I’m sorry if this topic has been beaten to death, but with the way crypto mining is evolving I’d venture to guess anything from over a year ago is outdated. I am a complete crypto newbie so please pardon any ignorance on my part, but I’m doing my best to learn. A lot of the ‘sources’ I’m finding may just be shilling too so a reality check would be helpful. To establish a baseline here’s what I’ve gathered from different posts/videos:
-The crypto mined minus the cost of the machine to mine and electricity used should equal your cash flow (should it be positive or negative).
-There are different mining rigs ranging from using your computer to full on ASIC mining farms. The more powerful the rig the more you mine and the more expensive the rig. I’m guessing the ASIC rigs are going to be the most profitable because they are purpose built and the graphic card market is whacked out right now, but I’d love input from people who know more.
-Once a rig is set to mine in a cool dry place it *sounds* fairly low maintenance. Just set it and periodically check in.
Assuming all of this is correct I have a few places to set up a few ASIC miners and I’d like input on which location makes the most sense (or if ANY of them make sense):
-My home. Off peak electricity costs a penny per KWh, and for a few hours in the afternoon it will spike to .14 per KWh. I have a detached workshop set up for 220v and a rotary phase converter giving me access to three phase power. The downsides are it gets very hot here in summer so I’d need to build an insulated and ventilated space and ideally filter the air since it’s also my workshop.
-A co-owned rental property with an unused industrial garage. It is separated from the office above and the residential units above that so the noise is not an issue and the power for this space is billed to us. It only has 120v power if I remember correctly. It is cool year round but the space is mildly damp (not fixable) and electricity is .16 per KWh.
-The last potential is a property I own in the mountains. It is cool in summer and snows in winter, there’s a 200 sq ft shed I could mine from and still rent out the home. I’d need to pay for electricity to make this work but I could wrap what the tenant would use into the rents. Electricity here is .14 day and night and there are neighbors near the shed so this is probably my least favorite option. Plus if we sell this location that would net us low 6 figures to reinvest elsewhere (and possibly into better mining equipment).
So what do you all think? Am I wasting my time reading into this or is there some potential here? If I should go for it which situation sounds the most viable and what resources should I look into?