Topic: How much does it cost to open a Mining Farm ? (Read 4280 times)

Gleb, aren't you the guy that busts scams? Sounds like you're promoting one there. I'd refuse to do business with anyone who relied on what you just described. Here in Missouri we're breakeven-cost hosting 50KW of gear and paying the bills fair and square.



Or if you can build your own for cheaper - or at least a better one for the same cost.

Depending on where you are warehouse prices are not that much to rent. All comes down to location and also what it is going to be used for. if your doing from whorehouse then your going to need some assurance that if broke into that insurance is going to cover equipment. Not that it is going to happen but theirs always the risk of whorehouses getting broke into and stuff happening.

Before even going for a warehouse you might want to inquire about business rates for energy first. Rent that includes bills or not includes and a brake down of the costs and what they cover and what gets provided in terms of security. You might want to start at home with a few rigs first to see how things work and calculate your costs over say 1 unit x by using in your warehouse then calculating your bills for energy used. Good way to get a base figure. But in all honesty going to need some time  thinking things though if you are serious about it then its going to be hard to find that factor of profit right now. Been mining since early 2011 to know what am talking about here and right now its not cost effective unless you got free energy. if your unit rate is something like $0.11 per kw or more then forget it.

Wasting my time is not an issue, but i am afraid that you waste your time and waste your thinking.

I hope you all the best , there for i ask you to get a real data and facts.

My best wishes to you.

Thanks for your answer Medow , Yes I will call my electricity company providers as soon as possible then post here
Sorry if I wasted your time in anyway .
Once I do that I will post answers with all questions you mentioned here

~ Madness

No one can help you find the exact rate per your country except you.

If you are serious about building farm then you have no excuse to call the power company to know the price per kw for large power consumption.

Until you do that then all we do here is just speculation.

Building a farm is a serious business and the only way it can happen is to put it on the land of reality. We can help you with technique and some choice suggestion, but the real work happen on paper using real numbers and facts.

Also , referring to your say that you pay 40 Euros for 3 months, this is for home use and what you consume on 3 months on home you consume it in less than hour in a large farm.

So, if you need us to help you you should give us some real fact:

1) How much you pay for power for real ,(You should call the power company first).

2) What the range of budget you have?

3) Do you have a warehouse or did you wanna build a new one or you are going to rent some ready building?

4) Do you pay fees when you import gears to your country or not and how much you pay ?

5) Did you plan to ship by sea or by air?

6) What kin of cooling you will go with?

7) Do you know how to make the electricity jobs by your self or you will hear some technicians.

Do you know how to make a good computer network or not , ( You need to make a  good network for your farm).

9) Do you have a stable internet in your country?


............. etc.

If you didn't ask your self those questions and find the answer for them , then i am sorry but you are wasting your time.

Just my 2 cents.

Not sure if you can do the calculation for me
But we pay like 40 Euro for 3 months (for gas + Electricity) isn't that cheap ? I guess it is .

~ Madness

Here is Illinois there's a little know program that'll pay the first 6 months of any startup its electricity cost. After 6 months, close down and start a new LLC, repeating the process. I'm sure the cost of moving the farm wouldn't be that great compare to the electric cost savings, eh?

How cheap we are talking about here exactly ? is 0.06$ a cheap amount ? I'am not sure to be honest , Googled about our electricity cost on my country but didn't really find anything , if you have a website that does that it would be awesome . but some people told me its 6 cents , too lazy to call the Electricity company providers

~ Madness

If you can find cheap electricity, you can open a mining farm.
Lots of mining farm have the advantage of cheap power, it's very important for mine bitcoin.

Opening a mining farm right now given the diff for BTC and the price of it would not be a good thing. Given the fact of cost of equipment to energy used to braking even and the massive spikes in diff increase ull be lucky to brake even unless you got free energy and a lot of mining equipment. Best thing is simply buy BTC wait for it to go up sell it and then buy back low sell again high and continue to do so and then work at some alt coins. Far better returns than mining right now unless again you got some serious PH power and free energy to do so.

We have something that prevents accidents. Well, not prevents them per se but can reward you in case you lose everything in a fire or something like that. It is called insurance policy. Use it if you want to purchase a lot of expensive equipment.

It costs the cost of the two cheapest working miners you can find 

I see a few options for you:

1) Buy bitcoins and hold them as a long-term investment.
2) Spend a lot of time learning whatever it takes to bring a plan to life.
3) Spend a lot of money to hire someone to set up everything for you. They will tell you what to buy and then come visit you and set it all up for you.
4) Jump in now and do it yourself and hope for the best. - Crazy to do this though.
5) Invest into Cloud Mining but beware of scams. Hashnest is legit.
6) Buy equipment from either Bitmaintech or Spondoolies only  -  get one of there hosting partners to set it up and run it for you at their remote farms.

Do not jump in without knowing what you are doing or you will go broke.

cost will depend on the size of mining farm that you want to setup,to purchase the hardware you should contact the manufacturer and tell me size of your order so you can get some good discount then the price posted here for individual users.

Madness, do not spend one penny trying to mine Bitcoins.  The time of big profit is over, and it was over a year ago.  If you want, buy some Bitcoins and hold them in safe offline secure storage, but DO NOT buy ASICs to mine with!  You will only lose money.

And if you are half as rich as you claim to be, I would appreciate a hefty donation to my Paypal account for my sound financial and mining advice.  PM me for my paypal address.

That's huge
But really planning to do my best to reach such amounts of money

~ Madness

I would say much more than 10 million USD. But by the time you will have it built, halving would have happened. So not worth

Hey honestly , i think 18 is kind of the average age on this forum from the looks of it , and i belive mining farms arent that profitable atm.
i belive the best alternative is to wait untill a new miner comes out and buy that.
or you could alternativly buy graphic cards , you'd be able to mine algo's people cant that have crazy renting prices etc that would be alot more work tho : )

I thought it's pretty simple to be honest at the beggining . But I guess there is no such a thing called "money without efforts" or "easy money"
I'am really planning to start a Mining farm , I'am young so I guess I have time Have a project this summer to make money , let's say it works fine so I get an opened way to my goal

~ Madness

You should gather an engineer team to set up the infrastructure if you have so much millions to use, then even get an architect to design the infrastructure depending on the settings you want.

Like if our goverment will let me use two fireman ... Yeah right . They may do that in my dreams tho

~ Madness

Yes, i speak arabic. I am from Sudan.

That farm exist in Thailand.

http://www.coindesk.com/gallery-fire-destroys-thai-bitcoin-mining-facility/

And yes cables can burn too, there for you need a good wiring and you need a fire suspension.

Also you need to ask your fire police department to give you 2 fire men to work with you as a full time job.

you speak arabic

Do you mind telling on what country that Mining farm was please ?
Beside Not using wood might help but It's not the wood only who can burn cables can burn simply too , nah ,

~ Madness

Accident happen . But if you take your precaution and make a good wiring and cooling and use no wood in your warehouse then you are almost safe.

Also on that farm (which was burned) they distribute their gears in a very high density and that is too bad.

أعقلها وتوكل

Damn , well that's ugly
I got afraid suddenly . I'am really planning to open Mining Farm worth of millions to be honest As you can see my goal on my profile 

~ Madness

But accidents could happen right ? I mean the whole shit gets burned up in Fire and you are simply screwed I can't imagine how much degree it will be on the Warehouse where the Miners are .

~ Madness

with current difficulty and bitcoin price you need about 19000 Th to make 1.5 million USD per month if difficulty not jump.

If you buy in bulk with the price of 200 USD/Th then you need to have 19000x200=3,800,000 USD.

This is of course with out calculating power consumptions and warehouse modification and cooling and wiring ,,,, etc.

Damn That's some shitload of money there .
It's really profitable after all with a big investement as a start of course .

~ Madness

They really used Millions of dollars to start that Mining farm ? damn

It depends where and how big!

A few millions.

Aw Is it that bad then ? How those people for example are making such a profit ? http://motherboard.vice.com/read/chinas-biggest-secret-bitcoin-mine
I mean like how much they invested on the beggining (estimated) to start making 1.5m a month ?

~ Madness

So Basically the more money I have , the more profit I made ? We don't take in calculation that I will be lucky and solve a block and get block reward of 25 BTC or something ?

~ Madness

How much miner for 6604.49 Euro ? Basically a full farm ?

~ Madness

Right now farm is not suitable for home miner, because the power restriction in home doesn't allow you to go big.

If you wanna go big then you should contact your local power distributor asking for price per kw.

And as i said you need to know which one is provide the power transformer (You or the power company).

If you have some large space out side of the town then i suggest you to go with evaporative cooling if the humidity is not big, just like e do here:

https://bitcointalksearch.org/topic/m.10575154

Also because you are from Algeria i believe that buying gear from SP is not an option because you can not import thing from Israel. This let you only go with Bitmain from china.

I live in Algeria (North Africa)
Basically and as I said they have like 0 idea what Bitcoin is and 0 idea what Mining or Mining gears means so they do not produce them at all . I really don't know how much electricity costs , Idk we pay like 40 Euro / 3 months (for gas and Electricity) so not sure how much is that .

Medow gave some very good points.  I would also lay out a business plan.  How much will it cost  for; location rent,insurance, hardware, pools, electricity, taxes, etc...  After all that, are we making a profit?  This can be a very exciting business to get into but please do your homework.

Good luck!!

There too many info you need to find by your own.

1) The first thing you need to know and let us know it before we give our suggestion is the power price per kw.

2) Did you country put custom fees when you import mining gears or not.

3) How much power the power company can give to you.

4) does power company provide power transformer if you go big or you need to buy it by your self.

5) Did you live in a cold country or not, you need this to figure out what kind of cooling you need.

6) Is your country close to the miner gears producer or not, if you are near to it then you can ship your gears by sea and this will help you reduce the shipping cost.

7) Also more money you can spend more cheap miners you can have.

Hello,

Alright I live in a rich country with gas & oil , Electricity is not that expensive (At least this is how I see it ) .
Newar Made me open my eyes to the great oppurtnity I could do on my country since most of people don't know what Bitcoin is and there is no business related that . (same thing goes for Paypal , MasterCards etc ... )

Note that I made 18 years old only one month ago , so I guess I'am a little bit young looking at other Bitcoiners ages .
I was thinking how much it would cost me to open a Mining farm (Renting a Warhouse or something + buying all the mining stuff) ?
It would be profitable ? thanks.

~ Madness