Hello,
I am from India. And I am actually planning to start a Bitcoin Mining Farm business. The location for the proposed business is actually a hilly area with cool climate throughout the year. Commercial Electricity is also available at around INR 4.2/kwh ($0.064). I am planning for raising capital to the worth of $ 3 Million (INR. 180000000). I am thinking of buying 1,000 units of Bitmain Antminer S7. The Hardware itself will cost around $1.8 Million. The dedicated Internet connection shall be a 10Mbps leased connection. And I am planning to get a 2Mw electric connection along with backup generators. The Farm will be uptime for at least 95% during the year. Also, I will upgrade the equipment in regular intervals. But, before moving any further, I have a few queries:
1. Will it be profitable in the long run ?
2. How frequently do I need to update my hardware to be in the race ?
3. What mining hardware would you guys recommend for a Mining Farm (should be efficient and fast)?
4. Will the value of Bitcoins in respect of USD increase in future (say, 5 years down the line)?
5. What proportion of the mined coins should be immediately converted into fiat money ? And where do I convert those insane amount of coins?
6. If you are from India, could you please help me in understanding the tax structure that shall be imposed on Bitcoin Mining farms in India? Also, what custom duty is levied on import of mining hardware?
7. What are the recurring costs (except for Electricity, Salary of employees, and hardware maintenance and replacement costs) ?
8. Are there any Bitcoin Mining Farms in India?
7. Finally, is the whole effort worth the profits ?
As per a Bitcoin mining calculator, it states that I shall breakeven in roughly a year. Provided I start today. If everything goes well, I shall upgrade the farm with another 1000 miners.
Please help !! (Free BTCs for everyone who helped if everything goes well. Promise
)
I am from India. And I am actually planning to start a Bitcoin Mining Farm business. The location for the proposed business is actually a hilly area with cool climate throughout the year. Commercial Electricity is also available at around INR 4.2/kwh ($0.064). I am planning for raising capital to the worth of $ 3 Million (INR. 180000000). I am thinking of buying 1,000 units of Bitmain Antminer S7. The Hardware itself will cost around $1.8 Million. The dedicated Internet connection shall be a 10Mbps leased connection. And I am planning to get a 2Mw electric connection along with backup generators. The Farm will be uptime for at least 95% during the year. Also, I will upgrade the equipment in regular intervals. But, before moving any further, I have a few queries:
1. Will it be profitable in the long run ?
2. How frequently do I need to update my hardware to be in the race ?
3. What mining hardware would you guys recommend for a Mining Farm (should be efficient and fast)?
4. Will the value of Bitcoins in respect of USD increase in future (say, 5 years down the line)?
5. What proportion of the mined coins should be immediately converted into fiat money ? And where do I convert those insane amount of coins?
6. If you are from India, could you please help me in understanding the tax structure that shall be imposed on Bitcoin Mining farms in India? Also, what custom duty is levied on import of mining hardware?
7. What are the recurring costs (except for Electricity, Salary of employees, and hardware maintenance and replacement costs) ?
8. Are there any Bitcoin Mining Farms in India?
7. Finally, is the whole effort worth the profits ?
As per a Bitcoin mining calculator, it states that I shall breakeven in roughly a year. Provided I start today. If everything goes well, I shall upgrade the farm with another 1000 miners.
Please help !! (Free BTCs for everyone who helped if everything goes well. Promise
)First I voted yes.
1)Maybe yes Maybe no. Long run is 1 ,2,3,4,5, or 25 years?
2)The S-5 could have been put into use Dec 2014 and it needed to be replace Sept 2015 with the s-7 so 9 maybe 10 months
3) S-7 and Avalon 6 maybe. I own S-7 I am waiting to test Avalon 6
4) I strongly believe this to be yes. But I am a 58 year Retired accounting not Warren Buffet
5) Only cover your running costs> ie power and workers salaries. Hoard every other coin and if they spike sell off some. at 400 usd then some at 450 usd then some at 500 usd. I don't know how to sell coins in your country.
6) USA based
7) theft of coins due to various bad coin dealers. loss of coins due to a pc crashing with bad back up.
Apple mac minis are really good as coin holders pm me I can show you why I like them.
8 ) don't know but I think so