Topic: Starting to mine (Read 1492 times)

It's still balanced by their price and block reward, even if a coin has low hashrate and difficulty and you hit blocks every hour, chances are that coin isn't going to be worth much. There's also the fact that there are coin-switching SHA256 pools out there, so mining coins worth more than bitcoin at a more profitable rate is nearly impossible- I have seen coins go from megahashes to petahashes in hours.

One thing coming up for many miner's is winter in not to much longer.  We have made it through a lot of summer already.  But we would really need to know where you are and climate.

Personally best cooling I think is evaporation if you can use it.  But I live where climate makes evaporation cooling not a option.  So I use what most do and that is high CFM fan's to push the heat and a commercial exhust.  I used standard attic exhust and I just got to hot so that is what made me go commercial and yes it put's out some air.  You can read from a summer ago me battling heat - https://bitcointalk.org/index.php?topic=1020826.new#new .  I do have a assortment of fan's at this point but main two I use are Utilitech Pro 24 inch (7860 CFM), and a Utilitech Pro 36 (12,000 CFM).  This will be overkill for most out there though as again it depends on how many watt's you plan on using making heat mining.

It all depends aswell on how many miner's you have as the more miner's the more heat.  Also keep in mind you need to be able to handle the electricity, if you plan on decent size most places are not wired up for it and you will need to get some wiring done.  So there can be some setup cost's cooling, wiring, PDU's, shelves, etc it can add up but most one time investment.


Again setup cost's we simply cant know as we don't have enough information.  We also don't know how many watt's of gear your planning on using or how much electrical capacity you have.   Also you mention different prices if you do a decent amount of miner's it could possibly bring you out of that cheap electricity you mention houses have there.  We don't know since we don't have electric plan/information.   We do not even know your budget which is important.

You hare going to have to do a LOT of legwork to look at running a mine earning thousand's a month as you mention or more.    You might be able to find local miner to help  and consult.  But again as some have said it's not a get rich quick scheme.  I say set down and make a business plan of it, and also start small don't jump in hoping for thousands.  Keep in mind earning thousands and profiting thousands are two massively different things too.

Or you could simply mine a SHA 256 altcoin like Crown coin or Peerplay, those have less difficulty and a higher chance of making money I suppose.

You want numbers, that's fine.  However, any numbers that can be provided are based upon conditions right now and are subject to change.  Let's assume that you've got a mining farm setup with 100 batch 19 S9s.  That would give you about 1.35PH/s of mining power.  As of this very moment, that kind of hashing power would expect to make about $940 a day.

Now consider all the other costs associated with that.  Let's say for the sake of argument that you've got really decent electric rates at $0.04 all in.  So, those S9s would cost you $139.71 a day to run.

Wow, sounds great, right?  You're making just about $800 a day in profit!

Sure, but that number is very fluid.  Bitcoin difficulty goes up?  Your profits go down.  Bitcoin price goes down?  Your profits do, too.

Let's throw another couple variables into the mix.  Let's assume that BTC remains steady at $704 per coin.  Let's also assume the network grows 5% per difficulty period and you're mining on a pool with a 0.5% fee.  Uh-oh... you're never going to pay off those S9s.  After a year and a half you're still about 16BTC in the hole and that hardware isn't earning enough to continue to run.  Maybe you sell it all off and cover the costs.  Maybe you don't.

As I wrote, mining isn't a get rich quick scheme at all.  It's a very complicated and challenging market with ever changing conditions.  It's exceptionally risky to get into, and tough to profit from once you do.

It's really good to start mining with bitcoin with the latest bitcoin miner which is S9 Miner and as far as i know this will cost you too much estimate of $1100 and off course those you need in building it , but it really profitable when your electricity there is cheap but if you are planning to work with the company you will applyaing to get from free or less i think they will not accepting with that offer of yours.

I guess you guys got a point , It's simply that I got excited when I saw that some people are earning thousands/millions of of dollars , It could me some take but I want to know how much It could cost approximately (saying It costs 1m dollar to earn x $ monthly) , I want to set some goals so I start once I'm ready.

Okay a s9 uses 1400 watts that is close to 5000 btus of heat.

It is like getting an electric radiator. Turn it on high and just keep it on 24/7/365.

Cooling under 10 is not so hard.

Cooling 100 or more takes planning.

I would suggest that, no matter what your plans, you start out small and work your way up.
You need experience.
You could buy a couple used S7 machines, get some practice and see if you can turn a profit.
Make sure you have the space and that the you have adequate cooling.
That way, if things don't work out, you have spent a few hundred dollars rather than a few thousand.
Imagine buying several S9 miners only to find out that you don't have proper ventilation for where you want to house them.

Opening a mining farm requires a considerable amount of capital up front.  Not only do you need the hardware, but you also need a space to run it.  You need enough power at a very reasonable cost to drive it.  You need cooling, cabling, shelves, switches, routers, etc.  You also need people... electricians to wire things, HVAC to cool things, contractors to build things...

Mining isn't a "get rich quick" scheme.  It is a game of margins, especially when you're dealing with scaling to a "farm".  The hobbyist miner (i.e. someone who's got a few pieces of hardware around the house or in the garage/basement) might be able to offset some of the costs a little easier.  For example, using the heat produced by the miners to supplement their winter heating costs.  It's a heck of a lot easier to swallow losses when all you've dropped is a couple thousand bucks.

I have no problem when It comes to the noise but I'm not sure how I'm supposed to cool it , is there is any machines for that ?
I really want to know how much It costs to open a mining farm + how much the monthly earnings that could be made from it ? I'm sure the earnings between those who mine in their houses and in a mining are incomparable , If opening a mining farm worth it , I may really consider doing it.

if your power cost is 0.05 cents per kwatt and you get a 50% discount on that to 2.5 cents per k-watt it should be possible to turn a profit.

first what is your country?
second how much of this 2.5 cent power will you get?
third can you cool the gear?
fourth can you handle the noise?

https://bitcoinwisdom.com/bitcoin/calculator


here are some examples of four s7's  vs 1 s9 new

keep in mind s9's break a lot  and if it breaks you could go to zero income.
while s7's are more durable and if 1 of the 4 break you still earn coin.    a point for s7's if you have 2.5 cent power

on the other side th s9 will pull 1400 watts
the s7 will pull 5200 watts ----- a point for the s9 setup

in both cases in 1 year if your power is 2.5 cents  you should profit.

risks are

btc price drops
gear breaks





first off four used s-7's and some dps-2000 psu's  will run you  around 1700 usd  1 new s9 with a psu will run you about 1800
four s7's with psu's costing 1700 using 5200 watts



1 s9 with 1 psu costing 1800 using 1400 watts

Yes, the A6 needs a separate controller.  A raspberry pi works in this capacity.  You can chain a bunch of A6 together on a single rPi controller.

I was still thinking about this thread, and i actually forgot to say a couple of things in my previous post:

Before completely abandoning the idear to start mining, you could also investigate following paths:
- this forum has members selling their older gear for a fraction of the price. If you could find somebody from your country that wants to sell you an S7 + PSU or an avalon 6 + PSU (and controller, i think the avalon 6 needs a controller, but i'm not 100% sure) you might be able to work out a profitable deal.
By buying recent hardware like an S7 or avalon 6 with all the "extra's" (like PSU, controller, cables) included from somebody from your own country, you pay a fraction of the price for the hardware, no custom's fees, small postage fees,... And you have somebody in your own language to help you out when setting up everything.

- you might want to give up on bitcoin mining because of the investment, but you could also invest in one or two decent GPU's, usb powered risers and use your pc to mine altcoins using those GPU's... The investment is smaller, the warranty on a new GPU is usually a lot longer, they usually sell those GPU's from a shop in your country,...

Anyways, if you chose any of the 3 options i talked about (a new S9, and older S7 or avalon 6, GPU mining), you allways have to make a full plan and do all the calculations beforehand... A lot of people buy gear only to find out they cannot break even.

I always stopped one thought, if there is a Antminer 9, there will be Anyminer 10. In this, with the release of a new and more perfect miner increased complexity of Bitcoin mining.

If Bitcoin is needed, it seems to me better to buy on the stock exchange. Because like any business, Bitcoin mining is a certain risk. By investing in hardware is not always possible to make a profit.

you can use this one:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator

BUT, remember, the purchase of an S9 is only part of the total cost... You also need to pay custom duties, shipping, PSU, shelves, cooling,... And remember: there is only a 3 month warranty!

Also, this calculator calculates everything based on the current diff, block reward and price... So the outcome of this calculater is bound to be wrong (the diff will rise, the block reward will halve in less than 4 years and nobody knows what the price will do)...

It's more expensive then what I thought, do you have an idea about how much of those should I run before being able to make decent profit monthly ? I remember seeing a calculator for all this stuff but I can't find it anymore.
I still don't understand how mining farms are making profit while normal people can't since It's the same hardware ?

If you will electricity cost's 50% than it is very good and cheap but I think profit will be also like 50/50, if not than great deal.
If you don't care about noisy than you can buy latest antminer s9. Yes, you can google for it's costs but I'll tell you here because I answer your question.
Antminer S9 has 13TH/s hashrate and it's price on bitmain's official website is 1550 USD (it's batch 17 and that's why it has 13 th/s).
https://enshop.bitmain.com/market.htm?name=S9 <--- Here You can see specifications of this antminer.

Honestly I can't really reccomend mining anymore because as the difficulty increases you start getting less profit, this coupled with technology advancements often means you never make back your investment. If you still want to mine I would reccomend picking an upcoming anticipated miner (If I think back into the past KNC comes to mind) you can then start mining as soon as you get it whilst at the same time putting it up for sale so that you make money from mining and then sell it for cost price before the combined miners effect on difficulty is apparent.

Also yes someone will manage a miner for you, I think its called having your miner hosted.

Electricity here is like 0.05$ (for low power) . In our country , you could pay for high power or low power (low is mostly what everyone uses at home) and high is for schools , companies etc... (price is not the same)

I was thinking about buying the latest mining equipment available in the market (which I assume is S9) but I'm not sure how much It costs (I guess I can simply google for that) and how much power It will take , and how much should I run to make a decent profit.

---

P.S : there is a possibility that I will work for the company that provide us with gas + electricity (which means I will have some privilege like having either free electricity or like 50% off for the price above).