Its been an interesting experience. I got into mining by accident. I wasn’t really interested in crypto, to be honest. I took my car to get detailed and when I went to pay I noticed what looked like a bunch of servers plugged in and asked the guy what he was doing. He said he was mining crypto. All you do is plug it in and make money. That blew my mind.
So I immediately started my own research. I bought my first Helium miner from Ebay a Senscap. Plugged it in and it’s horribly underperformed. Maybe it’s me I don’t recommend it helium mining. I think I’m close to making about $5 USD in almost 30 days. I changed locations bought a different antenna and its still not worth it in my opinion.
I had connections in china from my time flying for the airlines and spending most of it in Hong Kong. I took a big risk and bought 5 ASIC Pro 19 110 miners. I invested just over 55k and they were delivered as promised. I sold one on eBay and lost a couple of dollars. I should have realized the crazy fees that they charge I definitely misread the small print. I plugged 3 miners in and brought on the 4th one recently. In 15 days of mining 4 ASIC miners, I have made about $1,153 before electric costs. I went with Prohashing for my mining pool. I get paid on time every day with no problems. I expect to make over 2k this month. I choose at the moment to get the money transferred in Litecoin. I plan on not touching any of the crypto I mine. Each miner is costing me about $7 a day in electricity.
What I have learned:
- Make sure you have good ventilation. I am currently mining in my garage and I have had to make adjustments to make it work.
- Be prepared to invest in an electrical upgrade. Im glad I spent close to 1k to have my electric box and outlets upgraded I can now plugin up to 10 ASIC miners to support my small operation.
- Watch your back… This industry/Market is full of scammers and you should only be willing to risk what you are okay with losing. Im definitely glad I was patient and had connections to buy my first batch. There are people who are in the business who take the risk of buying and selling and you are going to pay a little more for them which is fair my opinion. If you want to buy them cheaper take the risk. There is no reason to send people money and have to wait a long time to get your miner. I personally will not prepurchase miners expected to come out in the near future. I rather pay more and get it delivered within 7-10 days.
- After spending 55k Im in it for the cash flow. I have real estate-type investments so I compare my cash flow to a rental property. Its hard to buy a 50k house and immediately cash flow $1500-2000 a month without chasing your rent or dealing with tenants.
- Find a strategy- My long-term plan is to keep buying and selling. I want to buy the miners and use them for a strategic amount of time and sell them to offset the cost of buying new and all other fees and
shipping involved. This is just my experience and I’m sure everyone’s is different.
- I know very little and l look forward to learning more!
Great post, thanks for sharing your experience.
Thanks for sharing your story. What’s the software you’re using now?
The algorithm is SHA-256.
Thanks for sharing. I’m talking with electricians to get some L6-30P plugs in my garage, but he’s struggling to make the calculations. I’m curious how you got up to 10 plugs for miners. I’m learning what I can from the youtube videos vosk put up, but relaying that to the electrician for him to know what he might be able to hook up has been difficult. I’ve got a 200 amp service to my house now.
Am taking a break from adding a sub-panel myself. (Not an electrician) You can power 10 s19s with a 200 amp service, but you will not be able to power anything else. It would take up 100% of what you have. Tell your electrician that you would like as many 20 amp 240 v circuits as the draw will allow. Put 2 outlets on each circuit and you should be good. Make sure he knows they will be running 24/7.
I have gas appliances so my electrical draw is less than some. Also, is some places you can go up to a 400amp service and still be residential, though the upgrade would be expensive.
Im not an electrician but what he did was he installed a bigger sub panel with a lot of 20 amp breakers. Its a brand new house to all the electrical work is new. The original sub panel was there for my ac units.
Following up here. I’m getting a 100-amp subpanel installed in my garage to power up to 5 ASIC miners. It won’t be cheap, but I want it done right. He’s installing 5 of the L6-30P plugs as suggested here. Now I’m just deciding on miners. L7s are more expensive, but cash flow is better. I’m like you, I’m in it for the cashflow. Looking forward to getting miners and getting them up and running! Thank you for your experience. I’ll likely put a post in the next 3-4 months on my experience.
Something to look at. Depending on which miners you buy, a lot of them use 2 cords, so need 2 outlets per circuit.
I upgraded to a 400 amp meter and added another panel just for mining . I went with 30 amp breakers and I’m going to running everything on pdus because some miners take two power cords. cost me about 6k$ for the full upgrade. I also have a surge protector on the front-end of the panel to protect my equipment. with power you need to stay under 80% of the amps for Continuous usage. so your 200 amp box if I had to take a guess can only run one maybe to two on top of your normal house usage ( 80% of 200 is 160 amps )
I have to assume you are going with 20amp circuit in this case since you are installing 5?
Is your main supply single phase or 3 phase if its single that 200 Amp = 48000Watts or 4.8 Kwh assuming its 240 V .Most of the miners run on 240 V you got to work out how much of that power is used by the house take into account if you have electric cooker,electric showers,elcetric etc heating because they all draw min of 40amps each.If you don’t have any of these on electric then use 120 Amps for your mining and rest for the house you got about 30000 Watts for your mining example you can run 8 miners @3000 Watts.But make sure if any of your miners drawing more than 3000 Watts you got to have the right size cable feeding the wall socket and socket rated min 20-30 Amps.
Yes. 5 20amp 240v circuits which should each power 4800 W. Each miner is below 80% = ~3,800.
The only large power draw from the rest of my house is my A/C and dryers. The rest of my house doesn’t use that much, but to be safe for now, I’m only doing 5 plugs in the garage. They’re running a dedicated line from the subpanel to each of the plugs that will be 10/3 to handle the load.
Check the power consumption of your air con and dryers in watts I am assuming they are not on all the time you should be ok