Thinking Of Going Into Bitcoin Mining

Goms

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Quote from: arlene05973 on June 25, 2016, 02:52:34 AM

Recently, i have been reading book's, researches & video's about bitcoin mining.

At the initial stage i donot want to go deep into the mining or development aspect of the task but, right now based on researched which i have made few days ago i will not just be contented with bitcoins trading. i want to go deeper.

So, my first project will be setting up own mining spot in rome. I already have sufficient space for this project.
And, my second task will involve building bitcoin mining farm in Africa (nigeria) considering the cost of electricity in africa.

Setting up such project will require a lot of work at the initial stage but, the ROI outweight the expenses once this has been set-up.

Any useful idea's, resources,training,partnership to help me accomplish this will be highly appreciated. Cool

Thanks
Arlene

You're kidding right?
Nigeria of all places, with it's epileptic power supply and militants constantly bombing pipelines, making power generation difficult.

I hope you are also aware that petrol costs more in Nigeria than in the US, unless of course you want to use solar power...

Not to talk of the halving and it's implications on profit margin... you might want to add some emerging altcoin in addition.

RichBC

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Quote from: arlene05973 on July 04, 2016, 04:19:10 AM

wow, this is serious! i saw someone the other day on ebay selling solar panel kit with such funtionalities I did'nt ask him/she on how it's work's since, i'm just make research.

Thanks
Arlene

There is no way a solar panel can store energy. If a "Kit" is being sold with that functionality then it will include a battery of some sort.

Rich

tertius993

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Quote from: arlene05973 on July 04, 2016, 04:19:10 AM

wow, this is serious! i saw someone the other day on ebay selling solar panel kit with such funtionalities I did'nt ask him/she on how it's work's since, i'm just make research.

Thanks
Arlene

Oh, well if you can get it on eBay I'm sure that will be just fine as a source for the solar power technology for your farm ... Roll Eyes

arlene05973

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A day without a buzz is like a day that never was

wow, this is serious! i saw someone the other day on ebay selling solar panel kit with such funtionalities I did'nt ask him/she on how it's work's since, i'm just make research.

Thanks
Arlene

tertius993

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Quote from: Sierra8561 on July 03, 2016, 08:42:54 PM

Quote from: delicin33 on July 03, 2016, 02:53:41 PM

Quote from: arlene05973 on July 03, 2016, 10:59:33 AM

Quote from: tertius993 on July 03, 2016, 04:24:06 AM

Quote from: arlene05973 on June 27, 2016, 04:16:45 AM

"..Now when setting up the mining in Africa do you know how reliable the power will be?.."

Talking about mining in Africa, there are no reliable source of power but, solar energy can be an alternative because there are sunshine through the year in most countries (i.e Nigeria) So, i donot think this will pose a great problem.

Does the sun shine at night in Nigeria?

FYI, most solar panel store enery during the day for a period of 8-12 hour's .
If, i intend using solar energy during night i can use accommulated solar power for mining

Thanks for your question @tertius993

Arlene

solar panel can store energy Huh

that's new to me Shocked

Definitely would require a battery bank. Or you could use solar by day and grid at night. Still off setting the cost for solar will take years.

Quite I'd love to see the details of these solar panels that store energy. Battery stores are relatively inefficient and you would need to be generating roughly twice what you were using in order to have any to store.

Overwatch

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Quote from: arlene05973 on June 25, 2016, 02:52:34 AM

Recently, i have been reading book's, researches & video's about bitcoin mining.

At the initial stage i donot want to go deep into the mining or development aspect of the task but, right now based on researched which i have made few days ago i will not just be contented with bitcoins trading. i want to go deeper.

So, my first project will be setting up own mining spot in rome. I already have sufficient space for this project.
And, my second task will involve building bitcoin mining farm in Africa (nigeria) considering the cost of electricity in africa.

Setting up such project will require a lot of work at the initial stage but, the ROI outweight the expenses once this has been set-up.

Any useful idea's, resources,training,partnership to help me accomplish this will be highly appreciated. Cool

Thanks
Arlene

how high is the electricity costs there ? Shocked

Sierra8561

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Activity: 546

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Quote from: delicin33 on July 03, 2016, 02:53:41 PM

Quote from: arlene05973 on July 03, 2016, 10:59:33 AM

Quote from: tertius993 on July 03, 2016, 04:24:06 AM

Quote from: arlene05973 on June 27, 2016, 04:16:45 AM

"..Now when setting up the mining in Africa do you know how reliable the power will be?.."

Talking about mining in Africa, there are no reliable source of power but, solar energy can be an alternative because there are sunshine through the year in most countries (i.e Nigeria) So, i donot think this will pose a great problem.

Does the sun shine at night in Nigeria?

FYI, most solar panel store enery during the day for a period of 8-12 hour's .
If, i intend using solar energy during night i can use accommulated solar power for mining

Thanks for your question @tertius993

Arlene

solar panel can store energy Huh

that's new to me Shocked

Definitely would require a battery bank. Or you could use solar by day and grid at night. Still off setting the cost for solar will take years.

delicin33

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Activity: 143

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Quote from: arlene05973 on July 03, 2016, 10:59:33 AM

Quote from: tertius993 on July 03, 2016, 04:24:06 AM

Quote from: arlene05973 on June 27, 2016, 04:16:45 AM

"..Now when setting up the mining in Africa do you know how reliable the power will be?.."

Talking about mining in Africa, there are no reliable source of power but, solar energy can be an alternative because there are sunshine through the year in most countries (i.e Nigeria) So, i donot think this will pose a great problem.

Does the sun shine at night in Nigeria?

FYI, most solar panel store enery during the day for a period of 8-12 hour's .
If, i intend using solar energy during night i can use accommulated solar power for mining

Thanks for your question @tertius993

Arlene

solar panel can store energy Huh

that's new to me Shocked

arlene05973

hero member

Activity: 616

Merit: 500

A day without a buzz is like a day that never was

Quote from: tertius993 on July 03, 2016, 04:24:06 AM

Quote from: arlene05973 on June 27, 2016, 04:16:45 AM

"..Now when setting up the mining in Africa do you know how reliable the power will be?.."

Talking about mining in Africa, there are no reliable source of power but, solar energy can be an alternative because there are sunshine through the year in most countries (i.e Nigeria) So, i donot think this will pose a great problem.

Does the sun shine at night in Nigeria?

FYI, most solar panel store enery during the day for a period of 8-12 hour's .
If, i intend using solar energy during night i can use accommulated solar power for mining

Thanks for your question @tertius993

Arlene

tertius993

hero member

Activity: 1029

Merit: 712

Quote from: arlene05973 on June 27, 2016, 04:16:45 AM

"..Now when setting up the mining in Africa do you know how reliable the power will be?.."

Talking about mining in Africa, there are no reliable source of power but, solar energy can be an alternative because there are sunshine through the year in most countries (i.e Nigeria) So, i donot think this will pose a great problem.

Does the sun shine at night in Nigeria?

PassThePopcorn

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Activity: 465

Merit: 309

Quote from: arlene05973 on June 30, 2016, 04:20:49 AM

Quote from: notlist3d on June 29, 2016, 02:25:44 PM

Quote from: arlene05973 on June 29, 2016, 03:12:39 AM

@mrhelpful, thank's for that suggestion. I'll think about it. Do you is safe going to china to set-up my mining company?

I mean would'nt they seem me as one of their competitor?

I think most likely it would be going to a hosting company or something like hashnest in China. You are talking about a good amount of cash in setup if you truly mean going to China and setting up a mining operation. Getting enough electricity, cooling, a spot to mine in, someone at site for security and fix issues.

We just don't know the scale of what your talking about. Going over there and setting up 10 miners or something..... kinda unrealistic. That is why there are hosting companies out there. What scale are you looking at as far as investment?

" hosting companies"

Goodmorning @notlist3d, can you please elaborate on these "hosting company" because i donot know how it function!

"What scale are you looking at as far as investment?" I intend to start up with small capital for now but, i have a colleague who is a GRANT Writer, she is well connected to top sponsor. So, my aim is a team-up or create a mining team here on bitcoinstalk forum before presenting my project to her. I think this will be more reliable & convincing.

Regard's
Arlene

Hosting companies will provide power, labor and space for your miners, for a fee to cover their costs. Basically they will do what you are looking to do, but they already have a mine set up.

What kind of "grant" do you plan on getting? For Bitcoin mining you need an investment which most people would not want to give.

arlene05973

hero member

Activity: 616

Merit: 500

A day without a buzz is like a day that never was

Quote from: notlist3d on June 29, 2016, 02:25:44 PM

Quote from: arlene05973 on June 29, 2016, 03:12:39 AM

@mrhelpful, thank's for that suggestion. I'll think about it. Do you is safe going to china to set-up my mining company?

I mean would'nt they seem me as one of their competitor?

I think most likely it would be going to a hosting company or something like hashnest in China. You are talking about a good amount of cash in setup if you truly mean going to China and setting up a mining operation. Getting enough electricity, cooling, a spot to mine in, someone at site for security and fix issues.

We just don't know the scale of what your talking about. Going over there and setting up 10 miners or something..... kinda unrealistic. That is why there are hosting companies out there. What scale are you looking at as far as investment?

" hosting companies"

Goodmorning @notlist3d, can you please elaborate on these "hosting company" because i donot know how it function!

"What scale are you looking at as far as investment?" I intend to start up with small capital for now but, i have a colleague who is a GRANT Writer, she is well connected to top sponsor. So, my aim is a team-up or create a mining team here on bitcoinstalk forum before presenting my project to her. I think this will be more reliable & convincing.

Regard's
Arlene

notlist3d

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Activity: 1456

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Quote from: arlene05973 on June 29, 2016, 03:12:39 AM

@mrhelpful, thank's for that suggestion. I'll think about it. Do you is safe going to china to set-up my mining company?

I mean would'nt they seem me as one of their competitor?

I think most likely it would be going to a hosting company or something like hashnest in China. You are talking about a good amount of cash in setup if you truly mean going to China and setting up a mining operation. Getting enough electricity, cooling, a spot to mine in, someone at site for security and fix issues.

We just don't know the scale of what your talking about. Going over there and setting up 10 miners or something..... kinda unrealistic. That is why there are hosting companies out there. What scale are you looking at as far as investment?

arlene05973

hero member

Activity: 616

Merit: 500

A day without a buzz is like a day that never was

Excellent thinking. Maybe you can consider China instead of Africa for your second task? The ASIC miners are mostly assembled in China- you can save on shipping. I heard you can also get cheap electricity in China if you know how.

Good luck!
[/quote]

Thanks 7788bitcoin, do you think china will be the MOST suitable place compare to Africa?

I was just reading one of the success story publish by one miner(ERICK) who happens to be a snr.member in this forum. you can check out the thread here : https://bitcointalksearch.org/topic/--1072474 if you like to follow-up with the story. I guess you might have read it also .

From the thread it seem most of us who are into Buying & Selling are playing here. Look at how these chineese organize themselves in unity,love and humility among friend's,colleague to set-up bitcoin mining farm. what could be better than this? mining what other's are eager to purchase from you within few minute's!

Thanks
Arlene
[/quote]

If you setup shop in china to mine the odds of creating the network will eventually help you lead to other chinese bitcoiners.

Which is always a plus then you possibly partner or hire them as your staff and run the mining farm build for you eventually?
[/quote]

@mrhelpful, thank's for that suggestion. I'll think about it. Do you is safe going to china to set-up my mining company?

I mean would'nt they seem me as one of their competitor?

Thanks
Arlene

mrhelpful

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Quote from: arlene05973 on June 25, 2016, 04:42:59 AM

Quote from: 7788bitcoin on June 25, 2016, 03:35:06 AM

Quote from: arlene05973 on June 25, 2016, 02:52:34 AM

Recently, i have been reading book's, researches & video's about bitcoin mining.

At the initial stage i donot want to go deep into the mining or development aspect of the task but, right now based on researched which i have made few days ago i will not just be contented with bitcoins trading. i want to go deeper.

So, my first project will be setting up own mining spot in rome. I already have sufficient space for this project.
And, my second task will involve building bitcoin mining farm in Africa (nigeria) considering the cost of electricity in africa.

Setting up such project will require a lot of work at the initial stage but, the ROI outweight the expenses once this has been set-up.

Any useful idea's, resources,training,partnership to help me accomplish this will be highly appreciated. Cool

Thanks
Arlene

Excellent thinking. Maybe you can consider China instead of Africa for your second task? The ASIC miners are mostly assembled in China- you can save on shipping. I heard you can also get cheap electricity in China if you know how.

Good luck!

Thanks 7788bitcoin, do you think china will be the MOST suitable place compare to Africa?

I was just reading one of the success story publish by one miner(ERICK) who happens to be a snr.member in this forum. you can check out the thread here : https://bitcointalksearch.org/topic/--1072474 if you like to follow-up with the story. I guess you might have read it also .

From the thread it seem most of us who are into Buying & Selling are playing here. Look at how these chineese organize themselves in unity,love and humility among friend's,colleague to set-up bitcoin mining farm. what could be better than this? mining what other's are eager to purchase from you within few minute's!

Thanks
Arlene

If you setup shop in china to mine the odds of creating the network will eventually help you lead to other chinese bitcoiners.

Which is always a plus then you possibly partner or hire them as your staff and run the mining farm build for you eventually?

arlene05973

hero member

Activity: 616

Merit: 500

A day without a buzz is like a day that never was

Quote from: carloscorrea on June 27, 2016, 02:54:43 PM

Good, but look this,
Hello register the largest Brazil's mining company is paying all right, sign up for my affiliate link http://brasilminer.com.br/register?indication=Y2FybG9zZWxnaW1AZ21haWwuY29t

@carloscorrea, did you register on bitcointalk forum just to promote affiliate link?

Wrong approach!

carloscorrea

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Activity: 3

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Good, but look this,
Hello register the largest Brazil's mining company is paying all right, sign up for my affiliate link http://brasilminer.com.br/register?indication=Y2FybG9zZWxnaW1AZ21haWwuY29t

QuintLeo

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I would be more worried about the reliability and even availability of the infrastructure for electric and Internet in most of Africa - most of that continent does NOT have reliable power or power at all, and Internet access is VERY spotty as well in most of the continent.

Worker wages are low but worker technical KNOWLAGE tends to be very very low to nonexistant in those areas - and the areas that have workers with some technical knowlage tend to also have higher wages/cost of living.

A4 info - check in the altcoin mining area, there are at least 2 threads there one with a fairly current update.
A3 - appears to have been aborted, given how the A4 specs changed I'm starting to think the A3 was going to end up in the same ballpark as the LK-1401 on specs, competative with the best 28nm designs but NOT really any better and not worth the extra costs involved in producing it on a 14/16nm node.

arlene05973

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Activity: 616

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A day without a buzz is like a day that never was

Quote from: ?? on ??

I don't see how you can ever set up a profitable mining spot in Rome, European prices on electricity are pretty high and as you know you need to be low. Now when setting up the mining in Africa do you know how reliable the power will be? Will you need armed guards? Are you paying employees to keep your mine operating in Nigeria? How much are you able to put forward for this venture?

@kingcolex "...European prices on electricity are pretty high and as you know you need to be low..."

There are area's where the cost of electricity are low and there are other's area's in rome were resident donot pay electricity bill.

"..Now when setting up the mining in Africa do you know how reliable the power will be?.."

Talking about mining in Africa, there are no reliable source of power but, solar energy can be an alternative because there are sunshine through the year in most countries (i.e Nigeria) So, i donot think this will pose a great problem.

The security aspect, is another area one have to consider, the cost for living in most africa countries is very low, paying worker's wage in case of employing more hand's will not be chellenging b/c the minimum wage of most govt. worker's in Nigeria is less that $250 (appro. 70.499 NGN) so, they can be contented with $500 per month

Security is one area where we have to pay more attention but, i know there are BIG foreign company that has been in existence so this should not be a major problem.

To crown ALL, most countries in Africa are tax-free meaning you keep 100% of what you earn. I think this is worth trying Grin

Regard's
Arlene

Stedsm

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Quote from: ?? on ??

I don't see how you can ever set up a profitable mining spot in Rome, European prices on electricity are pretty high and as you know you need to be low. Now when setting up the mining in Africa do you know how reliable the power will be? Will you need armed guards? Are you paying employees to keep your mine operating in Nigeria? How much are you able to put forward for this venture?

Correct, there were miners saying they pay 0.2 EUR per KwH. How can it be profitable when the halving takes place and difficulty gets reverse-hammered?

Topic: Thinking Of Going Into Bitcoin Mining (Read 2271 times)