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Topic: Am I too Late?! (Read 1943 times)

full member
Activity: 124
Merit: 100
May 05, 2015, 06:04:03 AM
#35
How much does something like that cost?

Given KNC design, manufacture and operate multi data center scale operations, you can’t simply imagine the phenomenal expenses involved. To give you an idea the company said it will invest $150 million more in the next 18 months. Press information indicates KNC raised $29 million in the past 12 months, Bitfury which runs equally sized farms raised $40 million. http://www.coindesk.com/bitcoin-venture-capital/

Also if you're interested in the costs of this magnitude try hunting around for the company's annual report, this is typically available to investors. For example take a look at the regulated mining firm DigitalBTC, they're required by law to publicly disclose this information. http://digitalbtc.com/announcements/


hero member
Activity: 826
Merit: 1000
May 05, 2015, 12:14:33 AM
#34
Work smarter, why bother into mining?

Just create something traditionally, and adapt it with bitpay and you should be having more bitcoin then the average user.

No ones really late, but whats worrying me is that after 6 years of introduction, no etf update or anything moving forward about other companies to adopt it.
hero member
Activity: 505
Merit: 500
May 04, 2015, 07:55:58 PM
#33
well... You may need a computer like this one:



This is the scale of mining today. Since it's like a lottery system it is theoretically possible to still mine with a home computer. The odds however are dismal. It will likely take hundreds or thousands of years to find a block.

really since the Chinese mega-mines it's go big or go home.

How much does something like that cost?
legendary
Activity: 1456
Merit: 1000
May 04, 2015, 01:59:35 PM
#32
Short answer to your question is basically Yes, you are too late.  The free electricity certainly puts your ROI ahead of virtually everybody else but purchasing used equipment off of ebay is going to be costly.  The truth is, you'll probably find much better deals in the [Marketplace] section.  But best case scenario, your still looking at a 6-8 month ROI and that's assuming bitcoin difficulty remains relatively static (which it likely won't)

If you have low priced electricity it is not to late.   If you have import taxes, high electricity, etc then it is to late.

ROI is no longer 3 month like it once was.  Expect longer mining time to get ROI.  But it can be done.
legendary
Activity: 1610
Merit: 1000
Well hello there!
May 04, 2015, 01:18:19 PM
#31
Short answer to your question is basically Yes, you are too late.  The free electricity certainly puts your ROI ahead of virtually everybody else but purchasing used equipment off of ebay is going to be costly.  The truth is, you'll probably find much better deals in the [Marketplace] section.  But best case scenario, your still looking at a 6-8 month ROI and that's assuming bitcoin difficulty remains relatively static (which it likely won't)
legendary
Activity: 1414
Merit: 1077
May 04, 2015, 07:51:52 AM
#30
Yes, apparently its a KnC mining farm: http://www.datacenterknowledge.com/archives/2014/07/10/massive-bitcoin-mines-spring-up-in-warehouses/
Sorry for the naff link its the best I could find quickly, I have seen it mentioned before though.

You're correct. This is KNC's Clear Sky Mining Farm in Boden Sweden.
They operate out of several hangars, on a former military helicopter base right next to a hydroelectric station.
Given the cold climate of Sweden it is assumed KNC are "free air cooling" without cold or hot aisle separation, a simply matter of opening the hanger doors.

https://www.knccloud.com
https://www.youtube.com/watch?v=jWiT4RxY18s


Thank you for the information Smiley.
full member
Activity: 124
Merit: 100
May 04, 2015, 05:58:54 AM
#29
Yes, apparently its a KnC mining farm: http://www.datacenterknowledge.com/archives/2014/07/10/massive-bitcoin-mines-spring-up-in-warehouses/
Sorry for the naff link its the best I could find quickly, I have seen it mentioned before though.

You're correct. This is KNC's Clear Sky Mining Farm in Boden Sweden.
They operate out of several hangars, on a former military helicopter base right next to a hydroelectric station.
Given the cold climate of Sweden it is assumed KNC are "free air cooling" without cold or hot aisle separation, a simply matter of opening the hanger doors.

https://www.knccloud.com
https://www.youtube.com/watch?v=jWiT4RxY18s

legendary
Activity: 1414
Merit: 1077
May 04, 2015, 04:22:16 AM
#28
well... You may need a computer like this one:



This is the scale of mining today. Since it's like a lottery system it is theoretically possible to still mine with a home computer. The odds however are dismal. It will likely take hundreds or thousands of years to find a block.

really since the Chinese mega-mines it's go big or go home.

Is that a photo from an actual bitcoin mining operation?   Shocked

Yes, apparently its a KnC mining farm: http://www.datacenterknowledge.com/archives/2014/07/10/massive-bitcoin-mines-spring-up-in-warehouses/

Sorry for the naff link its the best I could find quickly, I have seen it mentioned before though.
legendary
Activity: 1456
Merit: 1000
May 04, 2015, 01:15:18 AM
#27
well... You may need a computer like this one:



This is the scale of mining today. Since it's like a lottery system it is theoretically possible to still mine with a home computer. The odds however are dismal. It will likely take hundreds or thousands of years to find a block.

really since the Chinese mega-mines it's go big or go home.

"Since it's like a lottery system"... you could be better of in a casino, because some games offer much better odds.  Smiley

I'm not a huge fan of lottery system.  You can still mine profitable but it takes mining smart.   

It is no longer 3 month ROI.  You will need no import tax, and low electricity.  If you have this you can compete and pull a profit.
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
May 04, 2015, 01:11:32 AM
#26
well... You may need a computer like this one:



This is the scale of mining today. Since it's like a lottery system it is theoretically possible to still mine with a home computer. The odds however are dismal. It will likely take hundreds or thousands of years to find a block.

really since the Chinese mega-mines it's go big or go home.

"Since it's like a lottery system"... you could be better of in a casino, because some games offer much better odds.  Smiley
Vod
legendary
Activity: 3668
Merit: 3010
Licking my boob since 1970
May 04, 2015, 01:11:10 AM
#25
well... You may need a computer like this one:



This is the scale of mining today. Since it's like a lottery system it is theoretically possible to still mine with a home computer. The odds however are dismal. It will likely take hundreds or thousands of years to find a block.

really since the Chinese mega-mines it's go big or go home.

Is that a photo from an actual bitcoin mining operation?   Shocked
legendary
Activity: 3248
Merit: 1070
May 04, 2015, 01:07:51 AM
#24
electricity aint never free unless you steal it.. And even then someone is paying 4 it

There are clever ways of using it without stealing.

but with those ways, it isn't exactly free, even with solar panels or other conventional way, there are some costs for the maintenance, a part from the starting cost
legendary
Activity: 1414
Merit: 1077
May 03, 2015, 07:11:52 PM
#23
electricity aint never free unless you steal it.. And even then someone is paying 4 it

There are clever ways of using it without stealing.
hero member
Activity: 505
Merit: 500
May 03, 2015, 07:06:00 PM
#22
electricity aint never free unless you steal it.. And even then someone is paying 4 it
legendary
Activity: 1414
Merit: 1077
May 03, 2015, 06:07:54 PM
#21
having free eletricity  is a no brainer. it would be automatic for me to mine ,if i get the juice for free.  just find out what the limit is  so  they dont cut ur gravy train off. dont get ripped off for the gear tho , it will just counter the free juice.

Same here! If I had access to free or inclusive commercial electricity I would mine with every piece of hardware I could get my hands on.
legendary
Activity: 1456
Merit: 1000
May 03, 2015, 05:55:58 PM
#20
having free eletricity  is a no brainer. it would be automatic for me to mine ,if i get the juice for free.  just find out what the limit is  so  they dont cut ur gravy train off. dont get ripped off for the gear tho , it will just counter the free juice.

The problem is very few have "free" electricity.  Most parents or someone is footing the bill.  There are some apartments that have electricity included, only one I have ever had that had "free" electricity was student living, it had a max cap of 25 dollars extra.

If electricity is included in a normal apartment landlord will not be happy/chances are catch on after a few k watts of gear.
sr. member
Activity: 968
Merit: 250
May 03, 2015, 05:35:28 PM
#19
having free eletricity  is a no brainer. it would be automatic for me to mine ,if i get the juice for free.  just find out what the limit is  so  they dont cut ur gravy train off. dont get ripped off for the gear tho , it will just counter the free juice.
legendary
Activity: 1456
Merit: 1000
May 02, 2015, 01:42:10 AM
#18
Go for cloud mining or PoS coins. Home mining went into history a year ago.

Not necessary true.  Home mining still can be done.  But it is much longer ROI time, and you have to have cheap electricity.

If you go the route of cloud mining, do some research.   Some advertise amazing prices, and they are Ponzi sites.  Cloud mining I highly suggest lots of research before buying hash.
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
May 02, 2015, 01:38:12 AM
#17
Go for cloud mining or PoS coins. Home mining went into history a year ago.
legendary
Activity: 1456
Merit: 1000
May 02, 2015, 12:58:15 AM
#16
I will also say to anybody that claims they have "free electricity" to check the realities of of their situation. Somebody is always paying for the electricity they use, but they think it's free" because they have paid for a "normal" amount for their apartment, dorm room, or parent's basement. The key work here is normal, or expected usage amount. Beside the expectation of whoever is paying for the electricity, you will  need to look at the capacity of your electrical service. Student dorm room might have a couple of outlets, probably all on the same circuit. When I went to college, there were serious restriction on things like "hot plates", other high power devices. That wasn't just to annoy folks, it was because the place wasn't wired to support more than some lights, a couple of computers, and maybe a TV. I seriously doubt that college dorms are wired that much better today to support a killowatt or two of Bitcoin mining hardware.

Same thing, on a slightly different scale for your apartment or parent's basement.

Think twice about using your employer's space and electricity for mining. While some may be cool with a small amount of mining that doesn't disrupt things, other employer's have zero tolerance Bitcoin mining on their dime as it were.

There is only one situation I would have felt decent with "free electricity".  In student housing for university the apartments bragged about electricity included the most they could charge was a extra "peak charge" of 25 dollars no matter how high it truly was.  I didn't mine there since I had 3 roomates and they would have gotten the charge to, so would have been a not so nice guy move.

If I would have went for the apartment rented out myself i definitely would have mined in one of the rooms.  But most "free" I think parents or small landlord pays. Mine was unique it was multi-million dollar company that put in nice apartments in big university towns.
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