Topic: Bitcoin information (Read 1061 times)

What you say is not so clear. You will be buying a Mining machine and you need help to set it up ?
 You say you have free electricity ?

if you are a beginner it is better not to buy mining machine first, you you must seek information build mining rig and etc, lest you waste your time.

so thats about 6x 13t/hash asics
or 13btc held(buying bitcoin not asics)

going the mining route
first, learn about difficulty adjustments
http://bitcoin.sipa.be/speed-lin.png
the average difficulty change is over 6.5% rise every fortnight.. meaning expect over 6.5% drop of income a fortnight.
also hashrate rises in that time(real time competitor) so expect slightly higher losses due to competition..

anyway lets use a mining calculator to just get the income for 2weeks.. (estimate)
remember the calculators dont do the difficulty depreciation. they just (dumbly) multiply a daily income by 28 for a month or 365 for a year.
never ever expect to get that though as the difficulty adjustments need to be factored in, which as i say the calculators dont do when estimating long term.

so based on 6 asics..
fortnight01      0.95754508<- this grabbed via mining calculators
fortnight02      0.89051692<- this and subsequent depreciate every fortnight by 7%
fortnight03      0.82818074
fortnight04      0.77020809
fortnight05      0.71629352
fortnight06      0.66615298
fortnight07      0.61952226
fortnight08      0.57615571
fortnight09      0.53582480
fortnight10      0.49831707
fortnight11      0.46343488
fortnight12      0.43099443
fortnight13      0.40082483
fortnight14      0.37276708
fortnight15      0.34667339
fortnight16      0.32240625
fortnight17      0.29983782
fortnight18      0.27884917
fortnight19      0.25932972
fortnight20      0.24117664
fortnight21      0.22429428
fortnight22      0.20859368
fortnight23      0.19399212
fortnight24      0.18041268
            ~11.28
after a year of mining. expect ~11.28btc based on a realistic 7% difficulty+competitor depreciation amount per fortnight
and those calculations were for ZERO electrical use, Zero extra costs (heating delivery maintenance, downtime)
so
11.3 at best mining for a year compared to about ~13btc if you just bought $10,000 of btc.

yes you can possibly make more in year 2.
fortnight25      0.16778379
..
fortnight48      0.031612425
            ~1.98

meaning for 2 years combined you have maybe ~13.26

but that as i said is best case scenario.. and 2 years of letting the rigs run without accounting for heating, downtime, maintenance
in my view easier to just buy 13btc and hoard for 2 years.

@batang bitcoin

im looking to invest around 10000 have u got any idea what proffit can be and r they easy to fit and connect and start work for me that i havent got a lot of knowlegde on this field?

unless you are manufacturing the rigs. you wont profit with any good ETA

most people only mine now (if they are not manufacturers) purely on the belief that in a couple of years the fiat value of smaller btc returns will rise to cover fiat expense.

your better off just buying 2BTC($1500) and holding it for 3 years rather then buying a rig (same fiat total now) and hoping to get 1btc in 3 years.

yes you may get 1btc in 3 years and that 1btc maybe worth more than $1500.. thus appearing fiat positive.. but if you just buy 2btc now. you will be even more fiat positive in the future

can you be more specific like wich type shall i buy and would you help me to start over i mean to connect this thingies,and iv got few places with free energy if anyone is interested in partenrship let me know

Bitcoin mining is profitable if you got a high hashing speed rig and a good profit after you take away the rigs costs and the electricity bills. If you get free energy, that's a good thing for you because you can basically get free money. However, you need a good hardware as I said and that will cost you a few thousands. It certainly is profitable and worth it though.

how do you reccon equipemnt will cost for a big farm and are they difficult to install or they have a manual,or you think will be someone who can help me with payment as i dont understand much what am i going in i need to learn this

if you pay nothing for electricity then i would say you are sure to make money, as i would say that that is the main hurdle to mining.  research which miner you are thinking of 1st and also if its just 1 then joining a pool is essential. 

If you have the opportunity to mine, without paying the electricity costs, I think it is an opportunity that should be taken advantage of. But it will not be that simple, because there is the cost of the mining equipment and the shipping cost of the equipment. In addition, you have to be cautious with regard to maintenance and cooling of the equipment.

Just go at a bitcoin mining calculator and you will see that the energy cost is really important.

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=14000&p=2400&pc=0.08&pf=0.00&d=286765766820.55000000&r=12.50000000&er=769.48000000&hc=0.00

In here I tried to do a simple calculation with 1 S9 miner with 14 THS(14.000 GHS) Hashing power and the result with 0.08 USD per kWh you will see that if you don't pay power cost you will earn 138 USD more monthly which is the total power cost for such operation.

So if you have found a way to not pay the electricity power cost it's very much worth to buy an antminer S9.

Generally not, even with free electricity. At least if you don't consider few usd a day profit. If you're a big big big big farm, yes.

added a bit extra to my last message to explain the deeper parts to the reality of mining

what hardware would you suggest and im on about to try it first how does it work as basiclly i dont know nothing about and then go for a big one like  farm with loads of this things in

OP, said he has free electricity, did you factor that in too Franky? You will also have to factor in the price of the equipment and the additional

equipment needed for the cooling. I hope you not going to mine from your mothers basement and leave the utility bill for your parents to pay,

or are you stealing electricity from the grid.  

Yes remember you will see a drop in profits due to increase in difficulty, random events like power or internet outage/ equipment failure,
and a million other things you can't predict or control.

What are your costs for electricity and what mining equipment are you talking about?
We need a little more information before anyone will be able to give you an estimate or help design a plan.

currently a 13t/hash only nets you 0.45btc over the last 6 months. expect 0.25 over the next 6 months
expect 0.13btc for 6months after that.

the mining calculators i have seen are flawed because they just take anticipated earnings this week and then multiply it by X weeks/months

it does not do the realistic depreciation due to difficulty and expectant competition of others.

EG if a calculator says you get 0.000A a day you WILL NOT get:
A*365 a year
A*28 a month

realistically
instead expect a cumulative depreciation every fortnight or less of between 1-10%

the only people profiting are the manufacturers.
because while you spend $1500 (2BTC) on a asic, never breaking even. it only costs them a couple hundred $ to make.
you are literally buying THEM many rigs for free just for you to get one

What information do you exactly need? If you have a dast hardware and you are not paying for the elctricity cost then yes, it is sustainable to do a mining business. However if you have an outdated hardware to begin with, you are just killing the hardware slowly and wasting your time with insignificant gains. Aside from the power costs, you also need to favtor the hardware you'll use and the coin that you'll mine.

If you buy the mining machine and you not pay electricity will that be any good profit,and if you dont have a clue about this will be there anyone experienced to help me obviously with a good payment to make me start