Topic: Free Electricity - Need Advice (Read 280 times)

Seems like this wouldn't be the brightest idea. You could only run 1 S9 with that setup.

Essentially you are looking to buy a single industrial miner and PSU, to be run in a house where you live, where it will heat up quickly, on an outlet that is shared with your other devices, on a 120V line, generating lots of noise, by essentially stealing electricity, for a profit of 3$ a day.

Would you steal your landlord's wallet from him?!  You're essentially stealing from your him to enrich yourself by using extra electricity to mine cryptocurrency and electricity isn't free; someone must pay for it.  
You wont even enrich yourself because you have to pay for the miner and a PSU so you're stealing from the landlord to enrich someone else!  Don't do it.  It's not smart.

Just want to check if you've considered the Power supply cost in your start up calculation?

Then seeing as it sounds like you are in a smaller space to mine, have you also thought about the noise mostly, and the heat secondly (not sure of your climate)?

Other than that maybe check out this topic about getting started

After going through that if there are no other issues my only advice is don't wait. Find a machine at the right price and go for it, because if you only have a certain amount of time with this setup your profits decrease each day you wait. You can check out the marketplace here but read these topics before making a deal with anyone.

About Escrow

This one pertains to sellers but lets you know what to look for

Here is a coin profitability calculator site you can use to compare things.

https://www.coinwarz.com/cryptocurrency


To get a decent understanding of pools, you can always check their threads here on the forum (check the pools board). Generally you can go there ask questions to get a decent vibe of who mines there and why.

From what I see from my personal case with a 7TH machine I need almost half a year to reach that $300.

I'm currently testing pools and some (Slushpool) predict what you can daily make.

That's +/- 0.00023290BTC at the moment. so that's about $1.54 in your currency (I'm european so I'm using euros).
As these giant pools seem to constantly find blocks this value seems to be constant.

The S9 is 14TH? so double that value and you're around $3/day.
so 100 days or 3 months sounds right but you would still need a few years to reach that magical 1BTC.

On the other hand other pools with less miners might share a bigger cut to you when a block is found
but if this will happen daily is unknown.

I don't know how some people who have dozens/hundreds of miners get out of electrical costs.
Even when earnings roll in faster their costs grows exponentional aswell.

When I look at the cost at an ex-colleagues hosting company they charge €129/$150 per month for 4U rackspace with only 3A power consumption.
I doubt that my Avalon 741 fits in 4U and it already more than 3A (4.5-5A) aswell. so the costs would be even more than that.

Maybe some others can share their (pool) experiences here aswell for newcomers.

So ya, I've got free electricity at the place I'm currently living.

Of course, it's not without its limitations. For one, I've only got access to six 120V outlets, all on the same 20A breaker. I probably have a maximum of 1600W to work with if I want to stay below an 80% max amperage draw (since, I've got a tv and a few other minor devices too). Also, I don't have direct physical access to the Internet router. I'd have to use a WiFi extender with a built-in Ethernet port, and then connect my miner to the extender via a physical cable. I don't think that would be an issue though.

Thing is, I'm not really sure how to determine what coin would be most profitable and thus, what hardware I should buy. Bitcoin is really the only coin I'm familiar with, and really the only one I wouldn't just immediately sell, since I've got the luxury of not having a utility bill. But of course, I'd mine something else if it meant a bigger profit margin.

I was looking at the S9, which from today's estimate I guess would make me about 90USD per month, based on some online calculator I found. I suppose if I can find a used miner on ebay for under 300USD then I might jump on it, but of course with the difficulty rising every month, and only being able to run one miner, it'd still take more than three months to make a profit, with free electricity! I probably won't be living here for more than another year so this is really only a short term investment.

If anyone's got any advice, I'd really appreciate it. Want to take advantage of this opportunity while I can. Thanks