How much does it cost to open a Mining Farm ?

[Madness]

Hello,

Alright I live in a rich country with gas & oil , Electricity is not that expensive (At least this is how I see it ) .
Newar Made me open my eyes to the great oppurtnity I could do on my country since most of people don't know what Bitcoin is and there is no business related that . (same thing goes for Paypal , MasterCards etc ... )

Note that I made 18 years old only one month ago , so I guess I'am a little bit young looking at other Bitcoiners ages .
I was thinking how much it would cost me to open a Mining farm (Renting a Warhouse or something + buying all the mining stuff) ?
It would be profitable ? thanks.

~ Madness

[1714972732]

1714972732

[1714972732]

1714972732

[1714972732]

1714972732

[Medow]

There too many info you need to find by your own.

1) The first thing you need to know and let us know it before we give our suggestion is the power price per kw.

2) Did you country put custom fees when you import mining gears or not.

3) How much power the power company can give to you.

4) does power company provide power transformer if you go big or you need to buy it by your self.

5) Did you live in a cold country or not, you need this to figure out what kind of cooling you need.

6) Is your country close to the miner gears producer or not, if you are near to it then you can ship your gears by sea and this will help you reduce the shipping cost.

7) Also more money you can spend more cheap miners you can have.

[Kogyo]

Medow gave some very good points.  I would also lay out a business plan.  How much will it cost  for; location rent,insurance, hardware, pools, electricity, taxes, etc...  After all that, are we making a profit?  This can be a very exciting business to get into but please do your homework.

Good luck!!

[Madness]

I live in Algeria (North Africa)
Basically and as I said they have like 0 idea what Bitcoin is and 0 idea what Mining or Mining gears means so they do not produce them at all . I really don't know how much electricity costs , Idk we pay like 40 Euro / 3 months (for gas and Electricity) so not sure how much is that .

[Medow]

Right now farm is not suitable for home miner, because the power restriction in home doesn't allow you to go big.

If you wanna go big then you should contact your local power distributor asking for price per kw.

And as i said you need to know which one is provide the power transformer (You or the power company).

If you have some large space out side of the town then i suggest you to go with evaporative cooling if the humidity is not big, just like e do here:

https://bitcointalk.org/index.php?topic=887256.msg10575154#msg10575154

Also because you are from Algeria i believe that buying gear from SP is not an option because you can not import thing from Israel. This let you only go with Bitmain from china.

[Madness]

I live in Algeria (North Africa)
Basically and as I said they have like 0 idea what Bitcoin is and 0 idea what Mining or Mining gears means so they do not produce them at all . I really don't know how much electricity costs , Idk we pay like 40 Euro / 3 months (for gas and Electricity) so not sure how much is that .

Looks like your cost is 0.06 USD a KW/H this means if you start a small setup of 20 S5 you will pay the initial cost of 6604.49, and say you are going to somehow make room without renting a place so we won't factor that in.

So here we go
Miners: 6604.49 Euro
Cost of electric a day: 15.10Euro
Cooling these off: ?

Euro income a day: 56.98

56.98
-15.10
euro a day profit 41.88

Takes 157 days to payback miners, but due to difficulty it will more likely take a year if not longer. (if ever)

How much miner for 6604.49 Euro ? Basically a full farm ?

~ Madness

[Madness]

I live in Algeria (North Africa)
Basically and as I said they have like 0 idea what Bitcoin is and 0 idea what Mining or Mining gears means so they do not produce them at all . I really don't know how much electricity costs , Idk we pay like 40 Euro / 3 months (for gas and Electricity) so not sure how much is that .

Looks like your cost is 0.06 USD a KW/H this means if you start a small setup of 20 S5 you will pay the initial cost of 6604.49, and say you are going to somehow make room without renting a place so we won't factor that in.

So here we go
Miners: 6604.49 Euro
Cost of electric a day: 15.10Euro
Cooling these off: ?

Euro income a day: 56.98

56.98
-15.10
euro a day profit 41.88

Takes 157 days to payback miners, but due to difficulty it will more likely take a year if not longer. (if ever)

How much miner for 6604.49 Euro ? Basically a full farm ?

~ Madness

No a small set up for a farm, 20 antminer s5

So Basically the more money I have , the more profit I made ? We don't take in calculation that I will be lucky and solve a block and get block reward of 25 BTC or something ?

~ Madness

[Madness]

I live in Algeria (North Africa)
Basically and as I said they have like 0 idea what Bitcoin is and 0 idea what Mining or Mining gears means so they do not produce them at all . I really don't know how much electricity costs , Idk we pay like 40 Euro / 3 months (for gas and Electricity) so not sure how much is that .

Looks like your cost is 0.06 USD a KW/H this means if you start a small setup of 20 S5 you will pay the initial cost of 6604.49, and say you are going to somehow make room without renting a place so we won't factor that in.

So here we go
Miners: 6604.49 Euro
Cost of electric a day: 15.10Euro
Cooling these off: ?

Euro income a day: 56.98

56.98
-15.10
euro a day profit 41.88

Takes 157 days to payback miners, but due to difficulty it will more likely take a year if not longer. (if ever)

How much miner for 6604.49 Euro ? Basically a full farm ?

~ Madness

No a small set up for a farm, 20 antminer s5

So Basically the more money I have , the more profit I made ? We don't take in calculation that I will be lucky and solve a block and get block reward of 25 BTC or something ?

~ Madness

No if you solo mine you're going to be gambling and probably never make any money.

Aw Is it that bad then ? How those people for example are making such a profit ? http://motherboard.vice.com/read/chinas-biggest-secret-bitcoin-mine
I mean like how much they invested on the beggining (estimated) to start making 1.5m a month ?

~ Madness

[Medow]

A few millions.

[picolo]

Hello,

Alright I live in a rich country with gas & oil , Electricity is not that expensive (At least this is how I see it ) .
Newar Made me open my eyes to the great oppurtnity I could do on my country since most of people don't know what Bitcoin is and there is no business related that . (same thing goes for Paypal , MasterCards etc ... )

Note that I made 18 years old only one month ago , so I guess I'am a little bit young looking at other Bitcoiners ages .
I was thinking how much it would cost me to open a Mining farm (Renting a Warhouse or something + buying all the mining stuff) ?
It would be profitable ? thanks.

~ Madness

It depends where and how big!

[Madness]

A few millions.

They really used Millions of dollars to start that Mining farm ? damn

[Madness]

I live in Algeria (North Africa)
Basically and as I said they have like 0 idea what Bitcoin is and 0 idea what Mining or Mining gears means so they do not produce them at all . I really don't know how much electricity costs , Idk we pay like 40 Euro / 3 months (for gas and Electricity) so not sure how much is that .

Looks like your cost is 0.06 USD a KW/H this means if you start a small setup of 20 S5 you will pay the initial cost of 6604.49, and say you are going to somehow make room without renting a place so we won't factor that in.

So here we go
Miners: 6604.49 Euro
Cost of electric a day: 15.10Euro
Cooling these off: ?

Euro income a day: 56.98

56.98
-15.10
euro a day profit 41.88

Takes 157 days to payback miners, but due to difficulty it will more likely take a year if not longer. (if ever)

How much miner for 6604.49 Euro ? Basically a full farm ?

~ Madness

No a small set up for a farm, 20 antminer s5

So Basically the more money I have , the more profit I made ? We don't take in calculation that I will be lucky and solve a block and get block reward of 25 BTC or something ?

~ Madness

No if you solo mine you're going to be gambling and probably never make any money.

Aw Is it that bad then ? How those people for example are making such a profit ? http://motherboard.vice.com/read/chinas-biggest-secret-bitcoin-mine
I mean like how much they invested on the beggining (estimated) to start making 1.5m a month ?

~ Madness

To make 1.5m a month you would need 18000000.00 GHS but lets make the number a bit easier to handle
18000.00 Th/s or 18 PHS currently you would need 15584 Antminer S5 lets say you're buying them in such bulk you can get them for half price, this means 185$ (USD) each, so you need to pay 2,883,040 USD just for miners

Now your going to need electric on these miners and also a warehouse that can cool them so lets do some more math

18PH/s = 1.5M USD/month
Electric is over 9megawatts which ends up being 397,205 a month
Rent = ?
Miners = 2,883,040

So currently monthly you would pay almost half a million in electric, rent and employees a month still be down 2,883,040 from the initial cost, and have lots of anti fire equipment as one fire and you're done.

Damn That's some shitload of money there .
It's really profitable after all with a big investement as a start of course .

~ Madness

[Medow]

A few millions.

They really used Millions of dollars to start that Mining farm ? damn

with current difficulty and bitcoin price you need about 19000 Th to make 1.5 million USD per month if difficulty not jump.

If you buy in bulk with the price of 200 USD/Th then you need to have 19000x200=3,800,000 USD.

This is of course with out calculating power consumptions and warehouse modification and cooling and wiring ,,,, etc.

[Madness]

But accidents could happen right ? I mean the whole shit gets burned up in Fire and you are simply screwed I can't imagine how much degree it will be on the Warehouse where the Miners are .

~ Madness

[Madness]

Damn , well that's ugly
I got afraid suddenly . I'am really planning to open Mining Farm worth of millions to be honest As you can see my goal on my profile 

~ Madness

[Medow]

Damn , well that's ugly
I got afraid suddenly . I'am really planning to open Mining Farm worth of millions to be honest As you can see my goal on my profile  

~ Madness

Accident happen . But if you take your precaution and make a good wiring and cooling and use no wood in your warehouse then you are almost safe.

Also on that farm (which was burned) they distribute their gears in a very high density and that is too bad.

أعقلها وتوكل

[Madness]

Damn , well that's ugly
I got afraid suddenly . I'am really planning to open Mining Farm worth of millions to be honest As you can see my goal on my profile  

~ Madness

Accident happen . But if you take your precaution and make a good wiring and cooling and use no wood in your warehouse then you are almost safe.

Also on that farm (which was burn) the distribute their gears in a very high density and that is too bad.

أعقلها وتوكل

you speak arabic

Do you mind telling on what country that Mining farm was please ?
Beside Not using wood might help but It's not the wood only who can burn cables can burn simply too , nah ,

~ Madness

[Medow]

Damn , well that's ugly
I got afraid suddenly . I'am really planning to open Mining Farm worth of millions to be honest As you can see my goal on my profile  

~ Madness

Accident happen . But if you take your precaution and make a good wiring and cooling and use no wood in your warehouse then you are almost safe.

Also on that farm (which was burn) the distribute their gears in a very high density and that is too bad.

أعقلها وتوكل

you speak arabic

Do you mind telling on what country that Mining farm was please ?
Beside Not using wood might help but It's not the wood only who can burn cables can burn simply too , nah ,

~ Madness

Yes, i speak arabic. I am from Sudan.

That farm exist in Thailand.

http://www.coindesk.com/gallery-fire-destroys-thai-bitcoin-mining-facility/

And yes cables can burn too, there for you need a good wiring and you need a fire suspension.

Also you need to ask your fire police department to give you 2 fire men to work with you as a full time job.

[Madness]

Like if our goverment will let me use two fireman ... Yeah right . They may do that in my dreams tho

~ Madness

[Reynaldo]

Like if our goverment will let me use two fireman ... Yeah right . They may do that in my dreams tho

~ Madness

You should gather an engineer team to set up the infrastructure if you have so much millions to use, then even get an architect to design the infrastructure depending on the settings you want.