Topic: How much do I need to start mining? - page 2. (Read 1271 times)

First of all, you need to know what kind of equipment you might need to mine Bitcoin. Knowing about the specific equipment will give you an idea of how much money you might need to mine Bitcoin. Bitcoin mining usually requires mining software, a good quality computer, power, hardware, wallet, and other equipment. Make a list of these equipments in what kind of budget you will buy these items according to the budget and estimate the price of each equipment and then calculate the total. Hopefully the totals will give you an idea of what your initial cost of mining Bitcoin might be. It will be difficult for you to start mining with $300. Because buying a good quality computer can cost you 300 dollars. With 600 to 1000 dollars you can start mining.

You can or cannot start your mining with $300. It depends on the equipment and tools you have on ground. First if you do not have a computer with a powerful GPU such as Alienware or GeForce or any of those gaming PC then you need to buy one. The average price for one is within $700 for a new one and $400 for a used one the last time I checked. If you do then, you are half way there -  the next thing is do you have electricity or better still you may need to look towards alternative sources of energy to power you mining operations. I know you are starting small so you do not need anything elaborate. You may need to build a 5500kw battery bank off of one 360w solar panel that can power your apartment. The estimated cost for this is about $1200 on my equipment. This would be a one-off thing and you wouldn't need to pay high electricity fee monthly. As you can see, the $300 is not enough to start up, you need to review your budget.

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Bitcoin mining isn't cheap nowadays, and the main problem is that the hardware gets obsolete really fast, I mean if you buy the best Bitcoin miner in 1 year it will not have enough power to be efficient enough to give you profit, that's why if you want to start mining you should look at altcoins, that's the right way to do it if you have low capital.

Even you can look for staking coins, PoS is an algorithm that let you mine just by holding coins in your wallet, so, with this kind of coins you don't need to buy hardware to mine.

By estimating the common equipment needed for Bitcoin mining in your country, you can arrive at a total of how much it might cost to start mining. Usually the devices are of different prices depending on what kind of device you use, if you want to use a better quality device or something else you may spend a little more money. But starting Bitcoin mining does not require much money initially. But I think it is very necessary to have 500$ to 600$ in hand before starting bitcoin mining. Because if you have 500$ to 600$, you can start mining roughly.

If you mean bitcoin mining you want to mine, at this time I don't know any 300$ Asic miner, most of them are expensive in the market. Try to see it here at https://www.canaan.io/ and also try to research if you are really determined to buy.
Even if it's a secondhand Asic miner, you can't buy that amount of 300$, instead of thinking about that, it's better to buy bitcoin or other altcoins that have the potential to give you profit.

Well you make 1 megawatt an hour which is around 6 megawatts in a day

so 6/24 =  .25 megawatts an hour for 24 hours.

basically you cap at 250kwatts and sell the excess to the grid. during the day.

then you buy back the power at night.

Depending on what country and set of laws many power grids allow this and do it fairly.

we have a 280kwatt a 115kwatt and a 45kwatt array. or 440kwatts of arrays in the state of New Jersey we are allowed to sell the excess back in daylight and buy it back at night.

so our setup is 440 x 6 = 2.640 megawatts /24 = 110kwatts 24 hours a day. nets to zero cost for power.

How many solar panels do you need to generate 100 megawatts per hour?
These are hundreds of thousands of solar panels and investments of several hundred million dollars.
I know that the largest solar power plants in the world produce 1000-2000 megawatts, but I don’t understand how you can mine at night?

So you have 100mega watts an hour to burn?

1 mega watt an hour does 300 s19's

100 mega watts an hour does 30000 s19's to be safe lets say 28,000 s19's

A high end s19 xp = 4k so 28,000 x 4k = $112,000,000 worth of  miners

or a lower cost s19 = 1k so $28,000,000 worth of miners.

You need a lot more for cooling and if you do solar you would have a very large solar array maybe in the top 20 of  the biggest in the world.

100 megawatts of use means maybe a 600 megawatt farm to cover your usage.

https://www.theecoexperts.co.uk/solar-panels/biggest-solar-farms#:~:text=1.,working%20to%20deliver%20clean%20energy.

---

"13. Kamuthi Solar Power Station — India

The Kamuthi Solar Power Station is another entry for India, which combined has the fifth largest solar capacity of any country in the world.

This solar farm has an output of 0.65 GW and generates electricity for approximately 265,000 homes in the Tamil Nadu state.
14. Francisco Pizarro — Spain

Europe just managed to get into the top 15 with the Francisco Pizarro Solar Plant in Spain, a 0.59 GW solar farm capable of powering around 334,400 homes.

That’s equivalent to removing 150,000 tonnes of CO2 from the atmosphere every year. Interestingly, during construction of the solar farm extensive archaeological remains dating back to ancient and medieval times were found.

All steps were taken to ensure their protection and responsible excavation.
15. Solar Star — US

---

For a country with the second-highest solar capacity, behind only China, it’s surprising to see the US only has a single entry on this list.

Nonetheless, the Solar Star solar farm in California is one of the most advanced solar farms in the world.

It uses the more expensive crystalline silicon for its solar panels, which gives it greater efficiency while covering a smaller surface area than other solar farms with a similar power output — 0.58 GW over 12 km2 of land."







Tom Gill
Tom Gill
Writer
Tom joined The Eco Experts over a year ago and has since covered the carbon footprint of the Roman Empire, profiled the world’s largest solar farms, and investigated what a 100% renewable UK would look like. Tom has a particular interest in the global energy market and how it works, including the ongoing semiconductor shortage, the future of hydrogen, and Cornwall’s growing lithium industry.
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I think if you have this much $$ to spend you do not need our services.

But if you are usa based. My partner has built 300 and 500 kwatt farms

we use a 280kwatt a 115kwatt and a 45 kwatt set of arrays to mine. total is 440kwatt an hour.

Hello boys,

If I have 100MW/hour, what is the budget to create a Bitcoin mine connected to this electricity grid from photovoltaic panels?
Is there anyone who can create this mine for me from scratch?

If anyone can help me with these details, please leave me a message.

Thanks.

The situation in mining is changing, and if you do not have the ability to increase electricity consumption, then rigs from video cards can also mine bitcoins, but for this you need to change other coins for bitcoin. Although some pools allow you to convert rewards into bitcoins and other coins.

The initial capital or the actual base fee also depends on some tools or speed power that every miner wants, when someone focuses on Ethereum most of them often use Rig Mining and use some powerful processors to do mining like this, but if you take Bitcoin option for patching most of people use ASIC, because it is more effective.

ASIC itself is a tool that requires expensive costs and great power, because it involves commensurate electrical power. With regard to electricity, of course, it requires costs, and from this point of view it is also included in the calculation of a miner's capital. Local electricity costs must be considered when wanting to carry out mining, because this is also a factor that involves mining costs.

No Sir, What I am trying to say if the OP with his $300 want the taste of mining then he can buy used ASIC miner on ebay and try it at home.
Or Buy used miner and sell it again believe me I do buy used asic miner and sell again although looking for buyer is hard. (*if you want made profit from $300)

What countries today can we say is a good place to start bitcoin mining that at the same time has cheap electricity? I was just curious, because they say there are other countries where electricity is almost free, while here in my country electricity is very expensive.

       Then what you say is that it is better to buy used miners on Ebay first, is it safe to use these miners from Ebay? Or what you are saying is that bitcoin miners can be bought and sold where it is good to buy used miners during a bear market and sell them during a bull market, am I understanding correctly?

Free electricity usually appears where it is possible to consume electricity illegally or bypassing control devices. Solar and wind power are not free, because they require money to buy lightning panels and other things.
A large consumption of electricity for free can force an energy company to find a miner, and then there will be fines and confiscation of ASICs.

Just got myself informed from one of the post that I was discussing in that you can still buy upgraded version of Gekkoscience Mining USB stick. It is currently sold at 299 euros which is pretty cheap. It is embedded with ASIC chip and is able to mine at 350 GH/s.

This is not a bad option for the person who is just starting with the mining. Plus, there is no complicated set up behind the stick. It’s almost plug and play type of miner category. You can easily get along with the pool settings, learn more about it while mining and thus later can upgrade to new versions or bigger antminers.

I have not explored the website fully but they are from Germany and delivers world wide.

Just Like you I want to start my own mining farm but like it or not it needs a huge capital that is obviously more than $1k to buy new gear I dont mention about shipping fee and then the electricity fee internet fee the list can go on. Especially if you live from third-world country like I did the money above 1K is expensive and that is a lot of money.

If you have free electricity  like totally free or still want to know the taste of mining you can buy a used miner ebay maybe on your local marketplace there is dozen.
For now maybe you can buy some used miner and sell it again for profit or do something else and I know is sad 

Burn 800 watts a day to earn 10-13 cents a day.
https://www.asicminervalue.com/miners/bitmain/antminer-l3-504mh
Litecoin will have halving in 74 days and the block reward will be 6.25 coins instead of 12.5.
After halving, you can forgive the seller for a discount. Even for an investment in altcoin mining, this is a small amount.

he could buy an old L3+ point it to Nicehash and it will convert to btc.

https://www.ebay.com/itm/155554995741

You can earn a few dollars a month mining on a computer if you are 14 years old and your parents bought you a computer and pay utilities. In Russia, such people are called "mom's miner". And the computer will probably need repair after some time. If you pay for utilities yourself, then in a few days you will realize that this is an unprofitable activity.