Renting a place with a fixed price with electricity paid for ?

Pincher

Go somewhere sunny and set up a solar farm.


Find a country with subsidised electricity.


Run them water cooled to heat the house in winter, make hot water in summer.

ChumpusRex

bsms1147 wrote: »

Do the costs (hardware, electricity) outweigh the gains (BTC)?

Not at UK domestic energy prices.
In fact, unless you are checking the clone coin market and multi coin market daily, you won't even cover electricity costs, let alone hardware.

Now if you have equipment coming from the first batch of freshly designed custom mining chips, then you have a chance.

In general, however, energy is simply too expensive in the UK for this to be viable.

There is a reason why all the big "cloud mining" firms have their data centres in Iceland, Norway and Sweden. Ultra Cheap hydro/geothermal power, and no need for air conditioning.

lstar337

Why not do it US style?

Use a national agency super computer to mine the coins.

AceCobra1

bsms1147 wrote: »

Do the costs (hardware, electricity) outweigh the gains (BTC)?

It depends what you mine... The X11 and X13 coins have been very profitable recently... I have 4 rigs though which is obviously a lot more than your average miner... So I hash around 40MH/s on these coins. My gain an average day is between 0.03 - 0.05 BTC... Sometimes on a really good day its 0.07... on a really bad day 0.025 BTC

AceCobra1

Pincher wrote: »

Go somewhere sunny and set up a solar farm.


Find a country with subsidised electricity.


Run them water cooled to heat the house in winter, make hot water in summer.

Unfortunately that isn't a feasible option as if my rig crashes and I need to reset it, I can just jump on the plane and fly to iceland to CTRL + ALT + Del :rotfl::rotfl:

HappyMJ

AceCobra1 wrote: »

Unfortunately that isn't a feasible option as if my rig crashes and I need to reset it, I can just jump on the plane and fly to iceland to CTRL + ALT + Del :rotfl::rotfl:

You can remotely reset a crashed server. You just need the right hardware to do it.

AceCobra1 wrote: »

It depends what you mine... The X11 and X13 coins have been very profitable recently... I have 4 rigs though which is obviously a lot more than your average miner... So I hash around 40MH/s on these coins. My gain an average day is between 0.03 - 0.05 BTC... Sometimes on a really good day its 0.07... on a really bad day 0.025 BTC

At an average of 0.04 btc per day that's only about £14 per day. Is it really worth it? Your electric charges are £8. The depreciation on your rig must exceed £6 per day.

andrew-the-cat

AceCobra1 wrote: »

Unfortunately that isn't a feasible option as if my rig crashes and I need to reset it, I can just jump on the plane and fly to iceland to CTRL + ALT + Del :rotfl::rotfl:

The few data centres I have purchased services from in the past have always had some sort of facility to allow you to remote reboot a crashed server, normally it's a case of clicking a button in your web control panel which shuts off that socket on the UPS for a couple of seconds and then turns it back on again. I've used it a couple of times too, and it works.

[Deleted User]

approx 200,000 cannabis growers in the UK seem to get round the problem of energy costs, as do lots of all inclusive landlords renting out rooms. the 12 week growing period consumes approx £900 in electricity for a small terraced house. Its a thriving industry.

Pincher

It's a diminishing return game.


Yippee, I found the last BitCoin!
Oops, it cost me £10million to find it.

AceCobra1

HappyMJ wrote: »

At an average of 0.04 btc per day that's only about £14 per day. Is it really worth it? Your electric charges are £8. The depreciation on your rig must exceed £6 per day.

I sell some of my coins on ebay and I normally make double of the market value. Its all about speculating. Obviously no guarantees that I will make monies etc, but as a hobby, its quite fun. Also, I can make a guaranteed 0.04 BTC a day if I rent my rig out. Funnily enough, despite the price of bitcoin going up and down, the actual difficulty in mining these coins vary very little. So if I were to mine when 1 BTC is worth $250, I pretty much generate the same amount of coins when 1 BTC is worth $600 now. Have a read on this website:

http://highoncoins.com/

The guy made 10 BTC in 1 day mining a newly released coin. Obviously he could have made a loss on electricity as well if this coin didn't take off...