Need some advice please
I am looking to start mining as a hobby in Zambia Africa, as i am lucky that i live and work in London UK for 6 months of the year. What i am trying to do is see how and if it is possible to mine here in Africa, as my wife has a property and the electricity is super cheap.
I am planning to start very small, but have no experience in mining, as my crypto journey only started in 2019 and so far i have just bought with FIAT and staked my bags.
Any advice would be very welcome guys, i have been watching and following the VOSK channel for about a year now and am finally ready to take the next steps.
All the best and happy days to all thank you in advance for a NOOB
The big question is : how cheep is the electricity? If it is .02 or .01 cents per Kw/H (or cheaper) then that opens a lot of options for you. Second question is : How cheep, available and good, is your internet access.
We could call those 2 factors (internet/electricity) your running cost. Maybe you need to add in some rent or other cost. Include every cost you can think of. Over-estimate, never under-estimate.
So with that said, if your electricity is super cheap, that opens the door for you to maybe run cheaper equipment and still profit. Miner (equipment) efficiency is the issue there. (for instance, I purchased a USB SHA-256 BTC miner, couple years ago. It mines at 19-31 GH running under 7 watts. Back then it was the most efficient miner, 7 watts for 31 GH. Today 31 GH is nothing, with modern difficulty rates, so even at 7watts, I lose money running it)
Because mining equipment and Tech changes so fast and because different people prefer different Coins, I like to refer people to https://www.asicminervalue.com/ to help narrow your thoughts on what equipment and coins to mine. That web site also has a calculator you can enter you cost/equipment/info.
Generally you want the best and newest equipment you can afford. If your operating cost is super low, you can maybe run older equipment and still be profitable. I’m a BTC Maxi, so in my opinion, mine BTC. Being that you might be dealing with country to country transactions or cashing out, nothings better than plain old BTC.
If electric is cheap and you have stable internet, go for it. Make sure your electrical is in order and let no one know what you are doing.