Hi everyone,

A few months ago, during a trip to Kazakhstan, I met a friend who owns a medium-sized cryptocurrency mining farm (around 8,000 ASICs). He offered me the chance to buy my own machines in cash and host them in his mining farm, in exchange for relatively low maintenance and operational fees, plus very cheap electricity costs.
Since I’ve never invested in cryptocurrencies before, I thought this could be a real opportunity, especially given that low electricity costs are a key factor for a good return on investment.
To be honest, I also find the idea of actively participating in mining by owning my own machines in Kazakhstan pretty exciting.
However, I want to do my homework and thoroughly research all the specifics and details of this project before moving forward.

Here are the technical details:

    3 ASICs purchased at $2,400 each, for a total investment of $7,200.

    Model: Whatsminer M60S – 186 TH/s – 3,145W.

    Electricity cost: between $0.024 and $0.049/kWh.

    Maintenance fees from my friend: $0.004/kWh.

I should clarify that I’m particularly interested in paying for the ASICs in cash. My friend mentioned that corruption is widespread in Kazakhstan, so it’s possible to bribe a store to buy the ASICs under the table, without needing to fill out customs declarations or paperwork related to crypto activities in the country.
So, no need to suggest investing this money in buying BTC directly through an exchange (since that wouldn’t allow me to pay in cash).

Regarding privacy measures, I’m considering:

    Buying the ASICs in cash (untraceable).

    Mining directly with the ViaBTC pool (based in China).

    Transferring from the ViaBTC pool to a Ledger cold wallet.

I have a few questions about this:

    Does ViaBTC require KYC?

    Could ViaBTC share my information with tax authorities?

    Would you recommend mixing my BTC before transferring them to my Ledger?

My long-term strategy would be to stack my Bitcoin for the long haul and only cash out a few times a year to recoup the cost of the ASICs.

    When cashing out, do you have any recommendations for transferring BTC from my Ledger to an exchange?

    Or would you suggest using a Bitcoin ATM to cash out in € or $?

    If so, would I need an additional non-KYC online wallet to transfer my BTC from my Ledger?

More generally, does this project seem unreasonable for someone who has never invested in cryptocurrencies? What are the risks and potential issues I might face?

Thanks for your time and help!

Telegram doesn't support end-to-end encryption so i do not use it, many people asked me about it.

Hello

Just read that Russia is planning to open its own official Bitcoin and crypto exchange 👀

Like another country getting into crypto could mean better global trading volumes yea?

Maybe even new gateways for traders?

Does it also mean that it will boost global or state-level Bitcoin adoption, or complicate things because of tighter surveillance and control? 

Your Opinion?

Do you mean the view key or the transaction key? If the former, it is true regardless the transaction. If the latter, it is not used to reveal amount, simply to prove payment. 

You will be able to know the transactions you made with your clients, and they will know as well, including your addresses. What you can't know is where they spend their XMR.

Try checking out
1. https://coin.space
and
2. https://unstoppable.money
and see if they support all the coins you want to keep there. Both wallets are open source, the OS version will be your choice.

By "main", I presume you mean "primary account". That's the accepted term. XMR sent on a sub-address of an account are part of the account.

All XMR on your sub-addresses are part of your account, and can be spent altogether normally. I don't understand your concern.

Check out eXch: https://exch.cx/. That's more of a swap service, though.

You can reuse addresses but it makes no sense to do it, especially not with privacy coins like monero.

You can move it manually and send to newly generated address, but I am not sure how exodus wallet is managing this.
I would stop using this closed source wallets like exodus and switch to open source alternatives like Feather, Stack wallet, Cake wallet, Trezor HW, etc.

From my understanding (and someone corrects me if I'm wrong), this is not any different than Bitcoin's HD wallet. You can generate as many receiving addresses as you want and use them for as long as you want. The money should sit there, it won't be forwarded anywhere on its own, since this is a non custodial wallet.

You can reuse addresses normally, it's just not recommended for your privacy.

It's just like in Bitcoin. Money sent on an address, stays on that address unless specified otherwise.

Because centralized exchanges have to follow regulations, and usually, regulations are hostile to privacy coins.

I just have to tell you that you need to change wallet software. Exodus is closed-source. Besides that you should expect minimum privacy, it is likely that it's less secure as well. Consider open-source alternatives, like Monero GUI: https://getmonero.org.

If you use old address you will still receive the payment to the wallet there is nothing wrong in that.

What Exodus wallet is just trying to do us generate new wallet to avoid wallet reuse, the more you reuse a particular address the more likely your privacy is exposed.

Even if you give your client the new address you can still be able to track the record of the transaction everything is going into same wallet as it’s being protected and bind to a single private key.