Topic: Mining hardware and prices (Read 590 times)

Thanks for your completely unnecessary shitpost on a 4 month old topic that contributes nothing to the discussion.

I mean seriously, if you want to randomly bump posts in diverse section, at least say something that wouldn't be so obviously seen as Signature compulsion.

On a serious note, I hope @jaykavathe would be back here. I was hoping we could get something going here.

today 03/04/2019 rx580 price  around $325 in delhi  and 2070 around $600 and all gfx card easly available

Will wait to see how this turns out. Thanks.

Glad that you understand that it is hard to trust such a setup. I totally agree with your point about the hobby miner thing. It is a niche right now as it is not simple to realize profits too. (Most buying and selling is not p2p after RBI restrictions). Someone running a simple rig with 700W on wall will be paying almost ~INR 2000 for electricity. The problem is that the profits are too small to get a decent ROI.
I will be happy to discuss the details on any potential upside of using sourced GPUs/ Miners and helping you determine the profitability. Glad you opened up about the background. Are you still with cummins? We use engines sourced from cummins. I am not directly involved but I could verify this if i dug in.

I'll let you first check if its worth your time and effort to go through the notorious Indian customs. Good Luck. Keep us updated.

Sure, I would be glad to first check myself ways to be able to ship into India and work with customs. Let me get back to you on this.

Scam and profitability, agree with both the points. About scam, its actually really not that hard to find information about anyone these days which is why I have been growing business with remote people. I am from BITS, worked for GM in India and then moved to US for masters and job at Cummins. I have had online presence since 2003 pretty much and have strong roots/community in both India and US. I would imagine most scammers would surface for a short duration and would lack a long history. And yet, there are far more ways to validate someone. I haven't been scammed (hacked yes, but not scammed) in online world for last 16 years and I assume the same with most others. Smart people can see a scam from miles away.

Profitability has gone down as well, which is why its allowing business like mine to sustain paying industrial electrical rates compared to hobby miners on residential rates. Last year, collocation facilities were abundant but now most of them have shut down. Even though they were having good rates, I can see that inefficiencies in the operation killed them along with low profits. Hosting is really not that lucrative, you barely make much considering how much overhead electrical consumption you end up having outside client equipment. Being solo, and able to handle everything myself..from buying, building, deploying to management, maintenance, troubleshooting allows me cut my overheads and just that I have experience to make the operation run efficient is letting me keep my head above the water.

Big farms were thriving when they were able to sell daily and make profits. Right now, I believe its perfect time for hobby miners who dont sell and instead HODL. Today's lower profits means absolutely nothing when you are not selling, as long as its positive. A big farm like me (apart from clients, I have my own farm too) cant HODL anymore because of my electricity expenses would be too high to sustain long term.

I am looking to build a trusted channel to be able to sell in India but in my recent visit (I was there for first half of Jan), I learned that mining is almost considered illegal so that hardware trading would still take a time. Now that would make me seek miners who still might be interested in this crazy idea of "someone else running their mining equipment a thousand miles away" I know, as much as crazy it sounds, it probably is not too far from Genesis running your cloud contracts. Once trust is there (which can be built with due diligence) it doesn't matter if you are located in next town or across the globe. Remote access would be same.

Btw, here is my website. I need to update few more pics though http://mysticdigital.io

You are right that the regulations are confusing and the general idea is that Bitcoin is seen as shady by the establishments as compared to US. Whether this "scared" the Indian miners away or not is a question i wish we could have answered from someone actually involved in this. I recall seeing youtube video of this guy running bitmain miners in Gujarat and other places. The videos are from 2016 or so.
Wonder what happened to those guys and how exactly they are sourcing the miners lately.

This paying for deployment thing is possible if you are in the same jurisdiction. Of course it is little other than a cloud-mining thing if it is overseas. Though i am sure if done on the forum through an established account, this could take some shape. If you are interested in seeing how the overall mining buying and deploying works for individuals then this is a great board.

Nowadays it's not at all easy to mine without incurring losses in other areas.
You can still mine if you have the cheapest electricity plan in your area but still the cost of maintaining the miners and their failure rate is enough to pose serious threat to your operation.

At the peak I had ordered a motherboard and 2 RX580 from the Newegg website. The shipment went through smoothly with the duties paid but I think the price ended up almost the same as in online stores here. I could probably get you a comparison by digging up the invoice and checking current prices.
As far as interest in GPU mining is concerned, the market is still wide open but there hasn't been enough marketing or community building. Like i said, the older members either went underground or decided to run scams themselves. The indian community is also pretty engaged in the ICO markets and I can see some of the newer GPU algorithms picking up as more and more projects launch their mainnets.


I get it that people who would pay you to deploy are basically in this for the returns. My interest in getting hands on an ASIC are equally intellectual and hobby-based. I also like the idea of being able to support network decentralization. If there was a way to trade on here, I'd be interested in offers. Only thing is I haven't yet found examples of such trades running successfully in the Markets section here at BCT.

Well first off compared to US, the regulations have become very strict in india which combined with the bear market scared away most miners and secondly its not easy to trust someone who says he will deploy miners in a country thousands of miles away. It smells of a scam and even putting that aside most people who did this model have given up due to how unprofitable the market became.

Thank you very much for a detailed reply. $200 vs $320, that is indeed ridiculous and much higher than I thought.

Why the interest... well, I started with my own rigs, expanded into a dedicated farm, then became a tier I supplier for MSI/Asus and then started my own 2.5 MW hosting facility. I have been expanding steadily and reinvesting my profits back. Being an Indian and still having roots in here, I always wanted to reach out here. Despite being a solo entrepreneur, the only reason I was able to expand business and have these many clients was to establish trust.. I am good at it My GPU sales have slowed down a lot in US but well, if India is still open, I would like to investigate and possibly create a channel for GPU and ASICS. If there is lack of a trusted sellers, I see a huge advantage for someone like myself. I understand there will be lot of friction from custom and taxes side, but I dont think the taxes still would be less than 60% delta (200 vs 320).

More importantly, most of my clients are finance people who pretty much just pay the capital, I go around, build the rigs or purchase ASICS and deploy them at my facility and run them monthly. I bet there would be interest here in Indian community since that would totally eliminate the custom, taxes, hosting related issue (as long as we establish trust). When you say you are interested in buying ASICS, what would limit you from paying me for buying it here, and run here? It would be tons cheaper and deployment time would be less than a week, right?

As far as GPU mining is concerned, these are available at several online stores. The prices compared to US markets are pretty high. The premium was even higher during the GPU craze in Nov-Dec 17. A Sapphire Nitro RX580 cost as much as INR 32000 which was ~500USD for the exchange rate at that time.
Today you can get the same RX 580 at INR 22300 which is around USD 320 at today's rates. The prices have been such that there hasn't been any ROI for those that FOMO'ed into GPU mining. (Like me..at a very hobbyist level though).

As far as BTC mining ASICs are concerned, I'd very much like some of the older, non-scammy people in the Indian community to let us know about availability of hardware. Right now, almost all of them will be scammy kids who will run away with your money. Unfortunately, Most of these older Indian community members have themselves fallen into either disrepute or have run businesses to the ground. There isn't much to work with at present. The market is wide open for a trustworthy supplier/ marketer for mining hardware.

Why the interest though?

I am curious where do Indian miners find there hardware and what is the pricing? Is it far different than US market?
I have my own mining farm and hosting facility in US here though always been curious about Indian market.

Being a gamer, I always knew that graphics cards were very expensive back then. I am sure the price gap is reduced a lot now but wondering how much is the difference.

Like RX580 brand new is around $200 now here in US, while 2070 is around $500 and so on. Are gfx cards easily available in India?