Topic: Looking for a business partner for bitcoin mining on VENEZUELA (Read 1001 times)

It's a great idea, but as everyone has said it takes 2 minutes to write your initial post that's all we have on you.

aside from the current situation the future situation is just to convoluted and the ROI for someone in US dollars is minimal.


I actually work near a 2nd hand computer parts shopping mall in China, and have often wondered why these hundreds of cpus and video cards aren't put to better use.



why not just live stream some hotties/porn like the other foreign dudes down there.

Let me ask you a question. Tomorrow if some random guy knocks on your door and says he wants you to invest something in a work, would you instantly oblige and invest ?

Please put yourself in the investor's shoes and answer all the questions beforehand if you were the investor and some unknown person asks for investment in whatever venture.

Yes,i know your point but you would really have a hard time on finding investors knowing that we are talking about money here and speaking of mining it involves quiet a lot of money and no one would easily entrust you to hand those amount of money on a random guy in the other side of the world. Want to ask, how can you assure that you wont scam if a certain person decide to give you the hand on making mining farm?

I'm not saying the cheap electricity is an advantage, I agree people should pay the right price, what I'm saying is that the demagogic government have made it this way to sell people a false impression of advantage and it's not.

Well, even you have your tricks to make this mining operation work it's still very risky, for you and for investors, but specially for you. But if you choose to do it, good luck anyway...

I really admire those who are on the front fighting this government, I wish to you all the strenght to start a new age in your country. In general, it's not only a Venezuela's goal, but a goal of all the South America, to kick these socialist asses out of here. Fuerza!

Hi bro,

With all respect, you have no idea of what you are saying about the false impression of advantage. Its called it socialism (is BS, but still), basic services like gas, water, electricity, or even phone bill, are very very cheap because they want to everyone get access to those services. Why and how they do it? well, this is from much way back of Chavez in 1998, the state generating a lot of money with oil, can afford to do those kind of things. But doing that generate people who don't appreciate how much the things value, for example, the fuel, the cheapest on earth, generating more damage that it own cost (you can full 70 lts with 0.02 cents, a gun on CS-GO worth more than that), and everyone gets mad if they try to put it more expensive, even knowing that we are losing from every way in that point.

If you think that free electricity or any other services, are things of an advantage country, you are wrong, people should pay the right price, not more, not less, the real cost for a quality service (just a moral thing, i'm still trying to take advantage of the free electricity doing this)

But anyways. Just an informative thing, i can use the electricity with NO limitations and on my wishes, i can consume a lot power even to make me notice for they to see me, and if they check and it turns out that the reason of power consumption is like i have 50 split air conditioner in my home, they won't do anything. But if they find out something like the news you post, obviously thing will go bad, and as i said before, as long you have 10 machines maximum per power bill, nobody will notice anything.

And about those last words, not trying to make a fortune with that, just to live well here, and because you don't know me, i can tell you this things about me: i help everyday on my streets in the way i can with the resources i have, i love my country in fact, and i don't wanna leave, and neather run to a neighboor countries where i won't be treated right just because i come from another country, and i'm not asking money to leave my country, i wanna make business, that's all.

Hi,

About the 50/50 thing is something that can be talked, because if you see that with 50/50 will generate you the same profits as if you do it by yourself in your country, obviously you will rather to do it by yourself. And in fact i will be putting my 50% of the project by having the place to do it and the free electricity (just a way to see it).

Well, the estimated for the project i have on mind is the one i told above. The company will sell me the rack here where i can put maximum 5 mining devices, each one cost around 2300 usd, so for the five it will be like 11.500 USD, having 5 of them, will get profits of almost 2.000 usd per month (like 375 usd per each machine).

About the days i think a can generate profits, mmmm, well, after i have the machine on my hands, just need 2 or 3 days to set things up, prepare the conditioned room, and make it run. After that, we just need to wait our 4 weeks to see the profits.

And about the road map or plan, yes i know i need it, but i need it more someone who ask for it lol. The plan is the one i've told, you invest on the machine, i put it to run safe in a third word country, you get the profits in your country. How do you invest on that?, i think (haven't check it yet) the pay that you must do for the hardware, can be done in the US, in fact, the company who run the business here, work in North America, so no problem with that. How do i put the machine to run on? well, i have the place, and i know work with those kinds of thing. HOW YOU GET THE PROFIT? well, thinking about it, the person who decide to invest with me, will control the bitcoin or etherum wallet account, all the profits (including mine) will get to his account, and after that, he will give my part.

Hi there,

Yes i understand what you're saying.

To answer your first question, i want someone who is NOT from my place because, the're two kind people around here (just saying), the one who got money, and the one who don't, there's no mid place. They guy that have money, have enough money for doing it by himself with no partner, and the guy who don't just doesn't  do it.

Why do i not go split with my friends?. Well, that's because we are basically on the same situation. If i have one friend for doing it, it will be very very hard to reach 2.500 usd for the mining machine that is the sure one. it will be like 1.200 usd per head, and damn, i live 4 month easy with 1.200 usd. but still, is a plan for doing it, and it won't be bad for me to get the split of 375 usd that can generate per month as profit. But again, to reach that number is very very complicated for me here.

And well, there is more chance for someone on the out side to reach that number.

Hi,

In fact i've never done mining, the knowledge that i have about it is limited to the things i've read on the internet. I know setup things, i know how to work with hardwares, sotfwares. The part of configure everything is not really a complication for me, just being honest about it.

And well, i have some friends who is doing it so i'm always supported on the how.

Hi,

Yes is true, and when they get caught is because they were too obvious putting like 500 machines on a hangar just for mining.

But is still, you can really put 500 machines to work for you with no problems at all, the trick about that is that you don't have to put in in the same electricity bill, is something like, i can have 10 at my place, 10 more in a other well located place like my aunt place (just for say), near but not close, just to be safe, and 10 more in other places having the same thing on mind. Not so risky if you know how to do it.

And i will really love to save money for doing that, but here is just impossible. 

Hi,

Yes, sound like risky if you are alone and don't know the place, but that's why i'm here, i'm the guy who know how can run it and i know the city i've live all my life. I don't need to be worry about the government or the police. And again, for the investor, there's no need to come here to do or move a finger on it, i'm here to do the work, he just will see his profit.

You know Maduro's Lackeys can arrest you and your equipment anytime, right?

The Bitcoin mining in Venezuela isn't a wonderful world of easy and fast income. The electricity there is cheap for some reason, I don't know certainly why, but it's faked by the government to sell people the false impression you have an advantage there in your country. You can't use it as you wish, there are limitations.

If they discover you are using electricity too much they will start investigating it and will get you. It have already happened once: http://reason.com/blog/2017/02/03/venezuela-surbitcoin-arrests-mining

Instead of trying making fortune this way, you should give some support to your people who are dying on the streets to destroy these monsters created by yourselves over the last decades. No offense, but seems that is the priority there or soon it won't be a country anymore and the situation will become even worse, there won't be even cheap fake electricity to mine Bitcoins. And the solution isn't run to neighboor countries...

Hi bro,

Well, all i can say from those words is that i know it's a bad place to live. But if your are not here, you won't see how the things work out around here, so yea, the country is collapsing, there are many problems in many areas, but still, i have the advantage in the place i live on because electricity is ALWAYS RUNNING, i don't suffer from power shutdown or anything, and the internet in my area is on 24/7, so i'm on a strategic place on this city for doing those kinds of things or works.

About the temperatures, bro, i don't live in Congo (with no discrimination, they surely have a pretty nice country), in my house i got one split air conditioner for the living room, and one for each room i have and they are always ON and we are less than 16°C, except for the one in my room because i don't like to play on the computer dying of cold lol. The point about this, is that the room or the place where it will be put on the hardware, will be especially conditioned for that, so no worries about that point.

Anyways, thank for reply again.

So you want to have a fifty fifty split on the profits. Can we consider that you will be investing fifty percent in this project too? Have you done an estimate on the total project cost involved and in how many days do you think that you can generate profit from.
Apart from some shady details which can be copied from the internet, you have not provided any proper roadmap or plan to implement your project.

The first thing which raises question is, why would you want investment from someone who is NOT from your place ? Is it so because a person near you can know you physically can catch you if they find you turn out be be deceiving them ?

Rather it would have been better if you got a local investor who can verify the business you are planning to get the investment for.

Since you want to do a serious business with responsible people, let me ask you something about your seriousness and responsibility.

What experience do you have apart from reading the link you posted about mining ? Have you ever at least worked in setting up the mining hardwares and softwares with some renowned mining firm ?

I have read it somewhere in the net that your government is against bitcoin mining , but still people are mining bitcoins without government's knowledge . Is that true? I think it's risky in that situation to invest money for mining bitcoins in your country. In my opinion no one will dare to invest in your country. It will be better if you save some money and buy the equipment by yourself.

Just like on what others said here you wouldn't really get those investors that you do seek for. I do have a friend from your place and He said about the electricity rate and its really somehow nearly on free rate because it is soo cheap and its really a paradise for those who do mine bitcoin but one problem here is the Government who handles that place, it does really suck bigtime. Too much hassle for a certain investor to come in your place just to mine and its really a dumb thing to do.

Just give up.... No investor in his right mind will visit your city - http://www.bbc.com/news/av/world-latin-america-26845207/venezuela-violent-overnight-clashes-in-caracas

http://www.newyorker.com/tech/elements/the-electricity-crisis-in-venezuela-a-cautionary-tale

Just a few months ago, President Nicolás Maduro declared a sixty-day state of emergency throughout Venezuela.

Bitcoin mining also needs cooler temperatures, because it generates a lot of heat and that needs more electricity.

Caracas: Annual Weather Averages. April is the hottest month in Caracas with an average temperature of 24°C (75°F) and the coldest is January at 22°C (72°F).

Well, you can come here any time you like. Still is fun and we have thing to do lol. But really, im a local, so if you or someone wanna make a visit to see what they are buying or anything else, can be easily arrange with 0 risk (I know they say is a very dangerous city, but if you know where to go with someone who really KNOWS, you don't need to worry about it, just enjoy .

Yes is true, i can't guarantee that, just like any of you can't guarantee that some natural disaster happen and break our toys (Not wishing bad to anyone). Just saying, i live in a safe place, safe area (in the terms that no one will break in to my home).

I'm not being pursuit by the police or a political action, so i can be relax doing my stuff with no worries. As i say on my last reply, for the governments know at least that something rare is happening to do something about (Specially now, with other things on mind), i need to have a hangar full of that equipment, and if they find out about it, i can pay for keep that running and they won't took the machines. They are all corrupts, just wanna a part of what we do, because we do it in his ''territory'' and he find out. But again, is very difficult that they find out about it. 

1. There are two ways of acquire the equipment.

The first one is the cheap one, with a bit more risk and i guess that with less power for mining idk? i have to check witch hardware are the one available and see the specs to know that.

But anyways, thirds persons here sell mining machines like the ones we can find on amazon or ebay, not hard at all to find it, and see if everything's ok and make it run. So, there's no need for shipment because everything you need for it can be buy it here.

The other way is the expensive one. In my city there's a legal company that sell the ''rack'' (i think that's how they call it), place where you can put maximum 5 mining device there, provided by them self. The good thing about this one, is that the company have guarantee of the product you buy, so, if something go wrong, broke, or anything, they replace it.

2. For the first one, depends on witch machine we decide to use. Can be an Ant Miner, that can worth around 1.200 usd here (original price like 500 usd, but is here so can't do so much about it..), or can be high ended video cards that can work for mining, much way easier to find here, but for this one i don't know how good can be the profits, i need to check it out on the specific model we find at the time.

The other one, provided by the legal company here, the price for each hardware to put on the rack, cost around 2.300 USD, and the profit per month is 375 USD (around that, you know how that work), so, 2.300 * 5 (maximum of hardware that can be put in on the rack) = 11.500 USD for the entire rack full. So the profit of have with the entire rack is around 1.800 USD per month (could be bit more or less).

I know this one because a brother of a close friend is doing it this way, and this is his third month with it and everything is going good on his words.

3. Yes, i know what you mean, it's hard to trust someone and even more if we are talking about money.

But first, about the government and country itself: the risk about it is that, is that if you have been found by the SEBIN (it's like the CIA or ex KGB here, intelligence division) doing mining stuffs, they first will ask you to pay them money every month till they get bored or rich. If you don't pay them, they will charge you (in this case, me) with money laundering and will go to jail. For this to happen is very very difficult, first because, the only way to find out it's having at least 50 rack in a single house, all plug in on the same electricity bill. They find out the unusual power consumption and will go to check what's happening. To be honest, 2% of probability that this happen. (The only news I've seen about it, is a guy that have been found with more than 500 hundred mining machines on a hangar (or shed, don't know).

Second, the trust is something that can be won. We live in a globalize word, we can know each other, talk every day, and see who are we dealing with. I'm a serious and educated man and i wanna make business this way with serious people, because i know after the first one decide to invest on this, and see that he can really make some good profits, he can share the word about what i'm doing and attract more people to do this with me, making everyone win.

Third, the economics problems here doesn't affect at all this kind business. There is like two company here that buy and sell bitcoin. But in my case, i don't care at all to trade bitcoins on the country currency (The Venezuelan Bolívar Fuerte), i just care about the USD (or euro lol) and having it outside here, not in my country or currency.

At last, just wanna mention, in my country, 1 USD = 14.000 VEB. The actual minimum wage is 250.531 VEB. With USD here can live very very very well (even with those crazy thing it happen here). Oh and BTW, i'm close to be an attorney, so i have a lot of knowledge of law and political situation.

I hope I've answer all your question

And thank for reply, have a good day.

But honestly - i would never invest in a company that i can't visit if i wanted.
This is no offensive but you CAN'T guarantie that there will be not comming a robbery or even the regime itself and take all stuff. I can't give trust in any laws or goverments there.
It's now like building up a bank in somalia.

I would like to ask you some questions,
1. How about your plans? To buy the hardware, shipment and everything.
2. How much do you need?
3. Collateral, there's no guarantee here I guess? How could people will trust to give you bitcoin or money?
Since there is a crucial economics problem in your country, it's just like double edge sword. I believe bitcoin will grow bigger in there, but this Government problem really a big deal. Where do you convert bitcoin into fiat currency? How much VEB per BTC1?

Wrong perspective of what i have on mind.

Yes you are right about everything you are saying, but, as a local here in Venezuela, i can make it work fast and easy.

The problem is that i don't have the enough money to invest on the mining machines.

Just saying that the plus that i have here is free electricity, because that's the main lost of profits in this business.

Not planing to sign up a company or something like that. I have the place fully equipped, the internet and the electricity always running. I just need the inversion.

On the other side. Yes, is a dangerous city, but there's no need to travel here. That's the point of having a partner here running and checking everything.

And the dictator thing, yes, is not a good thing, but as long you don't have to come here, you don't need to worry about that.

The only real bad thing  is the trust you can have doing business with someone you don't know. But that's why i'm here.

Anyways, thanks for your reply, i appreciate

Pretty bad times for planning this. No investor will put only a penny into a company in venezuela atm.
The country is falling into pieces and the people fight against a dictator.
Also Caracas is the city with the most murdered people since a long time if im right.

Sorry, but this isnt a investment case.

Hi guys,

I'm new in this forum and i hope this is the right board to right about it.

I'm a 25 yr old boy living on Venezuela, in the city of Caracas.

I'm looking for some partners outside Venezuela to do some business on bitcoin mining in my country.

For those who don't know, living on Venezuela has a really huge advantage for bitcoin mining. The electricity is almost free, and i have the plus that i live in a good place of Caracas where the power supply is always on.

If you wanna know more about it, read this link:

https://fronteranews.com/news/latam/the-secret-dangerous-world-of-venezuelan-bitcoin-mining/

Anyways, i wanna do some serious business with responsible people, basically going 50/50 with the profits.

Anyone interested on this, can write me back.

Have nice days guys.