCbits]

Have you considered other operational costs such as cooling solutions, maintenance, security, staff and rent? If you have no idea about those, i'd suggest you to look for partner to fill missing knowledge/experience (which already mentioned by other user).

[avikz]

Hello, I'm new to this forum, first post.  I work in the oil and gas industry and have access to very low cost natural gas. I am looking at running used continuous rated gas generators to produce power to run mining farms. My calculations show under $.05 kWh. Gas is in remote locations. Looking for best ideas on how to support mining and make some money. I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

Instead of trying to provide this low cost electricity to other miners, try to set up your own mining farm. Probably try to find some investors and you are good to go. But if you try to sell this solution to other mining farms, you will probably need to hold a "electricity supplier/broker license" from state government and you tariff will become at per the market. But if you run your own mining farm, you will exempted from such licensing requirement. So think wisely. I am sure you wouldn't get into such licensing drama with government.

[buwaytress]

I replied to a similar thread last year, and it's an idea I've also thought was not tapped into. It's the cheapest power I know of (natural gas), which is very cheap where I come from because of its abundance. It's in fact got a lot more demand to tap into, so much we have to burn the majority of it where I come from, and because we don't have gas pipes we can only store it in tanks.

The only problem here for you I foresee is not the cost, but the output. The most powerful generators still don't stand up to diesel so you'd need a LOT of them running 24/7. Do you have the capacity to provide that demand for farms?

Otherwise I suspect you can't sell it commercially, probably only to mine on your own.

[davis196]

Hello, I'm new to this forum, first post.  I work in the oil and gas industry and have access to very low cost natural gas. I am looking at running used continuous rated gas generators to produce power to run mining farms. My calculations show under $.05 kWh. Gas is in remote locations. Looking for best ideas on how to support mining and make some money. I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

Mining Bitcoins isn't worth it,unless you scale it big time.
There's a term called "economy of scale"-This is "the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced." This means that mining Bitcoins will be profitable to you,only if you manage to create a big Bitcoin mining farm.If your BTC mining farm is small,the "per-unit fixed costs"-rent,security,labor,etc. will remain high,so your chances of getting any consistent profit(despite the low electricity costs) are really low.
You can try mining some altcoins if you want.

[thesmallgod]

It would have been better if you make this post on mining thread. I am very sure many miners will be able to help you more. As regard to your question, Firstly I am very curious to know how sustainable the fossil fuel you are using will be. If you are very sure you can continue to get this fuel which is combusted to generate electricity for your mining farm then I think you are good to go. I do not know the country you are from but I hope you know many countries have law as regard to environmental policy. You need to make sure the atmospheric discharge from your mining farm fall within the required amount in order not to be sanctioned.

[Lorence.xD]

I suggest moving this topic to the Mining[1] section, your topic is probably going to get more replies and attention there.

The move topic option is on the lower left side of this page.

[1] https://bitcointalk.org/index.php?board=14.0

You should do as mk says. In my opinion you can use it to raise funds to distribute it to communities and sell it at a lower price, yes you will get lower profit but the cost of your production should justify the price you are trying to sell these power source. One thing I want to ask is is this the same as a generator? Because if you can create a powerful, cheaper and efficient version of what is in the market right now means that you can sell it at higher prices because that will be popular and it will be a quick sell, the problem with that though is the logistics and the funds because there will be a lot. Heed my advice and find investors if you want to go further with your inventions.

[fiulpro]

 Are you familiar with the fact that in New York government has been trying to make sure people install the solar panels and apparently you do get   some refund on that part and save up some in Tax and I do think you should go for the solar power .
But unfortunately the thing is mining does require awful lot of energy and therefore you would need a lot of them plus at the same time there is the wait where you have to let them recharge for a while.
I would suggest you to use both electricity or Natural Gas and solar power at the moment and then slowly switch to the solar one , it will take time ofcourse but I do think it would be easier for you .
Plus I do thing it would be great that you might be thinking about the environment and at the same time saving money too , if you go like that .
Take care.

[HardFacts]

Hello, I'm new to this forum, first post.  I work in the oil and gas industry and have access to very low cost natural gas. I am looking at running used continuous rated gas generators to produce power to run mining farms. My calculations show under $.05 kWh. Gas is in remote locations. Looking for best ideas on how to support mining and make some money. I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

This guy is just a " dreamer ", we all know the type that talks big, but has no real knowledge or plan, and has no clue as to what this would cost.  The computers, the generators, the labor, etc. etc.  He is also delusional thinking that energy prices will stay low. Not to mention the taxes, and other huge costs in New York that would totally negate any imagined cheap energy costs...

I would not invest 2 CENTS with this guy, just because I do not want to throw away 2 cents into the garbage.  Talk is cheap, worth less than 2 cents...  I will take bets from anyone that is actually willing to put their money where there mouth is that this fool will ever mine bitcoins   

Hard Facts

[The Cryptovator]

Mining would be one of the most profitable business only if you could save electricity cost. At least for my country electricity bill is quite high and that's the reason we aren't able to start mining business. Since you (OP) are claiming that you have solution for low electricity cost then you may implement a plan for that. And if you succeed on that plan then you may show and explain us (publicly) how its profitable. Likely then more people will involved with mining if they think its profitable.

Have you considered other operational costs such as cooling solutions, maintenance, security, staff and rent? If you have no idea about those, i'd suggest you to look for partner to fill missing knowledge/experience (which already mentioned by other user).

I think main fact is electricity, if you could buy mining equipment with reliable prices then others problems including cooling would solved by lower cost electricity bills. Of course who have ability to produce low cost electricity then most likely he is well experienced.

[SatsLife]

Hello, I'm new to this forum, first post.  I work in the oil and gas industry and have access to very low cost natural gas. I am looking at running used continuous rated gas generators to produce power to run mining farms. My calculations show under $.05 kWh. Gas is in remote locations. Looking for best ideas on how to support mining and make some money. I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

Buy a natural gas generator (you probably already have one if you're in the industry) and use that to power your miners. Start small. Buy some old rigs for super cheap until you figure out your optimal strategy and if you think you want to continue. $.05 cents seems high tho. Are you on a lease from the land owner?

Its more efficient than giving your gas to the utility company.

[Velkro]

I suggest moving this topic to the Mining[1] section, your topic is probably going to get more replies and attention there.

yup, agree, if you have fair way to get to very cheap power there is only one way. mining
why? because you will have edge on all other miners, that pays for electricity more
simple as that, try to get ahead in other areas too, money cost per hash etc.

[NotATether]

I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

You mean you also plan to sell electricity to miners in addition to running a mining farm? If you are not experienced in the hardware side of mining then you might end up purchasing equipment that ends up wasted. I think the easiest way to get revenue from your gas source would be to simply sell it to nearby miners, without worrying about running a mining farm yourself.

[Wudcutter]

Thanks for all the great comments! I have posted this over in the mining section with a bit more info. Just a little more here. I'm not new to mining, have had a very small mining farm for about four years. GPU's for ETH, migrated to ASIC, BTH. Just shut down the last of the S9's.

Been in the oil and gas business for about forty years, small business owner, engineer, professional, jack of all trades.

Looked very hard two years ago at mining with natural gas generators. ROI looked great. Oil and gas business was going great, my gas service company also going great. Did not have time to devote to developing this idea.

Fast forward two years, things are slow with my gas service company. Things for the gas and oil companies I work for are not going well. Time to dust off the plans grow the mining business.

Thanks again for all the comments, many of them are very helpful! I will continue this topic over in the mining section.

[Latviand]

Hello, I'm new to this forum, first post.  I work in the oil and gas industry and have access to very low cost natural gas. I am looking at running used continuous rated gas generators to produce power to run mining farms. My calculations show under $.05 kWh. Gas is in remote locations. Looking for best ideas on how to support mining and make some money. I plan on running my farm, operating farm for associated producer, considering hosting, just providing the power to someone. Other Ideas? Located in central upstate New York, and Northwest Penn. Thanks.

Mining Bitcoins isn't worth it,unless you scale it big time.
There's a term called "economy of scale"-This is "the cost advantage experienced by a firm when it increases its level of output. The advantage arises due to the inverse relationship between per-unit fixed cost and the quantity produced." This means that mining Bitcoins will be profitable to you,only if you manage to create a big Bitcoin mining farm.If your BTC mining farm is small,the "per-unit fixed costs"-rent,security,labor,etc. will remain high,so your chances of getting any consistent profit(despite the low electricity costs) are really low.
You can try mining some altcoins if you want.

In my opinion, if you really focus on growing and engaging in mining bitcoin, then you should really do it for a long time. You should also face the reality of doing that. There are a lot of factors that can affect you besides of you developing low cost factor, there are also equipment and salary for those people who work for you and it includes in your expenses.

If I would be given a chance to invest, I will really choose bitcoin instead of engaging in mining.

For me, I see it as more profitable because of holding and selling depends on the market's stability. But it is still your decision because you're the one who will dictate your fate in cryptocurrency. We will just support you on your errands and just learn how to manipulate in the mining industry to maintain your bitcoin mining option.

[Assface16678]

That was a huge opportunity to make a lot of advantage of having a low cost of electricity and one of the best things I highly recommended for you is to mine bitcoin because it is a huge profit by mining a lot of bitcoin and you do not do anything at the same time you have a short payment only to your electricity. Also in mining, you can get a lot of profit because you do not need to work hard and do anything on your computer and you only need to do is open your computer to mine a lot of coins 24/7 but also you need to have a good computer that can make huge mining for this kind of activities. On this forum we have the mining section which you can learn and explore more about the mining industry of the coins. But today the halving some of the people stop because the half of the block they only get also there are some miners stops for a while because of the pandemic outbreak they have a huge crisis about the electricity and also they cannot mine all the time some of the work stations are temporary close because they don't want to risk their lives about this outbreak.

There are many guides on this topic. I think you will not have any problems in order to find a guide on how to start mining.

With the help of the internet browsers, internet, and this forum you can find a lot of knowledge, skills that can adapt and concepts to make you more creative and productive every time the only thing you need now is having the motivation and will to do some things that many people and your self will benefits.