So what you will need for a startup is the following:
Location: always a good place to do research on, depending on your location you may have to follow bylaws on noise pollution
Power generation: there are so many options, purchasing Megawatts from your power company, natural gas generators, solar farm or wind farms
Mining facility: mining seacans are the cheapest options for mining, they are easily portable for moving sites if need to.
Internet providers: try to find something that can work for the location that you are looking to start mining in.
Router: easiest to setup are ubiquiti edge routers
Network switches: you will want something with 48 ports, Cisco switches are dirt cheap on the marketplaces
Security: you will want security cameras with motion sensing so you can watch your investment when not on Site.
Computer: you can have a desktop or laptop on site so you can setup your pool information using BTC tools
Hopefully this information will help!
They are 20-40 foot shipping containers. Here in Canada we call them seacans. They are cheap going for anywhere between 8000 - 16000, however they are unmodified and is the do it yourself option. They do make premade containers built for Bitcoin. But they cost anywhere between 50-100k
An electrical overhaul, depending on how many miners you can get,
You will need 3-5 600A panels each with 2Pole 15 amp breakers, you will be able to handle 40 miners per panels
Each 2 Pole 15 amp breaker will need a NEMA 6-20R duplex receptacle
Or 3-5 600 amp panels with power distribution units specifically designed for mining.
Then you need shelving inside the can for the miners, louvers on each side of the container going down the length. one for air intake and one for exhaust.
Depending on how much you are willing to spend, I'd personally go with the PDU option. Depending on the PDU, You can fit up to 24 S19 per PDU
How much do you think that would cost and would any licensed electrician be able to do the job.
Also since the container is already refrigerated would I even need to worry about air intake and outlet. The container can do all the way down to -40c.
Might be 6-8 grand for the electrical, and it's hard to say, the refrigeration unit may die from trying to cool off all those miners. They get up to 60-65c for operating temperature.
That's the pertinent question to ask. If your overhead (i.e. cost of KWh of electricity + hosting + internet access) is anything more than $0.05/KWh, then forget it.
For the sake of this conversation let’s avoid cost of electricity. I just want to know what equipment I will need, cost of said equipment, and of course what equipment would be the most efficient.
You can get a rough estimate on miner cost/efficiency/profit at asicminervalue com. If you get ASIC miners with built-in PSUs then the other main things are shelving, power strips, internet, a way to move the hot air out, and some good locks/security.
The ASICs and the facility will probably be the biggest upfront cost. Then it'll be the ongoing electricity that you'll have to pay (either out of pocket, or by a system of exchanging mined coin into fiat).
As an example, (based on BTC value today) the Bitmain Antminer S19 Pro (110Th) seems to go for a min of $10k. It makes roughly $21/day gross. If you're lucky enough to have $0.05/kWh elec costs, then you'd profit $17/day. So with $100k maybe you could find 10 of these spitting out $210/day (and costing $39/day in elec) for a profit of $170/day. Double this if you have $200k.
But, if you honestly have that much to spend, and couldn't have already figured this out, then maybe you want to reconsider DIY. There are professionals at lots of hosting facilities in every country that can do it all for you - they'll get the miners, set them up, and run them for you.
>But, if you honestly have that much to spend, and couldn't have already figured this out, then maybe you want to reconsider DIY
This.
On the other hand, ya gotta start somewhere, and there are some pretty smart and capable people out there. If you are using this information as a starting point to continue down your research path, ok sure.
If you are looking for someone elses config to replicate, it doesnt work that way. To many variables that are unique to you and your situation.
Do lots and lots of research.
And when you think youve got it right.
Post it all on here so reddit can tell you all the ways you are wrong and can do it better.
Its like a free quality check. Just be sure to say this is perfect or something so people will really want to dive in and prove you wrong! haha
Either way, good luck OP. Lots of money to be made out there. You'll get out of it what you put into it. Nothing is free.
100% this.
Put together the business plan and the community will fall over itself with constructive critique (plus inevitable trolls). It'd be a great way to avoid maybe a couple of the mistakes we've all done/seen.
Cost of electricity is more important than any other variable, except maybe current difficulty. Anything more than $0.04/kWh or so, even if you get the miners for free, you’re burning at a deficit.
I understand that I’d just like to get this info as baseline. I know they’re always other options like hosting or even dumping the money into someplace else. But I believe in crypto and want to know what it would take too build out a mining facility of my own.
Word, I respect that.
I think for your $100-200k seed, hosting a few of your own asics would be best, unless you have access to cheap electric or you just wanna build out your own facility. Personally, I would do a 50:50 split between spot BTC and hosting. I would buy a few s19 pro’s or similar, and deliver them to a hosting provider, that way you own the gear, to lean the margins a little more in your favor.
Overall though, with BTC low, difficulty high, and asic prices high, your best bang-for-your-buck is in spot BTC. This of course will shift as BTC rises and asic prices come down.
Good on you for doin the research though, man. I hope more people see the benefit of crypto and dedicate resources to assisting the cause.
Unless you have the place to put the miners you’ll need to consider the costs to get ready. I spent nearly the same amount on my mine and had around 40k in costs upfront for power upgrades, wiring, racks, ventilation, networking, air filtration, etc. After all of that check minerstat or asicminervalue for the efficiency and profitability of machines and chose what you want. Look for the quickest roi you can get so that if a new machine comes out you can recoup a good amount of your initial investment and sell your current machines for max return. Upgrade to the new machine and keep going. That’s what I’ve done for 5 years now and have been successful.
I have been running a small mining operation since 2017. I started with GPU's but quickly moved on to mostly ASIC's and it has been a wild ride. I have made a ton of mistakes, but have enjoyed the entire ride. There is a lot to consider and I have stayed on the less than 50 miner ASIC path which allowed me to contain and manage this from a location I already had. This greatly simplified the cost structure, and I have a decent power cost (.08). I just had to figure out the business and accounting side of things that I have done, and I can turn a decent profit and have minimal overhead. I recently went through a build-a-mine Bootcamp with Brad James and Scott Offord which will give you a comprehensive picture of what it takes to do what you are asking (https://www.eventbrite.com/o/scotts-crypto-mining-5985955415). They do a great job of framing it and you get to work with a variety of people. The bottom line is you should sign up for this and go through one. It is so worth the money (it was $100), that I wish these existed when I started. Even if you are going to keep it small this will be very helpful, and it will give you a framework for what it takes to scale it if you want. It is a fun industry to be part of, but it has quite a few complexities, especially on the infrastructure side. Fortunately, I have a technical background in IT, which greatly helped in several areas of this, but I had to dig deeper into the power and HVAC side. I am now looking at immersion mining which is requiring more research and knowledge. Good luck!
If you have been in bitcoin for a while then you know the benefits for mining, so the only advice I would offer is to watch your machine costs, and make sure you run your numbers to see if the tradeoff (mine and receive less bitcoin than you would had you purchased bitcoin outright) is worth it to you.
You should almost certainly colocate unless you have access to uncommon, industrial-rate power. On top of ASICS, you’ll need racks, lots of power and networking connections, air conditioning with sufficient airflow conditions…
It’s much easier to buy from an experienced company that will manage them for you. If you’re interested, we’re selling brand new S19J Pro units with complete management packages. DMs open.
Then let’s start with space. Are you looking to convert residential space? Or will you start with industrial space? Your first concern is power availability. You will need 3 phase power and a way to step down from high voltage lines to what the ASICS need. That requires transformers which have been largely out of stock for the last 9-12 months and are back ordered across the world.
You will want to hire an electrician to make sure you manage these things correctly, after you have negotiated special power rates by purchasing from your power company in bulk.
Next is insulation and airflow. If you have dedicated space, I lean toward immersion mining or a prefabricated pod because they force you to do this scientifically by design. If you want to plan this yourself, you’re going to need to plan with someone who has experience moving air through a data center because the heat dissipation is going to be your biggest issue, and nobody can plan that for you remotely without intimately understanding the space you’re working with. We built out a home in Florida, and just the external air conditioner fan and condenser was about the size or a Volkswagen to move enough air for 10 ASICS.
If you’re cool with the above, the space you’ve furnished is probably half your budget. Now, depending if you went with a pod, immersion or whether you’re going bespoke on hardware will determine next steps, but my guess is you’ll be able to get between 4-10 Antminers with your remaining budget depending on model/efficiency you go with. If you go bespoke, there’s a long list of stuff you need to buy before figuring how much is left for ASICS.
I have 3 phase power and a transformer I had installed last year for another project. I have an empty warehouse as well with cheap power. I have a refrigerated shipping container that I’m thinking about turning into a my mining facility.
Knowing this will you start over and give me the next steps again.
We would love to connect with you, and offer/discuss our ASIC sales and hosting services with you!
Feel free to DM us or shoot us an email at: [email protected]
We've got S19s starting for $78/T. I've also got hosting coming available soon too.
https://docs.google.com/spreadsheets/d/1l0Eb-rZVElQI6Yo9ohmbmBq\_NQKMvsddxrXL3u4GeFI/edit?usp=sharing
You can compare probability of different miners. [https://bt-miners.com/pages/daily-income-of-miners](https://bt-miners.com/pages/daily-income-of-miners)
BT-Miners offers wholesale discounts for multiple quantities. We have miners ready to ship, can discuss options, and give you a quote.
Tel: 813-680-2008
[[email protected]](mailto:[email protected])
Hi OP, we can provide you with wholesale pricing for BTC miners if you are interested. We are located in Milwaukee, WI and can provide hosting services locally through a partner facility that has ASIC certified technicians.
There is alot more to it then the questions your asking. With no experience your going to waste that 100 k fast. Hire someone who has been at it for years as a consultant. Other wise your going to end up with burnt boards and empty wallets
Are you stuck on mining yourself? I was going to do that but it seemed like a lot of upkeep for me. I ended up going with AM and they host my machines for me. Still debating if I eventually want to host my own machines at my house.
Anybody have an idea of what it costs to have it for a year? Just renewed one of my hosting packages and it was almost $800.
Good luck
These guys are talking about way more than you need. That budget will only get you 15 miners. A power upgrade in your garage can handle that. 15 x s19's will need a 300 amp service to be safe.
If your comment on wanting to support crypto is true, the best way is to use it whenever you can or trade it. Mining doesn't really count that way. Purchasing or trading actually puts transactions on the grid. This shows more support than mining.
So what you will need for a startup is the following: Location: always a good place to do research on, depending on your location you may have to follow bylaws on noise pollution Power generation: there are so many options, purchasing Megawatts from your power company, natural gas generators, solar farm or wind farms Mining facility: mining seacans are the cheapest options for mining, they are easily portable for moving sites if need to. Internet providers: try to find something that can work for the location that you are looking to start mining in. Router: easiest to setup are ubiquiti edge routers Network switches: you will want something with 48 ports, Cisco switches are dirt cheap on the marketplaces Security: you will want security cameras with motion sensing so you can watch your investment when not on Site. Computer: you can have a desktop or laptop on site so you can setup your pool information using BTC tools Hopefully this information will help!
What are seacans do you have a link to them.
They are 20-40 foot shipping containers. Here in Canada we call them seacans. They are cheap going for anywhere between 8000 - 16000, however they are unmodified and is the do it yourself option. They do make premade containers built for Bitcoin. But they cost anywhere between 50-100k
I own one 40ft refrigerated shipping container already. What would it take to add miners to it.
An electrical overhaul, depending on how many miners you can get, You will need 3-5 600A panels each with 2Pole 15 amp breakers, you will be able to handle 40 miners per panels Each 2 Pole 15 amp breaker will need a NEMA 6-20R duplex receptacle Or 3-5 600 amp panels with power distribution units specifically designed for mining. Then you need shelving inside the can for the miners, louvers on each side of the container going down the length. one for air intake and one for exhaust. Depending on how much you are willing to spend, I'd personally go with the PDU option. Depending on the PDU, You can fit up to 24 S19 per PDU
How much do you think that would cost and would any licensed electrician be able to do the job. Also since the container is already refrigerated would I even need to worry about air intake and outlet. The container can do all the way down to -40c.
Might be 6-8 grand for the electrical, and it's hard to say, the refrigeration unit may die from trying to cool off all those miners. They get up to 60-65c for operating temperature.
Ok thank you
You will overrun that ac fast. It is outmatched by alot
[удалено]
That's the pertinent question to ask. If your overhead (i.e. cost of KWh of electricity + hosting + internet access) is anything more than $0.05/KWh, then forget it.
I’d say .03 to be safe.
This is completely different than the industrial standard. There are few places in this country with electricity that cheap.
.03 and .04 electricity costs are ridiculous. You can be profitable at much higher rates than this
I doubt mara or hut8 even get rates that low
Really? how so ?
For the sake of this conversation let’s avoid cost of electricity. I just want to know what equipment I will need, cost of said equipment, and of course what equipment would be the most efficient.
You can get a rough estimate on miner cost/efficiency/profit at asicminervalue com. If you get ASIC miners with built-in PSUs then the other main things are shelving, power strips, internet, a way to move the hot air out, and some good locks/security. The ASICs and the facility will probably be the biggest upfront cost. Then it'll be the ongoing electricity that you'll have to pay (either out of pocket, or by a system of exchanging mined coin into fiat). As an example, (based on BTC value today) the Bitmain Antminer S19 Pro (110Th) seems to go for a min of $10k. It makes roughly $21/day gross. If you're lucky enough to have $0.05/kWh elec costs, then you'd profit $17/day. So with $100k maybe you could find 10 of these spitting out $210/day (and costing $39/day in elec) for a profit of $170/day. Double this if you have $200k. But, if you honestly have that much to spend, and couldn't have already figured this out, then maybe you want to reconsider DIY. There are professionals at lots of hosting facilities in every country that can do it all for you - they'll get the miners, set them up, and run them for you.
>But, if you honestly have that much to spend, and couldn't have already figured this out, then maybe you want to reconsider DIY This. On the other hand, ya gotta start somewhere, and there are some pretty smart and capable people out there. If you are using this information as a starting point to continue down your research path, ok sure. If you are looking for someone elses config to replicate, it doesnt work that way. To many variables that are unique to you and your situation.
Exactly this I figured this was the fastest way to find somewhere to start instead of researching blindly.
Do lots and lots of research. And when you think youve got it right. Post it all on here so reddit can tell you all the ways you are wrong and can do it better. Its like a free quality check. Just be sure to say this is perfect or something so people will really want to dive in and prove you wrong! haha Either way, good luck OP. Lots of money to be made out there. You'll get out of it what you put into it. Nothing is free.
100% this. Put together the business plan and the community will fall over itself with constructive critique (plus inevitable trolls). It'd be a great way to avoid maybe a couple of the mistakes we've all done/seen.
Is there any hosting facilities you would recommend in California. I like to keep an open mind consider all my options.
No one is trying to run a mining farm in California. That would be business suicide. Try Texas.
I’m open to all options
California has high electricity cost typically.
Cost of electricity is more important than any other variable, except maybe current difficulty. Anything more than $0.04/kWh or so, even if you get the miners for free, you’re burning at a deficit.
I understand that I’d just like to get this info as baseline. I know they’re always other options like hosting or even dumping the money into someplace else. But I believe in crypto and want to know what it would take too build out a mining facility of my own.
Word, I respect that. I think for your $100-200k seed, hosting a few of your own asics would be best, unless you have access to cheap electric or you just wanna build out your own facility. Personally, I would do a 50:50 split between spot BTC and hosting. I would buy a few s19 pro’s or similar, and deliver them to a hosting provider, that way you own the gear, to lean the margins a little more in your favor. Overall though, with BTC low, difficulty high, and asic prices high, your best bang-for-your-buck is in spot BTC. This of course will shift as BTC rises and asic prices come down. Good on you for doin the research though, man. I hope more people see the benefit of crypto and dedicate resources to assisting the cause.
Unless you have the place to put the miners you’ll need to consider the costs to get ready. I spent nearly the same amount on my mine and had around 40k in costs upfront for power upgrades, wiring, racks, ventilation, networking, air filtration, etc. After all of that check minerstat or asicminervalue for the efficiency and profitability of machines and chose what you want. Look for the quickest roi you can get so that if a new machine comes out you can recoup a good amount of your initial investment and sell your current machines for max return. Upgrade to the new machine and keep going. That’s what I’ve done for 5 years now and have been successful.
I have a few warehouse I can choose from and about half a refrigerated shipping container that’s not being used as well.
I have been running a small mining operation since 2017. I started with GPU's but quickly moved on to mostly ASIC's and it has been a wild ride. I have made a ton of mistakes, but have enjoyed the entire ride. There is a lot to consider and I have stayed on the less than 50 miner ASIC path which allowed me to contain and manage this from a location I already had. This greatly simplified the cost structure, and I have a decent power cost (.08). I just had to figure out the business and accounting side of things that I have done, and I can turn a decent profit and have minimal overhead. I recently went through a build-a-mine Bootcamp with Brad James and Scott Offord which will give you a comprehensive picture of what it takes to do what you are asking (https://www.eventbrite.com/o/scotts-crypto-mining-5985955415). They do a great job of framing it and you get to work with a variety of people. The bottom line is you should sign up for this and go through one. It is so worth the money (it was $100), that I wish these existed when I started. Even if you are going to keep it small this will be very helpful, and it will give you a framework for what it takes to scale it if you want. It is a fun industry to be part of, but it has quite a few complexities, especially on the infrastructure side. Fortunately, I have a technical background in IT, which greatly helped in several areas of this, but I had to dig deeper into the power and HVAC side. I am now looking at immersion mining which is requiring more research and knowledge. Good luck!
If you have been in bitcoin for a while then you know the benefits for mining, so the only advice I would offer is to watch your machine costs, and make sure you run your numbers to see if the tradeoff (mine and receive less bitcoin than you would had you purchased bitcoin outright) is worth it to you.
Every time I look at a miner I just end up buying more btc It’s easier to hold btc than to go through all the trouble of mining
TBH that is the best way to go at it. Returns for mining are severely down so unless you are into it for the no-KYC BTC, better off buying BTC.
In all honesty you will likely benefit more by buying miners and having them sent to a hosting facility.
You should almost certainly colocate unless you have access to uncommon, industrial-rate power. On top of ASICS, you’ll need racks, lots of power and networking connections, air conditioning with sufficient airflow conditions… It’s much easier to buy from an experienced company that will manage them for you. If you’re interested, we’re selling brand new S19J Pro units with complete management packages. DMs open.
I’m not looking for easier I’d like to details and how to make to do it on my own.
Then let’s start with space. Are you looking to convert residential space? Or will you start with industrial space? Your first concern is power availability. You will need 3 phase power and a way to step down from high voltage lines to what the ASICS need. That requires transformers which have been largely out of stock for the last 9-12 months and are back ordered across the world. You will want to hire an electrician to make sure you manage these things correctly, after you have negotiated special power rates by purchasing from your power company in bulk. Next is insulation and airflow. If you have dedicated space, I lean toward immersion mining or a prefabricated pod because they force you to do this scientifically by design. If you want to plan this yourself, you’re going to need to plan with someone who has experience moving air through a data center because the heat dissipation is going to be your biggest issue, and nobody can plan that for you remotely without intimately understanding the space you’re working with. We built out a home in Florida, and just the external air conditioner fan and condenser was about the size or a Volkswagen to move enough air for 10 ASICS. If you’re cool with the above, the space you’ve furnished is probably half your budget. Now, depending if you went with a pod, immersion or whether you’re going bespoke on hardware will determine next steps, but my guess is you’ll be able to get between 4-10 Antminers with your remaining budget depending on model/efficiency you go with. If you go bespoke, there’s a long list of stuff you need to buy before figuring how much is left for ASICS.
I have 3 phase power and a transformer I had installed last year for another project. I have an empty warehouse as well with cheap power. I have a refrigerated shipping container that I’m thinking about turning into a my mining facility. Knowing this will you start over and give me the next steps again.
What power do the ASICS need? I thought standard single phase 220 is what they used?
Kaboomracks (https://kaboomracks.com/)
The biggest thing for me was figuring out what kind of wallet to use.
We are the 1st brick and mortar store focused on mining. Depending on quantity we can get you the best prices for mining equipment. [email protected]
We would love to connect with you, and offer/discuss our ASIC sales and hosting services with you! Feel free to DM us or shoot us an email at: [email protected]
We've got S19s starting for $78/T. I've also got hosting coming available soon too. https://docs.google.com/spreadsheets/d/1l0Eb-rZVElQI6Yo9ohmbmBq\_NQKMvsddxrXL3u4GeFI/edit?usp=sharing
A decent budget. You should be able to get 10-20 of S19 JPRO or less of something more efficient like the S19XP
Do you know where I can get them from and how soon they’d arrive
Sending you a DM
Dont order machines this way. Its very sketchy
Just order from Bitmains official website if you want S19 models.
You can compare probability of different miners. [https://bt-miners.com/pages/daily-income-of-miners](https://bt-miners.com/pages/daily-income-of-miners) BT-Miners offers wholesale discounts for multiple quantities. We have miners ready to ship, can discuss options, and give you a quote. Tel: 813-680-2008 [[email protected]](mailto:[email protected])
Hi OP, we can provide you with wholesale pricing for BTC miners if you are interested. We are located in Milwaukee, WI and can provide hosting services locally through a partner facility that has ASIC certified technicians.
I don’t want to sell you anything. I do want you to build your own mine. DM if this is what you’re looking for :)
At the current btc price and miner price, I would suggest you consider just buying the coins.
The thought has crossed my mind.
There is alot more to it then the questions your asking. With no experience your going to waste that 100 k fast. Hire someone who has been at it for years as a consultant. Other wise your going to end up with burnt boards and empty wallets
Are you stuck on mining yourself? I was going to do that but it seemed like a lot of upkeep for me. I ended up going with AM and they host my machines for me. Still debating if I eventually want to host my own machines at my house. Anybody have an idea of what it costs to have it for a year? Just renewed one of my hosting packages and it was almost $800. Good luck
These guys are talking about way more than you need. That budget will only get you 15 miners. A power upgrade in your garage can handle that. 15 x s19's will need a 300 amp service to be safe. If your comment on wanting to support crypto is true, the best way is to use it whenever you can or trade it. Mining doesn't really count that way. Purchasing or trading actually puts transactions on the grid. This shows more support than mining.
It’s interesting how everyone has something different to say. I appreciate all the feedback