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Re: Thinking of large sum of money into mining. Need opinions
How cheap is the electricity at Mexico?
China has the highest population of miners because electricity is about 3cents/kwh.
Anything above 10cents/kwh won't give you profits because you have to factor in the cost of cooling your mining rigs(the heat produced is high).
Most people prefer Antminer S9 rig to the latest R4 series because it's more efficient however, R4 rig produces less noise and heat.
Mining bitcoins as a solo miner is not so profitable anymore because the halving has reduced the reward, but if you are going into it, consider joining a mining pool to increase your chance of making money.
In addition, you should do some research for some SHA 256 altcoins you can mine in addition to bitcoin e.g KOMODO, Peercoin, Crowncoin etc.
Check worldcoinindex.com for live price updates of the altcoins and the exchanges where they are listed so you can observe for yourself how the market fluctuates.
Chose the altcoin you find profitable, join its mining pool and mine in addition to bitcoin so you can manage to break even in 12 months.
Hope this helps a bit
But I have seen farms here in the US that are gigantic. They must be turning a profit, and there's no way they're paying 3cents/kwh.China has the highest population of miners because electricity is about 3cents/kwh.
Anything above 10cents/kwh won't give you profits because you have to factor in the cost of cooling your mining rigs(the heat produced is high).
Most people prefer Antminer S9 rig to the latest R4 series because it's more efficient however, R4 rig produces less noise and heat.
Mining bitcoins as a solo miner is not so profitable anymore because the halving has reduced the reward, but if you are going into it, consider joining a mining pool to increase your chance of making money.
In addition, you should do some research for some SHA 256 altcoins you can mine in addition to bitcoin e.g KOMODO, Peercoin, Crowncoin etc.
Check worldcoinindex.com for live price updates of the altcoins and the exchanges where they are listed so you can observe for yourself how the market fluctuates.
Chose the altcoin you find profitable, join its mining pool and mine in addition to bitcoin so you can manage to break even in 12 months.
Hope this helps a bit
And I don't understand why mining as a solo miner is not profitable? I keep seeing people say to join pools, from a business standpoint all this tells me is:your operation is too small, build bigger.
Re: Thinking of large sum of money into mining. Need opinions
Can you afford to wait a minimum of 12months to make any profit? That's the question you need to ask.
Yes.And a 100% return on investment in 1 year is gold
Is there a real possibility it can go there?
Hey guys, so first off this is my first post.
I just learned about Bitcoin a week ago. I been watching vids and reading on it day and night since.
I have 100k to invest. I was going to(and still can) buy a piece of property with my friend who has money and is also a contractor and build on it.
However I really am fascinated with bitcoin. Now I have seen tons of YouTube video's online of other bitcoin farm operations and have no clue how much they cost to set up. Basically I have no clue how much damage I can do with 100k. What they fail to also tell is how much they're making..........but I could see a few reasons why they would chose to withhold that information.
So far I have learned that power is the biggest overhead. To counter that I would buy a warehouse in Mexico where power is cheap. I have a friend that lives down there who can buy the land for me(in Mexico, the law is only citizens can purchase land). Now my knowledge in computers is pretty good but I am not an expert so I would not mind forking out 2-5k for a person who has a computer science degree and has a good understanding of bitcoin, and have him sit down with my buddy who is a contractor to draw up a design of build out.
My only question is, how profitable do you guys think a 100k operation would be with cheap power? I am obviously not doing this as a side hobby, but instead looking to make some real money. Now I am not looking to start tomorrow. If anything I would keep researching this subject for another 6 months or so before making any decisions. But as of right now, any help from this community who mines would be greatly appreciated.
The 100k investment would just be equipment. The purchase of warehouse, cost to build, any other non equipment cost is not a part of the 100k.
I just learned about Bitcoin a week ago. I been watching vids and reading on it day and night since.
I have 100k to invest. I was going to(and still can) buy a piece of property with my friend who has money and is also a contractor and build on it.
However I really am fascinated with bitcoin. Now I have seen tons of YouTube video's online of other bitcoin farm operations and have no clue how much they cost to set up. Basically I have no clue how much damage I can do with 100k. What they fail to also tell is how much they're making..........but I could see a few reasons why they would chose to withhold that information.
So far I have learned that power is the biggest overhead. To counter that I would buy a warehouse in Mexico where power is cheap. I have a friend that lives down there who can buy the land for me(in Mexico, the law is only citizens can purchase land). Now my knowledge in computers is pretty good but I am not an expert so I would not mind forking out 2-5k for a person who has a computer science degree and has a good understanding of bitcoin, and have him sit down with my buddy who is a contractor to draw up a design of build out.
My only question is, how profitable do you guys think a 100k operation would be with cheap power? I am obviously not doing this as a side hobby, but instead looking to make some real money. Now I am not looking to start tomorrow. If anything I would keep researching this subject for another 6 months or so before making any decisions. But as of right now, any help from this community who mines would be greatly appreciated.
The 100k investment would just be equipment. The purchase of warehouse, cost to build, any other non equipment cost is not a part of the 100k.