Topic: What will be your biggest fears and risks to setup mining farm. (Read 408 times)

Price crash is the biggest fear ehhe and it happens so fast ehhe, in just one day bitcoin lost 60% of its value, now is barely alive ehhe but dont worry trolls, in 2 months or so bitcoin will be around 100k because when it is pumped it happens fast too ehhe

If I have to judge mining it will be because of my country, high electricity fee makes all my mining dreams end up in a dustbin, if I have to do this someday I will have to build a big solar power grid which will cost me a lot, for now I enjoy trading and staking coins

Biggest hurdle in our country in setting up a mining farm is the last of your statement, environmental risk as our country has a limited supply of electricity and the price of electricity is very high. Like this, mining is not profitable at all as mining is using too much power to operate.

And because of it there are no or only few are strong enough to start their mining farm in our country.

Crypto currency mining is fascinating topic. It is 21st century mining with computer hardware and software. Looking for blocks on the block-chain to be rewarded in crypto currency. To start crypto currency mining business or hobby you have to understand what kind of risks you might face. To start Bitcoin mining you will need and ASIC miner, which is basically bunch of CPUs. This kind of equipment might cost you a lot of capital, so it is a good thing to recognize the risks you might face.

✔️In the early days in Bitcoin mining you could make some profit with your laptop CPU or GPU. These days are long gone, every year new more efficient hardware is been developed. Which makes older hardware obsolete for mining. Meaning that bad timing investment could potentially make your investment worthless.
✔️Hardware failure is very big thing to reduce mining risks. This hardware needs to be run 24/7 to gain the most optimal revenue from mining. Very often these devices/hardware do brake down, asic miners are the worse hardware comparing to GPU. Hashing board failure is common problem on them, which will need additional investment after 6 month from your purchase. If this would happen to your devices.
✔️The one of the hardest parts is not enough profits. Crypto currencies are extremely volatile, one day you could mine in profit the next day you might be at loss. If you are using latest hardware, most important to stay in the game and mine with profit. Is to have cheapest electric rate between all the other miners on network. Electric is everyone biggest OPEX cost, dont even think to start mining as a business large scale if your power costs is above 6-7c a kw/h. It might be profitable to mine with 20c per kw/h today but it might not be anymore tomorrow. Which means you will need to shutdown your mining farm.
✔️Legal risks . Crypto currency is still very new, and it has not been regulated very well. So you might face some kind of crypto currency ban in the country which might affect your mining operation.
✔️Hacking – Use crypto currency safe as possible. You know the good old saying not your keys not your coins. Don’t keep your mined coins on exchange. And use only community trusted mining pools.
✔️And the last of the top 6 is the environmental risk. Choose mining location wisely. Mining hardware most likely will use a lot of power, this is why they will produce a lot of heat. And heat will affect your mining operation. Something like mining container could be an option.
Recognize your risks before starting a mining operation.

Please comment down bellow with any more risks you might think it is worth to mention.
Video HERE

the biggest fear is price insta crash ehhe, nothing is more fearful than that, take eth for example, 1400 usd and few weeks later 80 usd, that is 18 times lower, not even superman can minimize the risk damage when that happens. If a coin crashes 2x okay, but 18x, that is death.

Some pointers if you're just starting out.

. For the cheapest CPU like G4400, 8 GPUs per system is fine and anything above it will start to cause issues.
. Go with a Linux distro & try to automate most of the stuff. Windows will definitely take a lot of time to maintain it.
. Make sure to clean your rigs from time to time. Dust is the major enemy for card damages compared to anything out there.
. Use Ethernet cables for the internet rather than WiFi as the latency will be less.
. If you're BIOS modding and the card does not have dual bios switch. Backup BIOS for each and every card before modding it.

the biggest fear is price insta crash ehhe, nothing is more fearful than that, take eth for example, 1400 usd and few weeks later 80 usd, that is 18 times lower, not even superman can minimize the risk damage when that happens. If a coin crashes 2x okay, but 18x, that is death.

Some pointers if you're just starting out.

. For the cheapest CPU like G4400, 8 GPUs per system is fine and anything above it will start to cause issues.
. Go with a Linux distro & try to automate most of the stuff. Windows will definitely take a lot of time to maintain it.
. Make sure to clean your rigs from time to time. Dust is the major enemy for card damages compared to anything out there.
. Use Ethernet cables for the internet rather than WiFi as the latency will be less.
. If you're BIOS modding and the card does not have dual bios switch. Backup BIOS for each and every card before modding it.

Thank you for this.
Im starting a GPU mining farm, just because i got really cheap power. I have nearly 50kw available for only 0.037 cents a kw/h.
First 10kw are in with 70x RX5700 gpus

Thank you for this.
Im starting a GPU mining farm, just because i got really cheap power. I have nearly 50kw available for only 0.037 cents a kw/h.
First 10kw are in with 70x RX5700 gpus

There are more risks to mining at home as to say some dedicated warehouse. One of the issues that I was always worried about was burning the house down. It never happened but the amount of exploded capacitors, melted PCIe cables, melted SATA cables and exploding PSU made me very cautious.

Another issue I had was security, especially during late 2017 and early 2018. Back then most ETH mineable GPUs were going for maybe $500 each, and if someone saw that you got 100 of these in your place you could easily get robbed. Hence you had to do it stealth and with the huge heat and loud noise, it wasn't always easy.

The last was obviously the fear of massive difficulty jumps and massive price crashes, however even farms have to deal with this issue. And most GPUs will always hold some value so you won't lose everything, just will be a pain in the butt to sell like right now where there is a lack of demand for GPUs and gamers nickel and dime you constantely.