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Topic: Lowering the cost of mining btc (Read 117 times)

legendary
Activity: 4326
Merit: 8914
'The right to privacy matters'
March 09, 2023, 06:02:59 AM
#7
philipma1957 seems to be getting a solar mining operation ready with a few friends. Why don't you message him for advice?

We have a 265kwatt solar array in operation. It is grid tied and provides about 55kwatts per hour 24/7/365 due to net metering with the power company.
legendary
Activity: 2436
Merit: 6640
be constructive or S.T.F.U
March 09, 2023, 05:30:28 AM
#6
Lowering the cost of mining Bitcoin is not a positive impact on the currency. This is because it will increase the amount of Bitcoin in circulation greatly therefore causing the price of the crypto currency to drop which will result in great loss for those hodling  Bitcoin before the incident. The currency has to be difficult to mine in other to protect it's value.
This is my idea

No such thing can happen, there is something called "difficulty" in mining, it doesn't matter how cheap it becomes to mine bitcoin or how many people mine it, the protocol will always keep the average block time at 10 minutes, ya not 100% adjusted but overall perfectly aligned.

I don't think it's wise to buy all 30 ASIC units from Bitmain you can get cheaper from Canaan units if you are planning to lower the cost.

Here is a fair warning, the recent gears made by Canaan are of very low quality, it's probably why they had 80% drop in revenue in Q4 last year, it's either Bitmain or Whatsminer, the former for better efficiency, the latter for better quality.

Quote
And the main part of lowering the cost is the Electricity rate but I think you can only get cheap power in 3rd world country.

The United States has 50% or more of the current hashrate, and it doesn't fall into the 3rd world country (I hate that term anyway).



OP, the first thing you need to check is the power rate, anything above 6 cents is risky, 7 cents is maybe doable but you will need a lot of luck, depending on your power cost, you pick the right piece of gear, where do you buy the miners from also matters, which country do you come from? if you are in the U.S., it's cheaper to buy miners from other resellers than to buy them straight from the factory.




legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
March 09, 2023, 03:05:29 AM
#5
philipma1957 seems to be getting a solar mining operation ready with a few friends. Why don't you message him for advice?
newbie
Activity: 11
Merit: 0
March 09, 2023, 01:47:10 AM
#4
There are numerous cost-cutting strategies available, ranging from hardware optimization to downtime reduction (to minimize a negative impact on profitability). Here's an article where you can learn about the various strategies that miners use these days to reduce Bitcoin mining costs: https://zionodes.com/blog/how-to-reduce-bitcoin-mining-costs-tips-and-strategies
legendary
Activity: 3374
Merit: 3095
Playbet.io - Crypto Casino and Sportsbook
March 08, 2023, 11:18:56 AM
#3
I don't think it's wise to buy all 30 ASIC units from Bitmain you can get cheaper from Canaan units if you are planning to lower the cost.
And the main part of lowering the cost is the Electricity rate but I think you can only get cheap power in 3rd world country.
 
Having a solar farm is I think another option to get free power but the problem is building a solar farm might cost more than buying ASIC units. Maybe you can build an on-grid solar panel to help reduce the power cost from your mining farm.

Maintaining it should be an easy task just make sure you have some repairing tools like the test fixture, Multitester, and BGA soldering set then learn how to repair them here's the link below for a big list of ASIC repair guides.

- https://www.zeusbtc.com/Support-Manuals.asp
legendary
Activity: 1512
Merit: 4795
Leading Crypto Sports Betting & Casino Platform
March 08, 2023, 03:40:11 AM
#2
If you want to reduce the cost on mining, you will have to go for areas where electricity is cheap and a kind of environment that is very cold enough to cool your miners. But mining is not cheap, you will have no option than to go the expensive way, old miners may not perform the best as new miners, but some people can suggest going for old miners.

I would advice you that if you can not mine, it is better to invest in bitcoin instead.
newbie
Activity: 1
Merit: 0
March 08, 2023, 02:49:57 AM
#1
Hey guys! I'm a solo miner planning to invest in over 30 ASICs over the next few months (mainly Antminers) looking for helpful strategies where I can lower the costs associated to mining bitcoin, since the whole process itself (from acquiring the miner to electricity and maintaining it) is quite high. If you have any suggestions, please mention. Thanks!
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