How to open a bitcoin farm and how much it cost?

Bitcoin Questions and AnswersCategory: QuestionsHow to open a bitcoin farm and how much it cost?
sumair asked 1 month ago

Hello i want to know how can i open a bitcoin farm and how much it will cost

2 Answers
Steven Hay answered 1 month ago

Hi Sumair,
 
Well, the first thing to consider is that you might have to open it overseas in a region where electricity is very cheap. Some such places are certain Chinese provinces (although the government seems to be cracking down on Bitcoin mining in one of the regions there…), Mongolia, some of the more remote regions of Russia, Iceland (due to their geothermal power) and some parts of Scandinavia.
 
From there, you’re looking at buying or constructing a warehouse and outfitting it with high capacity electrical connections and a lot of air conditioning equipment. That settled, you’ll need to buy a lot of ASIC devices – please buy them from BitFury (they come in a handy, ready-to-rock shipping container housing) and not Bitmain. The ASICs will cost about $2 million, I think. You’ll also need to hire staff…
 
All in all, I’d say about $3 million and up if you do it on a fairly big scale. That’s just my rough estimate and I’m not an expert on mining… For a more accurate quote, I suggest you ask the professional (or at least, experienced amateur) miners over on the BitcoinTalk forum’s Mining section.

sumair replied 1 month ago

was it will be worth to spend 3$ million dollars on the equipment and does bitfury makes those hardwares which not only mine bitcoin or sha256 algorithm’s currency but the hardware can mine other currencies too and is does bitfury give good support system is there any chance i can run those hardware on solar system one more question please which is the best way to start mining from home coz i want to show my investors how this works thanks in advance

sumair answered 1 month ago

was it will be worth to spend 3$ million dollars on the equipment and does bitfury makes those hardwares which not only mine bitcoin or sha256 algorithm\’s currency but the hardware can mine other currencies too and is does bitfury give good support system is there any chance i can run those hardware on solar system one more question please which is the best way to start mining from home coz i want to show my investors how this works thanks in advance

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