I have 50 000$ to invest and i dont need to pay electricity for bitcoin mining

aurel57

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Quote from: xstr8guy on November 10, 2014, 08:19:07 AM

This "free electricity" bullshit needs to stop!

News flash... you don't really have free electricity... you just think you do. If you are renting an apartment or office with electricity included in your lease, or you live in a dorm room or your Mom's basement... someone is paying that monthly bill. And that someone is going to notice a large-scale mining operation when that bill rolls in.

And you probably have a very limited amount of that "free electricity". Certainly not enough to have a mining operation that brings in more than measly pocket change. An average size American home can run about 10THs of mining equipment. Mine barely does just that and it's touch and go if the A/C and pool pump are running at the same time. And the income it brings in these days is negligible. So in your average office/apartment, you'd be lucky to run 2THs before you blew circuit breakers... much less if you're in a dorm room.

So please stop saying you have "free electricity" unless you have a wind turbine, a hydro dam, solar farm, nuclear reactor or a perpetual motion machine in you backyard. And if you do, you'd make much more money selling your excess electricity back to the utility company.

Shwew, now I feel better!

I read where China provides free electric to business there so who is to say if there is not other Countries or Cities doing the same? But for the most part you are right.

Seketsuna

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Quote from: cowandtea on November 12, 2014, 05:47:21 AM

Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

The real question is, how much free electricity do you have. When you say electricity is free in your country, does that mean you have unlimited of it?

Hosting ASIC for people seems to be even more profitable then buying and mining ownself..

yeah hosting is more profitable than mining solo besides like the other guy said there is no such thing as free electricity.

cowandtea

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

The real question is, how much free electricity do you have. When you say electricity is free in your country, does that mean you have unlimited of it?

Hosting ASIC for people seems to be even more profitable then buying and mining ownself..

Seketsuna

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Quote from: Sythyn on November 05, 2014, 11:11:39 PM

Quote from: Dabs on November 04, 2014, 06:20:25 AM

Want to gamble? Go fund the bankroll of some gambling or dice site. Try looking at dicesites.com.

You have about 150 BTC to play with. Spread it around. But be careful, some of them disappeared, and some have ninjas (that go poof as well.)

Oh my, that would really be a gamble. The OP would not only need to gamble that the site is not going to be in some way attacked and/or have bad luck, but also need to gamble that the site is not a scam (or running a long term scam).

I would say that the later issue would make mining in even negative EV miners a better "bet" then investing in the bankroll in gambling bankrolls

bankroll or he can gamble some of it and he will most likely end up getting more rather than doing mining. Mining is not a good money maker in my opinion.

xstr8guy

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Glow Stick Dance!

This "free electricity" bullshit needs to stop!

News flash... you don't really have free electricity... you just think you do. If you are renting an apartment or office with electricity included in your lease, or you live in a dorm room or your Mom's basement... someone is paying that monthly bill. And that someone is going to notice a large-scale mining operation when that bill rolls in.

And you probably have a very limited amount of that "free electricity". Certainly not enough to have a mining operation that brings in more than measly pocket change. An average size American home can run about 10THs of mining equipment. Mine barely does just that and it's touch and go if the A/C and pool pump are running at the same time. And the income it brings in these days is negligible. So in your average office/apartment, you'd be lucky to run 2THs before you blew circuit breakers... much less if you're in a dorm room.

So please stop saying you have "free electricity" unless you have a wind turbine, a hydro dam, solar farm, nuclear reactor or a perpetual motion machine in you backyard. And if you do, you'd make much more money selling your excess electricity back to the utility company.

Shwew, now I feel better!

Sythyn

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A Digital Universe with Endless Possibilities.

Quote from: Dabs on November 04, 2014, 06:20:25 AM

Want to gamble? Go fund the bankroll of some gambling or dice site. Try looking at dicesites.com.

You have about 150 BTC to play with. Spread it around. But be careful, some of them disappeared, and some have ninjas (that go poof as well.)

Oh my, that would really be a gamble. The OP would not only need to gamble that the site is not going to be in some way attacked and/or have bad luck, but also need to gamble that the site is not a scam (or running a long term scam).

I would say that the later issue would make mining in even negative EV miners a better "bet" then investing in the bankroll in gambling bankrolls

Dabs

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The Concierge of Crypto

Want to gamble? Go fund the bankroll of some gambling or dice site. Try looking at dicesites.com.

You have about 150 BTC to play with. Spread it around. But be careful, some of them disappeared, and some have ninjas (that go poof as well.)

aurel57

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Quote from: Argwai96 on November 03, 2014, 11:59:12 PM

Quote from: aurel57 on November 02, 2014, 06:07:32 PM

If you don't have any electric cost then I would be buying up all the S1 miner I could get cheap or free. Someone just sold 200 of them on EBay for @$6000. There is another thread on here of someone that just took a large amount of miners out of service. The S1 miners are very easy to run with very few problems and have been proven to be a work horse, but most are being sold as they will not make enough anymore to pay the electric cost which you don't have to worry about.

I would say that the issue with the lower hashrate miners is that you need to scale the miners by buying up a large number of them. I would say that when you start to have this many miners, you will potentially run into logistical issues if/when you run into problems/issues with some of your miners.

That is all true but also if a couple miners go down it really does not effect your overall hash rate by much and if you end up with miners costing at $20-30 each just toss them out. No need to repair. But without more information on his infrastructure it's hard to know what is best.

FattyMcButterpants

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Quote from: sniffinpoprocks on November 03, 2014, 10:13:31 AM

You also need to say how much power you can provide? Do you have 30kw of available power running to your house? I have around 5th of hashing because...I don't have enough power in my house(at any price) for more devices.

This is a very good point. Just because you have 'free' electricity doesn't mean that in infrastructure of the place you are renting (it would be very unlikely that someone who owns some kind of location would have free electricity) has an unlimited capacity of wattage. It is also unlikely that a 'place' that offers free electricity would allow you to modify the electric setup to allow for greater capacity.

Quote from: Defender666 on November 03, 2014, 10:50:16 AM

Why is it so hard to believe that some people have free electricity.

I also have free elictricity at my office i rented.
The electricity cost are charged at a fix flatrate.

However I tried with some miners and office became loud and miners run hot, so I cannot use my unlimited electric power.

This is another issue that the OP could face. The OP will need to have enough physical space to house the miners in a place that would insulate him from the noise and the heat (although the heat issue could be mitigated by the fact that the OP could use more electricity to cool the location)

Argwai96

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Quote from: aurel57 on November 02, 2014, 06:07:32 PM

If you don't have any electric cost then I would be buying up all the S1 miner I could get cheap or free. Someone just sold 200 of them on EBay for @$6000. There is another thread on here of someone that just took a large amount of miners out of service. The S1 miners are very easy to run with very few problems and have been proven to be a work horse, but most are being sold as they will not make enough anymore to pay the electric cost which you don't have to worry about.

I would say that the issue with the lower hashrate miners is that you need to scale the miners by buying up a large number of them. I would say that when you start to have this many miners, you will potentially run into logistical issues if/when you run into problems/issues with some of your miners.

Jamphone

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Oh, that makes more sense. We're confused because this would require an enormous amount of electricity. Your office doesn't have enough power to hook up $50,000 of mining gear. $50,000, at $200/TH and 0.5/GH, will take 75 KW, which is way more than your office has. Unless by office you mean industrial site.

Quote from: Defender666 on November 03, 2014, 10:50:16 AM

Why is it so hard to believe that some people have free electricity.

I also have free elictricity at my office i rented.
The electricity cost are charged at a fix flatrate.

However I tried with some miners and office became loud and miners run hot, so I cannot use my unlimited electric power.

RantBuds

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Don't buy mining equipment....just invest in Bitcoin?

Defender666

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Why is it so hard to believe that some people have free electricity.

I also have free elictricity at my office i rented.
The electricity cost are charged at a fix flatrate.

However I tried with some miners and office became loud and miners run hot, so I cannot use my unlimited electric power.

sniffinpoprocks

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You also need to say how much power you can provide? Do you have 30kw of available power running to your house? I have around 5th of hashing because...I don't have enough power in my house(at any price) for more devices.

wunkbone

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Quote from: spazzdla on November 02, 2014, 01:49:40 PM

No power cost..

Buy 10 S3's from Bitmain, 5 T1's from Rockminer, 10 Bitcoins, be ready to buy more at $250. If it never goes to $250 you're still doing great.

If the OP does not need to pay for electricity then he should focus on the manufacturer that can deliver the miner immediately that offers the least cost on a per THs basis.

I also don't see any reason why he would be buying bitcoin directly as, in theory, the OP will earn more bitcoin via mining in greater quantity from his miners then if he had purchased it directly

aurel57

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If you don't have any electric cost then I would be buying up all the S1 miner I could get cheap or free. Someone just sold 200 of them on EBay for @$6000. There is another thread on here of someone that just took a large amount of miners out of service. The S1 miners are very easy to run with very few problems and have been proven to be a work horse, but most are being sold as they will not make enough anymore to pay the electric cost which you don't have to worry about.

spazzdla

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No power cost..

Buy 10 S3's from Bitmain, 5 T1's from Rockminer, 10 Bitcoins, be ready to buy more at $250. If it never goes to $250 you're still doing great.

FattyMcButterpants

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Quote from: petersiddle98 on November 01, 2014, 08:42:48 PM

Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Well, you can buy from Bitmaintech. Their price is pretty good for the hash they produce. Btw, which country don't need to pay electricity bills?

I would say that the OP is not in a specific country that does not charge for electricity (although some middle eastern countries may be able to provide free electricity due to oil exports). It is more likely the OP has his electric bill a flat rate that is included in his rent or other similar setup.

petersiddle98

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Well, you can buy from Bitmaintech. Their price is pretty good for the hash they produce. Btw, which country don't need to pay electricity bills?

Argwai96

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Quote from: dserrano5 on November 01, 2014, 04:29:52 PM

Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Forget about electricity. As franky1 said, buy and hold. Don't burn your 50k now as the price is expected (?) to go lower. You can buy e.g. 10k a month for some time.

In theory, a lower price of bitcoin would mean a lower difficulty (or potentially a lower rate of growth in difficulty) which would mean a higher rate of return for any miner that is purchased (as it would generate greater amounts of bitcoin).

It is very difficulty to predict accurately the direction that bitcoin will trade over the short term

vvv8

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Hardware becomes out dated. You need to keep switching up hardware routinely if you want to stay competitive .

If you're trying to mine BTC, you're up against people and businesses that mine for a living , professionals.

Altcoins , IMHO, are risky , and that headache was just too much for me.

I'm straight up buying and hodling , yes HODLING.

I've got free electricity too , but altcoin mining , unless you've got insider knowledge , is luck based and tedious IMHO

Mexe

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so you dont see buying hardware and mining as an option it doesnt worth it ?

Elwar

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in b4

Quote from: 4theLOVEofCrypto on October 31, 2014, 12:31:16 PM

Only invest what you're willingly able to lose.

bitnanigans

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You could try out cloud mining, although the ROI is really long on that one.

Alternative option is to buy lots of Bitcoins and hold. The price will definitely go up again at some point. I can guarantee it (TM). Cheesy

Gleb Gamow

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Quote from: AngelSky on November 01, 2014, 04:31:13 PM

Quote from: Gleb Gamow on November 01, 2014, 04:29:20 PM

Buy $50K worth of BTC today at $320 per and sell in one to two weeks making an easy 25% profit when BTC reaches $400, sans one iota of headaches due to the purchasing of and maintaining bitcoin miners. Repeat and rinse every 30 days.

When BTC reaches $400, you mean $40 soon ? Grin

BTW, here in Illinois a new company can get free electricity for 6 full months. Close down shop and open a new one every 6 months under a new corp.

AngelSky

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Quote from: Gleb Gamow on November 01, 2014, 04:29:20 PM

Buy $50K worth of BTC today at $320 per and sell in one to two weeks making an easy 25% profit when BTC reaches $400, sans one iota of headaches due to the purchasing of and maintaining bitcoin miners. Repeat and rinse every 30 days.

When BTC reaches $400, you mean $40 soon ? Grin

dserrano5

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Forget about electricity. As franky1 said, buy and hold. Don't burn your 50k now as the price is expected (?) to go lower. You can buy e.g. 10k a month for some time.

Mexe

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Quote from: Josef27 on November 01, 2014, 04:26:48 PM

Quote from: kusumadewi on November 01, 2014, 04:19:17 PM

Hardware always need electricity.
you can invest to gambling or real world project.

Gambling is a bad idea..
But yeah, hardware always need electricity.

Yes of course hardware needs electricity but i dont have to pay for it

Gleb Gamow

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Buy $50K worth of BTC today at $320 per and sell in one to two weeks making an easy 25% profit when BTC reaches $400, sans one iota of headaches due to the purchasing of and maintaining bitcoin miners. Repeat and rinse every 30 days.

Argwai96

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

If you insisted on buying retail then you would likely want to buy from bitmantech as antminers tend to be the cheapest on a per GH/s per $ basis (they also are very efficient on a GH/s to watt basis in the event that you will need to pay for electricity in the future).

I would also suggest that you build your own mining hardware as you should be able to do so with that large of a budget

Josef27

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Quote from: kusumadewi on November 01, 2014, 04:19:17 PM

Hardware always need electricity.
you can invest to gambling or real world project.

Gambling is a bad idea..
But yeah, hardware always need electricity.

pawel7777

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Out of curiosity, what country provides free electricity?

BitCoinNutJob

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

buy 60-70% BTC and invest the rest in mining equipment but diversify over many providers.

kusumadewi

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Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Hardware always need electricity.
you can invest to gambling or real world project.

exoton

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Quote from: ?? on ??

Quote from: Mexe on November 01, 2014, 04:08:49 PM

What do you think should i Invest and how much money will i make per day If i dont pay electricity !!

buy some cloud mining....
http://www.hashie.co

Why would he want to buy cloud mining if he does not pay for electricity? This would be illogical because you will pay for electricity one way or another if you buy cloud mining

franky1

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DO NOT buy cloud mining.

firstly cloud miners do have electric costs, plus profits before you get your rebate. which is far lower than the amount you would get if you mind with your own equipment,

the only people that cloud mine are those looking for quick 24/48 hour hash power boost to grab premine altcoins before release.. it does not work out as a profitable long term project to cloudmine.

mining with your own equipment where the only cost is the equipment, is a far better option. then after that the next option is to simply buy bitcoins and hold.

Mexe

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What do you think should i Invest and how much money will i make per day If i dont pay electricity !! I dont need to pay electricity in my country at all what kind of hardware should i buy and how much will I earn for day

Topic: I have 50 000$ to invest and i dont need to pay electricity for bitcoin mining (Read 3603 times)