Topic: Will You Advice someone who has Access to FREE Electricity - almost 60% elect. (Read 388 times)
August 18, 2018, 09:02:29 AM
Of course i will, electricity causes a lot of expense and sometimes i worried too much for paying my bills. So if there's a way to make it free i hope they will do. Because i need it so badly.
August 18, 2018, 08:34:31 AM
Obviously yes! free electricity = +profit for you, it's everyone miners dream almost free or cheap electricity. It's a no brainer 
If I were you if you have the money build some mining rigs gpus are lowering their price at the moment if you can afford some asic then go ahead. good luck
If I were you if you have the money build some mining rigs gpus are lowering their price at the moment if you can afford some asic then go ahead. good luck August 18, 2018, 08:26:16 AM
Hello guyz, just need opinion of people who have been in the bitcoin mining circle.
Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
The situation might have changed now, but I remember what happened a couple of years ago with my friend who tried mining btc. He bought a couple of good Ant miners, about $500 each. He had access to free electricity and of course miners were not located in his flat, because they are extremely loud. They broke about half a year after he started and the only thing he managed to do is recover the money he spent on miners. Of course, if he kept mined btc up till the ath time, he would be very rich now, but the same would happen if he simply bought btc back then, so it's not about successful mining.Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
Thank you for your kind advice @kryptqnick
Really appreciated!!
August 12, 2018, 01:39:04 AM
That’s affirmative. I would even be a business partner for that mining operation. Imagine having the most expensive part of the operation taken out of the equation.
August 11, 2018, 04:02:14 AM
Very often there is an overabundance of electrical energy at Electric Stations. Try to find out from them. Free electricity only - alternative: the sun, water, air.
August 11, 2018, 12:22:49 AM
One of the biggest cost of bitcoin mining is electricity. People who live in countries which have a higher cost for electricity are less likely to bitcoin mine because of their higher cost for which their bitcoin mining will be less profitable. And it is profitable for someone who has access to almost 60% free electricity. Because then his cost of mining will be 60% less; which is a great amount. But there are definitely other factors effecting bitcoin mining. So I will first recommend to know well about bitcoin mining and then go for it if someone has access to almost 60% free electricity.
August 10, 2018, 05:30:52 PM
Mining cryptocurrencies require intense use of electricity which incur a lot of bills. so if someone has free access to electricity,then why not take the advantage and make money.
August 10, 2018, 05:20:24 PM
Definitely NO! Not until you did the math!
Everyone is just screaming yes, do it, but if you still need to pay for 30% of the electricity, you should for sure first do some calculations. And think about the hardware invest as well.
Check out whattomine.com and put in all the details, like which ascii miner or gpu you are planning to use. Calculate the power usage (for your complete setup) and put in what you pay for a kWh. This will give you the profil per day.
Now calculate how long it will take until you earned the money you initially needed to invest for the hardware.
Does it take several month or even years to reach break even? Might be too risky as the hardware could fail, the difficulty could rise or the price for your mined crypto drop.
Is it paying off after a few weeks or some month and/or do you expect crypto to rise soon? Then it looks a lot more promising.
Good luck with your decision.
Everyone is just screaming yes, do it, but if you still need to pay for 30% of the electricity, you should for sure first do some calculations. And think about the hardware invest as well.
Check out whattomine.com and put in all the details, like which ascii miner or gpu you are planning to use. Calculate the power usage (for your complete setup) and put in what you pay for a kWh. This will give you the profil per day.
Now calculate how long it will take until you earned the money you initially needed to invest for the hardware.
Does it take several month or even years to reach break even? Might be too risky as the hardware could fail, the difficulty could rise or the price for your mined crypto drop.
Is it paying off after a few weeks or some month and/or do you expect crypto to rise soon? Then it looks a lot more promising.
Good luck with your decision.
August 10, 2018, 04:54:36 PM
yes; I would love to give advice but this thing is bit complicated that's why it is still not popular among the users that much but If you could understand it once then you will realize that how much easily you can earn profit from here; so first study the market
August 10, 2018, 11:48:18 AM
Definitely yes. Electricity is the main concern in case of mining any coins since ASICS mining require a lot of electricity power to run so many powerful hardware. That is why Bitcoin miners also count the electricity bill along with other costs when it comes to mining. You should not miss out on this chance if you are getting 70-80% electricity for free.
August 10, 2018, 11:35:27 AM
Even more than that I can suggest you to sell your electricity and attract new investors into the pool, so you would be able to give a place for them to put their mining farms to your area and have the cheaper electricity.
August 10, 2018, 11:12:19 AM
Sure why not. Its like an easy job with small risk. I would do mining if i got free electricity. Right now mining is so risky cause you need to buy a proper equipment which is not cheap and also mining become more harder.
August 10, 2018, 11:08:53 AM
Yes, definitely. A lot of these mining farms in China have the edge over other mining farms because they are using subsidized electricity or surplus electricity. Unfortunately there are other things that you have to consider too, like noise problems if you are going to run this in a urban setting and also additional hardware cost for extra cooling.
Do you also have access to Asic miners, because most Bitcoin mining is done with Asic chips now.
Do you also have access to Asic miners, because most Bitcoin mining is done with Asic chips now.
August 10, 2018, 10:44:18 AM
Electricity causes the highest amount of damage financially while trying to mine coins; so if you are getting free electricity I suggest you invest all the money behind getting a very good rig worth 30;000$ and it will definitely pay your debts off sooner than other miners.
August 10, 2018, 10:12:22 AM
Yes definitely. Electricity’s is one of the most expensive sector in mining companies. If your state has somewhat a sensible subsidy for electricity cost will go down. Then you will get higher roi compare to electricity cost
August 10, 2018, 07:59:21 AM
Hello guyz, just need opinion of people who have been in the bitcoin mining circle.
Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
Would you advice someone who has access to free electricity to go into mining. About 60%-70% of power supply will be free.
*Also, what are some of the other challenging factor's one must put into considering before going into bitcoin mining.
Thanks for you advice & suggestion
How can someone can get free electricity with no limit ?
As far i know bitcoin mining with a rig is really need much power wattage and ofcourse it's really recommended to mining if it's free electricity
August 10, 2018, 07:57:35 AM
For mining you need high regulation computers and also electricity. But it is costly because electricity bills are high but it also true access free electricity is not possible.
August 10, 2018, 07:50:28 AM
I think this topic should be moved to the right section for your inquiry in mining.
Move this topic to mining section.
i have read all of the reply posts in this thread and it seems like nobody suggested you to move this thread, and if there is, kindly correct me if i misread it.
Move this topic to mining section.
i have read all of the reply posts in this thread and it seems like nobody suggested you to move this thread, and if there is, kindly correct me if i misread it.
August 10, 2018, 07:43:43 AM
in my opinion I’ll suggest you that ‘’yes’’ because using electricity for mining is the biggest expense. Beside keep in mind that mining btc is complicated. One have to buy the right equipment for mining which may cost a lot.
August 10, 2018, 07:02:35 AM
Electricity is a major concern for a person who are planing to start mining projects so first we need to compare electricity prices of different cities in our country and check how much subsidy is providing by governments for our mining plant then we can start our project also we can go for solar panels for production of electricity and can use for mining. many peoples are doing mining in other countries where electricity is less expensive.
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