Topic: Bitcoin Mining Farm - page 2. (Read 2339 times)

I actually know a rich relative. He is an investor of a kind. And always seek for better opportunities for investment. If I will be able to impress him, then I could expect at least $ 3M. What if I invest in 3,000 miners, will I be more profitable for a span of consider 2 years?

 Probably not. You need to get your electric cost down under 5c/KWH (us) and more likely down to at least 3 to be competative long-term with the "big farms".


 Probably, but not certainty.


 Did you take difficulty increases into account?
 Did you take the reward halfing (in July 2016 most likely) into account?

 My electric cost most of the year is 7.5 cents/kwh (US, approximate) and MY calculations show that no current miner is likely to achieve RoI at ANY timeframe due to those factors and current cost per TH on any available miner - and that I'd have to get to somewhere with 5 cent/KWH or less electric to have a reasonable chance of RoI on anything currently available to the public.

 At your amount of investment capitol, you MIGHT be able to get a deal with BitFury or Spondoolies for more efficient or lower cost/TH gear, but I can't figure based on information not generally available.

First I voted yes.

1)Maybe yes Maybe no.  Long run is 1 ,2,3,4,5, or 25  years?

2)The S-5 could have been put into use Dec 2014 and it needed to be replace Sept 2015 with the s-7  so 9 maybe 10 months

3) S-7 and Avalon 6 maybe.  I own S-7 I am waiting to test Avalon 6

4) I strongly believe this to be yes.  But I am a 58 year Retired accounting not Warren Buffet

5) Only cover your running costs> ie power and workers salaries. Hoard every other coin and if they spike sell off some.  at 400 usd then some at 450 usd then some at 500 usd.   I don't know how to sell coins in your country.

6) USA based

7) theft of coins due to various bad coin dealers.  loss of coins due to a pc crashing with bad back up.

 Apple mac minis are really good as coin holders  pm me I can show you why I  like them.

8  ) don't know but I think so

Today is from 1000 x Antminer S7 mining  result only 35-36 BTC per day. Next week, still less . You can not start before January.

Is it really for you insane amount of coins ?

How do you plan on raising this much capital?   Do you have an actual investor who in interested or are you just assuming you will find someone?

I just think that is a lot of capital, and yes it has a ton of opportunity.  Just curious how set in stone your backing in.

1. Will it be profitable in the long run ?

Likely not unless you have other revenue streams

2. How frequently do I need to update my hardware to be in the race ?

As much as need to continue to get a positive ROI

3. What mining hardware would you guys recommend for a Mining Farm (should be efficient and fast)?

S7, SP50 and Avalon 6

4. Will the value of Bitcoins in respect of USD increase in future (say, 5 years down the line)?

No one knows, if they did they would not tell you, especially for free.

5. What proportion of the mined coins should be immediately converted into fiat money ? And where do I convert those insane amount of coins?

That is a question only you can answer, everyone has different risk profiles.

6. If you are from India, could you please help me in understanding the tax structure that shall be imposed on Bitcoin Mining farms in India? Also, what custom duty is levied on import of mining hardware?

Contact an Indian Tax lawyers, you should not take advice on things that can get you in trouble with the law from strangers on the internet.

7. What are the recurring costs (except for Electricity, Salary of employees, and hardware maintenance and replacement costs) ?

Everything above and your investors return.

8. Are there any Bitcoin Mining Farms in India?

I believe so, not sure if it is still operating.

9. Finally, is the whole effort worth the profits ?

That is another question only you can answer, if you don't have passion for the business and what that entails, you will likely burn-out and figure it was not worth the effort.

10. As per a Bitcoin mining calculator, it states that I shall break-even in roughly a year. Provided I start today. If everything goes well, I shall upgrade the farm with another 1000 miners.

Good luck!

Hello,

I am from India. And I am actually planning to start a Bitcoin Mining Farm business. The location for the proposed business is actually a hilly area with cool climate throughout the year. Commercial Electricity is also available at around INR 4.2/kwh ($0.064). I am planning for raising capital to the worth of $ 3 Million (INR. 180000000). I am thinking of buying 1,000 units of Bitmain Antminer S7. The Hardware itself will cost around $1.8 Million. The dedicated Internet connection shall be a 10Mbps leased connection. And I am planning to get a 2Mw electric connection along with backup generators. The Farm will be uptime for at least 95% during the year. Also, I will upgrade the equipment in regular intervals. But, before moving any further, I have a few queries:

1. Will it be profitable in the long run ?

2. How frequently do I need to update my hardware to be in the race ?

3. What mining hardware would you guys recommend for a Mining Farm (should be efficient and fast)?

4. Will the value of Bitcoins in respect of USD increase in future (say, 5 years down the line)?

5. What proportion of the mined coins should be immediately converted into fiat money ? And where do I convert those insane amount of coins?

6. If you are from India, could you please help me in understanding the tax structure that shall be imposed on Bitcoin Mining farms in India? Also, what custom duty is levied on import of mining hardware?

7. What are the recurring costs (except for Electricity, Salary of employees, and hardware maintenance and replacement costs) ?

8. Are there any Bitcoin Mining Farms in India?

7. Finally, is the whole effort worth the profits ?

As per a Bitcoin mining calculator, it states that I shall breakeven in roughly a year. Provided I start today. If everything goes well, I shall upgrade the farm with another 1000 miners.

Please help !! (Free BTCs for everyone who helped if everything goes well. Promise  )