- On December 13, 2017
Thanks for the many emails and phone calls we receive all day. We have been flat out servicing you all and appreciate your patience.
We thought we would go through some questions we are asked on a daily basis and provide some clarity around these in order to ensure that you ALL get the most out of mining and are able to jump on the bandwagon as soon as possible.
Some of the questions will include –
- What wallet do you recommend?
- How long does it take to build a rig?
- What is the budget I require?
- What is the ROI on a rig? (Return on Investment)
- Do you have stock of X?
- What are the “environmental” conditions of miner hardware?
- Can you provide a price list?
- What cloud mining do you recommend?
- Do you actually mine yourself? What are you doing currently?
- What exactly is Bitcoin and What are we “mining”?
So let’s go through this one by one.
What wallet do we recommend?
We recommend ALWAYS a hardware wallet. This is due to the fact that if for some reason your PC that stores your wallet becomes infected with malware or a virus there is ALWAYS a possibility that your wallet can be compromised. However saying this we do recommend the Exodus Wallet for PC / Mac and for a Hardware Wallet, which we recommend you ALL purchase. We highly recommend the Ledger Nano. This hardware is a wallet in which all authorizations need to be physically done on the device thus only allowing the wallet owner and holder to access. Happy to take a call and provide further recommendations if required, but these are the two we highly recommend.
How long does it take to build a rig?
Once the final configuration has been decided upon (based on budget and return on investment) it takes on average 7 days from purchase to shipping ready to start mining. These are for Ethereum Altcoin Rigs Only. We cannot build ASIC miners for Bitcoin, Dash or Litecoin as these are specialised hardware and more often or not available on a first case basis.
What is the budget I require?
Around the $5500 mark. This is an example only and our base model that uses 6 x RX580 cards and mines Ethereum. Bitcoin miners depending on availability are often around the same price landed.
What is the ROI on a rig?
A standard rig that costs $5500 will generate on average at current value $780USD (Last updated 9/1/2018) a month of Ethereum. You can verify this here – https://www.cryptocompare.com/mining/calculator/eth?HashingPower=183&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12
Additionally you will have electricity costs but this will be based on the cost per KW (standard AU power is about 0.33kWh)
Do you have stock of X?
All rigs are built to order. This is due to factors including availability of hardware (including worldwide shortages), models and manufacturers changing components, and new models coming out all the time. ASIC miners such as Bitcoin, Dash and Litecoin miners are ordered from our suppliers when stock is available. More often that not we will order 100 units and only receive a small percentage of our allocation driving up the cost and rarity of the miners. We can however pre-order when available and these will be shipped directly when landed.
What are the “environmental” conditions of miner hardware?
As the miners run on average 70 degrees per GPU / Miner it is highly recommended that they are in a cool place. Due to noise from the devices (We use the analogy that the Bitcoin miners sound like a industrial vacuum cleaner on 24/7) that they should also be in a location that will minimise noise to people living or working around them. They are loud as the fans are designed to keep them cool as much as possible. The Ethereum GPU miners are much quieter similar to having a small computer server on 24/7 however generate ALOT of heat 6 x 70 degrees celsius per mining machine)
Plus they use ALOT of electricity. On average they will run at 1300 Watts 24/7. So this needs to be taken into consideration.
Therefore we ALWAYS recommend if you do not or cannot meet the above requirements then we highly recommend cloud mining.
Can you provide a price list?
Due to the rigs being built to order, and price variations these are done on a case by case basis. You may want a GTX 1070 x 20 card rig, but we may only be able to source 8 cards. So we confirm availability whilst sending you a quote allocating the hardware to a quote. This is just finalised once payment is made and we lock in the components with our suppliers.
What cloud mining do you recommend?
Please see – http://www.miningrigsaustralia.com.au/cloud-mining/
Do you actually mine yourself? What are you doing currently?
We wouldn’t be recommending it if we weren’t doing it ourselves. We have been in the IT industry for over 20 years, and would NEVER tell someone to try something unless we are actively doing it ourselves. We currently have ETHEREUM GPU Rigs actively mining as well as cloud mining accounts on all of the above investing hundreds of thousands of dollars across all three platforms.
What exactly is Bitcoin and What are we “mining”?
Well you would’t be here if you don’t know what it is. However it is basically a computer node or system that for it verifying a transaction you receive compensation in the form of a percentage of the transaction fee for its verification. The more you compute and verify the more you receive. Simple.
Thats it for now! We will update this as more questions come through.
Welcome to the journey!