Mining profitability, total noob setting up first farm

notlist3d

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Quote from: alh on December 10, 2015, 01:16:59 PM

I am surprised if you can get 40-50KW of electricity for "free". That's quite a bit in my limited experience.

Butterfly Labs is a complete non-starter for mining gear. They haven't been viable for the last 18 months or more.

This seems like quite an undertaking as a first time mining farm. It will be at least a month before you an get the infrastructure setup and the miners delivered I'll bet. That's two difficulty increases. My expectation is that those will be at least 8% each (if not more).

You are also aware that the reward of 25BTC/block will be cut in half, roughly in June of 2016?

I would not believe in free 40-50KW of "free" electricity. Maybe cheap in some places but not free.

OP I think you really need a business plan. For 6 figures you need to really have that plan very solid, and trusted.

alh

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I am surprised if you can get 40-50KW of electricity for "free". That's quite a bit in my limited experience.

Butterfly Labs is a complete non-starter for mining gear. They haven't been viable for the last 18 months or more.

This seems like quite an undertaking as a first time mining farm. It will be at least a month before you an get the infrastructure setup and the miners delivered I'll bet. That's two difficulty increases. My expectation is that those will be at least 8% each (if not more).

You are also aware that the reward of 25BTC/block will be cut in half, roughly in June of 2016?

Tupsu

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Quote from: Atomicat on December 10, 2015, 07:30:46 AM

WOW that's a nice farm you got there.

What miners are you using to achive 175-180TH/s? How are getting rid of heat?

Total 37 x S7 and some water cooled S5 for heating. (10x S7 is not in my house)

Quote from: Prasmatic on December 10, 2015, 07:52:33 AM

Very nice indeed,

Is there any reason you stopped at just 180 TH and what miners are you using?

Also, I have already gathered a bulk load of racks and shelves (free of charge) and have a pretty sophisticated cooling system in place (modified from cannabis cultivation farm) wanted to know who is the best vendor for the actual mining equipment, i'm guessing butterfly labs?

Yes. The reason is, when you buy today S7, they are too expensive compared to the level of difficulty.
Most of my Antminer S7 is from patch 3 (27 pieces)

The best seller is Bitmaintech, but these batch8 is lower efficiency, as batch 1-7.

Atomicat

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Quote from: Prasmatic on December 10, 2015, 07:52:33 AM

Quote from: notlist3d on December 09, 2015, 10:25:31 PM

OP what is your budget?

In the mid six figure region

Quote from: Tupsu on December 10, 2015, 05:43:06 AM

It was also my dream
My 175-180TH/s generate at the current level of difficulty 1.12 BTC per 24hrs
Antpool , payment PPS

Soon, is again less than the 1 BTC

You can make daily per 1TH 0.00635776 BTC (Antpool PPS)

Very nice indeed,

Is there any reason you stopped at just 180 TH and what miners are you using?

Also, I have already gathered a bulk load of racks and shelves (free of charge) and have a pretty sophisticated cooling system in place (modified from cannabis cultivation farm) wanted to know who is the best vendor for the actual mining equipment, i'm guessing butterfly labs?

With a budget that high you will be able to buy mining hardware that generates 1+ BTC/day.

Quote from: Prasmatic on December 09, 2015, 06:45:41 PM

Issues of electricity costs etc are of no concern to me as im able to generate electricity practically at no cost

How are you able to generate electricity practically at no cost?

Prasmatic

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Quote from: notlist3d on December 09, 2015, 10:25:31 PM

OP what is your budget?

In the mid six figure region

Quote from: Tupsu on December 10, 2015, 05:43:06 AM

It was also my dream
My 175-180TH/s generate at the current level of difficulty 1.12 BTC per 24hrs
Antpool , payment PPS

Soon, is again less than the 1 BTC

You can make daily per 1TH 0.00635776 BTC (Antpool PPS)

Very nice indeed,

Is there any reason you stopped at just 180 TH and what miners are you using?

Also, I have already gathered a bulk load of racks and shelves (free of charge) and have a pretty sophisticated cooling system in place (modified from cannabis cultivation farm) wanted to know who is the best vendor for the actual mining equipment, i'm guessing butterfly labs?

Atomicat

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Activity: 952

Merit: 1002

Quote from: Tupsu on December 10, 2015, 05:43:06 AM

Quote from: Prasmatic on December 09, 2015, 06:45:41 PM

I have always been interested in getting into mining, but am struggling to come across explicit and jargon free information on how much money i can make daily per TH. Issues of electricity costs etc are of no concern to me as im able to generate electricity practically at no cost

My goal is to generate at least one bitcoin per 24hrs, what kind of setup is required to achieve this?

It was also my dream
My 175-180TH/s generate at the current level of difficulty 1.12 BTC per 24hrs
Antpool , payment PPS

Soon, is again less than the 1 BTC

You can make daily per 1TH 0.00635776 BTC (Antpool PPS)

WOW that's a nice farm you got there.

What miners are you using to achive 175-180TH/s? How are getting rid of heat?

Tupsu

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Activity: 1218

Merit: 1003

Quote from: Prasmatic on December 09, 2015, 06:45:41 PM

I have always been interested in getting into mining, but am struggling to come across explicit and jargon free information on how much money i can make daily per TH. Issues of electricity costs etc are of no concern to me as im able to generate electricity practically at no cost

My goal is to generate at least one bitcoin per 24hrs, what kind of setup is required to achieve this?

It was also my dream
My 175-180TH/s generate at the current level of difficulty 1.12 BTC per 24hrs
Antpool , payment PPS

Soon, is again less than the 1 BTC

You can make daily per 1TH 0.00635776 BTC (Antpool PPS)

notlist3d

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Activity: 1456

Merit: 1000

Quote from: mwizard on December 09, 2015, 07:27:41 PM

Quote from: Prasmatic on December 09, 2015, 06:45:41 PM

My goal is to generate at least one bitcoin per 24hrs, what kind of setup is required to achieve this?

Well there are 144*25 or 3600 bitcoins currently mined per day. The network hash rate is currently close to 600,000 Terahash. So you would need 600,000/3600 or 170 Terahash to mine one bitcoin per day.

Say you use Bitmain S7 miners you would currently need 35 miners. You will need to keep adding a couple of miners each week to keep up with the hash rate changes.

With current commercial miners this would require about 40,000 Watts. This is a lot of power and heat. Its about the average power consumption of 30 to 40 houses. Getting rid of the heat will be challenging.

It is not a cheap thing to do. Very expensive and NOT for someone just starting off as I'm assuming they do a lot of the setup to save money. Pay someone to set up all the miners its going to add up even more on price.

OP what is your budget? What are you planning as I think you see 1 BTC per day is a huge undertaking, and also with difficulty it would lower aswell.

mwizard

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Quote from: Prasmatic on December 09, 2015, 06:45:41 PM

My goal is to generate at least one bitcoin per 24hrs, what kind of setup is required to achieve this?

Well there are 144*25 or 3600 bitcoins currently mined per day. The network hash rate is currently close to 600,000 Terahash. So you would need 600,000/3600 or 170 Terahash to mine one bitcoin per day.

Say you use Bitmain S7 miners you would currently need 35 miners. You will need to keep adding a couple of miners each week to keep up with the hash rate changes.

With current commercial miners this would require about 40,000 Watts. This is a lot of power and heat. Its about the average power consumption of 30 to 40 houses. Getting rid of the heat will be challenging.

notlist3d

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Activity: 1456

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Quote from: Prasmatic on December 09, 2015, 06:45:41 PM

I have always been interested in getting into mining, but am struggling to come across explicit and jargon free information on how much money i can make daily per TH. Issues of electricity costs etc are of no concern to me as im able to generate electricity practically at no cost

My goal is to generate at least one bitcoin per 24hrs, what kind of setup is required to achieve this?

1 bitcoin per day is pretty unrealistic as far as just starting. Your talking about a decent hobby mining operation there.... not starter operation.

You can use this to see different senarios: https://bitcoinwisdom.com/bitcoin/calculator . It's the best as far as difficulty in my opinion being able to tweak that on ROI adjustment's.

What type of budget are we talking about? Do you have a room just for mining? What is your electrical like (need lots of details here). I think you will end up with something much less then 1 BTC a day.

Prasmatic

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Activity: 171

Merit: 100

I have always been interested in getting into mining, but am struggling to come across explicit and jargon free information on how much money i can make daily per TH. Issues of electricity costs etc are of no concern to me as im able to generate electricity practically at no cost

My goal is to generate at least one bitcoin per 24hrs, what kind of setup is required to achieve this?

Topic: Mining profitability, total noob setting up first farm (Read 883 times)