We are complete crypto currency virgins and not technical, although we have reasonable business acumen.(I live in the UK)
I recently visited a friend in Czechoslovakia who introduced me to his friend who has been mining on a large scale for 2 years and made some decent money.
His place had about 150 antminers in the basement of an old building!!!!
It set my mind thinking so when I got home I investigated and now have a reasonable understanding of mining, its challenges and opportunities.
However there is a lot of conflicting information on the internet, so I thought I would challenge you guys to answer the following and stimulate some debate!
Here is my baseline -
We own a small building in the UK, with internet and power.
We have access to lets say £50k cash to spend on a rig.
We have a contact that has offered to sell me some brand new Antminer S9, L3+ with PSU's (at a slight premium to buying direct from Bitmain) he has them in stock I have seen them.
Questions.
1) If you were me would you make the investment?
2) Given the choice what would you mine - Bitcoin, Litecoin or something else like Ethereum? (I understand you cant mine Ethereum with ASIC's ?)
3) If we chose Bitcoin would you mine direct or join a mining pool?
4) What software would you use?
5) what wallet would you use?
5) what sort of Internet connectivity bandwidth do you require to say run 20 or 30 x S9's? Can you join all these to the same pool?
6) What about tax implications?
7) What is the minimum baseline equipment list required to set up a farm? Network? Electrics?
what else should I worry about?Lets see what you guys come up with !!! Should be interesting or not.