Free electricity

I get free electricity at my business, I was going to mine bitcoin but that has been a waste of start up capital. Any other ideas?

Free electricity doesn't help unless you also have free space you can use. If you had a warehouse and free electricity you can do hydroponics. Although you may find the barrier to entry is even higher than bitcoin mining!

Do you get electricity in a legal way? I mean, are you allowed? If it is the case of mining any cryptocurrency, bitcoin is not the only existing one.

It’s a warehouse and it’s legal. Only issue is 8ft ceilings and no ac(currently)

Having free electricity is one of the only ways for "normal people" to be able to earn a decent amount of BTC mining without investing millions.

You have a distinct advantage compared to almost any other miners on earth, you can technically mine for less and be profitable, everything else being equal.

I was going to do the same in uni with ETH mining a few years back for the same reason.

If you don't have enough capital to set up something that can win blocks on its own then find a well-trusted mining pool and get those hashes flying.

No monthly limit as well?

I have too, but I never tried to mining bitcoin.

with 1 reasonably powerful computer how much could be mined in a month?

VSYNC said:

Having free electricity is one of the only ways for "normal people" to be able to earn a decent amount of BTC mining without investing millions.

You have a distinct advantage compared to almost any other miners on earth, you can technically mine for less and be profitable, everything else being equal.

I was going to do the same in uni with ETH mining a few years back for the same reason.

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What would the start up cost be ? What should I purchase?

Monzani said:

with 1 reasonably powerful computer how much could be mined in a month?

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0.000000BTC

You need a huge amount of hashing power to have a chance of winning a block on your own. Even the best desktop computer with 6 top of the range gpus wouldn't mine a thing even if you ran it for 20 years continously.

You could however:

- mine other cryptocurrencies with lower difficulties
- join a BTC mining pool and combine your hashes with thousands of other miners then split the rewards accordingly.

kiriguy said:

What would the start up cost be ? What should I purchase?

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Depends.... if you have more than $100,000 to invest you might be able to consider solo mining BTC. If not then there's no threshold to what you need to invest, just invest as much as you can and then take your cut from a pool.

It works something like this:

- You invest $x into mining equipment and $y into electricity (normally), plus $z into renting a property if the operation is big enough to need one.

- In your situation you just need $x, congrats - you have an advantage over anyone that needs to take electricity and rental out of their profits.

- You put your $x into equipment. This is just a collection of computer parts that are needed for any desktop computer - motherboard, RAM, power supply, processor etc. These parts contribute jack shit to your "hash power", which is all you care about but you still need them for a computer to function.

- Things that can generate "hashes" (aka attempts at solving the current Bitcoin "puzzle") are (in order of worst to best):

1. a CPU
2. a GPU
3. an ASIC

- Nowadays CPUs and GPUs cannot be used to mine Bitcoin, they are too weak compared to ASICs which dominate the mining market and have done for years and years.

- So 95% of your investment will go into buying the best ASICs you can, hooking them up to your other equipment, and then generating as much "hash power" as you can.

- If your hash power is high enough, you might be able to win a block.. making tens of thousands of dollars on your own in the process.

- 99% likely though, you won't be able to generate enough hash power to have a chance of winning a block, so you will have to join a pool.

- A pool is thousands of miners, all having relatively small hash power, but collectively being able to compete with large multi-million dollar mining farms.

- When your pool wins a block, a fee is taken from the winnings by the pool for administration, and then the rest of the reward is split between all miners that contributed to mining the block according to how much hash power each miner contributed.


You need ASICs + other computer equipment that are all compatible with each other - it takes a solid amount of research to understand the hardware side of it.

Then you need to research the software side - how to properly download the BTC blockchain, set up as a node, run the mining software needed for you to take part, download and run any software provided a mining pool in order to join them.

It's not a trivial process - it's hard as fuck to learn everything without a background in some of it, but it can be done if you're determined and organised.

HustleTong said:

No monthly limit as well?

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No

VSYNC said:

0.000000BTC

You need a huge amount of hashing power to have a chance of winning a block. You could however:

- mine other cryptocurrencies with lower difficulties
- join a BTC mining pool and combine your hashes with thousands of other miners then split the rewards accordingly.

Click to expand...

What is a average monthly revenue I could make?

Metal Smelting, a very power hungry process.

kiriguy said:

What is a average monthly revenue I could make?

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It doesn't work that way - there's no average amount.

The current price of 1 BTC is ~$12k.

If you manage to win a block on your own, you will currently get 6.25BTC.. so ~$75k

If you can mine 1 block per month, you make $75k per month, if you can mine 1 block per year you make ~$75k / 12 per month = $6250

(With price fluctuations it won't be accurate like that but you get the idea).

If you have a shitty rig that generates hardly any hash power (ie like a normal desktop computer with a bunch of GPU's attached), you won't mine 1 block in 50 years of running you rig. You will generate $0 per month.

If you add your shitty rig to a mining pool and your mining pool mines 10 blocks per month, and from that 10 blocks you contributed 0.00000123% of the hash power over the month, you will generate 10 * $75000 * 0.00000123 = $0.92 per month.

Then why a lot of miners a unprofitable is then from your small fortune of $0.92 per month, you have to take electricity costs out of that which are multiples higher.

That's how it works - everyone makes different amounts, there's no average.

If the price of BTC goes up you might make more for a short period, but then more miners will enter the market, pushing up the difficulty factor in the BTC algorithm, and then it will be harder to win a block, so you'll generate less BTC, but each one will be worth more money now, but in the end it will mostly level out to the same USD revenue roughly.

You need big capital to start mining, so it will worth it.
i suggest find some investor to cooperate.

Check this site for better understanding: https://www.cryptocompare.com/minin...Consumption=0&CostPerkWh=0.00&MiningPoolFee=1

If you can generate 1000 terahashes (TH) with your rig, and you have $0 to pay for energy, and you pay a pool 1% fee, then you can make $2,600 per month profit at current rates.

To generate 1000TH, Bitmain is one of the biggest ASIC suppliers so looking at them, all their ASICs are currently completely sold out (no surprise, bull run around the corner), but when they are available you can buy this as one of their best:

https://shop.bitmain.com/product/detail?pid=00020200611225746542A8golxBc06C9
It costs $2407 and generates 110 TH.

So (1000TH / 110TH) * $2407 = $21881 you need to spend on ASICs in order to be able to generate $2,600 per month.. and that's without the other equipment for another $500 - $1500 roughly.

Now the important thing to realise is that you generate $2600 at today's prices, if you sell everything you mine. But if you mine today and generate $2,600 worth of BTC per month, and then don't sell it and hoard it, then the price of BTC increases by 10x over the next 18 months, you'll be selling each amount for $26,000 and the outlay you had to make was ~$21,000, technically paying your rig off within the first month of operation and taking pure profit after that.

That's why rigs at the best places like Bitmain are all sold out and will be long term now.