THE STRUGGLES OF CRYPTO MINING nobody talks about part 1

in #money7 years ago

I am a miner, BUT

more like

I worked in construction as roofer, not a fun job but it pays the bill and my education(major mathematics), but I wanted to be my own boss and enjoy life instead of breaking my back in a company that I feel under appreciated, and online friend pointed me towards crypto currency and I said what... bitcoin blah, but curiosity got me, i did a bit research and found the possibilities of a life time

while I was working at construction job I was also day trading on my phone(double my income, but it still wasn't enough for me not for my ambitions, I refused to settle I quickly pinched all the money from my stocks to all the coins I been saving for years and dove straight into it like fish out of water

stock account.png

so these next few posts are about my documentation of the struggles of mining that nobody talks about and what i did

-----------------------------------startup cost and finding a location ---------------------------------------------------------------------------------------

so first thing first u need to know how much u have to invest if u have less than 4000 dollars ill tell u right now it's not worth mining just go to coinbase.com and set up an account and buy your self some etherium and I say it will hit 1000 this time next year, but that's a long explanation

hold on to them for the month of September, sell after the forth if you want, but have it before it.

let's get back to the struggle

first gotta look up the electrical cost in you area national average is 12.9 cent residential 10cents for commercial and 4 industrial , but u can get rates by doing a quick google search, price fluctuates during the day just so u know the cheapest time is during the day like noon and most expensive at night eventually averages to 12.9 per kilowatt

when selecting where u gonna run your miner make sure

1)volume of the room for combating temperature
2)having enough power
and if your in the basement is there a possibility of flooding/ humidity but ac units do a good job a fighting hunidity

the idea is to GET YOUR Money WORTH !!!!!!!(not broken computers)

for me, I made a deal with a shop owner to lease me a portion of his some for cheap price, he's also in a commercial zone so I get commercial rates, so I save more money and your only ongoing costs is typically gonna be electricity
when looking for a show to lease from find a desperate store like a furniture store or one of those places that don't get a lot of customers they will likely accept as its money they want. but I wouldn't do this till your getting about 4000 hash rate of etherium or its equivalent. if you can find an industrial zone but they don't typically have extra office space and are often dusty.

here a look at my first office

a lot of problems came from this such as cooling, heat is the enemy.
the hotter your rigs get the fewer hashes = less money a lot less money

from my experience, you get a few ways to cool it one buy a cheap ac unit if it will fit you'll need about 10000 but for decent cooling depending on how may rigs u got, but let's say roughly 10000 btu per 10 rigs
That ac will cost u about 700 dollars per year to run

second, if u can't put a window ac unit try a portable one they cost about 300 dollars and provide decent cooling typically 8000 btu, cost to run I don't know yet.

last but not least the cheapest option, turn it into a wind tunnel, you're gonna wanna get air circulating, pull from out side and push it right back out on the opposite side. each fan will typically cost you 14 dollars to run on max if u get one of those 24-inch square ones. and you'll probably get for each rig so let's say 140 bucks to run 10 rigs I believe for the year not bad right,

I pay roughly 1000 bucks monthly as on going expenses, includes rent and electrical cost. altho I cut a deal with the shop owner for rent, I hold his coins for him till the end of the year he will get his portion which is good for him cause it worth will increase in time, also good for me cause I can trade his and mine as one and MAKE money and he gets his share everyone happy, it will be hard for old timers to understand tho so good luck with that.

that enough for today am gonna get a beer any recommendation,

NEXT time
I will go over how to build a rig(the right parts) and making sure there is proper power setup the cheapest setup possible

setting up accounts such as which mining pools, avoiding scams,

which miner should I use

what os system should I use?

Sort:  

Welcome to Steem @infusion I have upvoted and sent you a tip

woah thank you so much @bottymcbotface

I like the format of your article