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Are there any recommendations on insurance companies that support Bitcoin mining? I had to start mining on my own since my hosting center ran out of space and when I purchase just general liability insurance for the space I'm renting Progressive told me they do not insure Bitcoin Mining operations. So those of you who have insurance please let me know a good company to use or if you want to pass along your agent's contact that would be even better.
Re: [25+PH] KanoPool kano.is NO FEE TIL 2018 PPLNS US,DE,SG,JP,NL,NYA 🐈
So my site has been grabbing 5 minute detailed info for a few pools in my upcoming minergain site but dont have the info live yet. Eventually this data can use your real miner data to do "what if scenarios - even though luck is luck". So all this got me wondering so I thought I would share some real comparison info... So if you were with slush for December, here would be your btc per Th that your miners submitted.... After the date is the number of blocks found and the next column is the BTC / TH for that day. It fully takes into account the hash rate for every block and the 2% that they take.
Dec 1 17 0.00020415
Dec 2 21 0.000246807
Dec 3 21 0.000235327
Dec 4 12 0.000137415
Dec 5 21 0.000230983
Dec 6 15 0.00016493
Dec 7 23 0.000274498
Dec 8 18 0.000217576
Dec 9 12 0.000141403
Dec 10 26 0.000282076
Dec 11 23 0.000254072
Dec 12 13 0.000146673
Dec 13 16 0.000173655
Dec 14 20 0.000201528
Dec 15 18 0.000200334
Dec 16 13 0.000139204
Dec 17 23 0.000244415
Dec 18 20 0.000207583
Total: 0.003702629 per Th/s.
So if you have an S9 like me with 13.5Th/s, that is .0499854915 BTC for the month (assuming fully "vested" in the PPNLS). As I have mentioned before, the 5 blocks found on Kano (even with the current 8 day delay) is .04509834. If we got another block today, it would be roughly .054 BTC for the month. And if we picked off another one tomorrow, it would be roughly .063 BTC. So yes, there is a little more gambling here, but the potential upside is way more than the sites that give lots of blocks per day... And isn't that really why we are all in this "business" - gambling? That is exactly why I moved to Kano from Slush after just one month with them... I can afford a little electricity if needed, but with that said, my full power bill was paid by the 3rd of this month... I also purchase coins on the exchanges, and this is a much smaller investment per BTC - just slower. Anyway, just to give a little perspective for the newbies (me included).
Dec 1 17 0.00020415
Dec 2 21 0.000246807
Dec 3 21 0.000235327
Dec 4 12 0.000137415
Dec 5 21 0.000230983
Dec 6 15 0.00016493
Dec 7 23 0.000274498
Dec 8 18 0.000217576
Dec 9 12 0.000141403
Dec 10 26 0.000282076
Dec 11 23 0.000254072
Dec 12 13 0.000146673
Dec 13 16 0.000173655
Dec 14 20 0.000201528
Dec 15 18 0.000200334
Dec 16 13 0.000139204
Dec 17 23 0.000244415
Dec 18 20 0.000207583
Total: 0.003702629 per Th/s.
So if you have an S9 like me with 13.5Th/s, that is .0499854915 BTC for the month (assuming fully "vested" in the PPNLS). As I have mentioned before, the 5 blocks found on Kano (even with the current 8 day delay) is .04509834. If we got another block today, it would be roughly .054 BTC for the month. And if we picked off another one tomorrow, it would be roughly .063 BTC. So yes, there is a little more gambling here, but the potential upside is way more than the sites that give lots of blocks per day... And isn't that really why we are all in this "business" - gambling? That is exactly why I moved to Kano from Slush after just one month with them... I can afford a little electricity if needed, but with that said, my full power bill was paid by the 3rd of this month... I also purchase coins on the exchanges, and this is a much smaller investment per BTC - just slower. Anyway, just to give a little perspective for the newbies (me included).
Nice analysis.
Do these numbers also take into account transaction fees as well? I've been debating switching over to Kano for a while, but the day I was going to actually make the move about a month ago (12-Nov) it was a very volatile day with BTC price and I saw slush continue to get blocks as Kano just had bad luck. Luckily I didn't move and I realized that even though it's all luck when it comes to mining there's a benefit to being in a larger pool when volatility is high.
I received shipping labels yesterday that my 20-November batch will ship on 30-Nov. Considering it's a holiday week this wasn't too bad of a delay. I'm still hoping Steve sends us something special due to the delay. It would be awesome if he allows us early access to purchase the A8 when released. 
One other suggestion for you to reduce your fee, if possible try to a have as few transactions for acquiring your coins prior to your use. This will reduce the size of transaction.
Now that you have purchased your miners do have a place to run them? These guys are going to be too load to run at home and it's very difficult to find anyplace to host them. I recommend you spend some of that money upgrading the electrical in garage.
Yes I have a place and good electricity hardware. Im reusing a place when used to host 40 filehosting servers, about same power usage.
In that case I would say listen to NotFuzzyWarm!
But if you really want my advice I would go with S9s. Best of luck!
Now that you have purchased your miners do have a place to run them? These guys are going to be too load to run at home and it's very difficult to find anyplace to host them. I recommend you spend some of that money upgrading the electrical in garage.
The fact that you have "free to you" electricity should have little to do with whether to go with ASICs or GPU mining. I recommend you read more about both and see which you're more comfortable with. For myself I don't have time to tinker around with my rigs and it seems like GPU mining requires more time so I go with ASICs. Also another thing to consider is where is this "free to you" electricity located. If it's at your home or your office you'll likely decide ASICs will be too load and too hot.
So as I mention before there are several items to consider other than the cost of electricity when it comes to mining. There are a lot of threads here and in the Alt Coin forum so you can get a feel for what you like.
So as I mention before there are several items to consider other than the cost of electricity when it comes to mining. There are a lot of threads here and in the Alt Coin forum so you can get a feel for what you like.
minerwarez.com is offline
They still look online to me.
Has anyone ordered from the Nov 20 sale? I wonder if the orders will be shipped on time.
I've had them ship on time, or early, every time so far.
M
I ordered from the Nov 6 batch and the Nov 20 batch. For the Nov 6 batch the label was created on Fri Nov 3 and picked up by FedEx ontime on Mon Nov 6. My hosting location is in the same city so it was frustrating knowing my miners were likely just a few blocks away from where they needed to be and had to wait until Tues to be delivered. But from Minerwarez they were completely ontime and by the book.
For my Nov 20 order I haven't received any contact yet, but I suspect it to be the same rodeo again this weekend of watching the tracking move only a few blocks over a 5 day period.
Re: 13 November Break Even Rates For: BitMain S9 / WhatsMiner M3 / Ebit E9
I wouldn't run it at home, at least not long term. It would definitely be destined for my hosting facility. I would run it here at first to test it and see if I like it. It's pretty heavy on the power, so I'll run it from the dryer circuit. But I run very little gear full time at home, an R4 in my home office that's doubling as a space heater and Ebit E9 in the garage since they don't draw as much power and are on different circuits that keeps the garage warmer on the cold mornings. All of my other gear is hosted.
I'm not crazy about the efficiency. It's great for a 28nm miner, but doesn't really compete with the current 16nm gear. But I believe we have to support smaller manufacturers, or we are going to get stuck with more of the same from Bitmain. I am willing to buy and run one of these, even if I only break even on it. Though with my power rates it should ROI in less than 5 months.
I'm not crazy about the efficiency. It's great for a 28nm miner, but doesn't really compete with the current 16nm gear. But I believe we have to support smaller manufacturers, or we are going to get stuck with more of the same from Bitmain. I am willing to buy and run one of these, even if I only break even on it. Though with my power rates it should ROI in less than 5 months.
Where are you hosting at where you can get ROI in under 5 months and still has capacity?
Re: 13 November Break Even Rates For: BitMain S9 / WhatsMiner M3 / Ebit E9
Another factor to consider is infrastructural investments which might need to be made. If you're only planning on running 1 miner and you have a free circuit then great! But if you try to add 2nd miner it's not going to happen @2000W so I hope you have a 2nd circuit free or you need to factor getting an electrician to install a new one for you.
What sort of depreciation models are you guys using for your miners? When I first started I came up with an exponential formula to depreciate each miner monthly by 10% each month from it's previous month NBV rounded up to the nearest $25. This would make each miner fully depreciated around 2 years which I figure is close to the working life of a miner. I was also trying to find a balance between difficulty and BTC price, but since I came up with that formula the BTC price has exploded so I'm thinking of possibly changing me deprecation model and interested in what other are doing.
I am keeping the transaction emails from coinbase when mining deposits hit my account and using that as the cost basis for each mining payment. Not perfect but it will work.
My understanding is that since the process is a bit immature, the IRS is using some discretion with how people calculate their cost basis / fair market value, but they'll expect you to be consistent. I.e. if you cant cherry pick exchange rates from different exchanges or times to help you setup a better cost basis. My advice would be to start a very thorough spreadsheet to track your income if you plan on making more than a grand per year.
My understanding is that since the process is a bit immature, the IRS is using some discretion with how people calculate their cost basis / fair market value, but they'll expect you to be consistent. I.e. if you cant cherry pick exchange rates from different exchanges or times to help you setup a better cost basis. My advice would be to start a very thorough spreadsheet to track your income if you plan on making more than a grand per year.
Don't make life so hard on yourself buddy. In Coinbase just go to Tools->Reports then create either a transaction history or cost basis for taxes report. Report is well laid out and clearly shows all you've done in your account.
There's a reason people drive cars instead of riding horses. Animals are very unreliable source of energy which cost more to feed than energy you get out of them. As long as there's no charge on the human health toll which carbon based fuels cause they'll continue to be the cheapest form of electricity.
Re: Really big drop in the difficulty is coming good bad meh? What do you think?
Interesting point that you make. I don't track BCH prices and just mine BTC blindly. But I'm not to concern about the drop in price since it's going to be huge! A 35% difficulty reduction even at $6800 will be mean I'm mining and making $9180 in today's value. We can go all the way back to $4500 before I would start to show any concern.
So what happen here??? Am I wasting my time looking at bitcoin wisdom site? It was stating -35% step, but it ending up only being -6%. Can anyone explain this to me. Is the site not working anymore or was there a last minute push of hashrate just before difficulty was to update?
Re: Really big drop in the difficulty is coming good bad meh? What do you think?
I'm personally looking forward to the upcoming drop. I just received a fresh batch of Avalons earlier this week and anything to get to ROI faster sounds good for me. I do wonder what will happen in 2 weeks from now and will to be this volatility in the difficulty continue much longer or will it stabilize like it was in the good ole days which makes mining returns easier to forecast.
Don't know but BCC/BCH reached 889 usd and BTC has dropped to 6800 usd
Interesting point that you make. I don't track BCH prices and just mine BTC blindly. But I'm not to concern about the drop in price since it's going to be huge! A 35% difficulty reduction even at $6800 will be mean I'm mining and making $9180 in today's value. We can go all the way back to $4500 before I would start to show any concern.
Re: Really big drop in the difficulty is coming good bad meh? What do you think?
I'm personally looking forward to the upcoming drop. I just received a fresh batch of Avalons earlier this week and anything to get to ROI faster sounds good for me. I do wonder what will happen in 2 weeks from now and will to be this volatility in the difficulty continue much longer or will it stabilize like it was in the good ole days which makes mining returns easier to forecast.
Wanted to specify power is not an issue since that's the deciding factor for 90% of the mining industry it seems. Thanks for the answer though!
When you say power consumption is not a factor do you mean the cost for usage, total capacity available to you, or both? If both then I would recommend going with the most reliable miner you can find and everyone including myself swear by the S3 as being an absolute beast. Only issue if you have unlimited supply and electricity is free to you will be the cost of power supplies to run the S3. Which again comes back to power..... So what do you mean by power is not an issue? If you're like 95% of the people who ask this question who are renting an apartment with electricity included you can find plenty of summaries of why this is most likely not going to work for very long.
Re: How to make my miner keep cool? turn on aircond 24hours is expensive
Don't try to keep them cool. You need to release the heat they generate. Search the forum for ventilation techniques. There are lots of ideas, but as a start if you live in the northern hemisphere and it's starting to become cold you can simply open a window with air intake coming from outside and the fan blowing out pointed inside. If you're in the southern hemisphere do this in reverse. Best of Luck.