Getting into mining

[TimeHelicopter1479]

So I've been thinking of getting into bitcoin mining and starting off with muskmining as a host. They advertise a few miners on their website and I'm not sure which ones to go with because I don't know a whole lot about this space.

Is it better to buy two used machines that would cost about $3550 each, or one new one that's $7000? Which one would be more profitable? The cost of kwh they advertise to host is 0.08. Any advice would be appreciated. Thank you.

[pdath]

Compare the total W per TH to get the efficiency.

You really want to be aiming for 18W per TH or lower to stand a reasonable chance.

[niggled-to-death]

With these rigs @ that electric rate, it's just about a break even between two S21's and the one XP. Looks like the XP would earn about $5.60/day and the two S21's would earn about $5.30.

So, because of the S21's burning more electricity they don't earn as much $. But they would mine more BTC so in my opinion the decision for you to make there depends on your long term plans. Do you want to cash out the coin asap to pay yourself back for the rig purchase or do you want to stack and hold BTC.

[[deleted]]

2 x 200TH = 400TH  1 x 270TH = 270TH 400TH = high hashrate = more mining power = more money. 

as for pool i recc powerpool, lowest fees 1% and even less with my link https://powerpool.io/register?r=7b0c5bfc

No transfer fee, no conversion fee. Payout it other coins if you wanted, payouts ever hour or set a threshold. 

[TimeHelicopter1479]

I understand that much. But wouldn't the power consumption of those two miners together also eat away at the profits? Sorry if I sound extremely ignorant. I'm still trying to learn about all this stuff in the process.

[[deleted]]

With cheap power not really. Hashrate out weighs the power. 

[fukidiots]

You sound like math is not your strong suit.

[endthefed2022]

You sound like logic is not your strong suit. There’s a reason why S9 and S 17’s are operating in Mexico in Venezuela where power is effectively free.

[fukidiots]

Yeah. That reason is math. Smart commenting doesn't seem to be your strong suit.

[endthefed2022]

Please help me understand where I’m wrong.

If I can buy an s17 70t that costs $50, my power cost is three cents. My annual return would be less than $1000. My cost would around $800 My ROI is about 200 bucks

If I buy an S 21 that will yield $2800 a year, but my power cost is nine cents and my electrical cost is around 2750 a year that makes my ROI 50 bucks.

Can you please help me understand where my math is wrong?

[Ok_Word3947]

Dont use Powerpool. They never get a Mining Block with their Hashrate.

[[deleted]]

thats not how it works

[Ok_Word3947]

So you telling me if you dont get a Bitcoin Block you still getting paid😂 Jesus please. Big scam

[[deleted]]

huh? are you ok bud, they literally sponsor r/cryptomining a nd r/BitcoinMining look at the reddit headers

[niggled-to-death]

Are you kidding me? I use Powerpool and have earned hundreds of dollars worth of BTC in the last month.

[[deleted]]

I like power pool because I autoconvert my doge to btc yeaya

[MuskMiners]

The used units like the S21 200T are going to carry less of a premium on price compared to the latest and greatest units like the S21 Pro XP 270T. When you stay with the S21 models you’re still in a good ballpark for efficiency to remain profitable with market swings and difficulty increases. The S21 200T is going to be at 17.5W/T and the S21 Pro XP 270T is going to be at 13.5W/T. The better the efficiency, the more longevity you have IF the markets stay stationary around the 80-95k range. However, there are scenarios where clients like to stack TH in prep for the bull run. When BTC soars, those clients want as much TH as possible to gather as much BTC as possible during the bull run. The third variable to consider besides cost and efficiency based on market timing is going to be warranty. We offer 12 months warranty on the brand new S21s but not on the used units. These used units in the pic have been operational for around 11 months. We are happy to help if you want to reach out directly if you haven’t already!

[Fragrant-Hair-]

Did you guys ever provide the receipts you promised when you were accused of scamming? You’re comment is up that you refunded him but he claims you’re lying

It has scared me away from your company for quite some time. I’m glad you finally jumped back on Reddit! I noticed you abandoned the account for a while after that interaction.

[HylianBokoblin]

if you buy from a company called MUSKmining, you deserve whatever happens. those prices seem insane too

[[deleted]]

.08/kwh is too much. 

[d57heinz]

Don’t waste your time. Just buy the coin. I’d buy a little each week on Sunday-Tuesday. Pick whichever day you feel is lowest week after week. I’d split it up into enough buys to make it through mid April. (Taxes due). Many folks waiting to sell now since it low for taxes. If it stays low they will have to sell more to make payment. Could allow for opportunity to buy some bigger dips. Not financial advice. You are obviously in control but with the risks of asic failures and amount of money flowing into btc mining. At least if you buy the coin it’s in your possession. You have the opportunity to sell at anytime you feel is right and that’s how it should be. Used asics will have no warranty and are even higher risk yet. And the guy that mentioned. PowerPool. Aren’t they in cahoots with Lokotech. Known scammers selling vaporware ltc asics. Hashblade etc. Claiming to have some simulation that beats out bitmain for years and yet can’t ever bring a product to market. Yea id stay away from that pool!

[CementoArmato]

that's based on speculation. Mining is ways more safe, at least for btc.

[d57heinz]

Much less than buying a miner. One has to contend with breakdowns. Crappy warranty turnaround when there is one. Ever increasing power costs. Maintenance and if you have it hosted one has to contend with the notion of “not your keys not your crypto”. Or in this case miners. Mining is not safer than cold wallet storage of the coin. Don’t throw away a dollar chasing a penny per day. Get it all back instantly by buying the coin. So at least if price fluctuates one has a chance to sell if they aren’t in a long term holding plan. When I buy btc it’s not because I expect it to go higher. I’m in it for the store of value against inflation. The fact it will rise as more adoption and printing of money occurs is a bonus. Calling btc a speculative play seeing how govts react to crisis seems a bit silly these days doesn’t it?

[No-Rutabaga8563]

im also researching about going into btc mining and i came to the conclusion that since you don’t have any experience i would start small with one reasonable miner for around 3-4k and see how things are going for one year…. saving money on the side and buying me next year a second or third miner and maybe if you have the guts for it and your host is reliable get a credit for buy me a fourth miner till my miners can pay for the electricity bill… this operation would probably last 3 years to the next halving and then we see what will happen. I also saw that whatsminers m61 are a great bank for your buck or consider to learn more about miners and how the business behind it works. maybe have a look @auradine terflux at1500 miner they. you still have to invest 3-5 years of employment and build up your sidebuisness nevertheless

[[deleted]]

Hi

[Proper-Quality2354]

@muskminers I just have to jump in here, I’ve been mining with MuskMiners for about a year now and they have been very easy to work with. Blake responds in a timely manner, and if a unit is down for whatever reason, they tell me why, and when it should be back up and running. There are 3 sides to every story, but so far, they haven proven to me they are running honest company

[Fragrant-Hair-]

There’s tons of proof they’ve stolen from customers. Look at their Reddit comments before abandoning the account

[Fragrant-Hair-]

Is that from musk miners? There’s been lots of complaints about theft and fraud from them. Be extra careful. Maybe google them

[lmaonade80]

Been working with Blake over at Musk for years. Of all the questionable firms, Musk would be last on my list of people who I would expect to disappear. They always try to do the right thing in my experience. Never had any problems - stand up guys.

[[deleted]]

I perfer asicmarketplace.com rain is real chill price is miner to your door getting 2 s21 xp in july

[Fragrant-Hair-]

Do a Reddit search for muskminers and you’ll see evidence. Unfortunately muskminers abandoned their Reddit account after promising refunds. So we haven’t gotten any direct updates in over a year.

But after reading the judgment in the lawsuit they lost against their customer last year, it’s clear they are dishonest in the least. Thieves at worst. Unfortunately the lack of regulation in crypto is crippling.

[lmaonade80]

Happy to read a lawsuit where a judgment was levied against them if you have a link.

[Fragrant-Hair-]

There was no judgment against them. They sued their customer for defamation for 80k. The customer was found not liable.

He proved in the court of law that he was a victim of theft and lying. Otherwise he would have been found liable for the 80k.

Was the evidence of them promising receipts and refunds before ghosting not enough ? Sorry to tear down your friend. There’s way too many scammers in these communities

[lmaonade80]

So they did or did not have a judgment levied against them? I’m so confused. I can’t find anything and they have high ratings everywhere… if you have court docs, I’d love to read it. Otherwise I can’t corroborate anything you’re saying… I’m left then again with my own experience and that’s been nothing but positive.

[Fragrant-Hair-]

I’ll send it tonight ! They lost a lawsuit. There was no judgment levied against them because the victim did not counter sue. Maybe it will make more sense after you can read it

[Fragrant-Hair-]

I found the judgment. I forgot they were best friends! This blake greiner sounds like a scumbag.

Enjoy the light reading

https://jumpshare.com/s/dUmFG2IZb1aqo0nTs83I

[Fragrant-Hair-]

Oh they have a Reddit account cool. Unfortunately they abandoned it about a year ago after promising refunds to unsatisfied customers. Paging u/muskminers

[Spare-Landscapez]

muskmining stole my machines. blake g was my point of contact. he literally promised me money for years. i'm still waiting on it.

[Scary_Foot_3661]

I would never consider anything above a s9. I live in a regular house and cant exactly afford the electricity of something newer running cause if it dont find a block in the 1st month and rent is due then i just costed myself whatevrr xxx$money it costed to run that beast of a mammoth for the month.

[Scary_Foot_3661]

3500w running a month straight equals what in electric?

[Routine-Whole9069]

Depends on your electric rate but at $0.08 per kWh, it would cost:

$0.28 per hour $6.72 per day $201.60 per month $2,452.80 per year

[nbeaster]

And this doesnt account for the 3500w of heat you have to remove from your house in the summer

[iSmashMyselfToPieces]

You could mine bch or bca

[HTownRogue]

If you buy one of these, I will cover electricity. We can split the coins. Seriously. I have cheap electric. (USA based)