How to start a Bitcoin Mining operation Part 2

How to start a Bitcoin Mining operation Part 2

Lets get rite into it part 1 we talked about the basic things you need to start a Bitcoin mining operation. Just to do a little reminder it was housing for your miners, electricity work, Networking equipment and the miners. Now that we have everything we need and its all set up i will teach you how to start mining and how to negotiate a better electricity rate so you can make more money.

Before you set up your miners for mining you will need some kind of wallet. I personally recommend keepkey a offline solution is always the safest. You can set up a site like Coinbase just to transfer your coins into cash. I always tell people to use cold storage for the majority of your Bitcoins. Once this step is taken care of your ready to start mining.

Now that you have your wallet, everything is on racks you have power and a building you need to start the miming process. First before you start your machines you want to pick a pool. They have many pools to choose from like Antpool, F2pool, and others. This is very simple once you choose the pool you want sign up and start to set up your workers. Make sure your you also put the wallet you want the coin to go to in the required fields. Once you assign user names and passwords for all of your miners on the pool you will want to do the same on each of your miner Dashboards. To do this you will have to power them on and find the IP address. I use IP scan to scan the network giving them static IP's helps tremendously. Click miner configuration and add the details matching what is on the pool site. When you complete this your miner will start mining the pool site will give you all the details you need, how much you make, hash rates, etc.


We are now mining and have started an amazing process, but how much are we paying for electric? The average home in America is paying .10 per KWH and unless you want to break even or lose a little bit you want to call and negotiate this rate down. How can you do this? Its alot easier than people think. All i did was Google cheap electric companies and the state i am in and a list of resellers came up. Before you call to negotiate you need to know what factors plays a roll in what rate they give you. The most important one is your usage the more you use the cheaper your eclectic bill will be. The second is your location and if you qualify to have your building under commercial. The KWH charge is 60% of your bill but you also have a delivery charge which is 30-35% of your bill, and commercial buildings get a cheaper delivery charge. If you can negotiate both the KWH and Delivery charges down you will have a profitable mining operation and will be able to generate a nice monthly income.


As always guys i appreciate you reading and i hope you enjoy this one.

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