New Mining Farm - page 2. | Bitcointalksearch.org

notlist3d

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Quote from: senyorito123 on January 22, 2016, 08:38:53 AM

i prefer trading. if you got 30k usd? why not use it for trading. and also do research on trading before you enter that field. Cheesy

A surprising amount of people that say i have X to invest, never actually invest. It happens all the time on someone say's they are going to invest.... then goes silent or decides not to do it.

But right now I think buying looks pretty interesting at sub 400. If it stabilizes again... could be profit. And mining or trading no guarantee of profit.

senyorito123

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20BET - Premium Casino & Sportsbook

i prefer trading. if you got 30k usd? why not use it for trading. and also do research on trading before you enter that field. Cheesy

Wandika

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In CryptoEnergy we trust

Quote from: Morguk on January 19, 2016, 06:34:03 PM

Just buy some BTC and hold it.

That is a good suggestion. The electricity price is too high. In order to survive next halving and difficulty rise, you need to have less thna $0.1 electricity price.

mitkala

newbie

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The electricity price is too high. It will not be profitable to mine with S7 in a few months. It is better to buy some bitcoin now. It just survived from another stab.

QuintLeo

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Quote from: danduwiz on January 19, 2016, 08:40:22 PM

Quote from: Morguk on January 19, 2016, 06:34:03 PM

Just buy some BTC and hold it.

Thanks for the advice , however this method relies solely on speculation , and I see more potential in the mining sector , as at the current rate of 25 BTC for every 10 mins , it will take another 3.8 years untill all the possible bitcoins are mined .

Block reward halfs next summer, probably sometime near mid-July. It will then half again about 4 years later - it will take decades for the last Bitcoin to be mined.

Quote

By the way , will the processing fees will be enough to sustain the existence of the bitcoin miners once all the bitcoins are mined and there is nothing else to mine . Assuming the Bitcoin doesn't fail in the meantime , will the processing fees cover the expenses of miners or would they be able to make any kind of profit ?

No, but it's not going to be an issue quite that soon. It will start being an issue somewhere in the 2020s, when the halfings get the block reward down a lot closer to or under 1 BTC/block - IF bitcoin survives that long (I think it probably will).

QuintLeo

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The "Uranus miner" is a scam. It does not exist, as far as ANYONE has been able to determine.

At your VERY VERY HIGH electric cost, NOTHING is going to be able to mine enough to make enough money back to even come CLOSE to paying for the cost of purchace, as far as ANYTHING currently available.
You need to get under 10 cents/KWH to even have a chance with NEXT GEN gear that should be showing up over the next few months - and realistically 5 cents/KWH would be a ton better, under 3c/KWH gets you into being competative with most of the "big farms" and gives you a good chance to make a profit long term.

Amph

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Quote from: danduwiz on January 19, 2016, 08:27:53 PM

Quote from: alh on January 19, 2016, 05:00:00 PM

If you were to receive for S7's today, in about 40 days, you'll likely be losing money, just in running costs alone. The electricity price of $.22 just won't work for you. More miners won't help, only lower priced electricity.

Sorry to give you the bad news, but better to understand it going in (i.e. before Bitmain delivers a dozen S7 miners to you).

When you say that in about 40 days I will be loosing money , are you reffering to the fact that new technology will be available on the market that will make the S7 somehow obsolete ?

What is an acceptable power rate in order to perform some profitable mining using the S7 ?

I am a risk taker by nature , and This is my first contact with the cryptocurrency world which is gaining some serious momentum worldwide and I don't want to miss out .

no it's because of the diff, current farm will keep adding other s7 to their already vast number of asic, to be competitive and be on top, this mean that you will lose money if you don't upgrade yourself your farm

acceptable power is below 0.1 but it would be better if it is below 0.05, until new efficienct unit, more efficient than s7, come out

danduwiz

newbie

Activity: 4

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Quote from: Morguk on January 19, 2016, 06:34:03 PM

Just buy some BTC and hold it.

Thanks for the advice , however this method relies solely on speculation , and I see more potential in the mining sector , as at the current rate of 25 BTC for every 10 mins , it will take another 3.8 years untill all the possible bitcoins are mined .

By the way , will the processing fees will be enough to sustain the existence of the bitcoin miners once all the bitcoins are mined and there is nothing else to mine . Assuming the Bitcoin doesn't fail in the meantime , will the processing fees cover the expenses of miners or would they be able to make any kind of profit ?

danduwiz

newbie

Activity: 4

Merit: 0

Quote

I am intrigued by your mention of the Uranus miner. How did you hear about it? To the best of my knowledge the Uranus Miner never appeared. View it as a scam.

I came across it while googling , and I found this company in Estonia who is allegedly producing it . I only submited an email inquiry with no response so far . Anyways , if it is for real I would only buy it in person by pshysically going to Estonia .

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As others have said mining is now only profitable in the small number of locations around the world where electricity is under about 0.10 USD/kWh. Cloud mining is also extremely risky with most being scams.

If you really have 30K USD I suggest you start doing considerable research before investing.

Thanks for the advice , I am currently seeking cheaper alternative power supply in my home-country , not where I live .

danduwiz

newbie

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Quote from: alh on January 19, 2016, 05:00:00 PM

If you were to receive for S7's today, in about 40 days, you'll likely be losing money, just in running costs alone. The electricity price of $.22 just won't work for you. More miners won't help, only lower priced electricity.

Sorry to give you the bad news, but better to understand it going in (i.e. before Bitmain delivers a dozen S7 miners to you).

When you say that in about 40 days I will be loosing money , are you reffering to the fact that new technology will be available on the market that will make the S7 somehow obsolete ?

What is an acceptable power rate in order to perform some profitable mining using the S7 ?

I am a risk taker by nature , and This is my first contact with the cryptocurrency world which is gaining some serious momentum worldwide and I don't want to miss out .

notlist3d

legendary

Activity: 1456

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Quote from: mwizard on January 19, 2016, 05:09:40 PM

Quote from: danduwiz on January 19, 2016, 07:49:53 AM

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .

Thanks for your support .

I am intrigued by your mention of the Uranus miner. How did you hear about it? To the best of my knowledge the Uranus Miner never appeared. View it as a scam.

As others have said mining is now only profitable in the small number of locations around the world where electricity is under about 0.10 USD/kWh. Cloud mining is also extremely risky with most being scams.

If you really have 30K USD I suggest you start doing considerable research before investing.

It almost sounds like a possible troll. Someone who knows exact electricity price has done some research to know people will ask that right off. For him to mention a scam miner that is pretty much dead in all threads is interesting as it was a obvious scam.

But troll or not electricty rate mentioned kills the deal . You would need to pay a hosting center which is less then 1/2 of your power costs OP. That is only chance at ROI.

jacko0088

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Blockchain Core Dev

Quote from: Morguk on January 19, 2016, 06:34:03 PM

Just buy some BTC and hold it.

This is a good way

Morguk

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Just buy some BTC and hold it.

mwizard

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Quote from: danduwiz on January 19, 2016, 07:49:53 AM

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .

Thanks for your support .

I am intrigued by your mention of the Uranus miner. How did you hear about it? To the best of my knowledge the Uranus Miner never appeared. View it as a scam.

As others have said mining is now only profitable in the small number of locations around the world where electricity is under about 0.10 USD/kWh. Cloud mining is also extremely risky with most being scams.

If you really have 30K USD I suggest you start doing considerable research before investing.

alh

legendary

Activity: 1846

Merit: 1052

If you were to receive for S7's today, in about 40 days, you'll likely be losing money, just in running costs alone. The electricity price of $.22 just won't work for you. More miners won't help, only lower priced electricity.

Sorry to give you the bad news, but better to understand it going in (i.e. before Bitmain delivers a dozen S7 miners to you).

Chronikka

hero member

Activity: 658

Merit: 504

Quote from: danduwiz on January 19, 2016, 07:49:53 AM

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .

Thanks for your support .

With an electric rate that high I would not consider mining a good investment. That's three times what I pay and probably about double the national average in the US. I think you might be better off spending your money entirely on Bitcoin miners, and then finding a good hosting service to run them for you. Otherwise your electricity costs are going to cut into your profits significantly.

WENGER

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Hello, that would be a good enough budget to have a good ongoing mining farm in my opinion. Personally if I were you, I would go with Antminer S7's, all of them in which one of them is around $920 at the moment at Bitmain itself and perhaps some PSU's so that would be around 20 Antminer S7 plus needed PSU's together with some extra money left in case of any future expenses. I'm assuming the place were mining equipment's will stay is already built and that's separate from the budget you stated. Well about the lower price, the only think I could think of is if your from the same country from the manufacturer itself, aside from that, buying in bulk is the same price AFAIK.

danduwiz

newbie

Activity: 4

Merit: 0

This is my first topic on this forum , and I am seriously thinking to start a small Bitcoin mining farm , and I have around 30k USD to invest in this venture . Would you consider this investment a good one , considering the current developments in the bitcoin industry as well as the fact that the local power rate in my area is around 0.22 USD/KWh .

I am interested in either the Antminer S7 or the Uranus Miner 6.0 TH/s .

Any tips on how to buy the equipment at a lower price , or cheaper setup alternatives , if any .

Thanks for your support .

Topic: New Mining Farm - page 2. (Read 3838 times)