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Showing 13 of 13 results by Crypto Panter
@Danileethier
I have free electricity thats why I don't bother to include, and I have a single phase 120v, thanks for replying mate.
@Philipma
I have a house with 24kw and its extra land in the back, I plan to use that piece of land for the mining farm.
I am thinking about adding large numbers of solar panels on the roof to mine during the day as well, I shouldn't have cooling issues because my compound is mostly breezy all the time.
Thanks for the replies.
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Hey mate... First thing first is your electricity cost... It's only economical if you have access to electricity price of below 0.04$cent/kwh. Otherwise i strongly suggest not to do it!
So let's assume you have that cheap electricity price. Then considering your 24 kw electrical capacity, you very likey be able to run max ASIC OF 6-7.... Although efficiency matters much, but maintenance and its risk control is also very important. Cuz you will end up so much in situations that your machines will fail!... So try to increase the number of your ASICs even with sacrificing a bit their efficiency!
So, for instance, instead of 6 high efficiency machines, i would go for less efficient ones but with number of 12 miners in my farm... That makes it more easier for maintenence and bring higher uptime of your farm, in cases that some may fail!
But the electricity price is still the important factor here ☝️
I have free electricity thats why I don't bother to include, and I have a single phase 120v, thanks for replying mate.
@Philipma
I have a house with 24kw and its extra land in the back, I plan to use that piece of land for the mining farm.
I am thinking about adding large numbers of solar panels on the roof to mine during the day as well, I shouldn't have cooling issues because my compound is mostly breezy all the time.
Thanks for the replies.
[/quote
]
Hey mate... First thing first is your electricity cost... It's only economical if you have access to electricity price of below 0.04$cent/kwh. Otherwise i strongly suggest not to do it!
So let's assume you have that cheap electricity price. Then considering your 24 kw electrical capacity, you very likey be able to run max ASIC OF 6-7.... Although efficiency matters much, but maintenance and its risk control is also very important. Cuz you will end up so much in situations that your machines will fail!... So try to increase the number of your ASICs even with sacrificing a bit their efficiency!
So, for instance, instead of 6 high efficiency machines, i would go for less efficient ones but with number of 12 miners in my farm... That makes it more easier for maintenence and bring higher uptime of your farm, in cases that some may fail!
But the electricity price is still the important factor here ☝️
Re: asic remote Monitoring software recommendations for linux - minerstat is rubbish
This something that i am also interested to know... But typically mining pools has their own monitoring software such as: Btc pool, Nicehash, Braiins, Luxor, etc.
I remember there was HiveOs soft more professionally worked on this area.. Not sure which one supports Linux
I remember there was HiveOs soft more professionally worked on this area.. Not sure which one supports Linux
Re: Bithority- How to decentralize more the Bitcoin mining resources!
⭐ Merited by hugeblack (2)
Assuming that Bithority succeeded in solving the financing problems of miners when the market is down and the return is low, but it did not solve the problem of “mining centralization”, as there are costs of establishing a mining farm that only investment funds can bear, in other words, you solved a problem that miners do not complain about while Bithority's idea is to decentralize mining, something it has not achieved.
Quote
vastly help to decentralize the Bitcoin mining ecosystem
OK but...Forget miners...There is also costs of buying Bitcoins for Bitcoiners, right?!...Should other poeple supply their costs for buying Bitcoin?..No! This is the cost that anyone should supply himself regarding his pocket size! Otherwise Bitcoin would get worthless! Therefore, there is a cost for any value! and I think that's clear enough....So, lets rephrase your question more reasonably: How can we decentralize the cost of establishing mining farms (capital cost, not operating cost!) for "wider range" of investors? (bcuz not everyone can and should start mining...there are some requirements!)
answer: Bithority will be able to provide the necessary infrastructure for even capital cost financing later on, when it can catches enough traction from folks in Bitcoin community. For instance, miners who already have running mining farms for a while, they can get a credit score from the Bithority token holders so that they apply for financing their Capex of mining. And definitely, as in many financial means, there will be some risk for those lending money for the capital cost (establishment cost) which Lenders should accept and deal with. So you see this is already been implemented in many lending platforms and even without Bithority!
Re: Bithority- How to decentralize more the Bitcoin mining resources!
@Crypto Panter
I need some clarification, so I hope you can help me better understand if there's any significant difference between Bithority's rental services and other established hash rate rental services.
In connection with issues surrounding the centralization of mining, it's worth noting that we already have a few products specifically made for home miners who have smaller budgets [production of such rigs appears to be on the rise].
I need some clarification, so I hope you can help me better understand if there's any significant difference between Bithority's rental services and other established hash rate rental services.
In connection with issues surrounding the centralization of mining, it's worth noting that we already have a few products specifically made for home miners who have smaller budgets [production of such rigs appears to be on the rise].
Thanks for asking... So regarding current hash-rate rental platforms (apart from many of them that are scams or called cloud mining), we can name several defects including: They are centralized, NOT trustless, and they don't create bilateral dependencies between miners and investors. I assume the two first points are clear so i go for the 3rd one. In all of current hash-rate renting platforms, miners have the upperhand! It means they sell part of their Bitcoin hashrate without being dependent on investors! So what happens is that they are currently renting their hashrates in prices that are NOT economical for real Bitcoiners/investors! They can also cancel or change their plan of sale upon their will! No say of clients/users in the sale plan. And this won't make any dependency for them to retailers and their main source of investments will still remain from corporate/institutional investors NOT retailers! Being dependent on institutional budgets make them more centralized and away from retail communities of Bitcoiners!
I believe that if the mining force is going to be more decentralized then miners have to rely on non-KYC (unknown) retailers' budget then corporations assets (which states can easily rule them)
The last time I calculated the capitulating price for miners in post halving, it was at 37000$.
I am a Bitcoin mining expert and consultant and regarding my experience, the least energy price in the market is around 2.5 $cent/kwh (Which is quite rare!). so the minimum price typically starts from 3 $cent upto 4.5 $cent for industrial mining. (and 5$cent for smaller ones)... You whether need to buy in-scale capacity of electricty from power plant companies (50 MW or above) or you should be smart enough in finding intact/virgin places with cheap energy resources that are not affordable to be utilized in normal consitions!
The normal energy price for Bitcoin mining is sth in the range of 3-5 $cent....In the non-US countries, ususally the cheap source of energy is from Hydro plants...However, middle east is going to be a new player especially UAE! They can break the prices in below 3$cent
Is $37,000 the price of surrender for miners after the halving of the entire world or for an individual country? or is this the average?I am a Bitcoin mining expert and consultant and regarding my experience, the least energy price in the market is around 2.5 $cent/kwh (Which is quite rare!). so the minimum price typically starts from 3 $cent upto 4.5 $cent for industrial mining. (and 5$cent for smaller ones)... You whether need to buy in-scale capacity of electricty from power plant companies (50 MW or above) or you should be smart enough in finding intact/virgin places with cheap energy resources that are not affordable to be utilized in normal consitions!
The normal energy price for Bitcoin mining is sth in the range of 3-5 $cent....In the non-US countries, ususally the cheap source of energy is from Hydro plants...However, middle east is going to be a new player especially UAE! They can break the prices in below 3$cent
I don’t know the mining conditions in many countries, but in Russia, even at a price of $30,000, miners will work with a profit after halving.
Yes, it's the price that miners will surrender. but what it means?...it means the price cannot survive long below this price level and the price will be unstable! (it doesn't mean it cannot breach that level!)
If you have access to energy prices below 2$cent/kwh then maybe you can mine profitably at 30000$!! but the average range of energy price for mining is something around
0.03-0.05 $cent/kwh...Tell me what is the industrial electricity price for energy in russia?
And also we should bear in mind there are also other factors for profitability of mining which include: the purchase price of your ASICs, the lifespan of your miners, etc
Like what type of methods u use to cool your farm ?
planning to start a farm want to know what you guys use to cool the room
planning to start a farm want to know what you guys use to cool the room
Atm typically 3 methods are used depending on situation... Immersion/liquid cooling, dry cooling, and evaporative cooling... The best simple and economic solution is still dry cooling through fan placements...simple but efficient and low-cost maintenance... However, if your launching your farm in warm zone then you better go after evaporative cooling. But it needs access to cheap water... If you would like to recover the waste heat of your farm beside its cooling then use immersion cooling. Btw the maintenance cost and technical complexity in immersion cooling is higher
It's very commonly used in dry climates around the world espeially in Middle East...It's as easy as peasy!...very well fit inot a container...you just need cellulose cooling pads in one side of the container with water hose system inside it...It's quite easy to implement...But it's not gonna work in humid climates!
⭐ Merited by fillippone (1)
Introduction
In the ever-busy world of business, profits and losses are key components experienced by those in it. However, from a very tender age until this minute, I have not come across anyone who chooses to make losses. Certainly, everyone loves to make profits through any means possible.
In a case where I happen to be the only one that sells a particular brand within a region or state, it is expected of me to make profits. But if there are other competitors that sell the same brand as me within the same region, the tendency of making profits is likely not to happen due to the competition.
I tried to apply a similar scenario to Bitcoin mining. We all know that several miners around the world compete to solve a difficult mathematical problem, which aids the creation of a block. After the successful creation of a block, the miner is rewarded with some Bitcoin. Sadly, I can't tell the exact number of miners globally, but I think their population is enough to make the reward process very tough.
Questions
1. With the large population of miners around the world, could every miner earn a reward at least once a month?
2. If it's impossible for every miner to earn at least once a month, does that mean that mining is not a profitable business?
Note: I am asking these questions based on a miner's perspective, considering the cost of power supply consumed and the fixing/replacement of faulty mining machines.
In the ever-busy world of business, profits and losses are key components experienced by those in it. However, from a very tender age until this minute, I have not come across anyone who chooses to make losses. Certainly, everyone loves to make profits through any means possible.
In a case where I happen to be the only one that sells a particular brand within a region or state, it is expected of me to make profits. But if there are other competitors that sell the same brand as me within the same region, the tendency of making profits is likely not to happen due to the competition.
I tried to apply a similar scenario to Bitcoin mining. We all know that several miners around the world compete to solve a difficult mathematical problem, which aids the creation of a block. After the successful creation of a block, the miner is rewarded with some Bitcoin. Sadly, I can't tell the exact number of miners globally, but I think their population is enough to make the reward process very tough.
Questions
1. With the large population of miners around the world, could every miner earn a reward at least once a month?
2. If it's impossible for every miner to earn at least once a month, does that mean that mining is not a profitable business?
Note: I am asking these questions based on a miner's perspective, considering the cost of power supply consumed and the fixing/replacement of faulty mining machines.
The answer is a big YES!
Mining business has turned into industrial business and many at-scale mining farms are growing. So it's reasonable to be a competitive and tough business but it's still one of the most profitable industries with the minimum Return of investment around 17 months on average! It makes it very lucrative business for investors that know its risks.
There are some parameters and essentials you need to provide in order to afford launching a mining farm.
1- Cheap electricity rate in range of 3-5 $cent /kwh
2- having high initial budget to spend buying equipments
3- Having an exact business plan for cost & revenue
4- planing for maintenence and supply on frequent base to keep high uptime
It's the most profitable business atm if you can satisfy its requirements, no matter how many miners exist in the maket!... The price will adapt itself with the Bitcoin network difficulty and competition
Apologies if this is a topic which has already been extensively discussed, but does it not disturb anyone that in the last week ~55% of network hashrate has been shared between 2 pools? Maybe my judgement is incorrect but it seems like a disaster just waiting to happen. Is moving towards more asic resistant algorithms something which has been considering or is feesable?
It seems in the last couple of years mining has had a pretty dramatic shift into the hands of larger cooperations and governments.
Are my worries justified?
pseudospace.
It seems in the last couple of years mining has had a pretty dramatic shift into the hands of larger cooperations and governments.
Are my worries justified?
pseudospace.
I think your concern is legit and it's been discussing amon Bitcoin communities frequently... The best solution seems is to support development of trustless mining pools so any miner can join freely without need of any party to accept/verify his registration. Then such trustless decentralized pools can be governed by various token holders... Ocean pool (backed by Jack Dorsey) is claiming they are technically a open-source open-access pool for onboarding any miner. It's a good step forward and promising. But it's practically centralized and being controlled/censored by one party!
Like what type of methods u use to cool your farm ?
planning to start a farm want to know what you guys use to cool the room
planning to start a farm want to know what you guys use to cool the room
Atm typically 3 methods are used depending on situation... Immersion/liquid cooling, dry cooling, and evaporative cooling... The best simple and economic solution is still dry cooling through fan placements...simple but efficient and low-cost maintenance... However, if your launching your farm in warm zone then you better go after evaporative cooling. But it needs access to cheap water... If you would like to recover the waste heat of your farm beside its cooling then use immersion cooling. Btw the maintenance cost and technical complexity in immersion cooling is higher
The last time I calculated the capitulating price for miners in post halving, it was at 37000$.
I am a Bitcoin mining expert and consultant and regarding my experience, the least energy price in the market is around 2.5 $cent/kwh (Which is quite rare!). so the minimum price typically starts from 3 $cent upto 4.5 $cent for industrial mining. (and 5$cent for smaller ones)... You whether need to buy in-scale capacity of electricty from power plant companies (50 MW or above) or you should be smart enough in finding intact/virgin places with cheap energy resources that are not affordable to be utilized in normal consitions!
The normal energy price for Bitcoin mining is sth in the range of 3-5 $cent....In the non-US countries, ususally the cheap source of energy is from Hydro plants...However, middle east is going to be a new player especially UAE! They can break the prices in below 3$cent
I am a Bitcoin mining expert and consultant and regarding my experience, the least energy price in the market is around 2.5 $cent/kwh (Which is quite rare!). so the minimum price typically starts from 3 $cent upto 4.5 $cent for industrial mining. (and 5$cent for smaller ones)... You whether need to buy in-scale capacity of electricty from power plant companies (50 MW or above) or you should be smart enough in finding intact/virgin places with cheap energy resources that are not affordable to be utilized in normal consitions!
The normal energy price for Bitcoin mining is sth in the range of 3-5 $cent....In the non-US countries, ususally the cheap source of energy is from Hydro plants...However, middle east is going to be a new player especially UAE! They can break the prices in below 3$cent
Re: Bitcoin faces risk of protocol-level censorship as miners under increasing regul
Carole House, a former White House director for cybersecurity and secure digital innovation, who is now executive in residence at Terranet Ventures, spoke at the DeCenter Spring Conference at Princeton University in April, proposing exactly that.
In her speech, House suggested that it would be great if miners, as well as validators of proof-of-stake blockchains, came together and agreed not to mine OFAC-blacklisted transactions, as well as not to build upon blocks with such transactions. She also noted that having as much hashpower as possible in the U.S., where miners have to comply with the sanctions, would help make that vision a reality.
https://www.theblock.co/post/267759/bitcoin-faces-risk-of-protocol-level-censorship-as-miners-under-increasing-regulatory-pressure
so now they not only don't want people mining transactions on the OFAC list but if they happen to make it into a block they don't want miners to build on those blocks. just wow!
OFAC is in the USA. The Office of Foreign Assets Control. They want to control everything especially about bitcoin.
https://ofac.treasury.gov/
In her speech, House suggested that it would be great if miners, as well as validators of proof-of-stake blockchains, came together and agreed not to mine OFAC-blacklisted transactions, as well as not to build upon blocks with such transactions. She also noted that having as much hashpower as possible in the U.S., where miners have to comply with the sanctions, would help make that vision a reality.
https://www.theblock.co/post/267759/bitcoin-faces-risk-of-protocol-level-censorship-as-miners-under-increasing-regulatory-pressure
so now they not only don't want people mining transactions on the OFAC list but if they happen to make it into a block they don't want miners to build on those blocks. just wow!
OFAC is in the USA. The Office of Foreign Assets Control. They want to control everything especially about bitcoin.
https://ofac.treasury.gov/
Definitely all states and governments will try to censor Bitcoin and cryptocurrencies as much as they can, through whether incentivies or penalties!...But tech cannot be stopped...There are currently Bitcoin-related solutions being worked on in the Bitcoin community, so that it brings high level of privacy into the Bitcoin TXs. For example ZK-rollups for Bitcoin is one solution. It's just matter of time and advocate of the community that make this happen sooner or later. Bitcoin layer-2 solutions are what we really need to support and promote in crypto space bcuz they can bring new set of solutions and tools that will help other developers to innovoate more in this space and even help them enhance the privacy of TXs....So a lot of hope in the space!
That's really promising and so interesting being done in a totally different league!...But typically such high-tech solutions takes so long to go from an MVP to a commercialized product. It needs high budgets and enough incentives as well as prominent tech leaders like Elon musk!.... Europe will be one of the first customers I guess bcuz they currently care more about climate-change and clean energies.