Very low electricty fee - page 2. | Bitcointalksearch.org

Elder III

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Quote from: umine on August 29, 2017, 03:19:25 PM

Quote from: Za1n on August 29, 2017, 02:21:45 PM

.....

Agreed. Most people on this forum would gladly pay $0.02 KWh.
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Welcome to Siberia!

You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

Siberia does have wonderful weather for mining.

We're paying $0.13 KWh for electric here and it's still profitable, so having $0.02 KWh sounds absolutely excellent to me. I don't know what your government's policy is on crypto, but usually you just pay a tax on it when it's converted to fiat. I don't think any government is going to say no to more tax money...

baga105

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Quote from: umine on August 29, 2017, 03:19:25 PM

Quote from: Za1n on August 29, 2017, 02:21:45 PM

.....

Agreed. Most people on this forum would gladly pay $0.02 KWh.
.....

Welcome to Siberia!

You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

Is there a possibility to ship my rigs there?? Electricity here costs more than $0.10 kWh, and it's killing me slowly...

shield132

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Metawin.com - Truly the best casino ever

Quote from: jijikill on August 28, 2017, 03:39:08 PM

Hi guys, because of some reason, the place I live now has super low electricity fee, around $0.02/kwh , should I start mining? My place can withstand around 60-70 miners I think , I will be starting with 2-3 as I have no much extra cash

People start mining even on 0.10$/kwh and you have so low electiricy fees, there is no doubt you should start mining if you want to do so because you will see a great profit with such prices.

Quote from: jijikill on August 29, 2017, 02:51:33 PM

Actually I do have one problem tho , my country has very strict rules on financials , if I change all the coins I mined into my country's currency , I will definitely get call by the government as there is a big amount money coming into my account , but mining is not valid to be a prove of income , so I'm really lost whether I should do it as I got no way to spend the money

This means you have to pay some fees to goverment for this? It depends on how much do you mine. If you'll mine with 20 antminer and so, than there will be much electricity fees and it will cause doubts. So mine with small number of miners (GPU, antminer, don't know your choise) and exchange them, I think you won't have any problem if crypto is accepted in your country as everywhere.

umine

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Quote from: Za1n on August 29, 2017, 02:21:45 PM

.....

Agreed. Most people on this forum would gladly pay $0.02 KWh.
.....

Welcome to Siberia!

You can get electricity even cheaper than $0.02 kWh. No problem with heat - Winter is about 6 month in a year. It's miner's Dream

jijikill

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Activity: 168

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Quote from: makomako on August 29, 2017, 12:17:54 PM

you should start mining! Electricity is pretty much the problem of all miners it is still profitable if your earning minus the electric bill is still positive which in your case would be a great plus for having a low electric bill.

Actually I do have one problem tho , my country has very strict rules on financials , if I change all the coins I mined into my country's currency , I will definitely get call by the government as there is a big amount money coming into my account , but mining is not valid to be a prove of income , so I'm really lost whether I should do it as I got no way to spend the money

Za1n

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Quote from: makomako on August 29, 2017, 12:17:54 PM

you should start mining! Electricity is pretty much the problem of all miners it is still profitable if your earning minus the electric bill is still positive which in your case would be a great plus for having a low electric bill.

Agreed. Most people on this forum would gladly pay $0.02 KWh. At this low of a rate you will almost no competition as far as ongoing expenses as electricity is probably the largest single monthly expense for most miners. Also if mining profitability would take a drastic downturn, where people paying 6, 8, 10 cents per KWh start to shut their rigs down, you can take comfort in the fact that you will most likely always be profitable

jijikill

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Quote from: khufuking on August 29, 2017, 11:46:01 AM

Quote from: jijikill on August 28, 2017, 08:25:56 PM

Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

I will tell you one thing do not hear anyone and just do you search . use whattomine and enter you numbers and see what is more profitable for you . If you are waiting to just hear what others thing trust me you will go no where ! you can make others opinion help you but you need to make your own search . because everyone have different opinion and trust me everyone have valid points for his opinion .

True words , must stop having the mindset of being spoon feed , will start to do my own research carefully !

makomako

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altcom Aa4DWXQjrcEA8gPBLkx6t9VgCuWoCo1myE

you should start mining! Electricity is pretty much the problem of all miners it is still profitable if your earning minus the electric bill is still positive which in your case would be a great plus for having a low electric bill.

khufuking

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Quote from: jijikill on August 28, 2017, 08:25:56 PM

Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

I will tell you one thing do not hear anyone and just do you search . use whattomine and enter you numbers and see what is more profitable for you . If you are waiting to just hear what others thing trust me you will go no where ! you can make others opinion help you but you need to make your own search . because everyone have different opinion and trust me everyone have valid points for his opinion .

jijikill

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Quote from: hanskan on August 28, 2017, 05:53:25 PM

Quote from: jijikill on August 28, 2017, 05:47:55 PM

Quote from: coinzoid on August 28, 2017, 04:21:07 PM

Make sure you verify that circuit is enough to handle such power. Otherwise you will be sad if you experience a power related issue.

Yes I took all the power into consideration, should not be a problem anything below 80 6 GPU mining rigs

Better be sure you need like 400AMP main circuit breaker for this large of an operation, must be in industrial area. It's impossible that you have that as a default one in residential area. Obviously can upgrade but is quite expensive.

Yes it's an industrial area , I have it safety check every often too so shouldn't be a issue, thanks for reminding haha

jijikill

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Quote from: SubZer0 on August 28, 2017, 04:35:33 PM

In what country do you live, how is the temperature because in hot countries you need airco up and running 24/7 almost except evening sometimes.

My country is relatively hot so I will be preparing A/C for 24/7

jijikill

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Quote from: Khurram Bin Kamal on August 28, 2017, 04:25:10 PM

Certainly if I were you I would be going aggressively into mining with few gpu rigs and couple of antminers S9 and L3 each in fact you can buy S7 which is very cheap in fiat terms but consumes more electricity and since you have a negligible electricity cost and low budget used S7 are the perfect choice for you

After everyone giving advice it really makes me think to buy Antminer but I don't see any stock around the market now

jijikill

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Thanks for the advice, may I know what is the Cons of having BTC ASIC ? I saw many people say GPU mining rig is better than ASIC

khufuking

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If you have really cheap electricity you should go with mining BTC . You will save yourself the hassle of getting the right cards and the effort of setting up the rigs . If I was you I I have the money I would get myself an antminer s9 . much better than building a rig for an alt coin .

vectisitch

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with very low electricity i would be looking at cards with the highest hash rates and not worry too much about the power consumption. that way you maximise your profits

jijikill

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Quote from: Cereberus on August 28, 2017, 04:15:44 PM

18 GPU should make you some really decent profit with your electricity rate. If I were you I would start buying all the parts for a rig like Processor, Motherboard, ram, ssd ,psu and GPU-s. At this moment rated by many as the most ideal card to mine with based on cost/performance/energy consuming is the GTX 1060 3GB which will give you 290 sol/s overclocked +200 memclock and about 22.8 Mhash overclocked.

18 GPU of this kind would make profitability for you for a day in bitcoin 0.0066 btc with 5220 sol/s you would get from these cards.

Almost same or only a very fraction more of profitability you will be doing when mining Ethereum.

It is about 0.21 bitcoin a month which is not a value to be underestimated especially nowadays with the bitcoin price at these high levels.

Wow, that's really profitable , I think I will start to buy parts but GPU is really difficult to source tho , btw thanks for the comment, too bad I have not enough money to buy more

hanskan

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Quote from: jijikill on August 28, 2017, 05:47:55 PM

Quote from: coinzoid on August 28, 2017, 04:21:07 PM

Make sure you verify that circuit is enough to handle such power. Otherwise you will be sad if you experience a power related issue.

Yes I took all the power into consideration, should not be a problem anything below 80 6 GPU mining rigs

Better be sure you need like 400AMP main circuit breaker for this large of an operation, must be in industrial area. It's impossible that you have that as a default one in residential area. Obviously can upgrade but is quite expensive.

jijikill

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Activity: 168

Merit: 100

Quote from: coinzoid on August 28, 2017, 04:21:07 PM

Make sure you verify that circuit is enough to handle such power. Otherwise you will be sad if you experience a power related issue.

Yes I took all the power into consideration, should not be a problem anything below 80 6 GPU mining rigs

jmigdlc99

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Quote from: Cereberus on August 28, 2017, 04:15:44 PM

18 GPU should make you some really decent profit with your electricity rate. If I were you I would start buying all the parts for a rig like Processor, Motherboard, ram, ssd ,psu and GPU-s. At this moment rated by many as the most ideal card to mine with based on cost/performance/energy consuming is the GTX 1060 3GB which will give you 290 sol/s overclocked +200 memclock and about 22.8 Mhash overclocked.

18 GPU of this kind would make profitability for you for a day in bitcoin 0.0066 btc with 5220 sol/s you would get from these cards.

Almost same or only a very fraction more of profitability you will be doing when mining Ethereum.

It is about 0.21 bitcoin a month which is not a value to be underestimated especially nowadays with the bitcoin price at these high levels.

It is highly recommended that you stay away from the gtx 1060 3GB variant. When ETH's dag size increases (very soon. current size is already at 2+GB) you will no longer be able to mine ETH using these cards. People tend to rather go for the 1060 6GB variants to ensure future usability.

eckmar

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Quote from: evakka on August 28, 2017, 04:12:54 PM

Since you have low electricity charges why don't you get an antminer or a similar miner for other coins instead of a GPU rig?
GPUs are a bit of expensive at the moment

They are expensive, but when you are done with them you can always sell them and there will always be buyers. When you are done with ASIC no one will buy it because its no longer profitable, so no point in having it around

Topic: Very low electricty fee - page 2. (Read 1780 times)