I have a 14 x 20 space and I'm thinking of setting up a btc mining farm. What kind of rigs and systems do I need to pull this off. At current btc prices I would like to haul in a net profit of 50 k per year. This would be under a legit business as I could write off costs.
In Canada if that matters.
Thanks
In Canada if that matters.
Thanks
280m2 is a fairly substantial amount of space (at least I'm presuming it's in meters since you mentioned you're in Canada). Since you seem to have that covered, your next objectives are to secure power and cooling / ventilation.
What is your average cost per kWh?
What is the cost to own the space (either rent or mortgage)?
A net income of $50k per year would mean roughly BTC80-90 at current prices. Let's assume your ongoing operational expenses (energy, cooling equipment, rent, internet, miscellaneous maintenance) amount to the same amount...meaning in 12 months you've generated BTC180 (BTC90 for expenses, BTC90 net profit...all assuming a stable BTC/USD or CAD price).
For an entire year, the Bitcoin network of miners will generate roughly BTC1,314,900 until the next block reduction in ~2016. To generate a revenue of BTC180 over the course of 12 months, you will need enough equipment to constantly maintain 0.0137% of the network, or approximately 19.18TH/s at the current network rate (~140PH/s). This would mean 45 BitMain S3 miners to start, increasing your amount of hardware over time to compensate for the difficulty increases.
This is just a very brief overview of course, and the caveats in this game are plentiful.
Thank you for the info but the space was in feet not metres. Me bad. I'm old school when it comes to dimensions. The space is paid for and electricity is 10.05¢ per kWh + a $20 per month service fee.
This give me a framework to build around. Time to cash in my RRSP because the fucking government and banks will just take it anyway!
