Topic: How did you make the jump to the next level? (Read 487 times)

Unless you are willing to be screwed when the miners fail -- the Dragonmints are coming to mind -- NEVER EVER buy gear on credit or by getting a loan! For one, there is interest charged on on it so right off the bat it cost you more. If the miners fail or are significantly delayed in delivery you still have to pay off the loan per-schedule putting you even further in the hole.

If you do not have the disposable income to risk - yes, risk - by buying gear then do NOT become a miner! Once the farm is started plan on re-investing a sizeable portion of income for expansion.

Funny you ask....Truth be told, I only quit my job to go pro. full time mining because I was drunk, stoned and trying to impress a girl and get laid.
Unfortunately it worked.
I've actually sold the story rights for an upcoming episode of "How I met your CryptoMinerMother"

I have 28.(1 going/1due back from  RMA) My 16x S9's then I bought gave her 2+2 to add to her own 8x S9's. (Oh and my 7990 is STILL making a respectable trickle of Alt dust)
We're on hold for more ASIC's for few months
She got me a puppy so I got the better of that deal, we shacked up and just bought house near a ski hill in Quebec. So we're pretty much all in at this point.
Ontario I was $0.18/Kwh Quebec is half that. That helps a bit too.

Our expenses are as low as one could get, our lifestyle and needs modest. We spoil the dog, treats are not cheap.
I started GPU Alt's in 2013 rolled them all into BTC waited for the asic tech to stop going obsolete every six months and the price to rise and then jumped in with every dime I could spare.
last Summer/Fall made quitting the day job easy. Finding the Sweet Ass partner also helped tip the scales to go all in.

I ascended to the 100+ level mostly by luck - I discovered cryptocurrencies back in 2014 and had accumulated enough BTC to make the jump last fall.  I did the math back at $2000 and took the leap at $4000.  Had to sell some assets to build the building on land I already owned.  Of course, talked with the power company first and found the limit of what they could provide me.  A bit of math later, and I tweaked my building design to hold 200 S9s.  I was also close to retirement and close to moving to our farm full-time, so that was in my favor.  A month after I placed the order, I gave notice to my employers, quiting one job in November and another at the end of January.  I do this and my farm work as a full time job now.  It helped that I did all my own wiring in a county where the power company was enthusiastic about my potential load and allowed me to wire directly to the (un-energized!) transformers they delivered and placed by my building.

We went live with (80) S9s on December 3rd - a great month.  Been a bit less exhilarating since then, but we are still pulling a profit.  We eventually merged the ( from my city house mostly to simplify income related tax tracking, and have added a few hear and there as they became available and we had coin to reinvest.  Alas, have not been reinvesting enough... really need to max out my building and then start replacing S9s with newer tech that should come out this year.

Two biggies to keep in mind:

1)  Plan to pay taxes.  Put money away every time you cash out BTC to do that with.  Some are claiming the current slump is do to investors who forgot about taxes and are now panic selling to pay them.

2)  Plan to reinvest A LOT.  I targeted about 25% of net income, and that is not enough.  50% would be more realistic.

and last but not least:

3)  Make sure your neighbors are OK with the noise.  My closest neighbor is a 1/4 mile away and he can hear my farm running.  One a 1/3 mile away voiced concerns when he heard what I was about to do.

I ascended to the next level by getting a job in the industry. It opens so many doors, plus it means I have never had to run a miner at home.

"20" is a relative number. Not finite or exact.

Appreciate the feedback.

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Moderator's note: This post was edited by frodocooper to remove a nested quote and unnecessary whitespace.

I was working while mining - and reinvested every penny I could spare after bills into more mining gear.
The job I worked was seasonal - I'd have good income from about the end of January to late June - and 2 years ago I realized that if I just saved the last couple months worth of work income it would give me enough to move to the "land of low cost electric" and that my mining income was enough to live on with some left over for more expansion, while DROPPING my overall cost or living some.

Technically though, I didn't have "20 miners" at the time, more like 12 - but I also don't live fancy which keeps my cost of living down.

How did you progress your mining to a sizable level? 20+ miners


Going from one to two to three miners at home is a fairly simple process. The next step seems to be the hardest part though. Balancing overhead of rent, electric, isp, and misc costs at a level that allows you to continue growth (amount of miners) seems quite difficult.

Talked about this at length today with someone in a similar space. We’re not both idiots, so how did you guys do it?

At the moment quite maths leads me to believe you must possess somewhere around 10+ miners to make it worth it to not host somewhere else. That’s not an insignicant investment!

Any tips on making the next leap would be masssively appreciated.

Cheers.