I am interested in setting up a mid sized mining operation at the moment. I have location picked for now and now I am researching which rigs and coins to work with.
When I do my analysis it seems that for a hobby, a number of miners are ok. But as a real business it is much more difficult. It seems many people do not factor in the total sum of expenses other than electricity such as:
- Rig depreciation (it seems budgeting for a new machine every 12 months is realistic, would you agree or no?)
- Maintenance/Repairs and downtime
- Location costs for storage of equipment
- Labour costs for maintenance, monitoring which coins to mine, security etc
- Mining difficulty increases
What sort of income statement financials have you put together?
Would you recommend custom designing my own rig or using off the shelf?
If custom, do you know who I could contact for this?
Any other good experience you have would be great to hear!
Thank you