Do you own a mining rig? | Bitcointalksearch.org

FP91G

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Quote from: 9TONNN on February 29, 2024, 05:20:06 AM

Quote from: TheUltraElite on February 06, 2024, 07:22:50 AM

Quote from: WatChe on February 04, 2024, 02:31:15 PM

They don't have idea that setting up mining equipment need technical skills and time.

Mining today with a good community to help you out from this forum, is not that difficult. Technical stuff gets known within a month or so and you would be mining in no time. Plus there are so many youtube miners, who demonstrate how to operate miners.

Quote

To run your mining equipment efficiently you have to keep an eye on the breakdowns and ready to fix them as soon as there is a break down.

Fixing is also not the issue in my opinion. Again the miners of this forum are knowledgeable and in most cases they will be able to help you out.

Quote

One must keep this aspect of mining in mind before starting it.

The biggest issue is whether you will hit an ROI and then cross over that.

Do you know good reliable supplier of ASIC miners in Singapore or Malaysia or Thailand? I need cross-country delivery of these ASIC miners on a monthly basis.

Try starting your search from the site
https://www.asicminervalue.com/

In the section Where to buy? there is a list of verified sellers for each ASIC
https://www.asicminervalue.com/miners/bitmain/antminer-ks5-pro-21th
I and this site do not guarantee you a safe purchase, but this resource usually contains links to trusted sellers.

In Russia, ASICs are sold as regular goods on large marketplaces, and you have time to check the equipment.

9TONNN

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Quote from: TheUltraElite on February 06, 2024, 07:22:50 AM

Quote from: WatChe on February 04, 2024, 02:31:15 PM

They don't have idea that setting up mining equipment need technical skills and time.

Mining today with a good community to help you out from this forum, is not that difficult. Technical stuff gets known within a month or so and you would be mining in no time. Plus there are so many youtube miners, who demonstrate how to operate miners.

Quote

To run your mining equipment efficiently you have to keep an eye on the breakdowns and ready to fix them as soon as there is a break down.

Fixing is also not the issue in my opinion. Again the miners of this forum are knowledgeable and in most cases they will be able to help you out.

Quote

One must keep this aspect of mining in mind before starting it.

The biggest issue is whether you will hit an ROI and then cross over that.

Do you know good reliable supplier of ASIC miners in Singapore or Malaysia or Thailand? I need cross-country delivery of these ASIC miners on a monthly basis.

FP91G

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Quote from: Greazzy on February 18, 2024, 08:12:22 PM

i own a small farm it is profitable if u hold the profit for long time

I would say this one has been profitable in the past. If you mine Bitcoin, then you need to pay for mining equipment and pay large electricity bills. Even 1 ASIC with a consumption of 3500 watts will give you a consumption of 2500 kilowatts per month. But with altcoins, such an experience can give a negative result.

Greazzy

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i own a small farm it is profitable if u hold the profit for long time

FP91G

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Quote from: koraall on February 15, 2024, 02:16:23 PM

I started mining in 2022 and did it till the end of 2023. But then I decided to calculate how much I earned during this time. I found out that It wasn’t profitable at all. I spent more money on ASIC’s and electricity than I received. So, for me, it was a negative experience.
I still have all the construction that I made and am planning to sell it.

You have been mining for one or 2 years and say that it is not profitable, but this can only be in a few cases:
-you had ASIC breakdowns, and you lost a lot of profit due to downtime
-your electricity is too expensive and you did not use a calculator before purchasing or bought old equipment
-you sold all the coins at once and did not expect the price to rise

koraall

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I started mining in 2022 and did it till the end of 2023. But then I decided to calculate how much I earned during this time. I found out that It wasn’t profitable at all. I spent more money on ASIC’s and electricity than I received. So, for me, it was a negative experience.
I still have all the construction that I made and am planning to sell it.

Sergeant Major

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I've mined Bitcoin and alt coins on and off over the years, dating back to 2013, mostly using GPUs. ASICs were always hard to make profitable between purchase and electricity costs.

I couple years ago I got into Helium (HNT) mining and acquired 11 miners. One was destroyed when the company I worked at had an issue with me putting it on their roof, but that's another story.

Now I just have the 10 miners all cranking away at my house, making IOT coins that I convert to HNT. They aren't all supposed to be in the same place, they are supposed to be spread out over an area, maybe a half mile or more between miners. I don't care. I'd have to pay rent to people to run miners at their house, and I did for over a year, and that's not profitable. So I just don't care and let them run at my house for FREE and at minimal power cost. More Money for Me!

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: WatChe on February 04, 2024, 02:31:15 PM

They don't have idea that setting up mining equipment need technical skills and time.

Mining today with a good community to help you out from this forum, is not that difficult. Technical stuff gets known within a month or so and you would be mining in no time. Plus there are so many youtube miners, who demonstrate how to operate miners.

Quote

To run your mining equipment efficiently you have to keep an eye on the breakdowns and ready to fix them as soon as there is a break down.

Fixing is also not the issue in my opinion. Again the miners of this forum are knowledgeable and in most cases they will be able to help you out.

Quote

One must keep this aspect of mining in mind before starting it.

The biggest issue is whether you will hit an ROI and then cross over that.

WatChe

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Quote from: FP91G on January 28, 2024, 07:32:12 AM

You can buy 5 ASICs, or you can buy 30 ASICs, but you will spend almost the same time on servicing this equipment if the ASICs do not break down often. I earn a small income from several ASICs, and this is an activity associated with the risks of fires and equipment breakdowns, and not just passive income, as many people think.

Thanks for sharing your experience. Many think of mining as buying expensive equipment and powering it on will start giving you revenue. They don't have idea that setting up mining equipment need technical skills and time. To run your mining equipment efficiently you have to keep an eye on the breakdowns and ready to fix them as soon as there is a break down. One must keep this aspect of mining in mind before starting it.

sheenshane

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First thing that you need to consider most as mentioned above is the electricity cost and the weather conditions in your area or country before you start mining. It has possibly an impact on your possible ROI because not only the mining rigs that you need to buy but also the cooling system not to easily break down.

Try to use this calculator that I've found to calculate the hash rate and power consumption.
https://whattomine.com/asic

You can estimate potential profits based on your specific inputs, such as the hash rate of your ASICs, electricity costs, and other relevant parameters. It also provides a rough idea of the potential returns and helps you to determine the number of ASICs to deploy.

Assface16678

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Well, true ROI in mining is slow; it is profitable, yes, but the return on investment might take a long time. Added to the expenses of electricity and internet, you really need a lot of investment and patience when investing in mining, as it requires a lot of GPU or equipment before you can mine efficiently and to ensure that you will have a profit in a short time. Meaning no expenses allocated for equipment means more profit or faster profit, but you will still not be able to see the ROI right away as you need to consider other things such as electricity, internet, and your daily expenses. So if you are thinking of doing mining, be ready to spend a lot of money and risk not being able to get your ROI. Luckily, I don't continue my investments in mining because I know that I can't sustain them and end up losing money.

blckhawk

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Quote from: FP91G on January 27, 2024, 12:08:50 PM

In Russia, 5-7 cents per kilowatt on average, if you don’t mine coins in Irkutsk for a few cents. But there are problems with limits on domestic consumption of 15 kilowatts, and in an apartment it is 2-3 times less. Increased consumption immediately causes unnecessary attention from controllers, so the maximum you can use is 1-2 ASICs of 3 kilowatts each or video cards, which can now pay off for a very long time.

So it's a matter of how much you've got to pay for electricity that are stopping some people from setting up their mining rigs. Irkutsk is like arctic winter right? That would mean that this would be the best place to do mining and at the same time solve the heating issue? What do you mean by the unnecessary attention? That's a bit weird to me that just because you've got an increase in your power consumption, someone's suddenly being suspicious like the IRS? What would happen though if they know about the mining operation?

philipma1957

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'The right to privacy matters'

First is break down of gear.

I know from the 1000 plus asics I owned and service 5-10% suck even when sealed and shipped from the factory.

we just got 26 s19xps factory sealed

one had a dead fan.
one never passed factory checks

they test all s19xps at the factory.

25 of the 26 passed the first ½ hour test and the second ½ test.

1 failed every time.

yet it was still sealed and shipped. so expect 1/26 or say 5% to be doa.

this one needed a replacement of the controller.

the other dead one had a bad fan. s19xp use martech and they fail often.

So if you buy a lot of gear 20plus s19xp’s expect a 5% issue

I consider 5% of gear new broken

BabyBandit

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Quote from: FP91G on January 28, 2024, 07:32:12 AM

Quote from: BabyBandit on January 28, 2024, 05:29:08 AM

Quote from: ABCbits on January 28, 2024, 05:27:39 AM

Quote from: JustineCollins09 on January 17, 2024, 05:02:36 AM

I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI.

Without any details, i'd assume those people didn't plan their investment very well. Usually either due to using old ASIC, high electricity rate or high import fees.

Quote from: BabyBandit on January 23, 2024, 11:52:45 AM

I saw a video on YouTube once. https://www.youtube.com/watch?v=WbEn-fsAEqs
Where I think he explain very good and honest (at lest from my extreme small knowledge) but it cost a lot to start this (I think)
I am interested in starting mining but no way I would spend $100K and I got many other business at the moment also, but I am a person that love passive income's and always looking for new opportunities Cheesy

That youtuber spend almost $100K. But for starting, you could just buy only 1 ASIC which cost few thousand dollar (i know it's still high for many people).

Yeah I know. But I think you need to invest some kind of money to get a reward. But invest small can be good to.

You can buy 5 ASICs, or you can buy 30 ASICs, but you will spend almost the same time on servicing this equipment if the ASICs do not break down often. I earn a small income from several ASICs, and this is an activity associated with the risks of fires and equipment breakdowns, and not just passive income, as many people think.

This sound very interesting about how you have have make your calucation with fire and equipment breakdows.
If you willing and have time I gladly listen to more. 🙏

FP91G

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Quote from: BabyBandit on January 28, 2024, 05:29:08 AM

Quote from: ABCbits on January 28, 2024, 05:27:39 AM

Quote from: JustineCollins09 on January 17, 2024, 05:02:36 AM

I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI.

Without any details, i'd assume those people didn't plan their investment very well. Usually either due to using old ASIC, high electricity rate or high import fees.

Quote from: BabyBandit on January 23, 2024, 11:52:45 AM

I saw a video on YouTube once. https://www.youtube.com/watch?v=WbEn-fsAEqs
Where I think he explain very good and honest (at lest from my extreme small knowledge) but it cost a lot to start this (I think)
I am interested in starting mining but no way I would spend $100K and I got many other business at the moment also, but I am a person that love passive income's and always looking for new opportunities Cheesy

That youtuber spend almost $100K. But for starting, you could just buy only 1 ASIC which cost few thousand dollar (i know it's still high for many people).

Yeah I know. But I think you need to invest some kind of money to get a reward. But invest small can be good to.

You can buy 5 ASICs, or you can buy 30 ASICs, but you will spend almost the same time on servicing this equipment if the ASICs do not break down often. I earn a small income from several ASICs, and this is an activity associated with the risks of fires and equipment breakdowns, and not just passive income, as many people think.

BabyBandit

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Quote from: ABCbits on January 28, 2024, 05:27:39 AM

Quote from: JustineCollins09 on January 17, 2024, 05:02:36 AM

I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI.

Without any details, i'd assume those people didn't plan their investment very well. Usually either due to using old ASIC, high electricity rate or high import fees.

Quote from: BabyBandit on January 23, 2024, 11:52:45 AM

I saw a video on YouTube once. https://www.youtube.com/watch?v=WbEn-fsAEqs
Where I think he explain very good and honest (at lest from my extreme small knowledge) but it cost a lot to start this (I think)
I am interested in starting mining but no way I would spend $100K and I got many other business at the moment also, but I am a person that love passive income's and always looking for new opportunities Cheesy

That youtuber spend almost $100K. But for starting, you could just buy only 1 ASIC which cost few thousand dollar (i know it's still high for many people).

Yeah I know. But I think you need to invest some kind of money to get a reward. But invest small can be good to.

ABCbits

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Quote from: JustineCollins09 on January 17, 2024, 05:02:36 AM

I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI.

Without any details, i'd assume those people didn't plan their investment very well. Usually either due to using old ASIC, high electricity rate or high import fees.

Quote from: BabyBandit on January 23, 2024, 11:52:45 AM

I saw a video on YouTube once. https://www.youtube.com/watch?v=WbEn-fsAEqs
Where I think he explain very good and honest (at lest from my extreme small knowledge) but it cost a lot to start this (I think)
I am interested in starting mining but no way I would spend $100K and I got many other business at the moment also, but I am a person that love passive income's and always looking for new opportunities Cheesy

That youtuber spend almost $100K. But for starting, you could just buy only 1 ASIC which cost few thousand dollar (i know it's still high for many people).

WatChe

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Quote from: TheUltraElite on January 17, 2024, 09:39:52 AM

I dont, because the electricity costs in my country is high and the return made from a year of mining or longer would not be enough to ROI and break even. I would be stuck with ASICs that I would not be able to sell because by then newer equipment would have come into the market and it would eventually become difficult to resell them as well.

You could still try it for educational purposes and then resell the ASIC to someone who needs it.

It might be different where you live. Check out the link @FP91G posted to see what works for you.

Mining has many factor associated with it, main factors are - hardware cost, Electricity bill, legislation's. Electricity is on going cost that you have keep paying as long as your mining equipment is up and running while other expenses are mostly one time cost.
In my country (Pakistan) electricity is super expensive and also scarce. Moreover legislation are also not clear rather quite ambiguous about mining. Due to that mining is not much in business here.

FP91G

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In Russia, 5-7 cents per kilowatt on average, if you don’t mine coins in Irkutsk for a few cents. But there are problems with limits on domestic consumption of 15 kilowatts, and in an apartment it is 2-3 times less. Increased consumption immediately causes unnecessary attention from controllers, so the maximum you can use is 1-2 ASICs of 3 kilowatts each or video cards, which can now pay off for a very long time.

philipma1957

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Quote from: FP91G on January 26, 2024, 08:01:53 AM

Quote from: As03 on January 17, 2024, 11:12:54 AM

I would but electricity is too expensive in my country.

You can have fun with a "lottery miner" like bitaxe though to understand mining things but forget about mining unless you go big with low elecricity cost.

Also read stickies, they are meant for these kind of questions...

One miner said on that forum that your country has borders. If you really want to mine, then you can work in other countries either independently or as an employee. There are enough vacancies in this field in different countries.
Electricity is becoming more expensive in all countries and home mining is dying.

home mining is dying due to the amount of gear in the game and to power cost.

lets pretend I have 200th burning 4kwatts comes to 96kwatts a day. Let's be more optimistic and say the power is free. It does occasionally happen usually not legally but even legally can happen.

A 200th machine does 200 x 0.0785 = $15.70 a day with free power this is an issue because in 90 days it will drop 50% to $7.85 a day

So we simply are not getting enough income even with free power.

Also must usa homes have 200 amps at best so if they wanted to run 1 machine amps are 16 or 17 amps

grand total of 3 machines is 51 amps. My home has a 150 amp panel I can do around 50-60 amps and only in the winter it is simply too hot to do in the summer.

Most of the time my 14 cent winter power loses money.

So why bother.

FP91G

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Quote from: As03 on January 17, 2024, 11:12:54 AM

I would but electricity is too expensive in my country.

You can have fun with a "lottery miner" like bitaxe though to understand mining things but forget about mining unless you go big with low elecricity cost.

Also read stickies, they are meant for these kind of questions...

One miner said on that forum that your country has borders. If you really want to mine, then you can work in other countries either independently or as an employee. There are enough vacancies in this field in different countries.
Electricity is becoming more expensive in all countries and home mining is dying.

BabyBandit

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Quote from: JustineCollins09 on January 17, 2024, 05:02:36 AM

I would like to know if there is anyone here really own a mining rig and is still profitable. I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI. How many ASIC's do you own for now? Also have few more questions in mind.

No I am not, but I am very interesting in getting one and start mining
I saw a video on YouTube once. https://www.youtube.com/watch?v=WbEn-fsAEqs
Where I think he explain very good and honest (at lest from my extreme small knowledge) but it cost a lot to start this (I think)
I am interested in starting mining but no way I would spend $100K and I got many other business at the moment also, but I am a person that love passive income's and always looking for new opportunities Cheesy

But I also have wonder if Bitcoin is the only crypto worth mining? I will for sure do more research about this when I got time but at how my life is now I only spend 4 hours sleep, rest work and an hour or so to hang out here and having some fun. Maybe take that hour I spend here to look into this can give me something back in the future.

Thanks for the post, it remind myself of this thing once again.
Have a good one.

Best regards
BabyBandit

BitMaxz

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I had a few ASIC units before including D3 I made some profit before with SHA256 units but for D3 I regretted buying this before it never made me any profit.
Currently, I sold my units because it's not profitable anymore and also due to financial issues.
I was planning to try new units but until now with the current electricity rate it is still not profitable I don't know if after the block halving, we will see it become profitable again just like before.

As03

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I would but electricity is too expensive in my country.

You can have fun with a "lottery miner" like bitaxe though to understand mining things but forget about mining unless you go big with low elecricity cost.

Also read stickies, they are meant for these kind of questions...

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: JustineCollins09 on January 17, 2024, 05:02:36 AM

I would like to know if there is anyone here really own a mining rig and is still profitable. I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI. How many ASIC's do you own for now? Also have few more questions in mind.

I dont, because the electricity costs in my country is high and the return made from a year of mining or longer would not be enough to ROI and break even. I would be stuck with ASICs that I would not be able to sell because by then newer equipment would have come into the market and it would eventually become difficult to resell them as well.

You could still try it for educational purposes and then resell the ASIC to someone who needs it.

It might be different where you live. Check out the link @FP91G posted to see what works for you.

FP91G

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Quote from: JustineCollins09 on January 17, 2024, 05:02:36 AM

I would like to know if there is anyone here really own a mining rig and is still profitable. I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI. How many ASIC's do you own for now? Also have few more questions in mind.

If you read the mining news, many large companies managed to pay back their equipment in 1 year, but the price of Bitcoin was rising.
Check out the ASIC calculator
https://www.asicminervalue.com/
If your electricity costs less than 5 cents and you can mine without additional costs on your territory, then mining is profitable.

JustineCollins09

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I would like to know if there is anyone here really own a mining rig and is still profitable. I have seen people buying few ASIC's and still consider mining a worst investment due to poor ROI. How many ASIC's do you own for now? Also have few more questions in mind.

Topic: Do you own a mining rig? (Read 418 times)