Started a mining operation.

[Anonymous No.24574595]

Just received 247 units of asic s17s. Startup costs of apx 700,000 dollars. Running them out of NM with avg energy supply costs of 12.06¢ a kWh. Planning on mining 1block of BTC a month which is 6.25 BTC in reward.
How fucked am I if this dumps to 10k or how insanely rich will I be if this pumps to 100k?
I know I can count on /biz/ for good advice.

[Anonymous No.24574655]

>>24574595
0.12c anon? Goddamn, my home rate is 0.10c u using any solar or wind? That seems intense for a profitable investment. I'm doing a farm at 0.06c right now with s17s.

[Anonymous No.24574753]

>>24574655
Where are you getting .06¢? I haven’t started them up yet because I’m still researching places to go. NM is cheap as is Colorado. I was in California before but the costs were tiered all the way up to 40¢ And was losing money.
How many units are you running?

[Anonymous No.24574773]

>>24574595
assuming $20,000 BTC, you get paid 125,000 a month, but your production rate is so low that yu could go several months without making a block statistically speaking. i don't know what your expenses are, but what is your estimated profit going to be assuming you get 1 block/month?

[Anonymous No.24574818]

>>24574773
At 12¢ and assuming BTC is 20k I’m looking at 40-60k in profit

[Anonymous No.24574838]

>>24574773
Also why do you say statistically I could go months without a single block mined?

[Anonymous No.24574943]

>>24574595
If I were you I'd start low with GPUs mining ETC and other shitcoins then diversify to ASICs. If you can't profit off of the GPUs at least you could sell them to actual gamers.

[Anonymous No.24574964]

me, ieven today i would have bought $700,000 worth of Cardano @ $0.15/each, passively staked and earned 35,000 usd per year for zero effort. when cardano hits $1 next year you would be earning $210,000 per year for ZERO effort, forever. as Vardano hits $2 and beyond you're earning 420,000 a year and up and up passively. what you have is a lot of expensive hardware with a limited useful lifespan, and when BTC hits $100k/ea, the hashrate is going to go through the stratosphere and you will be lucky to make one block every 2 years, by which time your asics are obselete and worth zero dollars. fuck man, can you sell that hardware?

[Anonymous No.24574977]

>>24574943
I’ve already bought the asics. No going back.

[Anonymous No.24575004]

>>24574595
Nice!

[Anonymous No.24575005]

i thought most miners live near hydro dam power for cheap electricity. 12c is like average us kwh

[Anonymous No.24575041]

>>24574595
i would not start mining now but if i did i would move so far north that i at least don't need to get rid of the heat but rather i would use the generated heat to warm my living space

[Anonymous No.24575047]

>>24574595
>mining with 12c/kWh
you are fucked

[Anonymous No.24575063]

Op is a certified retard, eth is going POS, PoW will be retired mid-term

What a fucking idiot lmaooo

[Anonymous No.24575075]

>>24574838
because your block mining is a low probabikity event at the rate at which you expect to produce blocks. you could also produce 3 blocks in one month. statistically over years the average would be 1 per month / 12 per year. but thatassumes static betwork conditions. when bitcoin is at 100k hashrate will be higher, you will produce less bocks, and new asics will render your hardware obselete sooner than you want anyway.

[Anonymous No.24575115]

pics or it didn't happen btw. i hope everybody realizes that OP is just having a bit of fun with us.

[Anonymous No.24575146]

>>24574977
If you need stable income at the start of your operation then consider selling your hash power for approx. 7.62/day/unit. Once you have more experience and want to gamble you can start mining on your own.
Or you could join one of the mining pools for shared income like almost every other miners on this planet.
Unless you have warehouses of mining equipment, no one is mining on his own.

[Anonymous No.24575149]

*terrible spelling because phoneposting

[Anonymous No.24575167]

>>24575146
https://minerstat.com/hardware/antminer-s19
forgot to add link

[Anonymous No.24575182]

>>24574838
Profit is 700 dollars a year per miner at 12 cents/kwh
https://www.asicminervalue.com/miners/bitmain/antminer-s17-73th
It will take you 4 years to pay off the miners. You fucked up because mining tech gets better each year so you will be losing against people with better miners after 1 year.
Why didn't you just buy like 35 bitcoin instead of doing this retard?

[Anonymous No.24575202]

>>24575146
this sounds wise. how long do you think thise ASICS will be good for before they're obseleted by newer ASICS?

[Anonymous No.24575245]

>>24575115
kek saved

[Anonymous No.24575268]

>>24575182
that's bad. OP, try and sell that hardware asap and go all in Cardano and stake for a passive comfy future - not financial advice. or just buy and hold BTC, and sell it later for comfy living

[Anonymous No.24575273]

you fucked up bro return them
4 year ROI but the problem is your tech will be outdated in 6 months

[Anonymous No.24575320]

>>24575182
OP can pull this off if he gets cheaper electricity. That's why chinks mine btc, they have tons of free hydro power. If OP can get free electricity it would take him under a year to pay off the miners.

[Anonymous No.24575328]

How profitable would this be if power was free? Its common for illegal Marijuana grows to steal power, if someone did the same with bitcoin miners how much would they make?

[Anonymous No.24575332]

>>24575202
No mining equipment is obsolete as long as you can profit or think you can profit on the next bull run. People still using AMD gpus from 2017 to mine ETH today even though newer more efficient cards have came out. I don't see why your ASICs will be "obsolete" anytime soon

[Anonymous No.24575376]

>>24574595
>He fell for the mining meme
Anon ya dun goofed

[Anonymous No.24575419]

>>24575328
it's a little bit more detectable if you take half a power plant

[Anonymous No.24575609]

I just started minning rig too - 4 antminer s9s (54 TH/s) and 6 Amd 5700 gpus (300 MH/s) and some older gpus from ebay. Im just using nicehash pool, not mining solo.

[Anonymous No.24575699]

$0.05 CAD/kwh where I live. One of the biggest hydro cities in the country.

[Anonymous No.24575708]

>>24575419
What do you mean? People steal power on extreme scales. Even so, if the concern is doing too much gets u caught, just do less.

[Anonymous No.24575800]

>>24575708
then you do it and report back your success rate. don't forget to disguise your facility holding 247 units and enough ventilation so that they don't overheat.

[Anonymous No.24575962]

>mine shit coins
>pump them on your new YouTube channel
>dump to retail investors
>profit

[Anonymous No.24576072]

>>24575328
depends on the miners
OP didnt say how much total hashrate he can reach and the S17 ranges from as low as 50Th all the way up to 75Th (I think)
assuming he got scammed and got the old models with 50Th * 247 units thats 12350 Th "ideal"
let's be on the safe lower end with 95% efficency, we are down to 11732 Th
safe to assume he bought them used, meaning that 10% of his stuff will break down within the first month
we are now down to 10560 Th for a conservative hashpower estimate
at the current value of BTC at 19k, a 2% pool fee and (((free))) electricity OP would gain roughly 42k USD per month

OP has to steal 500 kW/h of electricity which requires a heavy industrial grade cable for aprox.
this doesnt factor in costs like cooling, cables, electrical sockets which all have to be up to industry safety
at best his 247 miners turn to junk
at worst he gets a massive fireball

the best thing
OP has to do this for SEVENTEEN (17) months straight without getting caught OR blowing up OR miners failing
....JUST TO BREAK EVEN with the initial investment of 700k
gud luck OP, unless BTC grows to 100k+ within the next 12 months you are fucked

[Anonymous No.24576225]

>>24574595
Or you could just buy 37 bitcoins and go 0.5x long. Exactly same risk/reward but less autistic. You're not going to be mining full blocks on your own that is a thing of the past.

[Anonymous No.24576276]

>>24574595
You made an $700k investment without crunching the numbers?

Smells like larp. I bet you are also the type of fag who comments under porn videos.

[Anonymous No.24576302]

>>24575063
hes mining on sha256 you stupid nigger

[Anonymous No.24576331]

>>24574595
Based, im doing gpu mining, sad to see that mining isnt discussed more on here

[Anonymous No.24576346]

>>24574964
>>24575268
As if cardano is just going to be sitting there and inflating staking rewards for your lazy ass to dump it on the market.

[Anonymous No.24576550]

>>24576331
What is the most profitable thing to mine with GPUs?

[Anonymous No.24576560]

>>24576346
5 - 6% staking rewards from inflation near term, with phase-in of transaction fees and phase-out of inflationary rewards over time.

[Anonymous No.24576568]

>>24576550
eth at the moment

[Anonymous No.24576604]

>>24574595
12 cents? Jesus Christ. Residential where I live is 4.9 cents USD + a fixed distribution fee.

[Anonymous No.24576640]

>>24576568
>
What are your plans after POS?
ETC?

[Anonymous No.24576664]

>>24576640
all my cards are fully payed off, so if etc profits crumble (which is expected) ill probably sell all of them. hopefully by the time eth goes pos there will be a good profitable coin to mine

[Anonymous No.24577491]

>>24576560
As more people will jump in It will slowly bleed over time and eventually even after the staking rewards your will find yourself in red. That's The fate of every pos shit token.

[Anonymous No.24577633]

>>24574595
You should just hodl.

[Anonymous No.24577881]

>>24577491
as more people jump in the rewards will deceease from 5.5%ish to about 5% - meaning nothing will change. the difference between Cardano's proof of stake and bitcoin's proof of work is that instead of block producers being selected by hashpower being used to perform worthless computations to find a golden ticket, produce a block and earn a BTC reward... instead of that, a leader is selected for block production by lottery weighted by their stake in the protocol. Cardano is the ONLY proof of stake system mathemarically proven to provide all the same security guarantees of bitcoin. over time BTC mining rewards rop to zero, same for Cardano proof of stake rewards. over time transaction fee rewards for bitcoin will have to pay for mining, same for cardano. what you said is just incoherent jibberish.

[Anonymous No.24578053]

>>24574595
Could I run a mining rig hooked up to a stream for infinite free cooling? No need to pay for cooling costs.

[Anonymous No.24578082]

>>24577881
Why not buy and stake ETH, as ETH 2.0 rewards are currently 18%

Also better chance of being worth something in the future, as ethereum actually has people using it.

[Anonymous No.24578286]

>>24578082
>Also better chance of being worth something in the future,
that's where we disagree anon. you might find this interesting.
https://youtu.be/k8a6tX53YPs

[Anonymous No.24578700]

700,000

lol what a dumbass

[Anonymous No.24579308]

>>24574838
I think he's assuming you wouldn't join a pool

[Anonymous No.24579378]

>>24575273
This, just mine eth op. Oh wait it’s going pos, you goofed shoulda just put 700k in eth or dot and staked

[Anonymous No.24579781]

>>24576072
Thanks for the comment. Puts things into perspective.

[Anonymous No.24579917]

>>24574595
sell signal

[Anonymous No.24580105]

>>24574595
you solo mining? lmao forget about it dude

[Anonymous No.24580452]

>>24575268
>cardano
kek. algorand unironically is leaps and bounds better than it, but i wouldn't hold either.

[Anonymous No.24581785]

>>24574595
>mining operation
>12.06¢ a kWh

KEK

[Anonymous No.24582196]

>>24574595
>Startup costs of apx 700,000
How?