Mining-Noob-Exp. #1

Just received some ordered ASIC miner from Bitmain. I'm very excited wether I'll reach the ROI or just bought some expensive heaters.

Lesson learned: Don't forget about possible (high) import taxes and fees in your calculations. 😐

Time to piss of my landlord who is paying the electricity bill. 👺

mining bitcoin?

get some solar pannels?

@tinybyte these are Scryptminers (L3+) for currencies like Litecoin or Dogecoin but I'll mine in a pool (testing prohashing.com now) what means that I'll get paid in Bitcoin also :)

@heyheni poorly I would have no possibilty to attach them outside :/

Careful, if your utilities are covered by the landlord usually there is a clause about excessive use ... This could become grounds for eviction depending on local / state / country's laws.

I would double check your lease/rent agreement before you flip them all on...

Also the cops may think you are growing weed and smash in your door.

@Vip3rDev I checked the agreement and there is only one § which could mess wit me; it's like "the resident shall use the water, electricity and heat energy economically". But anyways I'm planning to move to another city ... so I'll risk it.

@helloworld Genius business idea to make use of the warm air! :-D

@helloworld

is there a story behind your warning?

1) fuck Bitmain. Seriously, they are nasty greedy fuckers. Don't do business with them. You should do some reading and understand the powers at play behind cryptocurrencies and mining

2) those things will be loud, I hope you have 2-3 thick walls/doors to keep those asics away from your bedroom. If not, prepare to start having shitty sleep in less than a week (heavy sleeper here, and I have a few Vega gpus in my house - they are quite annoying at night)

3) seriously, fuck Bitmain.

Also, why would you buy asics if you're planning to move (possibly to a place where you'll have to pay electricity and other stuff and have other problems)?
Those things will take a year to pay themselves if you're lucky, what's the point?

(Also, if I may: as a self-declared noob, why would you buy all those ASICs in one shot? Isn't it kinda nonsensical to invest all that money into an experiment that may not even work out in the end? Can you afford that loss?)

@endor

- Fuck Bitmain: I agree that they are greedy and maybe destroy the mining chances of the small ones, but do you think their business model will break if some of the private customers stop buying their products? I don't think so.

- Very loud: Atm this is the biggest problem. For now I can't let them running when I want to go sleep. Maybe this will change at my new place.

- New place: Planning to move to a country where the electricity costs are much lower so that the miners should be profitable. (The reason are not the miners, but a student exchange semester.)

- Point: Gambling that cryptocurrencies will be still relevant in the future -> Don't want to just buy some coins -> rather have hardware -> ASICs seemed to have the best ratio between costs and computing power

- Multiple ASICs in one shot: Because the prices recently dropped to from ~ 800 USD to 450 USD for one miner.

- Possible (total) loss: Yeah that would be very shitty but I would be able to compensate it :/

@endor btw thanks for the critical, but very constructive comments :)

@Snollygoster glad to see you've done some homework beforehand :)

Though re: gambling that crypto will be relevant in the future, consider this: if you were to take the money you've spent on the mining hardware and use that to buy coins directly, you'd still come up ahead for quite a while. Of course, we're still comparing two very different activities, and each one has its place and reasons.

As for the 'drop in the ocean' effect, it's the same as it is for voting: an individual vote may not seem like much taken individually, but if all people agree on one decision and follow it, suddenly all their votes gain a massive weight.
It's the indifference that kills change. And Bitmain needs to get fucked hard in the ass.

Oh, and the noise will become quite annoying during the day too after a while, so start looking for a plan B already

@Snollygoster I would actually consider this usage economical. 😏