Now onto my next question. Were in the UK are reputable sellers of miners? or is this going to be a shipping job for outside the UK?
There are so many sites advertising them knowing which ones are reputable is a bit of a stab in the dark,
The only manufacturers are Bitmain, Avalon and Bitfury atm. Maybe Spoondoolies. Regardless its all imported. You say they just want a small portion of the coins. I'm not sure they realize it would cost 1$ of electricity for every 1.2$ over 3 months?
Meaning unless they produce power and their only concern is selling it. Not buying electricity (unless they pay less than a cent per kWh), is less loss than selling you electricity for nothing.
IF you/they dont care. Head to Bitmain and order S7's.
There company is a Multi-Million pound turnover and we have been told not to worry about the electrical cost of the farm but to try scale it up before the next halving in 88 days. If we can be up and running with 70TH/s for the next 88 days to see how things go before the halve,
Also we are thinking that as we move towards the last 5 million btc left to mine, I'm sure that some of the bigger farms will suffer and go offline with the costs they are spending on electric, Surly a split for 25 btc to 12 will hurt the bigger players more than the small time miner operations.
I noticed as well that if say a big miner site goes offline and the network starts to struggle the difficulty will re-adjust automatically, so its makes it that bit easier for the farms to come back on line and move into profit again..
I take it this means that block times will start to fall the closer we get to the end of the road.. even thought that is theoretically not instill 2041, I Think this will be where the smaller farms come back to make there money.
Hmm. 70Th/s is minuscule (vs network). If they have money coming out of their ears, sure. Thats not a whole lot of electricity. Tho i'm pretty sure in the UK they would earn much more if they sold the electricity rather than (you) mined. But lets move on.
So you know about the halving, so you know anything you buy atm will be even less profitable in 3 months. We also know that for private use, there's like 0.1 efficiency chips that won't be out until... oh look, just before the halving, to dump on idiots.
Okay anyways. When the halving happen, it does not really matter as far as "hashrate will drop". Sure it will do something, but actually, big farms have a huge advantage over you and small miners. First they can secure mW's of electricity at dirt cheap (like 1-2 cent/kWh) and second, they get the better stuff before you, and they get better prices.
You can do your math and calculate free electricity and do ROI based on that, but i really much doubt they would be willing to supply you 1mW of electricity for free. (Ofc thats the the case for you yet) So you can get some S7's or wait after the halving (smarter, because S7's value with basically drop overnight to crap).
As far As Bitcoin go, its not a pretty scene, but if you can have someone else shoulder the bill. Go ahead. You'd only need like a dozen of S7, or so for your goal. You won't earn much money and i'm pretty sure they will lose more on electricity than you will earn, but who cares, its not your money. ;P
Exactly, and we are also thinking that after the half possibly the BTC price will be effected. less coins on the network must mean a price rise. its supply and demand structure.
Like we said we want to learn from people here and take on board all the advice we are given. We have a end goal for our coins that will see us make a good return on anything we do mine, and having to hand over a % of the coins at the end of the run we are sure we can walk out with a good ROI. Since we have no running cost for electricity,
The factory get a good rate on there electric as they have a mechnanical production line (robotic welding) they use large amounts off the grid and get it dirt cheap like you say so a few MW extra won't hurt them, also helps the director of the company is into his bitcoins and is willing to gift us the electricity and space for a small % of the BTC we earn. (think he just wants to say he has a BTC farm in his factory)
As for starting out 20k GBP we feel is a good starting investment to buy equipment and fit out the 1st room, (we are planning 2)
please do keep the information comeing guys its been really helpfull to us, and we really appricate all the input and time you have spent replying to us.
on another note dose anyone here know any bitcoin sites in the UK that are up and running? We would be keep to speak to anyone running one? It would be good to have a go to person in our own country who knows the in's and out's of bitcoin miners/farms.
We would also like to visit a bitcoin mine we are willing to travel almost anywhere in the world to come and speak with operators to get a more indepth picture of the way they run there operations.
Thanks
Scottish Security