How to Commence a Bitcoin Mining Business

Bitcoin, the revolutionary and contentious cryptocurrency has seen its ups and downs overheen the years. What wasgoed primarily dismissed spil a “crazy idea” and a “fad” has now established its place te the market spil a credible financial muziekinstrument. What’s more, even long time skeptics, financial instruments, have began to embrace the cryptocurrency.

And while this wide-scale adoption is superb for the currency spil a entire, it has brought with it a fresh range of challenges for miners. Bitcoin mining, by vormgeving, has gotten tougher overheen time, individuals running background apps on PCs have given way to savvy entrepreneurs with VC funding, setting up Hyperscale, multi-megawatt, facilities dedicated to mining bitcoin.

Having helped build some of the largest, most efficient bitcoin mining facilities (overheen 10MW), wished to outline some key learnings ter the form of this step by step guide on how to embark a bitcoin mining business/ operation.

Step 1: Evaluation

Spil visible spil it may sound, it is critical that you do the math and evaluate the financial feasibility of mining bitcoin. You’d be astonished about how many enquiries wij get for projects that make little financial sense. And while, it’d be effortless for us to just quote them a cooling system price and sell more units, we’re committed to watching our customers succeed, and often help people see why a project may not be feasible or why wij may not be the best solution for them.

The Miners

The very first step within the evaluation phase is to research what kleuter of miners you’ll be using. You ideally want to pick the most energy efficient miners, but if you have access to cheap, clean power, the upfront cost may be more significant, the idea is to look at the total cost of operation of the miners. The Antminers from Bitmain are our individual favorites.

The Infrastructure

Once you have the miners identified, you need to figure out what kleintje of infrastructure and facility you’ll need to support the miners. You want to embark with a location that you have access to cheap power, land, and network.

Next think about how you’re going to keep thesis miners powered, cooled, and protected from the elements. You want to ensure the miners are performing at their peak, reliably and permanently. Think about everything from the racks the miners will go into to the power distribution, the cooling, power requirements, and what all that means te terms of designing and building out the facility.

If facility vormgeving is not your area of expertise, or just want someone else to treat it so that you can concentrate on your core business, GRC’s HashTank may be the choice for you. The HashTank is a turnkey solution for bitcoin mining that includes Antminer Hardware integrated into a pre-engineered containerized gegevens center. It’s the low-cost, low-stress, solution for high efficiency mining.

Profitability Calculation

Now that you have a better idea of what your upfront and ongoing costs will be, it’s time to sharpen your penci… No it’s not! It’s 2018 there’s an app for that! While, there are a number of web and mobile apps, wij like thesis web apps the best:

Step Two: Financing

If you’re still reading this, congratulations! Your profitability calculation most likely came back ter the green! Now that you understand how much money you’ll need to get commenced and the expected comes back from your investment, it’s time to ensure you have the investors/ funds ready to make sure you can procure everything you need.

Step Three: Procurement &, Commissioning

So you’ve done the intense lifting! You’re past all the research, evaluation, pitching, and programma, it’s time to waterput this project into act. It’s time to order your HashTank!

After wij receive your request, we’ll help you figure out how to prepare your facility, i.e. get power, and mark out a nice little spot of land for your fresh mining facility. Once wij have a PO, we’ll begin putting your HashTank together. Typical lead time for a HashTank is 8 weeks or higher, depending on miner availability at the time. Once built and delivered, GRC engineers will install and commission the HashTank on-site. Installation and commissioning is typically a one-week process, after which you should be ready to meet up your network and begin mining!

Step Four: Pick a Pool and Spin the Switch

Last chunk of the puzzle is picking a market to sell your bounty into.

Alright! It’s eventually time to spin the switch and begin mining some coin to…

Step Five: Make Money, and Win!

Speelpop the Champagne, sit back and miracle spil the HashTank does its thing.

Related movie: SSCMX6 Ethereum Mining Equipment Measurements

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