Topic: if you have free electricity and 10k (Read 3401 times)

That is right. I have spend last few months to learn about GPU mining. It is a very difficult task to begin with.

Going all in to start is a horrible idea.   Going from no miners to mining 10k worth of equipment... huge growing pains.  Start off smaller and add gradual with starting.   The electrical wiring, cooling, networking, psu's, etc.  Just a lot of thing he would have to learn all at once and if your talking about 10k worth of gear... i argue it's to much for most on jumping in first miner.

Starting with 1 S7 and trying it even is better then jumping in to big at once.  All or nothing is not a good way to invest in general.

Pick some ASIC for ALL money and start
mining right now, so you have a few month
before block halving happen and other miners
add more hashpower to network...

If you have free electricity, it is better to mine the altcoins. They use a lot of electricity and the GPU are worth something when  you sell them.

where is your source that 16mn is not profitable if they are even using those? right now s7 is profitable, so a 16nm with double the efficiency must be more profitable to run, not by double like many think, because the efficiency is already at minimal, so the gain is very low

but the gain is still tangible

I got free electricity as well but my suggestion will be to stay away from BTC miners. Wait until halving, right now mining firms using 16 nm chips and even 16 nm chips are not that profitable so maybe BTC will die or algorithm or block size will change in either way stay away from BTC this is not a good time to start mining. Maybe you can think of investing on BTC but this is risky (consider yourself warned)

If you have unlimited free electricity then buy the cheapest miners you can get.

I had limited free electricity and bought a bunch of S1,S2,S3 and sold them for the same price I paid. However didn't make much because my power was limited and they didn't hash as fast such as the new miners.

You could make a really nice Ethereum rig with 10k and even less with GPU discounts on websites like newegg. Ether is very profitable atm so with a fair investment like ~2.5K you could be making ~150mh/s and raking in a pretty sizeable profit from it. If you're going to mine Ether, don't hold TOO long. It's still growing and there is the off chance of it dying, so trade it for bitcoin regularly unless you're a serious trader. The best GPUs for Ethereum tend to be AMD cards in the R9 200-300 series, because those offer the best performance for mining over "more serious" cards like GTX 900s and Titans. I'm more of a Nvidia fanboy, but for mining Ethereum and basically all altcoins, AMD is king.

It is a fact that mining is being less profitable, but if the bitcoin price increases then there is a hope. Investing in ETH has become interesting the last weeks/months when the price were doubled/tripled, unfortunately I didn't invested (even though i traded for a limited time) and seeing how much has been grown it's fantastic, this would be better and faster to get the ROI + profit but has a higher risk.

To be honest now SHA mining is becoming far less profitable than before and buying S7 now would not make RIO back due to the fact in next 3 half month or so will take maybe 6 months solid mining to make RIO but that would be without any diff changes in diff. Id just consider buying for ETH type coins or buy coin hold for fair while and sell later when prices gone up.

Firstly maybe i wouldn't invest in mining, but if i do then i would buy the latest mining rig like the Antminer S7, rent a place to run this/these(I don't plan to have them in the living/bedroom)

I'd buy SH gpus and mine alts.
This would not even require all the 10k.
After you've learned enough and earned back some of the money, you can give a shot to bitcoin mining if you really think you want to do that too.

I would look to mining Ethereum and other crypto on same algo. Along with buying soem ETH at low prices and Dagger-Hashimoto crypto too Free elec can make a good RIO in short time with good gpus to mine with on ETH and Dagger-Hashimoto coins alike.

This is the story of my life except I don't have 10k!

Where I live I have a ton of solar access and scouted locations for mining, did the research etc but no startup money T_T

Your advice sounds good, can you give me the link of those persons who can help me in setting up the mining pool for Alt coins. because mining in bitcoin is too hard it is better to mine alt coins through which  i can ROI in 3 months.

Of course some people are just interested in the mining process and minting a block imo is much more exciting than trading bitcoin on some exchange. The latter provides more profit over time if you're a good trader, but even if you're not a good trader you can invest SOME bitcoin into trading (10-20$) and learn market patterns and maybe earn profit. If you don't, well, you have the satisfaction of knowing that you learned a bit about markets and only spent a few bucks. Mining is much more interesting and "fun" imo, but trading will probably get you more profit and you're not buying hardware that could get obsolete. Word of advice- don't hold too much btc on exchanges as we don't want another cryptsy or mt.gox to happen to you.

Even if anyone would have free electricity, mining is not an option to plunge into, these days, as halving is coming and nobody is sure whether they will still profit or not...
Many would leave this even as a hobby just because of the price, it needs to get to somewhere near $500 - $600 for miners to be able to profit at halved rewards...

If you are interested in just Bitcoins, then just buy them and trade...
Don't go for anything which you are not aware of...
Instead, just buy and hodl...

 Don't worry about being attacked for your posts.  Nobody reads posts anymore, they just read the OP.
Case in point; I was not attacked for my post
You didn't read it did you?  <--- oh man that's almost an attack

Lol... everyone is going to attack me after reading my post.

If I am having 10K in cash, I am going to buy coins from a trusted exchange using that cash rather than going for mining. Mining is time consuming, and takes a lot of effort. It is not meant for lazy people like me.

BTW... if I purchase mining rigs using all that money, there is no guarantee that I will be getting a ROI. Newer and more efficient versions of mining rigs are being marketed every now and then. Even if I purchase the most efficient one available in the market right now, after two or three months it will be obsolete.

I have limited free power - enough to run a few S7.  I bought these in December, and am no where near break even so far.  In your calculations, better factor in power supplies, shipping, down time (+++++), halving, etc.  Also factor in your time - the first time you work on this, it will take you a few hours to get everything setup and running smoothly.  You'll need to spend a few hours a week watching these machines, and verifying their output.

I'm sure I'm doing better than most, but the hardware producers (Bitmain) price their gear such that you will barely make a profit after running the gear for a year.  After that year, the machines are essentially out of date, and worth very little.

If I have free electricity and 10 k money, I will some graphics and mine the Ethereum. It is the most profitable.

Sidehack is knowledgeable and also very trustworthy.  I'm not sure he does consulting.  Dogie is the other I was referring to but I know nothing about him beyond his comprehensive guides.

Go to hardware section and look at sidehacks threads.  He has proven he can make gear with Compacs at a good scale.   There are VERY few out there like him for most building is out of question.

And really the magic still is getting chips.  And there have been positive looking posts about sidehack and bitfury.... which most would love.  I have not been keeping up on it though as much as I was.  But he has done amazing things.

builds his own!!!
give me links 

for both of them  thanks

 Instead of asking for advice in here of how to invest your 10k in mining, why don't you try to hire someone with real knowledge and experience to make you a business proposal. 
People in here are giving you opinion which is not sound investment advice.  Some people don't even know but they are advising you anyway.
 There's a guy in here who does hardware reviews and how-to's.  There's another who hosts miners and builds his own. I don't know if they would do this for you but it wouldn't hurt to ask.  It would be money well spent. 
...or you can continue on your present tack and waste your time and money.

mining rigs

can any one tell me what the best hardware for the job


and what cryptocurrency  it mine ?

I d build 10 ether mining rigs and ROI in 3 months. Think about next move later.

i would wait in any case the next move in the asic department, this generation is done, wait for the next 14/16nm or whatever they will be and buy them early, before anyone else

then sell after 3 months at worst, repeat

With free electricity I should start mining with few rigs. You can change between the different cryptocurrency because of the changing difficulty.

At this point even with free electricity is seems the only people making money off of mining (other than the large farms) are the hardware manufacturers and the shipping companies themselves.  UPS/DHL/FedEx probably made more profit so far this year from miners than the actual miners have lol.

  The reality of mining is that the larger players are making the money - you as a small player are going to have to pay a premium for your mining equipment so even with free electricity, you are in all likelihood not going to break even.  Do you have power supplies for the miners?  If not you have to buy those too.

 Antminer S7 (batch 13) - $637
 Recommended PSU       - $140
 ----------------------       --------
       Total                         $777

 You also have to pay shipping and I would imagine your government will want some taxes and/or duty... maybe even a bribe to let it come into the country. 

 Now, running flat out @ 4.76 TH/s you can presently make about $6 per day in bitcoin.  Reduce that by 5% in the next day and a bit when the difficulty changes so we might as well start at $5.70 per day.  Let's say you get lucky and the duty/shipping and taxes are only $123 so your initial outlay is $900 for an Antminer S7 (it will be more). 

 900/5.7 (let's not even think about the difficulty change every 14 days yet)

You're looking at 158 days to get your money back but wait, there's a reward halving in 117 days!   After 117 days, you'll have made $667 and you'll need another 81 days after the halving to make up the remaining $233.  All in all, not considering the difficulty changes if you can start tomorrow, you're looking at 198 days conservatively to get your initial outlay back and that's IF there are no difficulty changes and IF the device runs that long without problems.  Also, most pools are going to charge you a fee to let you mine (usually 2%); don't forget to subtract that. 

 Maybe you can get some cheap S5s - they run at a paltry 1.155 TH/s so you're going to see about $1.45 per day from it.  You might save some money per TH in buying that over an S7 but it's already been well used and likely to have issues.  Also, you still need a power supply and the shipping isn't going to be any cheaper for buying an obsolete device.

 You can play with the number here: Bitcoin Mining Profit Calculator
I believe the "Growth" is for each 14 day period.  The next "Growth", will be 5% but you can enter a longer term estimate.
Also, since your electricity is "free" just enter 0 for "Power usage" or "Cost per kWh" (or both wouldn't hurt)


 TL;DR - Unless you need a noisy, heat-producing hobby, forget about mining.  If it's bitcoin you want, buy bitcoin rather than mine.
 

It's hard to gauge prices over here with so many separate sellers and no real way to pull data.  I normally use ebay to find price and even after fees you can get a decent amount above 100.   The price comes more comparable to S7 at ebay prices.  If they are just bringing 100 dollars here.... I would look at going ebay route as far as seller.

If you have free electricity and can get S5 for 100 including shipping... then maybe i would suggest it more.  Hard to compete with S7 right now with it at 637.   It also has warranty and much more efficient.  Even with free electricity means more miners you can run due to efficiency.  

i have unlimited free  electricity

i will buy Air Conditioner beside the weather is great 

the place will be mine at 1/4/2016

i have no pus
 

120 volt

what you meen
How much power do you have? 

how much free power do you have?

how well can you cool where you mine?

what is your location?

country works.

and if usa the state works.

do you own any power supplies?

do you have 240 volt or 120 volt?


How much power do you have? 

 

5 kwatts = 20000 btus of heat
10kwatts = 40000 btus of heat

my garage can run 4kwatts in cooler weather
 6 kwatts in cold weather

only 1.5 in the summer heat.


lastly   what is you ability to handle noise.  this gear is loud

You might be able to get S5's at 100$ now. At least over here. I'm not sure why the value of S5's has fallen so low, its still 2 Months ROI on free electricity so i figured lots of people with it would be buying them. *shrug*

if electricity is free, then go ahead.
i would certainly try to set up mining system not just to earn but also to learn how mining works. things would be different especially if you can mine bitcoin and other altcoin as well.

With how far S7's are dropping though I think I would send him for a S7 over a old S5.  It is surprising but considering price per hash.... I see S7 as more attractive with just a little more spent.  That little extra get's a LOT more efficiency.

So unless it's a deal go S7 in most cases.  I just don't think S5's have dropped as quick in value as S7's have with bitmain lowering prices.

I would advise to jump into the mining after the halving with half of it (5k). Surely there will be new mining rigs popping out since the signs of mining rigs getting cheaper lately is one of it, plus it will be much more efficient (even though that won't apply to you since you said free electricity). The other half, I would by BTCitcoins now and see after the halving, how it's price goes up and instant profit, without any effort

Guess it depends where you are. If you were in Canada i'd definitively talk to Allinvain. I sell some hardware but not 10k worth. And if you're outside North America, shipping would probably kill the deal.

Regardless, try the marketplace here on the forum. Don't do any trade without Escrow.

couples of S5's  from where to buy those eBay  or there is specializes site in selling   used bitcoin mining hardware

Maybe a couples of S5's to get an idea? People are basically giving them away now, at the current asking prices sellers are demanding for them... Its a bit crazy. Their returns halved, their price dropped by 75%.

Normally I would hear free electricity and jump into it.  But I will caution you like I do all new miners.  Start and grow slowly, if you start with 10k worth of equipment.... that is a heck of a learning curve.

If you go slower you can learn and work on cooling and other aspects.  So buy 1 or 2 and see how it goes.  Don't jump in with all 10k first thing being new.   

if you have if you have free electricity  and 10k cash


how much you will invest in bitcoin mining  and when ?? right now or later and why