Starting a Bitcoin mining business

JunkTop
JunkTop

Hey bros I don't see much on here about mining Bitcoins which is surprising since cryptocurrency seems so popular here.

I live in the states and was wondering how I would go about making a BTC mining business. I was thinking I would;

scout an area with low electricity costs
open up a small unit or warehouse
buy a bunch of asic rigs
profit

Is this a good idea or is there a reason it's all being done in china instead of the states?

I really want an easygoing business where I don't have to work too much and this sounds like the best one.

All urls found in this thread:
https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/
https://ethereumwallet.com/beta/index.html
http://ethermine.org/
https://yobit.net/?bonus=eLJwf
http://ethermine.org/
http://us1.ethermine.org:5555/<account>.<worker>
http://us1.ethermine.org:5555/0x2c60dafb496f7b975e14827820e1bc4d1381bad1
https://minebox.io
http://www.coindesk.com/kncminer-declares-bankruptcy-cites-upcoming-bitcoin-subsidy-halving/
http://www.aliexpress.com/item/Antminer-S3-220Gh-s-miner-Fitting-16-chip-pcs-PCB-28-NM-Calculation-circuit-board-bitcoin/32657963607.html?spm=2114.01010208.3.18.YH5XTO&ws_ab_test=searchweb201556_7,searchweb201602_3_10017_507,searchweb201603_7&btsid=f3a1787e-e064-452b-ab41-2f0bfc0176c2
http://www.ebay.com/itm/1-2KW-900W-600W-750W-450W-300W-160W-Complete-Solar-Panel-Kit-Home-RV-System-/361014321397?var=&hash=item540e2160f5:m:muqm6FrjNRPrcdVoJOvLwww
New_Cliche
New_Cliche

asicrigs.jpg
not even asics

Illusionz
Illusionz

its impossible nowadays for an individual to mine, unless you wanna make $10 a day or less.. most miners are big companies now with insane hash-rates.

Raving_Cute
Raving_Cute

@Illusionz
I wouldn't say that's right at all.
I think you don't know what you are talking about.

Sir_Gallonhead
Sir_Gallonhead

@Raving_Cute
good luck user.. if you dont believe me.. go ahead.. mine bitcoin

Bidwell
Bidwell

@Sir_Gallonhead
I agree that mining bitcoin is not going to be profitable.
But I thought you talked about general mining.
also
most miners are big companies now with insane hash-rates
that doesn't really make a big difference if you're not talking about difficulty
you can make money with any hashrate basically
you have the same return and roi with one asic and with mutiple asics

Playboyize
Playboyize

@Bidwell
well i was assuming OP wanted to mine bitcoin, which is impossible to make a profit for the individual.

Tho its still possible to make profit with other altcoin

PackManBrainlure
PackManBrainlure

@Playboyize
yeah absolutely

StonedTime
StonedTime

@Playboyize
I'm not surprised you thought that as the title of this thread is

Starting a Bitcoin mining business
and
I don't see much on here about mining Bitcoins
also
I live in the states and was wondering how I would go about making a BTC mining business.

AwesomeTucker
AwesomeTucker

@PackManBrainlure
How would you go about mining other coins? Just started out, using minergate and gpu stops working after like 45 second but cpu keeps going no problems. But I want to expand and have no idea where to start.

CodeBuns
CodeBuns

@AwesomeTucker
I mine ETH using Claymore's Dual Ethereum+Decred AMD GPU Miner.

King_Martha
King_Martha

@JunkTop
become 1337 H4x0r
harness zombies
acquire mad coins
get caught
get raped in prison
enjoy it
get out
profit

ZeroReborn
ZeroReborn

@CodeBuns
Interesting. I use EthOS, have been very happy with its efficiency and stability.

How do you like the Claymore's setup? Doesn't any changeover imply downtime (which hurts your ROI more than simply mining one coin with your rig)?

GoogleCat
GoogleCat

@ZeroReborn
I got better speeds overall mining decred as well for some reason. I heard ETH is more VRAM intensive which DEC is more Core intensive.

I get much better speeds with this miner than I did using QTMiner which has been my go to for a while.

I will point out though that once an hour it'll mine for the dev for 30 seconds, you can turn this off but you get slightly lower hashing speeds.

SomethingNew
SomethingNew

@GoogleCat
Gotcha. I basically paid $40 for unlimited access to the source code of EthOS; it's been a solid platform for AMD mining with good support and a solid forum community/IRC support. It also has some great VM functionality and remote editing which makes the rig super easy to maintain and update even if I'm on the road; couldn't ask for more from a $40 piece of software.

I haven't tried mining decred, but the way the EthOS is set up, it runs on a stratum node (which has some built-in proxy chaining and packet encryption, I believe). QTMiner, from what I understand, is somewhat outdated/inefficient for mining eth, which may be contributing to your slow speeds. Initially, I tried mining on both a vanilla gentoo with QTMiner loaded, and then a Windows platform with an implementation of stratum/ethproxy. Once I changed over to the EthOS, my hashing rates were about 10% higher than the linux platform (which was about 10% higher than the windows platform, even with the improved stratum mining setup). Plus, in the long term, you'll probably be paying more than $40 with the time you'll be mining for Claymore, I'd guess.

All in all, as far as an eth-only mining rig goes, I'd say in terms of efficiency:
EthOS>vanilla gentoo w/ stratum>vanilla gentoo w/ QTMiner>Windows w/ stratum>Windows w/ QTMiner

lostmypassword
lostmypassword

@SomethingNew
@GoogleCat

Can I mine efficiently using just CMD prompt on windows or do I need one of these fancy shmancy ether mining OS?

Sharpcharm
Sharpcharm

@SomethingNew
Thanks for the info. I had a look a little while ago at EthOS but never tried it. Think I might give that a go!

@lostmypassword
You can mine on Windows just fine, doing it myself. EthOS sounds like the best way to go from what the other poster said however.

TreeEater
TreeEater

@Sharpcharm
I'm mining using this guide

https://www.cryptocompare.com/mining/guides/how-to-mine-ethereum/

I'm doing everything it says and I can see the mining happen in the command prompt but where does it go? Am I supposed to link this to a wallet or what?

How do I see my eth gains so I can transfer it to yobit or something?

WebTool
WebTool

@TreeEater
Having a glance at that guide it looks like you're solo mining which is pretty much pointless right now. You'll want to mine on a pool.

I use this wallet - https://ethereumwallet.com/beta/index.html

And mine on this pool - http://ethermine.org/ it has instructions on how to mine on that pool if you scroll down.

I also use 'Claymore's Dual Ethereum+Decred AMD GPU Miner' for mining, you can just run ETH mode though.

If you haven't signed up for yobit yet, here's my referral link if you're feeling generous - https://yobit.net/?bonus=eLJwf

If you have any more questions, let me know as I'll keep an eye on this thread for a while.

LuckyDusty
LuckyDusty

@WebTool
Ok so solo mining ether isn't viable either? I thought that only applied to bitcoin...

I know about the ethereum wallet I just want to know how you transfer ethereum being mined on my computer to a wallet. Will it just automatically appear in whatever wallet I have running?

VisualMaster
VisualMaster

@JunkTop
You could use Rememable energy sources.

BinaryMan
BinaryMan

@LuckyDusty
Yeh, it'll appear in your wallet. If you use a pool you'll often have to set how much to payout - for example my pool pays out when you've reached 1ETH by default but you can change that to more or less.

You can still solo mine ETH but it'll take you forever to get anything.

GoogleCat
GoogleCat

I had the same idea, but with solar panels

StrangeWizard
StrangeWizard

@BinaryMan
Ok do ethermine.org is a decent pool? I may use that.

Next thing is I need to upgrade my PC.

Currently using

radeon 7970
amd 6350 cpu
990FXA-UD3 (CPU 1) motherboard

What needs upgrading here for a proper rig?

Was considering buying a 390x or even two of them.

New_Cliche
New_Cliche

come to venezuela. electricity is almost free

Stark_Naked
Stark_Naked

@StrangeWizard
I've been using ethermine.org for ages and it's great.

Your PC is fine, all that matters with coin mining is the GPU. More GPUs, more MH/s

You might want to wait for the AMD 480 that is out on the 29th to see how that performs. Benchmarks in synthetic tests show it to be fast than the 390x and it's also cheaper (around $199) how it will preform in mining is anyone's guess right now though,

Booteefool
Booteefool

@Stark_Naked
So maybe just buy a single 480x 8 gig? Or would 2 be better?

Also is my motherboard compatible? It probably is, but doesn't hurt to ask..hehe

Boy_vs_Girl
Boy_vs_Girl

@Booteefool
To add to that. Do you mine day/night? As in do you leave your PC running permanently for mining?

w8t4u
w8t4u

@Booteefool
4GB version should be fine, but extra VRAM never hurts. If you can get two then do so, you'll earn more in the long run and can always sell them if you stop mining,

Just be sure your PSU can handle running more than one card.

@Boy_vs_Girl
Yes, I mine 24/7 - keep meaning to build a rig just for mining but I'm fucking lazy so haven't done it yet.

Inmate
Inmate

@Booteefool
@Boy_vs_Girl
Oh and google 'ethereum mining calculator' to work out what you should be earning roughly.

hairygrape
hairygrape

@w8t4u
THANK YOU for all this.

Last last question.

I went on the ethermine.org website and it seems like a different program I have to use for mining in a pool.

Does that mean I can't do it the way I was doing it earlier by using geth in windows command prompt?

Methnerd
Methnerd

@Stark_Naked
How much do you make per month and what was your starting investment?

BlogWobbles
BlogWobbles

@hairygrape
You can use the setup you're running but they don't recommend it : 'Mining using the standard ethminer is no longer recommended. '

I don't know why though, never looked into it.

@Methnerd
Less than I did a few days back $ wise. I make about 1/415 ETH a month, I save half and trade the rest for BTC to buy/sell shitcoins on Yobit/Trex etc.

I already had a 290x, then I bought a couple of used 370's (best hash rate per wattage currently I believe) for about $230 total. Took me about 5 weeks when ETH was still $14 to cover the costs of the two cards.

CouchChiller
CouchChiller

@BlogWobbles
*about 14/15 ETH a month

PurpleCharger
PurpleCharger

@BlogWobbles
Ok so use the stratos qtminer then?

Is there a guide on how to set this all up and join a pool? Cause I've just been solo mining using the geth command prompt and I need to get into this now.

StrangeWizard
StrangeWizard

@PurpleCharger
Just download the miner, make a BAT file and add -

@Echo Off setx CPU_MAX_ALLOC_PERCENT 100 setx GPU_SINGLE_ALLOC_PERCENT 100 setx GPU_MAX_ALLOC_PERCENT 100 setx GPU_MAX_HEAP_SIZE 100 setx GPU_USE_SYNC_OBJECTS 1 setx GPU_FORCE_64BIT_PTR 0 CLS timeout 3 @Echo On
qtminer.exe -s us1.ethermine.org:4444 -u YOURWALLETHERE.rig1 -G

Check the http://ethermine.org/ to pick the pool closest to you.

Garbage Can Lid
Garbage Can Lid

What's the most efficient way to spend 5-10k on mining? Would I buy a ton of videocards and hook up four per cpu, or get motherboards that support even more?

I'm looking for very passive crypto income and I think it'd be fun. Doesn't have to make me rich overnight.

Sir_Gallonhead
Sir_Gallonhead

Why is everyone trying to get into mining ?
The only profit to be made is when you're on the bottom floor.

Typically speaking the difficulty increases fast enough that as soon as your mining investment is paid off it becomes obsolete / costs more in electricity than it makes in coins.

MPmaster
MPmaster

@StrangeWizard
the qtminer and stratum opens up a command prompt then abruptly closes so it's not working for me. Guess I'll just keep using the ethminer and hope for the best

girlDog
girlDog

@MPmaster
also what do I put in for name of worker? I have the address already, just need a worker. Where do I find it?

farquit
farquit

I keep telling you motherfuckers.

Go to your university or some shit, program all the computers to mine bitcoins for you.

Bidwell
Bidwell

@girlDog
Anything you want name wise, doesn't matter.

@Garbage Can Lid
You can get a motherboard with 8 PCI-E slots, you only need PCI-E x1 for mining.

Check out 'ASRock H81 Pro BTC Motherboard' or boards like it. Also be sure to look up 'USB Powered Risers' as well. Have a look at some videos on youtube of people's setups for an idea.

And I think the general rule is 2GB ram per GFX card, but that might only apply to ETH, not 100% sure on that.

iluvmen
iluvmen

@Bidwell

What am I looking at in eth/whatever alt is easy to mine per month with 5-10k put into the startup? What about 20k? And will this setup be useful as eth dies out and other coins become popular?

kizzmybutt
kizzmybutt

@iluvmen
You can work that out from a ethereum mining calculator, just google it once you've worked out what cards to get. You can also sell the cards later at a good price if you stop.

ETH will go from POW (proof of work) to POS (proof of stake) which mean you won't be able to mine it anymore, but when that is going to happen? Who knows.

You'll be able to mine other coins no problem, however you might want to look into renting out your miners (google it) that way you just get paid in BTC while other people rent your rig to mine altcoins.

Deadlyinx
Deadlyinx

@Bidwell
Anything you want name wise, doesn't matter.

still having trouble understanding that.

so like here's the link

http://us1.ethermine.org:5555/<account>.<worker>

with my just my address it would look like

http://us1.ethermine.org:5555/0x2c60dafb496f7b975e14827820e1bc4d1381bad1

and then add a name?

Is this done in an address bar or in the command prompt?

Emberfire
Emberfire

@Deadlyinx

To add a name, just add a dot to the end of the address then the name

For example, my address is 0x80009ba4ba398f6e17ee111a1b962142a1bc14b9

So I would put 0x80009ba4ba398f6e17ee111a1b962142a1bc14b9.miner1 or w/e I wanted to call it.

Flameblow
Flameblow

@Emberfire
and where do I enter this? Command prompt?

BlogWobbles
BlogWobbles

@Flameblow
Make a text file, call it miner.bat or whatever you want and put it all in there.

TechHater
TechHater

ok make a text file on the desktop, put all of that info in there and then start mining?

Thank you.

FastChef
FastChef

@TechHater
Yes. Make sure it's named .bat and not .txt or .txt.bat

Ignoramus
Ignoramus

@FastChef
excellent. now all that's left is joining a pool.

Harmless_Venom
Harmless_Venom

@kizzmybutt

thanks senpai

looks like it'd be a lot of fun to set up

Soft_member
Soft_member

@Harmless_Venom
You're welcome. Hope it goes well for you.

eGremlin
eGremlin

What should I be looking at if I want to build a army of miners to mine whatever is profitable at that time? Hardware wise.

girlDog
girlDog

The process of mining sounds attractive but it's proven you're better off putting the money into the coin itself.

ETH difficulty is climbing rapidly. Just put it into ETH (it's low right now) or BTC (also at a low before the ATH which will come before/slightly after the halving).

Illusionz
Illusionz

@JunkTop

Unless you can obtain energy for free, its not worth it.

Skullbone
Skullbone

is there a possibility of making a virus and enslave the computers to mine bitcoin for me ? evilgenius.jpg

Flameblow
Flameblow

@Skullbone
loads of shady software already contains miners
fuck all profit in btc, but mining altcoins could make anything from a huge loss to insane riches.

RumChicken
RumChicken

@Illusionz
This.

You are in the states so unless you can steal and install a bunch of solar panels or build your own water wheel there is no way to make a profit mining.

Spamalot
Spamalot

forget about mining bitcoin. start farming data cloud networks

https://minebox.io

Emberfire
Emberfire

@JunkTop

http://www.coindesk.com/kncminer-declares-bankruptcy-cites-upcoming-bitcoin-subsidy-halving/

Just forget it. You are just too late. If start-up firm with 32$m goes bankruptcy, there is really high chance that you will too.

Dreamworx
Dreamworx

@JunkTop
Don't buy power, just invest in solar.
Think about it.
The market is flooded with miners that don't really turn a profit on billed power, so they don't really hold any value to the owner. They want to make some fast cash so they sell it for cheap. You pick it up, plug it into your solar system and you never stop making money with it (assuming you have enough solar panels and batteries).

Nude_Bikergirl
Nude_Bikergirl

@Dreamworx
Maybe not solar, but maybe try wind, wheel wells, geothermal, gerbil power, etc.

Illusionz
Illusionz

@JunkTop
@Dreamworx
@Nude_Bikergirl
http://www.aliexpress.com/item/Antminer-S3-220Gh-s-miner-Fitting-16-chip-pcs-PCB-28-NM-Calculation-circuit-board-bitcoin/32657963607.html?spm=2114.01010208.3.18.YH5XTO&ws_ab_test=searchweb201556_7,searchweb201602_3_10017_507,searchweb201603_7&btsid=f3a1787e-e064-452b-ab41-2f0bfc0176c2
Takes about 350 Watts at the wall (you can find more efficienty systems out there, this is the first miner I found on Alibaba. If you choose another one, adjust the wattage accordingly if you want).
Let's say it needs at least 750 Watts of solar panels to work (have to account for night and not 100% efficiency)

http://www.ebay.com/itm/1-2KW-900W-600W-750W-450W-300W-160W-Complete-Solar-Panel-Kit-Home-RV-System-/361014321397?var=&hash=item540e2160f5:m:muqm6FrjNRPrcdVoJOvLwww

$1200 for 750 Watts of solar power

18650 batteries are the best in battery tech, and you get around 7.5 Wh for $10 (Panasonic 3400mAh, can't really get better than that), or you can get a lot of these for super cheap from scraping old laptop batteries (I got 20 that way from 3). Look around on eBay and Amazon, and make sure you don't use bad batteries. The capacity won't be all that great, but it by far the cheapest route you can go.

Maybe you can shoot some crypto-profits over my way from all of the advice I gave you.

1QKred5jGXzDS7jp8hmsBAxuwBVLzPpYNc

MPmaster
MPmaster

@Illusionz
@Nude_Bikergirl
@Dreamworx

I can understand all this for bitcoin mining but Ether?

GPU mining isn't that power intensive is it?

massdebater
massdebater

@CouchChiller
14/15 ETH ... You mean a fraction like almost 1, or almost 15 ETH?

Dreamworx
Dreamworx

@MPmaster
GPU mining is more power intensive, but there is no ETH miner, at least not yet. Make sure you buy GPUs with fast RAM.

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