Bravosi Posted November 29, 2018 Share Posted November 29, 2018 (edited) Hey there dear community! I've heard a story about a kid from Russia (he is an 8th grader), which around 1 year ago built his own Bitcoin mining farm, and rather a small one on his balcony. According to his mom he managed to get some decent income to help her pay for her bills. I'm curious how viable it is to build that farm too? I mean it must be expensive? And the mining in theory should double the initial money spent. Edited November 29, 2018 by Bravosi Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/ Share on other sites More sharing options...
menchuuy58 Posted November 30, 2018 Share Posted November 30, 2018 18 hours ago, Bravosi said: Hey there dear community! I've heard a story about a kid from Russia (he is an 8th grader), which around 1 year ago built his own Bitcoin mining farm, and rather a small one on his balcony. According to his mom he managed to get some decent income to help her pay for her bills. I'm curious how viable it is to build that farm too? I mean it must be expensive? And the mining in theory should double the initial money spent. Wow! That's an inspiring story. If he can make it. Then I can also build my own bitcoin mining farm and have a decent income and pay for our bills. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-2923 Share on other sites More sharing options...
axl2468 Posted November 30, 2018 Share Posted November 30, 2018 Unless you have cheap electricity (like that kid from Russia probably has), don't bother getting into mining Bitcoin. You're too late. Since mining doesn't make you as much bitcoin as it did in the past, the profit you'll get is little to none. Plus, start-up costs are expensive (due to GPU prices still kinda high due to the mining hype) and you will need to compete with other miners who have better rigs than yours (your mining rig could become obsolete overnight if a new, more effective miner is released). Do yourself (and PC gamers) a favor and don't bother trying. Unless if you have very cheap electricity, which is a completely different story. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-2925 Share on other sites More sharing options...
janie1984 Posted November 30, 2018 Share Posted November 30, 2018 (edited) Based on a little internet research it seems like the cost of building and operating could run anywhere from $1000 to $3000 a year but that's if you - like previously mentioned - have access to cheap electricity. Also, another idea would be to join whatever computing power you have to an already operating rig which would save you money through you would have to share any profits. Edited November 30, 2018 by janie1984 Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-2929 Share on other sites More sharing options...
Bravosi Posted November 30, 2018 Author Share Posted November 30, 2018 5 hours ago, axl2468 said: Unless you have cheap electricity (like that kid from Russia probably has), don't bother getting into mining Bitcoin. You're too late. Since mining doesn't make you as much bitcoin as it did in the past, the profit you'll get is little to none. Plus, start-up costs are expensive (due to GPU prices still kinda high due to the mining hype) and you will need to compete with other miners who have better rigs than yours (your mining rig could become obsolete overnight if a new, more effective miner is released). Do yourself (and PC gamers) a favor and don't bother trying. Unless if you have very cheap electricity, which is a completely different story. Lucky for me our electricity bills are quite cheap (relatively). We maintain our house without gas, as it is expensive in Eastern Europe. Usually our electricity bills sum up to $50 a month. Should I attempt to create my own Bitcoin farm now? Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-2938 Share on other sites More sharing options...
axl2468 Posted December 1, 2018 Share Posted December 1, 2018 On 11/30/2018 at 7:08 PM, Bravosi said: Lucky for me our electricity bills are quite cheap (relatively). We maintain our house without gas, as it is expensive in Eastern Europe. Usually our electricity bills sum up to $50 a month. Should I attempt to create my own Bitcoin farm now? You should do a detailed research of bitcoin mining (what rig you should get, how to maintain it effectively, how much will it cost in the long run vs your estimated profits with the rig that you're getting, etc.) before diving in. Actually, this applies to many different investments and even hobbies. An example: When I got into amateur astronomy, I did a 1-2 week long research on what telescope and equipment I should get that fits my budget and situation. Some may have found it overkill, but it was all worth it in the end as I had the best experience I ever had. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-2987 Share on other sites More sharing options...
focusedwriter10 Posted December 4, 2018 Share Posted December 4, 2018 On 11/30/2018 at 11:46 AM, janie1984 said: Based on a little internet research it seems like the cost of building and operating could run anywhere from $1000 to $3000 a year but that's if you - like previously mentioned - have access to cheap electricity. Also, another idea would be to join whatever computing power you have to an already operating rig which would save you money through you would have to share any profits Correct, starting a Bitcoin mining firm is not as that cheap. If not well thought of, you might end up paying higher electricity bills than your earnings. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3112 Share on other sites More sharing options...
NerdIndeed Posted December 6, 2018 Share Posted December 6, 2018 It is indeed expensive, and I guess you may only earn good profits if you live in a country where electricity is cheap. A mining rig I know of costs $2000, but they say if you do it right, ROI is six months. Never have tried it, so I'm not sure. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3219 Share on other sites More sharing options...
Alania Posted December 7, 2018 Share Posted December 7, 2018 Very expensive! Especially if you intend to build a big one and gain huge profits. Obviously having a small mine just wont be worth it. So you better have a lot of spare budget and lots of space in your yard, haha. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3260 Share on other sites More sharing options...
Martinsx Posted December 7, 2018 Share Posted December 7, 2018 From the information I have about what it costs to build a mining rig, it's very expensive depending on the size of the rig you are looking at building. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3272 Share on other sites More sharing options...
Steve5 Posted December 10, 2018 Share Posted December 10, 2018 On 12/7/2018 at 11:28 PM, Martinsx said: From the information I have about what it costs to build a mining rig, it's very expensive depending on the size of the rig you are looking at building. I think so too. I've heard that it's also an investment. Well, you do have to spend money to earn lots of money. This is why rich people only become more of what they already are. Because they can afford to invest their money on such stuff. 😁 Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3399 Share on other sites More sharing options...
Steve5 Posted December 10, 2018 Share Posted December 10, 2018 On 11/30/2018 at 1:44 PM, menchuuy58 said: Wow! That's an inspiring story. If he can make it. Then I can also build my own bitcoin mining farm and have a decent income and pay for our bills. That's the spirit. Now you only have to find proper instructions on Google about how to build it. Maybe you can find one on YouTube. Everything's practically on the internet these days. So much easier to learn things online. 😂 Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3400 Share on other sites More sharing options...
Martinsx Posted December 10, 2018 Share Posted December 10, 2018 5 hours ago, Steve5 said: I think so too. I've heard that it's also an investment. Well, you do have to spend money to earn lots of money. This is why rich people only become more of what they already are. Because they can afford to invest their money on such stuff. 😁 Personally, I don't think that I have the financial power to build a mining rig of my own, even though I know how beneficial it would be but I can't simply afford it. 1 Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3406 Share on other sites More sharing options...
Alania Posted December 10, 2018 Share Posted December 10, 2018 1 hour ago, Martinsx said: Personally, I don't think that I have the financial power to build a mining rig of my own, even though I know how beneficial it would be but I can't simply afford it. That's simply a risky move. I can't imagine how can you calculate the precise amount of income in order to compensate for the expenses. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3412 Share on other sites More sharing options...
Steve5 Posted December 10, 2018 Share Posted December 10, 2018 5 hours ago, Martinsx said: Personally, I don't think that I have the financial power to build a mining rig of my own, even though I know how beneficial it would be but I can't simply afford it. Me too. Besides, it's too complicated for me to even begin to understand how it works. This is probably one of those stuff techie people are good at. We might be better off investing on bitcoin instead. 😂 1 Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3432 Share on other sites More sharing options...
Steve5 Posted December 10, 2018 Share Posted December 10, 2018 3 hours ago, Alania said: That's simply a risky move. I can't imagine how can you calculate the precise amount of income in order to compensate for the expenses. I feel you. While you'd like to earn more money, it might not be worth it if you can't make it work. A good plan and strategy is needed. It's still an investment of your money. So better make it count if you decide to have one. 😁 Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3433 Share on other sites More sharing options...
Martinsx Posted December 11, 2018 Share Posted December 11, 2018 20 hours ago, Steve5 said: Me too. Besides, it's too complicated for me to even begin to understand how it works. This is probably one of those stuff techie people are good at. We might be better off investing on bitcoin instead. 😂 Seriously, there are some projects that one can't simply get into because it's too expensive for you to engage in even though it comes with lots of profits. When you can't finance such a project, it best to opt out and look for the ones that are within your capacity. Quote Link to comment https://slingbank.com/forums/topic/1759-how-expensive-it-would-be-to-build-a-bitcoin-mining-farm/#findComment-3493 Share on other sites More sharing options...
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