Hi,
Someone I know owns an industrial site with six unused units on it, each around the size of a shipping container, all wired into the national grid.
They've floated the idea of setting up a Bitcoin mining farm given the recent explosion in the price of the coin.
They've got £50,000-£100k to drop on the project, possibly more if they can realistically make money.
My questions are:
Is it worth it? Will they make a profit after the initial expense given the UK's high electricity costs?
How many mining machines would, say, £50,000 buy?
What other things do they need to consider cost-wise, ie electrical infrastructure, cooling, fire safety etc?
Is there a better coin to mine than Bitcoin?
How difficult is it to set up the farm initially?
Any other factors they need to consider.
Many thanks,
Adam
high power costs means you need the most efficient gear.
if you want to mine BTC you need this gear:
https://altairtech.io/product/bitmain-antminer-s21-xp/it is costly about 7,600 usd a unit or 6,208 pounds
if you sink in 100k you get 15 pieces = 93,120 pounds with left over for wiring filters cooling.
15 units do 4,050 th or 187.52 pounds a day no power cost figured in. So in 500 days if power was zero you would break even.
the real question is what do you burn . 15 units burn 1335 kwatts a day that is 133.50 pounds of you power cost is .10 pounds a kwatt
or 187.52-133.50 = 54.02 pounds a day profit. 1740 days to pay off the gear.
So 94,000 pounds for the best gear to mine btc will be terrible at .10 pounds a kwatt. higher cost would be worse
what does your power cost?
.10 pounds 54.02 pound daily profit
.11 pounds 40.67 pound daily profit
.12 pounds 27.32 pound daily profit
.13 pounds 13.97 pound daily profit
.14 pounds .62 pound daily profit
So If I were you I would not do it at .10 pounds a kwatt or higher power cost.