Should i just move to china and farm bitcoins?

Amph

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Quote from: Sakarias-Corporation on June 15, 2015, 08:58:56 AM

how much BTC would you guys consider a good start for doing this ? (only gear wise, as in miners)

you need at least to aims at 1% of the network, i think, otherwise there is not even a remotely competition for you

with this in mind you need 3 petahash, which mean 3k antminers s5(not exactly but, just to have easy numbers), 1 antminers is 1.5 btc more or less, so we are looking at 4.5k btc to invest, and this counting only the miners

jimmothy

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Quote from: Sakarias-Corporation on June 15, 2015, 08:58:56 AM

how much BTC would you guys consider a good start for doing this ? (only gear wise, as in miners)

Depends on how much money you want to lose.

Sakarias-Corporation

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Call me Alice. just Alice.

how much BTC would you guys consider a good start for doing this ? (only gear wise, as in miners)

jimmothy

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Quote from: sgk on June 14, 2015, 03:25:17 AM

Is it really necessary to MOVE to China in order to run a mining farm there?

Can't you just rent some space and hire some local labour to look after it?

Are you forgetting that the Chinese mines are located nowhere near the cities?

Hiring random people from another country to look after your farm sounds like a great way to get all your hardware stolen with zero possible recourse.

sgk

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!! HODL !!

Is it really necessary to MOVE to China in order to run a mining farm there?

Can't you just rent some space and hire some local labour to look after it?

jimmothy

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Quote from: mwizard on June 14, 2015, 12:44:51 AM

The discussion on a major bitcoin mine at the Bitcoin mining discussion "Three months living in a multi-petahash BTC mine in Kangding, Sichuan, China" gives the price they are paying for electricity as RMB 0.2 per kWh or about $USD 0.03 per kWh. That is really cheap and cheaper then anywhere I know in North America. The thread is definitely worth a read if interesting in mining in China.

http://cointelegraph.com/news/114474/inside-a-tibetan-bitcoin-mine-the-race-for-cheap-energy

This article about the same mine says $0.045/kwh. Either way, $0.03/kwh is not the cheapest. There are places in North America/Europe with power at ~$0.02/kwh.

Quote

China has extensive hydro power but much of it is a long way from the cities. Chinese Bitcoin miners are able to get cheap access to to this power by locating near the dams. This is similar to the reason KNC in Sweden is located near hydro power.

The difference is that in China they have to move their farms out in the middle of nowhere, completely away from any cities, whereas in Europe/America they can set up mines near or in cities.

I don't think the OP is planning on moving to some desolate mountain in Tibet just to set up a mine with a few KW. Sounds like he thought electricity all over China is ultra cheap when it's really not.

mwizard

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Quote from: PenguinFire on June 14, 2015, 12:55:35 AM

Quote from: subSTRATA on June 05, 2015, 07:49:40 AM

if all three of you are already seriously considering this, id say start looking into places for housing and hosting your mining farm; if you can get clean electricity thats even better and cheaper (just a passing thought)

"Clean electricity"? That would make many people's mind explod describing Chinese electricity. Clean energy and China should never be in the same sentence. Cheesy

The large Bitcoin mine discussed in the bitcoin > mining tread "Three months living in a multi-petahash BTC mine in Kangding, Sichuan, China" is next to a hydroelectricity dam. That is the reason the electricity is cheap (and clean).

China has extensive hydro power but much of it is a long way from the cities. Chinese Bitcoin miners are able to get cheap access to to this power by locating near the dams. This is similar to the reason KNC in Sweden is located near hydro power.

Amph

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Quote from: alh on June 13, 2015, 02:42:22 PM

One other question I would add:

Do you already speak Chinese, and are you familiar withe culture and customs?

While I personally think it unwise to "chase BTC around the world", that's your choice to make. If it actually pans out as a currency it will be silly to have done so (IMHO).

After the next 20 years, there can't be any real money in a Bitcoin mining facility. After all, do the guys running the data centers that do the rest of the financial system make money on their slender fees in moving money and accounting?

besides this, having cheap electricity will not help that much your mining activity, it will be still far to difficult to earn something and make roi, there is no competition anymore for casual miner who are not willing to spend a tons, for building a big farm to compete with all the already big established farm

PenguinFire

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That Darn Cat

Quote from: subSTRATA on June 05, 2015, 07:49:40 AM

if all three of you are already seriously considering this, id say start looking into places for housing and hosting your mining farm; if you can get clean electricity thats even better and cheaper (just a passing thought)

"Clean electricity"? That would make many people's mind explod describing Chinese electricity. Clean energy and China should never be in the same sentence. Cheesy

mwizard

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Quote from: jimmothy on June 08, 2015, 04:46:04 PM

Quote from: Sakarias-Corporation on June 08, 2015, 02:22:13 PM

Yes it's risky, but it would be a adventure ! I'm actually going to start saving and we'll see where I end up in 10 months

In case you are serious, I'd still like to know what numbers you're using. China is not the place for cheap electricity, but for cheap labor and building materials. You can get cheaper electricity than the cheapest rates in China practically anywhere in northern Europe or North America.

The discussion on a major bitcoin mine at the Bitcoin mining discussion "Three months living in a multi-petahash BTC mine in Kangding, Sichuan, China" gives the price they are paying for electricity as RMB 0.2 per kWh or about $USD 0.03 per kWh. That is really cheap and cheaper then anywhere I know in North America. The thread is definitely worth a read if interesting in mining in China.

Quote from: ?? on ??

Eric,
At $150,000 [usd I assume] a month for power just how many kWh is that?

I don't remember that I said we paid $150,000 per month. But the number shouldn't be not too far off the mark either. Right now we have 11,377 S3 running - looking at the monitoring software now. And we pay RMB 0.2 per kWh. The math shouldn't be hard.

alh

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One other question I would add:

Do you already speak Chinese, and are you familiar withe culture and customs?

While I personally think it unwise to "chase BTC around the world", that's your choice to make. If it actually pans out as a currency it will be silly to have done so (IMHO).

After the next 20 years, there can't be any real money in a Bitcoin mining facility. After all, do the guys running the data centers that do the rest of the financial system make money on their slender fees in moving money and accounting?

MonkeyCoin11

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I think you shouldn't try to start a business in mining.
Do it as a passion, but the price is too low and the difficulty to high, you will lose money or earn pratically nothing.

If you really want to do it, I think china is not so bad, the electricity is not much cheaper but all miners a producted there so you will save money in shipping, custom duties, vat and probably other fee that you can have.
But why the hell would you leave all your friends to start a business that won't give you anymoney ?

Glucose

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Quote from: Sakarias-Corporation on June 08, 2015, 02:22:13 PM

Yes it's risky, but it would be a adventure ! I'm actually going to start saving and we'll see where I end up in 10 months

If you really decide to do so, keep us updated I'm curious about your experience ! :-)

jimmothy

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Quote from: nwfella on June 08, 2015, 01:50:36 PM

Quote from: Sakarias-Corporation on June 05, 2015, 07:05:12 AM

Should i just move to china and set up a small Bitcoin farm ?

Why the heck not, assuming your ok with ~$750/month USD salary!

I think you mean negative $750/month salary..

jimmothy

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Quote from: Sakarias-Corporation on June 08, 2015, 02:22:13 PM

Yes it's risky, but it would be a adventure ! I'm actually going to start saving and we'll see where I end up in 10 months

In case you are serious, I'd still like to know what numbers you're using. China is not the place for cheap electricity, but for cheap labor and building materials. You can get cheaper electricity than the cheapest rates in China practically anywhere in northern Europe or North America.

chalkboard17

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Quote from: RodeoX on June 08, 2015, 02:00:10 PM

I would be worried about what happens when China's fickle regime decides to incorporate your farm into the glorious communist state. If your an American you may be surprised at how different business is there. You will have little protection.

That's much more likely to happen in the US under IRS. What you describe would be more likely in Latin America than China. I have never heard of such things in China. Argentina and Venezuela on the other hand...

Sakarias-Corporation

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Call me Alice. just Alice.

Yes it's risky, but it would be a adventure ! I'm actually going to start saving and we'll see where I end up in 10 months

lasvegas83

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https://cloakcoin.com

Very difficult business!

RodeoX

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The revolution will be monetized!

I would be worried about what happens when China's fickle regime decides to incorporate your farm into the glorious communist state. If your an American you may be surprised at how different business is there. You will have little protection.

nwfella

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Well hello there!

Quote from: Sakarias-Corporation on June 05, 2015, 07:05:12 AM

Should i just move to china and set up a small Bitcoin farm ?

Why the heck not, assuming your ok with ~$750/month USD salary!

Topic: Should i just move to china and farm bitcoins? (Read 3680 times)