i'm planinng to buy 15x of ANTMINER S3 , need recommendations

[Metro110]

hi wassup guys

i'm planning with my friend to buy 15x piece of ANTMINER S3 for bitcoin mining

s3 can perform 440 GHz/s
total =: 15x440 = 6600 GHz

each miner can make clear profit 3.95 USD per day (power costs covered)

15 x 3.95 = $59 per day
clear revenue per month = 59x30 = $1700



any suggestions please
is what we are doing correct way ?
is that calculations correct ?
it's hard to transfer bitcoins to cash money ?

[Hexadecibel]

I would caution you to instead use your money to simply buy and hold Bitcoin for the time being.

At this point in the game, if you do not have a solid plan, you mining operation will not make a profit, and even if it does, you would probably would have been better off just buying the bitcoins outright with your capital.

Post in the mining board, I'm afraid I've been too far removed from mining to really know what would be best, or what is even profitable anymore but considering your questions are newbish (no offense) it raises a red flag immediately. 

[jjc326]

Don't forget man that there is going to be difficulty increases and it's REALLY hard at this point to make a profit from mining unless you have something funny going on with regard to your electricity costs.  It's not a get rich quick scheme, might want to start with 1 miner until you see if it works or not.  And even if it's working for the time being there are going to be hiccups like one of them not working right, etc. (downtime) and then with the price of BTC and the difficulty issue it might not be profitable for long.

[odolvlobo]

15 x 3.95 = $59 per day
clear revenue per month = 59x30 = $1700

Have you factored in the increasing difficulty? You can't assume that your revenue is constant. Also, how long will it take to receive and set up the miners?

Assuming you start mining today, my model predicts that your 6.6 TH/s will mine about 29 bitcoins over the life of the miners. If they cost you about 1 BTC each and your total power cost is 5 BTC, then your profit is 9 BTC. Not bad, but it's a lot less than your $1700 per month.

[Metro110]

thanks all for replay

the power cost per kw = $0.325

i'm planning to work on slush pool, i don't know what is the difficult rate

but i will get a high discount on this miners

also i have good knowledge in linux, networking, and technical..



the calculations above is based on www.bitcoinx.com/profit/ resutls

[xstr8guy]

Yep, big difficulty increases are coming. That $59 per day is soon to be half of that and will continue to tumble.

And please explain how your electricity costs are "covered", lol. Someone has to pay that $800 bill every month.

[odolvlobo]

the power cost per kw = $0.325

Your power cost is $0.325 per kWH? That's very expensive. I'm raising my power cost estimate to 10 BTC and lowering my profit prediction to 4 BTC. It's still a profit but is it worth the risk?

[xstr8guy]

thanks all for replay

the power cost per kw = $0.325

i'm planning to work on slush pool, i don't know what is the difficult rate

but i will get a high discount on this miners

also i have good knowledge in linux, networking, and technical..



the calculations above is based on www.bitcoinx.com/profit/ resutls

32.5 cents kw/h?! You're already running in the red. That is a terrible price.

And your technical knowledge is great but it will be minimally helpful considering you don't have a clue about the most basic aspects of mining like difficulty adjustments.

[Metro110]

i just used a website to calculate the net profit with this difficulty rate 18,736,441,558

and i see a good result even if the power costs met 0.325 per KWh


Net profit first time frame (per 1 month ): 1740.01 USD


 i'm a little bit confused please give me more suggestions

[xstr8guy]

Have you given any thought to the following...

- you will need to buy PSUs to run your S3s. You will need at least 8 1000w PSUs. You may be able to get away with 5 1200-1300W PSUs.

- do you have adequate spare electricity?

- how will you cool the location? Regular air conditioning will not suffice for that amount of hardware. It's like running 8 hair dryers day and night.

- do you know now what "difficulty adjustment" means?

- miners not only generate heat, they generate noise.

[xstr8guy]

Also not a big expense, but you'll need a 16 port Ethernet switch.

[odolvlobo]

i just used a website to calculate the net profit with this difficulty rate 18,736,441,558
and i see a good result even if the power costs met 0.325 per KWh
Net profit first time frame (per 1 month ): 1740.01 USD
 i'm a little bit confused please give me more suggestions

Try using this calculator. It is much better: https://tradeblock.com/mining/a/756d275823

or at least set the "Profitability decline per year" to a reasonable value like 0.17, and do it for 1 year, not 1 month.

[DrG]

thanks all for replay

the power cost per kw = $0.325

i'm planning to work on slush pool, i don't know what is the difficult rate

but i will get a high discount on this miners

also i have good knowledge in linux, networking, and technical..



the calculations above is based on www.bitcoinx.com/profit/ resutls

Wowza.  You're almost at bad as me.  I had actually to avoid running GPUs at home in 2011 and 2012 because my power was so expensive ($0.35).  I missed on about 100BTC because of that.

You will never be able to run any kind of miner with a profit with that electrical rate.  You should consider either using colocation services or just skip mining entirely.

[xstr8guy]

Metro110 ran away after I put a little pressure on and refused to paint a rosy picture. He won't be back, lol.

[philipma1957]

i just used a website to calculate the net profit with this difficulty rate 18,736,441,558

and i see a good result even if the power costs met 0.325 per KWh


Net profit first time frame (per 1 month ): 1740.01 USD


 i'm a little bit confused please give me more suggestions

.325 per kwh = death to profit.

but you can profit  buying from  a hosting company like gaw miners.

they sell s-3's for aug 8th at 450 usd each.    they provide the psu . they give you 1 month free hosting. they allow you to pay with a cc .

they offer coupons and sales.  buy 12 for 5400 use this coupon code 4off5000   you get 4 percent off.

 you earn rebate points about 50000  cash in the points a day later  50000 points are 225 usd.  buy 3 more for 1350 -225 = 1125 usd

so 5400- 4%= 5200 + 1125 about 6325

 start mining on aug 8th  1 month of free hosting then pay about 15 x 35 = 525 a month to host     much better costs for you.  mine for 2 months.

 ship all the gear to you home after 60 days of mining and sell it on ebay.  or assess prices after 60 days and continue to mine.

[ravin]

Sounds like you are much interested in mining. Is re-location an option? A place where electricity is cheaper than $0.1.

Or, just buy 5 s3s and build a solar powersupply for the rest of the money.

[ChuckBuck]

$0.325 Kilowatt/hour?!!!   

Man, I thought mining in my small apartment in New York for $0.18 kW/H was bad.  That's savings compared to that profit sink!

Dude(s), just buy the Bitcoin.  You'll be operating in the red the whole time at those electrical costs.

[HashFarmer]

i just used a website to calculate the net profit with this difficulty rate 18,736,441,558

and i see a good result even if the power costs met 0.325 per KWh


Net profit first time frame (per 1 month ): 1740.01 USD


 i'm a little bit confused please give me more suggestions

Your electricity is too expensive, you will net a loss in few difficulty increment..

[spazzdla]

.325 KW/hr..

Bro you'll get slaughtered.

The difficulty goes up constantly.  IMO buy 2 for fun and buy and hold BTC.

[DrG]

What's up with all these newbies posting this silly questions and then not coming back on for 2+ days?  It's hit and run posting.  He hasn't been on, or logged in at least, since he posted about his power.  The new forums should have a feature to mark a thread dead.