I have cheap electric, wondering if mining is now something that I can do profit

FP91G

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That's incredible news! Securing electricity at $0.05 per KWh is a fantastic opportunity, and having the capital to invest makes it even more promising. Building an operation from scratch can be a substantial endeavor, but it's definitely worth considering given the favorable electricity rate you've mentioned.

Before you dive in, ensure you thoroughly understand the local regulations, infrastructure requirements, and potential challenges associated with your specific region or setup. Additionally, consider the environmental and social impact of your venture, as sustainability and ethical considerations are increasingly important.

If you liked the prices in Russia, then in Russia energy companies are struggling with home miners, so it is difficult to install more than 1 ASIC at home.
And now there are discussions about tariffs for miners. The state thinks that miners earn a lot, so they want to force miners to pay higher rates.
And whoever uses standard tariffs risks paying heavy fines. It is very dangerous to start mining now.

FP91G

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Quote from: philipma1957 on September 10, 2023, 07:54:24 AM

I like that setup some times I wish I just had a few pieces of gear. When you get to 250 kwatts of power use and have some partners there are more pressures and responsibilities.

You can install such equipment at home and even start a new business selling such noise boxes if the price of electricity makes mining at home profitable

From any old cabinet you can make a very useful noise box for ASIC, and the main cost of such production will be spent on the purchase of sound insulation.

philipma1957

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Quote from: safar1980 on September 10, 2023, 07:29:55 AM

Quote from: lonelyminer0 on September 09, 2023, 06:18:46 PM

Yes, but how much load do you have. A small load is meaningless at all, and noise, heat dissipation, and operation and maintenance factors must also be considered. The electricity price of 0.05 can be mined. If it is better to solve those factors than to do other things, I will do the same in China.

These are examples of the use of ASICs in apartments in Russia, when miners have 2-3 cents per kilowatt of electricity at the tariff in apartments, but electricity consumption cannot be large. Instead of farms with video cards, miners install ASICs in drawers and cabinets with noise reduction.

If you love mining, then you take every opportunity to practice your favorite hobby.

I like that setup some times I wish I just had a few pieces of gear. When you get to 250 kwatts of power use and have some partners there are more pressures and responsibilities.

safar1980

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Quote from: lonelyminer0 on September 09, 2023, 06:18:46 PM

Yes, but how much load do you have. A small load is meaningless at all, and noise, heat dissipation, and operation and maintenance factors must also be considered. The electricity price of 0.05 can be mined. If it is better to solve those factors than to do other things, I will do the same in China.

These are examples of the use of ASICs in apartments in Russia, when miners have 2-3 cents per kilowatt of electricity at the tariff in apartments, but electricity consumption cannot be large. Instead of farms with video cards, miners install ASICs in drawers and cabinets with noise reduction.

If you love mining, then you take every opportunity to practice your favorite hobby.

lonelyminer0

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Yes, but how much load do you have. A small load is meaningless at all, and noise, heat dissipation, and operation and maintenance factors must also be considered. The electricity price of 0.05 can be mined. If it is better to solve those factors than to do other things, I will do the same in China.

FP91G

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Quote from: serveria.com on September 06, 2023, 03:24:47 PM

Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

First of all, $0.05/kwh is not cheap. There are many locations where electricity price is below $0.01. Imagine you'll have to compete with these guys, who are also running hundreds or even thousands of miners. Next, your miners will depreciate and wear out and the halving is approaching so you need to plan accordingly.

Why don't you simply buy Bitcoin with all you have? Cool

If you are talking about the production of electricity, then at hydroelectric power plants the cost of producing 1 kilowatt can be 4 times cheaper, but you do not count delivery tariffs, taxes. Very large companies have a price of 3-4 cents per kilowatt, and a nuclear power plant also provides cheap energy, but it cannot be built quickly.

mikeywith

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Quote from: serveria.com on September 06, 2023, 03:24:47 PM

First of all, $0.05/kwh is not cheap. There are many locations where electricity price is below $0.01. Imagine you'll have to compete with these guys, who are also running hundreds or even thousands of miners. Next, your miners will depreciate and wear out and the halving is approaching so you need to plan accordingly.

Why don't you simply buy Bitcoin with all you have? Cool

5 cents kWh is somehow cheap, probably no large miner on planet earth has 1 cent / kWh rate, this was not even possible when the Chinese transported their miners next to the rivers for hydropower during the rainy season, there are a few places on earth with such power rate (including where I live), but none of those places have the capability of being a large mining hub, just small mining farms and here and there, all combined probably don't even makeup 1% of the total hashrate, what you need to worry about is the large players in U.S and now recently merging in Russia, staying at their rate is good enough, below is even better.

serveria.com

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Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

First of all, $0.05/kwh is not cheap. There are many locations where electricity price is below $0.01. Imagine you'll have to compete with these guys, who are also running hundreds or even thousands of miners. Next, your miners will depreciate and wear out and the halving is approaching so you need to plan accordingly.

Why don't you simply buy Bitcoin with all you have? Cool

tokyohd

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It's unlikely that you can profitably mine cryptocurrency with cheap electricity, as mining has become highly competitive and energy-intensive.

lonelyminer0

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Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

So you need to have a large load of electricity, at least 1000 kilowatts

philipma1957

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Quote from: FP91G on August 03, 2023, 02:44:20 PM

Quote from: philipma1957 on August 02, 2023, 10:05:34 PM

Quote from: FP91G on August 02, 2023, 01:51:16 PM

Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

This is a good electricity price for ASIC mining. I don't know if you have premises to install asics and what expenses you will need to start. I would immediately buy a container for asics, because this will allow you to quickly start mining and the container can always be transported to another place. Otherwise, you will have to spend a lot of money on repairs elsewhere.

In the USA there are some nice containers for 20k they can do 150 s19s

But they need a lot of kwatts to do that. around 500kwatts of power.

While the op mentions 5 cent power he did not say if he has
10kwatts an hour
100kwatts an hour
1000kwatts an hour.

It will help to know what he has available to him.

I also saw small containers for 100 ASICs on sale. If he has 300-500 kwatts an hour, then he can quickly start a business. And the remaining places can be rented out to close friends, because the investment will pay off in less than a year. If there are 20 kwatts an hour, then this is not enough for ASICs, and for video cards, the payback period is 3-4 times higher.

20 kwatts does about 7 s19 pros if you down clock them to 2500 watts.

they will do 93th x 7 = 650 th about 45-46 dollars a day

they burn around 420 kwatts a day or 21 dollars at 5 cents so 45-21 = 24 dollars a day profit. in 300 days about 7200 usd profit.

if he can find them at 1200 each it is kind of worth it.

FP91G

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Quote from: philipma1957 on August 02, 2023, 10:05:34 PM

Quote from: FP91G on August 02, 2023, 01:51:16 PM

Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

This is a good electricity price for ASIC mining. I don't know if you have premises to install asics and what expenses you will need to start. I would immediately buy a container for asics, because this will allow you to quickly start mining and the container can always be transported to another place. Otherwise, you will have to spend a lot of money on repairs elsewhere.

In the USA there are some nice containers for 20k they can do 150 s19s

But they need a lot of kwatts to do that. around 500kwatts of power.

While the op mentions 5 cent power he did not say if he has
10kwatts an hour
100kwatts an hour
1000kwatts an hour.

It will help to know what he has available to him.

I also saw small containers for 100 ASICs on sale. If he has 300-500 kwatts an hour, then he can quickly start a business. And the remaining places can be rented out to close friends, because the investment will pay off in less than a year. If there are 20 kwatts an hour, then this is not enough for ASICs, and for video cards, the payback period is 3-4 times higher.

Rruchi man

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Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

You have to consider a lot of factors asides the capital you have to invest.

How long is this new opportunity going to last?
Is the situation going to change quickly?
What if situation changes, will you be prepared to keep up and keep mining?

Mining requires more than cheap electricity to be successful, there are a lot of other factors you have to look into before you start. Money and cheap electricity are important factors, but do not ignore other requirements like a good location that is safe and has technicians available that easily assist you when needed.

KiaKia

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How many Asic miners are you planning to run? Are you living alone? Because Asic miners are very noisy, you don't want to have the neighbors calling the cops on you, trust me it happened to a friend, it's better to run Asic miners in a place of your own, if your house has a garage it's even better, make sure it's well ventilated, if not create one for your miner.

It's possible that you have already use a Bitcoin mining calculator to check how much you will be making from an Asic miner per day, I just want you to know that 1st quarter of 2024 is the next Bitcoin halving, whatever that calculator is showing you will be slit into the half after the halving, it's just a reminder, so that you can prepare.

philipma1957

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Quote from: FP91G on August 02, 2023, 01:51:16 PM

Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

This is a good electricity price for ASIC mining. I don't know if you have premises to install asics and what expenses you will need to start. I would immediately buy a container for asics, because this will allow you to quickly start mining and the container can always be transported to another place. Otherwise, you will have to spend a lot of money on repairs elsewhere.

In the USA there are some nice containers for 20k they can do 150 s19s

But they need a lot of kwatts to do that. around 500kwatts of power.

While the op mentions 5 cent power he did not say if he has
10kwatts an hour
100kwatts an hour
1000kwatts an hour.

It will help to know what he has available to him.

FP91G

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Activity: 1834

Merit: 1131

Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

This is a good electricity price for ASIC mining. I don't know if you have premises to install asics and what expenses you will need to start. I would immediately buy a container for asics, because this will allow you to quickly start mining and the container can always be transported to another place. Otherwise, you will have to spend a lot of money on repairs elsewhere.

philipma1957

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Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

Well I read all the answers.

First off do you have 240 volt power not 120 volt.

you are far better off with power that is about 208-242volt range.

Next off do you have lots of it?

Ie 200 amps at 220-240 means you can do 160amps of gear at most. this is a safety factor must be obeyed or meltdown!!

The best gear does around 14 amps and or 3100 watts.

So 160/14 = 11.4 this means you can do 10 maybe 11 units of s19 gear maybe L7 gear Maybe whatsminer m50

They will be loud loud loud loud and hot hot hot hot.

You will need cooling of some kind fans ac whatever.

pretend you buy a s19 that does 100 th you can find one for 1200

It earns 100 x 7.25 cents or 7.25 a day

it burns 75 kwatts or $3.75 at 5 cents

so 7.25-3.75 = $3.50 profit a day so it will be close to paid off by 300days or the ½ ing.

Are you USA based?

I have a
1) good seller repair guy in Long Island New York.
2) Mikeywith a forum guy can get you m50 gear a legit price.
3) kaboomracks is a good seller

all of them are legit guys.

Synchronice

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Quote from: Mikejacobs73 on August 01, 2023, 06:38:42 PM

So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

That's a good price, not the best but definitely good for mining.
By the way, I think it worth to consider not only bitcoin mining but altcoin mining, for example, Antminer D9 can bring you a pretty good profit. With this miner you mine dash but you can rent it on Nicehash and earn bitcoins. Or probably build and rent GPU server on websites like vast.ai. I don't know how profitable that is, do your own research but if we have a look at their prices, profit seems pretty interesting if you manage to rent your server for 24 hours 7 days a week. Here is the link: https://cloud.vast.ai/host/setup

PX-Z

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It is said[1] that $0.05kWh is the average electricity rate for most miners and the recommended one is $0.03kWh. And $0.05 is really cheap, and note that your location is to be considered as well coz mining in a cold places is the best one.

[1] https://www.coindesk.com/business/2023/06/23/only-bitcoin-miners-with-low-power-costs-and-high-sustainable-energy-mix-will-survive-jpmorgan/

BitMaxz

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That's a pretty cheap rate and you should make a profit on new units from Bitmain like the sample Antminer S19 XP Hydro with the current difficulty and the price of Bitcoin you can earn around $12 a day that's not stable because the price of BTC is not stable and the difficulty keeps increasing.

If I were you try this calculator below that includes break-even analysis.

- https://www.mycryptobuddy.com/BitcoinMiningCalculator

logfiles

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There is no definitive answer.

You are going to consider the type of miner you will buy and run, also have in mind that the network hash rate keeps changing, so what the mining profit calculators are showing you right now could be completely different in a couple of weeks. The Bitcoin price over time will also matter if you are to look at the returns in fiat value.

Mikejacobs73

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So I can now get my electricity for $0.05 per KWh. This is a new opportunity that has landed in front of me and I have the capital to invest a decent chunk into this. I was wondering if it is currently profitable to be doing it from scratch whilst paying the price listed above.

I've done a lot of research throughout reddit and toyed with some of the calculators but thought I'd post with my actual situation to see what other people thought.

Thanks for the time and hopefully I haven't broken any rules posting this!

Topic: I have cheap electric, wondering if mining is now something that I can do profit (Read 373 times)