Topic: Thinking Of Going Into Bitcoin Mining (Read 2326 times)

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.

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

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 ... 

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

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.

how high is the electricity costs there ?   

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.

solar panel can store energy that's new to me

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

Does the sun shine at night in Nigeria?

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.

" 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

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?

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!
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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

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?

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

Wrong approach!

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

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.

@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


Regard's
Arlene

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?

@Searing, thank's for your contribution. i'm following up with every comment posted below this thread.

I dislike the current approach of most miner's  in btc niche. I hate monoply, i'm one the computer science student who fought against monopoly back in school days. Up till date, i donot support or engage myself with any organization(s) who tries to monopolized a specific product,service,program.

☞Pls, check my thread about bitcoin MONOPOLY and how this community can help fight agains such art.

Regard's
Arlene

They were pretty ambitious though going for A3 and A4 chips at same time.   I have not heard any new news on A4 is there any more information?  It just seems like they have been in dev a LONG time that article is from Nov 23, 2015.

Not sure if they announced to early,  kept miners in house, etc.  Just seems we have not had a lot of newer news with A4.  If it does come out though your right it is a heck of a miner for LTC.

*Edit guess they do have some new news - http://www.innosilicon.com/html/news/14.html .  Only thing that scares me I don't know how many of you had A2's but it came to a point the price just dropped a TON and many lost money there.  So pricing is going to be very important.

China mining requires deep pockets (millions of $$$) and more important who you know. If you have that
Kinda "cash" hire me. Free advice into mining big time invest IPO type of cash.  Something like this (they all do it ) you give them big bucks as investor.  They give equivalence the first in stock or cut and equip for your likely to play large farm. In below link their real mnfg cost. Example only new scrypt miner A4 Dominator (read the blurb link below)


http://www.innosilicon.com/html/news/11.html

See partners. Still better off just getting coin imho.
 

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

My advice is to abandon the idea of going into mining, unless you know what you are doing. Bitcoin trading is already exciting enough. It is extremely difficult to compete with the Chinese for the block reward and the reward is going to half in no time. Think thrice!

the only way to mine btc is to find a good scrypt miner used (titan is best) it is like hunting unicorns
,,,anyway.is to mine with a home scrypt miner and move your stuff (LTC or whatever scrypt coin mined) to BTC via www,shapeshift.io


as an example if you put in the calculator below for LTC  325mh and 1150 watts (gen tarkin 3rd party software reduces watts and better then orig firmware)

use this calc for LTC as an example of what you could make with above (or any other figure for a miner)

www.litecoinpool.org/calc

but BTC diff is so high a home btc miner won't roi anymore even at these prices....the scrypt miners (LTC) will roi but used products are overpriced..esp Titans even used for ROI
(if you can find any) and new product ROI (insilicoin A4's coming out) is also iffy..but better odds then btc mining home equipment imho

ONLY new product scrypt miner wise that I know about coming out (group buy see this thread..everyone is currently a 'maybe' till more specs/info/video etc is the Innsilcon A4
Dominator....they are shooting out bulk sales to big data halls now in China..us small fry will get a shot in Sept (they say) imho more likely (Oct) .

https://bitcointalksearch.org/topic/a4-dominator-pre-order-group-buy-280mh-roughly-1000w-1800-shipping-1523298

You are better off just buying your crypto of choice BTC or LTC and holding imho.

But if you have to get a miner. (drank the kool aid need no roi toy maybe)

A KNC Titan 350 mh (now best you can ever get speed wise (used now) is 325mh more or less imho) or an Alcheminer 256mh (with their version of improved 3rd party privately made gen tarkin firmware ..see bitcointalk threads)...the only other stuff of note is the 110mh
A2 Innsilicon miners which are 'fading' fast and being turned off now...and any miner at 110mh or below you likely will not even pay for electric ..again even at these current
LTC rates..

anyway that is the best bet I can point you too.....worked in the past...looks kinda 'iffy' for the future...with the A4's coming out scrypt and LTC could have their
version of the 2013-2014 large difficulty rise that BTC did back in the day..and they could all be doorstops (A4's) and have an end of life of 6 months. But again looking
at a 260mh A4 scrypt miner at 1000 watts in Sept/Oct (imho Oct) for $1800 bucks plus shipping (lots of 10 thus the group buy link) so call it an even 2k a unit.

With the difficulty rise of these A4's coming out you'd likely need to get 2 A4's imho at the front end to make up the diff at the back end due to the large difficulty
pump say in LTC these units coming out would cause.

Anyway. For what such advice is worth


anyway for what it is worth

added: hmm......posted above but re-read your post..you may be going more large scale then I thought...not home mining..but still scrypt might be a better choice
depending mostly on your electric costs etc (equip bang for the buck)...anyway will leave the above ..I think this also would work better then btc miners even if
large scale mine. Probably more so if you were to contact for A4 in bulk from Innsilicoin driectly..esp if you put the mine up in China instead

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!

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.

Thanks
Arlene