I'm looking to buy two S21 (200TH) miners for 3.2K$. I would have a space for them where electricity would be 0.07$/kwh, very cold temp most of the year and high speed internet.
Since I've never done mining, I have a few questions...
Is it safe to buy used miners? (Any ways to ensure the firmware is leggit?) What do I need to hook them up? (UPS, racks, ethernet cable?) Is it a good miner to acquire (since it is recent) or should I deploy more capital to get newer one? What else do I need to think about?
Basically I'm a noob and want to learn :P
PS.: I'm technical, so it doesn't scare me that much and I see mining as a way to acquire sats, not a way to get rich quick.
this territory is moderated
66 sats \ 2 replies \ @Athena 9 Aug
IMO, you should not spend 3.2k$ for mining. Purchase the sats from known person. If you want to learn, please connect that person who is already doing it.
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21 sats \ 1 reply \ @jp305 OP 9 Aug
I just wonder why these ASIC miners are not discounted MUCH MORE than that. It makes no sense economically to risk on a mining operation if you are bullish on bitcoin for next 5 years. Just buy the sats.
The mining rigs are being sold by fiat business cashflow mindset, which isn't how bitcoiners think. Mining sounds a lot like a crypto scam.
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I think a bear market is when you try mining. Like 2022.
Bit axe is a cheaper way to mine for curiosity and learning
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I'm not surre I'd that's a good option. As many others have stated, buy the sats.
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65 sats \ 12 replies \ @Wumbo 9 Aug
Is it safe to buy used miners? (Any ways to ensure the firmware is leggit?)
A: I would updated firmware when you get the miner. Download the firmware and check the hash of the software before flashing miner.
What do I need to hook them up? (UPS, racks, Ethernet cable?)
A: 110/220 volt (depends on the miner) outlet, Power Supply (some times you need to add this as a option during checkout), and Ethernet cable or wifi dongle.
Is it a good miner to acquire (since it is recent) or should I deploy more capital to get newer one?
A: I would suggest grabbing an old s9 miner. They are super cheap. You will learn a ton and get you started for cheap. After that you will be far more knowledgeable and have a nice space heater in the end.
Check out KaBoomRacks if you want a used miner. @KaboomracksAlex post on SN
What else do I need to think about?
Think about what pool you want to join. Braiins and Ocean have lightning payouts which is great to see results the next day.
You don't have to run the miner at full wattage. Keep in mind you might want to turn down the wattage in the settings.
Also you may want to upgrade to quieter fans. If you are going to be in ear shot of the miner
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I second the Kaboomracks folks. They are very helpful and if your machine has issues they make it right.
Edit:
I think the bitaxe is the best place to start though. Go through their recommended sellers list that support the project. Its great to learn about mining with a small miner first with little investment. Mining isn't something I do seriously but I have learned a lot and it was just a part of my dive into bitcoin. Mining profitably is pretty hard but isn't impossible for plebs depending mostly on your energy costs. Regardless of that the Bitaxe is great. I think everyone should have one or two.
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41 sats \ 1 reply \ @jp305 OP 9 Aug
OK, so checking the firmware is enough?
I read good things about Ocean!
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Just install new firmware, no point trying to check what someone else installed on it (or neglected to update).
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500+ qty MicroBT Whatsminer M30S 88T 38J/T for Sale Used in Good Condition, B+, tested (can provide report) — $270 each — ㄴwhich includes shipping bulk pricing available ➪ @kaboomracksCEO minimum order qty of 200 70 units ships from Texas 🇨🇱 Contact Sales ➪ @kaboomracksCEO #kb02275 #used #sha256 #usa | August 8th, 2024 🇺🇸 Miners for Sale ➪ @KaboomracksAlex
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Sounds like a good deal but I'm outside the US and want to avoid any interaction with duty.
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42 sats \ 0 replies \ @Wumbo 9 Aug
Check out bitaxe as a low cost miner.
Sellers of bitaxe. Maybe one close enough to you to avoid duty https://bitaxe.org/legit.html
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Fair enough
But there are cheaper ways to learn. I would have a friend negotiate for you.
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I'm curious why you think it's not a good idea to buy more recent hardware to learn! Is it because these devices have a tendency to fail? Or setting them up is hard?
You are totally right that it could be a fun week-end project before shelling a couple of Ks on this.
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42 sats \ 2 replies \ @Wumbo 9 Aug
I think most common "issues" new miners have is:
  • This thing is loud
  • My house is now 95 degrees
  • Not understanding power draw of a miner.
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I don’t even own an industrial miner and I feel this lol
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plus: this thing is outdated and a money pit
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Edit: are you on telegram? Talk to Alex from kaboom racks who has posted on SN
I don't want you to waste your money or spend it w/o prudence
I don't want you to get ripped off especially since you want to avoid import duties or tariffs
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Learn from other's experiences. I never did it. So can't suggest anything about it.
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What the purpose of mining? Today with $3k you can become an owner of 5 million sats. I'm not sure you'll even mine back 5 million sats with these miners. If just want to try what mining is maybe just start with nerdminer?
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21 sats \ 1 reply \ @jp305 OP 9 Aug
Main purpose is progressive accumulation without having to do p2p all the time (DCA)
Second purpose is to use as heater
I have access to low-cost energy
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Use it as heaters is a great idea. I thought about it too, however I looked at s9 models I can buy for around $50 on local market. I really appreciate your intention to get clean sats. But maybe you'll read @DarthCoin tutors how to unKYC sats and you'll end up with 5 million in the wallet instead of two noisy heaters?
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Don't spend $3200 on your first miner especially used
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I agree with this advice unless the bull market returns
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140 sats \ 1 reply \ @jp305 OP 9 Aug
Seems like even in that case, it might be better to stack sats now...
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21 sats \ 1 reply \ @jp305 OP 9 Aug
I think I get it now.
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that was a great scene, Matthew M was hilarious. He is really good at playing the crazy unstable person
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I don’t recommend you to buy used/second miner, but if you have to, make sure to check and update the last installed firmware. Good luck mate!
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It seems like most people here don’t recommend mining as an investment.
Better buy the sats now.
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sometimes the risk are high as there is a possibility that they may be damaged, outdated, or no longer functioning properly. It is important to thoroughly research the seller and the specific miner being sold, and ensure that it is in working condition before making a purchase. Additionally, be cautious of scams and do not provide payment until you have received and tested the miner.
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