Apr 10, · It takes about 30 minutes. the only way to be profitable mining bitcoin now adays is to buy an ASIC miner. The asic miners are usually pre-configured so that all you have to do is plug it in, connect to it over wifi, and set you mining pool link as well as your worker id. Step 4 - Set Up A Bitcoin Wallet. The next step to mining bitcoins is to set up a Bitcoin wallet or use your existing Bitcoin wallet to receive the Bitcoins you mine. Copay is a great Bitcoin wallet and functions on many different operating systems. Bitcoin hardware wallets are also available. Aug 18, · A Bitcoin mining farm can be a setup of different mining equipment that can be run on a small or large scale, depending on the operator/miner. An individual miner can run about mining machines in his/her farm, while companies can deploy thousands of these machines in a single farm.
How to setup a bitcoin mining farmThe Ultimate Guide: How to Invest in Bitcoin Mining in
Under this scheme, you can earn Bitcoins as a mining reward without even owning a single mining machine. This makes up another way you can invest in Bitcoin mining without having to quit your job or being present at the mining farm to inspect those machines. By cloud-mining Bitcoin, your physical presence is most likely not needed, as the machines run from a remote location. Hence, this will enable you to auto-mine Bitcoin without directly investing in or buying mining hardware or software.
All you need to do is purchase a mining contract from companies offering cloud mining service. Cloud mining saves you a lot of stress and challenges that come with running your mining farm. You can go about your job, holiday, and even travel abroad without necessarily worrying about hardware and software maintenance, electricity supply, and mining farm downtime issues.
Noteworthily, cloud mining also comes with disadvantages, which you would want to consider before buying any cloud mining contract. Firstly, you do not have ownership of the mining equipment, so you cannot guarantee that these machines will run as long as you want. When such situations arise, these miners resort to selling off their bitcoin holdings, which in turn can affect the market negatively.
Secondly, the cloud mining provider will charge a commission for the service rendered. It would help if you also exercised caution, as there are many illegal bitcoin mining investment companies also promoting Bitcoin cloud mining services.
They typically claim to sell investment plans and offer highly robust referral programs that are only designed to send more victims their way. Some even run campaigns via Google Ads to attract unsuspecting investors. Please, stay away from them. If you must invest in bitcoin mining via cloud mining companies, ensure that you do due diligence and possibly involve a legal expert. You can check cloud mining platforms like Minergate. Since your chances of competing with large-scale bitcoin mining investment companies are very slim, miners came up with the idea of pulling their resources together, thereby raising their hash power.
By joining a Bitcoin mining pool, you will contribute your computing power with that of other miners in the pool to generate a block, which comes with a reward. These rewards are being shared amongst the miners evenly. So, you ought to decide whether to stand alone or pull your resources together with other miners. Note that mining pools have a greater chance of generating blocks because of their superior hashing power.
Thus, the miners that invest in bitcoin mining via pools are likely to receive more income from time to time. Many think that there is free Bitcoin mining without investment; however, the answer to this question is pretty much a NO. Another factor that often determines profitability is how soon you sell your bitcoins after mining them. Under bullish market conditions where transaction fees spike, bitcoin miners make more profits as well.
Using this tool, you can invest in bitcoin mining with an estimated profit ratio in mind. In this article, we covered vital information about how to invest in Bitcoin mining.
We also disclosed that there is free Bitcoin mining without investment. Anyone tell you that there is a way to mine Bitcoin without investing is probably going to rip your off your money. You must also keep an eye out for the many fake bitcoin mining investment companies out there, promise unrealistic returns over a short period.
We believe that this guide will help you as you consider how to invest in bitcoin mining. You will be a better position to decide which investment opportunities are best for you, or whether it will be best for you to simply buy and hold Bitcoin for profit. Ken November 23, am. Im sure Rolf may chime in with additional insight but for now, I think I understand the gap here… You will -not- be delivering true 3 phase to an antminer power supply. You will be delivering single phase.
No ATX power supplies that Ive ever seen can accommodate an actual 3 phase supply Y they accommodate single phase supplies and prefer them to be above v either or The efficiency people refer to when discussing 3p is related to the cost of getting service and how many devices miners can be run off of a given service size. For example a a v service wont power nearly as many miners as a a Y service. Hope this still helps, and Ill drop off of the responses if this still doesnt get there and let someone else give it a shot.
JD Parry February 1, pm. ASIC Miners and their power supplies are single phase. What Rolf was describing is that he has 3 phase coming into his facility. It is then broke down through a switchgear box into multiple single phase amp, v panels. I have visited his facility but it was just before his recent expansion.
Craig September 10, pm. What pool did you say you were using? I heard like apc. How did you choose that one? How often does it get a coin on that network? What site are you buying your asic miners from?
Any good places? Everyone so overpriced. And a lot want pay bitcoin; how do you protect yourself if they never ship? Nick September 12, pm. This site shows you how to lend on exchanges. I think the risk of the exchange being forced to halt all withdrawals outweighs the rewards of incremental gain.
Chad September 13, pm. Rolf September 13, pm. The outlet provides 30 amps, but one miner needs about 7. If you plug the miner directly into the outlet you are not maximizing the use of your electrical infrastructure. Tonykkk September 24, pm. To each his own. I like the flexibility. And a network switch wherever I want. Michel November 21, pm.
Great article Rolf, can you provide some fotos too? At Bitmain mining facilities I see they create 1to1 with airflow controls where 2 racks front each other and inbound air blows from above between them inflow lane , the space between is roughly 1 shelved rack width, and on the backs you have the outflow lane where racks face each other back to back for outflow.. Tyler November 21, pm. Hydro Quebec is offering as low as 2. Austin April 5, pm. Lucas September 16, am.
How many rigs will i be able to run smoothly in the house assuming that no other electric appliances are running at the same time? Rolf September 17, am. Theoretically you could have Practically, your breaker will probably pop at a sustained amperage of 80Amps, your electric wiring will be inefficient, and you probably have other demands on the electricity at your place.
What do you think? Do you think i should look for a warehouse with greater power supply instead? Or this is viable for a small size miner like me? If you prefer to use 4 outlets instead of 1 outlet and a PDU, go for it. When you fill up your house with rigs and your main breaker pops a few times a day then it is probably time to find some other space.
Octavs December 21, pm. Next month, when I receive 4 more, I am moving into a warehouse…:. John September 21, pm. For mining facilities over 50 miners that doesnt work or thats for PC kind of devices? Also, I dont see you recommending any Routers, do you connect the switch directly to the firewall? You use a layer 3 switch? Or meraki provides routing capabilities? With a partner we are building a mining facility and could use your help on it.
Find a local data networking reseller and get their help would be my recommendation. I am confortable running a flat network up to hosts. Meraki MX64 will handle miners easily. Find a local Cisco reseller and get some consulting help if you need it. Cameron Bruce October 1, am. I live in a RV, and am looking for information about setting up a mining operation I can take with me wherever I decided to go. Todd Abraham October 1, am. Hi Cameron. You should check out the immersive cooling system from GR Cooling.
They can fit S9s into a 20 foot shipping container, complete with cooling tanks, power, and a fibre glass evaporative cooler. Graig Sterling November 27, pm. Hi Todd Thank you for this excellent tip,this cooling system can be the answer to the 3 most debilitating bitcom mining problems witch are:electricity,temperature and dust issues. Your tip was most helpful,cheers!
Craig October 1, pm. The problem I see wth that is where are you going to get power from? Octavian October 12, pm. Great article Rolf, but… regarding cost of electricity in Quebec, this is also from their site:. Yes, you read that right. And the other costs are definitely lower in Quebec.
So if anyone is interested in opening a farm in Quebec, email me. McKaig October 15, pm. Rolf October 16, pm. I have found I am not very good at reading electricity rate sheets. And that the more I use, the lower the price goes. They have so many charges, it is crazy!
I agree Quebec is good for mining, for many reasons. Or maybe I will set up a mini-hydropower plan in the mountains somewhere, do line of sight wifi, and build a mining facility off the grid. Octavian December 21, pm. Rolf, sorry for missing on your comments… Been busy with receiving my miners, setting them up and buying 3 more for a friend who provides me temporary hosting. Quebec is like Iceland but closer to home…: Electricity may be slightly more expensive, but the real estate is dirt cheap, by your standards.
Patrick October 19, pm. So no sort of transformer is needed to convert it to single phase, right? Ken October 19, pm. If you have a 3 phase system it has 3 hot wires. If you use two of them together you get v which is then capable of running a single phase load like a power supply. The three phase machines you are referring to are designed to take all three hot lines at once and are typically large mechanical devices like motors.
Does this change the calculation at all regarding the amp draw? Yes, you have the Right idea. You will get considerably more miners into a 3 phase panel vs single for the same amperage. Patrick October 20, am. So for several Antminers getting power from a 3 phase supply, does the PDU need to be 3 phase since that is what it is plugged into or single phase since that is what the Antminers are?
Tripp Lite has both 3 phase and single phase PDUs. Ken October 20, pm. When you break out a 3 phase panel into v circuits, the individual circuits are seen as a single phase. Google 3 phase basics. From a practical standpoint for mining, all it means is that you are going to hire an electrician to wire up a bunch of v 30a circuits that you will plug in your PDUs single phase.
The fact thaat your facility has 3 phase means you can wire up more of those circuits and use more miners than a comparably sized single phase panel. Patrick October 21, pm. I had a few questions regarding miner temperature regulation and monitoring. Do you make adjustments in response to a high temperature when all 3 boards are high, or does only 1 need to be high before making adjustments?
How relevant do you think measuring and changing static pressure is on managing chip temperatures? Rolf October 27, am. There are not a lot of adjustments to make. If the S9 overheat first they produce errors, then they shut down. If that happens you need more airflow or more cooling. I prefer to have both intake and exhaust fans, which provides static pressure. If you use intake fans only you have positive pressure, exhaust only negative pressure.
Gary October 26, pm. This is a great article Rolf, thank you for writing it up. Do you mind sharing what bank that is? I have not had a problem with banks connecting to coinbase or kraken. Rolf March 7, pm. Al October 30, am. I am looking into adding a separate v box with amp service and whole house surge protection. Rolf October 30, pm. Do what you like. John October 30, pm.
Is it possible to rewire them to V with minimal construction? I know you can pull single phase VAC off the three phase transformer. John November 8, pm. Hey Rolf, after running one S9 in my house, I decided to run 10 of them in my warehouse. And now the order is expired when in fact I see the balance in the order address.
After doing some research I saw that so many people are having trouble with their orders. Customer support seems to be non-existent. How did you manage to get hundreds of miners from Bitmain!? Rolf November 13, am. I have had good luck with Bitmain. They are a little behind on their service, but if you buy from them I find they ship to you. If you need to you can open up a support ticket with them. You may need to go back and forth a little but they have always been good for me. Anton November 6, am.
Hi, sorry for my ignorance. The louver you listed has much lower intake CFMs that the fan. I noticed quite a bit amount of louvers having lower CFM throughput than the fans of same size.
Rolf November 6, am. Anton November 7, pm. Michael November 6, pm. I live in a country that still has no regulation on bitcoin mining, so setting up that kind of business will be tricky.
Konstantin November 12, pm. Can you explain how to minimize the taxes? JD Parry November 12, pm. Hi, I believe Rolf was referring to finding a good accountant to show you how to depreciate your equipment miners, etc… over time as a tax right off. Exactly — and it depends on how taxes are calculated in your country.
For the US, if you show only losses and no income every year it gets kind of suspicious. Michael December 9, pm. Depending on your gear, taking the full depreciation in the first year makes sense sometimes instead of a depreciation schedule.
Depends on your profit too. Majkara November 15, pm. Have you considered mineral oil submersion cooling? We have 10 miners right now and when we expand to we are definitely considering putting these beasts in a small swimming pool with mineral oil and just extracting the oil into a pair of big radiators with big fans on top of them.
Would love to hear your thoughts on this or if you experimented with this. Rolf December 27, pm. Nick K November 17, am. Hi Rolf, thank you for this great article.
It let me clear understanding of workable steps. Roughly of course. Patrick November 22, pm. I saw your YouTube video of your medium sized mining farm when you were replacing the filters. It looked like you custom made a way to hold filters in front of the fan. How has that affected your fans, if at all?
Nick November 26, pm. I am starting a 15xD3 farm in my basement here in Canada I have the power plumbed and the networking and cooling done. What I am wo dering is when these x11 script miners our no longer profitable for x11 coin mining is it worth keeping them for other applications? What do you current miners do with old hardware? Sell it on ebay as a paperweight? Ken November 26, pm. Ken November 27, pm. Does anyone have any suggestions on getting a facility?
Patrick December 8, pm. Keep looking. Carl November 29, pm. Hi Rolf, I am currently setting up a mining operation. If that is correct…I can run 4 antminers off a 30 amp breaker? Trying to figure out what breakers to get and how many miners I can run per breaker. The building is wired with V three phase.
I am having the electrical upgraded to amps. Octavian December 30, pm. I ran them for a month and the breaker never jumped. Not recommended as a setup, but just to emphasize that 6. Nick November 29, pm.
Rolf, with Bitmain releasing new batches, they seem to be selling further out from the date of shipping. I know you said not to buy pre-orders but how are you suppose to get the machines if the only reasonable price is a pre-order from Bitmain? This is in contrast to an established company that runs a production schedule that takes orders for future batches a few months in advance. Bitmain seems to have a few months from first availability to shipping but they actually come through and ship the products they sold you.
But buy from someone who has a track record of shipment and support, like Bitmain. Nick K December 2, am. Is this device suitable for a farm of 20 s9 ASICs? I am going to use it along with port LAN switch. Thank you. First of all, thanks for the great post, and sharing all this knowledge and experience, well done.
In my case, I have no other options than using an air conditioner, i guess. So, with cheap electricity, and the room available to me, what are my chances of running 20 Antminers S9?
What are the things I need to consider or watch for? Can I do hot isle isolation, and let a fan push the air out? In this case, how much of cooling and CFM do I need? That is a LOT of air. For 20, that is CFM in and out of the room. AL December 7, pm. What is the best way to set up a Cisco Meraki Wireless Firewall unit?
Nick Loe December 14, pm. I attempted to talk with an insurance company today about purchasing Business Insurance. I told them that my business was a private data processing center.
They asked me if I hosted. I said yes. When we were going through the questions they asked about coverage for lawsuits against lost information. JD Parry December 14, pm. Hilton December 16, pm. On one of my machines, only two hashing boards are powering up and on another machine only 1 hashing board is powering up. Bayra December 27, pm. In order to run 12 s9, wire need to be at least 72 amp with v 1 wire or 30 amp with v 3 wires from panel.
Devon December 17, am. Question for you about leasing business space. Specifically, what do you look for when trying to lease a space to house 50 — miners? Also, do you recommend looking into a datacenter? You may need to buy a small building.
I got lucky that my landlord did not mind the electrical and ventilation modifications. Petru December 30, pm. Ko December 30, pm. Devon December 30, pm. Bitmain may be the most efficient game in town but the sell out rate, quality issues at times , and lack of top notch customer service means that you might consider looking elsewhere for miners.
Canaan is a great option with New miners slated for Patrick January 14, pm. There are several websites that will monitor a web page of your choice for any changes and alert you. I picked one called Change Tower and there was an option to alert you to just a visual change to a site. It worked well for the last batch. The free version only checks once a day if I remember correctly.
I paid a small fee to have it search the site every 20 minutes. Joey January 2, am. Ming B January 4, am. Terrance January 4, am. Lenny January 11, pm. Thanks for your help in the past. You cash out. Andrew January 12, am. Hi, Thanks for writing informative posts. Regarding the PDU, how are you able to know how many Amps you are using? Do you know of a more cost friendly way for me to measure amps?
Joey January 12, pm. Do yourself a favor and learn electricity , im sure theres some youtube videos. Patrick January 12, pm. As far as I know there is no published figure for the power factor for Antminers so we could guess it is between 0.
Austin January 12, pm. You are the man! Quick question. Let me know my good sir. Would love to know what other automated commands you have setup. Kevin January 24, pm. Spencer January 30, pm. Thank you so much for all of your hard-earned experience and success. I am starting a farm of 30 asic miners, with plans to expand as much and as quickly as possible from there. GeekyVenom February 4, am.
We are building a antminer s9 farm. I am not a expert in electricity wiring but we are going to hire a electrician. I was thinking to have one amp v breaker and power 10 antminer with it. Is there any PDU that can handle that much amps. Your help will be greatly appreciated. If there is no good solution for that I will just stick with 30 amp tripp lite PDU to power 4 antminers. Jay Lash February 4, pm. Do you recommend a whole circuit surge protector? Lance Quercioli February 5, pm.
I commented on the portrayal of mathematics in that new series in a latest commentary within the Huffington Put up. Hassan February 7, pm. Delivery takes just daysto your home doorstep through FedEx,Ups or Dhl shipping courier services.
Email: james. Jay Lash February 9, pm. Hi Rosh, Thanks for the great write-up! I am just getting started. Is there a reason you did not use immersion cooling? Thank you, Jay.
Elokda Ihab February 16, am. We can discuss the price if you order more than 10 units. It is possible to buy the miners in leasing credit , with regular payments for a period up to 3 months. Sean March 3, am. I understand intake and exhaust air. However, there is a scientific? Reason you intake air from outside? Can we just exhaust hot air to the outside and intake air in side of facility? I am just guessing the tmperture of the air is lower than outside of the room.
From llc to s corp, you can self emoyment tax. Since you are operating more than units, i could save a lot of taxes. I am just curious why choose llc rather than s corp. X11 rig mining rental March 10, pm.
I operate a small Bitcoin mining facility, and there is a lot more … […]. Guys contact me if you are interested in working together to secure cheap power and space. No BULL please, just serious people wanting to discuss working together to grow and expand in this space. Roberto Dabrowski April 8, pm.
Christine April 24, pm. We need to add business general liability insurance so we can close on a business loan. Someone mentioned State Farm as an option, but their agents are telling me that data mining is excluded from their coverage.
Does anyone know of other insurance companies that will carry liability for a data mining center? KEN April 24, pm.
I wound up using a local brokerage that placed my business with an Excess and Surplus carrier. Joege June 11, pm. Tariq June 27, am. Wet Filter: I spray the 1st layer with light mineral oil cheapest baby oil using a plant spray mister or window cleaner sprayer.
Dry Filter: 2nd layer — I do not coat with oil and place it on top of the wet filter. The logic is that the dry filter will catch the large dust particles, and then the wet the finer ones. Turn off fans before replacing filters. My cost is 0. You can experiment with different thickness, and wet or dry filters. Rob July 30, pm. I am currently running into a lot of issues setting up a 40 S9i Antminer Farm.
Here are all my details below:. I have 4 units per shelf and ran only the 12 to get a gauge on my heat issues. Heat in the warehouse was averaging about F with outside temperature at 95F to 99F. The bottom 8 S9i power was tripped. Another 3x S9i on a 30a breaker. The one with the 4x S9i tripped. The 3x S9i is still running.
Do you think the heat is causing the circuits to trip? I am trying my best to resolve the heat issues at the moment by creating better airflow. I just moved in 3 days ago so I am working with the lessor to see what I can do to install air vents on the top of the roof to draw them out. Is my power draw not enough? Any comments is appreciated as I am stuck and I need a lot of help! I can be reached at rchao83 null gmail. Thank you in advance! Your email address will not be published.
Notify me of follow-up comments by email. Notify me of new posts by email. July 10, This means low costs for all aspects of the operation: Equipment Electricity Cooling Infrastructure Business Management Operations and Maintenance Equipment Bitmain Tech Antminer S9 Bitcoin mining hardware is the first and most important part of the operation.
Electricity The Bitcoin mining hardware basically convert electricity to Bitcoin. Residential — usually low price.
Commercial light — less than amps or 30, KWHr per month Commercial medium — less than , KWHr per month Commercial heavy — everything else Within these rates, there will usually be a few categories of costs. The costs you will have to take into account are: Monthly service fee Usage fee — how many KWHr used Demand fee — maximum Watts used at any one time Demand peak — additional fee based on maximum Watts vs. Cooling Bitcoin miners put out a lot of heat.
Infrastructure This is all the stuff that you need to get the Bitcoin miners connected and working. Network Switches Each of the Bitcoin miners has a network connection. This is a handy guide from APC to all the different types of power connectors that can be used in North America Video Surveillance System These are really inexpensive these days.
Shelves I bought cheap shelves from Lowes and Home Depot. Business Management This is a business that makes money. Lease a space for operations Obtain a Certificate of Occupancy pro tip — make changes to space after getting CO Get account with power company and internet service provider Bitcoin Mining Operations Get electrical pulled into space Set up natural circulation cooling Configure data network Configure power distribution to Bitcoin miners Operate miners and scale up Keep track of all purchases and expenses for tax purposes.
Sell Bitcoin on the Exchange to fund operations, send money to bank account. Pay bills from bank account. Keep equipment running. Save enough Bitcoin or money to fund an equipment refresh every two years Pay taxes as you need to.
Understand depreciation. Get an accountant. Operations and Maintenance The first few months of operations will be great.
And then things will start to go wrong. Power, cooling, and other issues will crop up. Summary Remember, keep your costs low. Originally posted at Block Operations. Please explain how you get these rates in Long island and PA Thank you! Rafa, keep doing your research lol. They consume about KwH per month. Regards, Rashid. I think at the current cryptocurrency prices it is worth it even at higher electric prices. Thank you so much. Hey Rolf, Great work and very informative.
Sure, come on by! I am happy to show people around both my mining facilities for a quick tour. Any help I will appreciate it a lot.