Is it safe to buy used miners? \ stacker news ~bitcoin

1664 sats \ 32 comments \ @jp305 9 Aug bitcoin_Mining

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.

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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.

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.

21 sats \ 0 replies \ @Bell_curve 10 Aug

I think a bear market is when you try mining. Like 2022.

Bit axe is a cheaper way to mine for curiosity and learning

64 sats \ 0 replies \ @TheMorningStar 9 Aug

I'm not surre I'd that's a good option. As many others have stated, buy the sats.

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

67 sats \ 0 replies \ @kepford 9 Aug

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.

41 sats \ 1 reply \ @jp305 OP 9 Aug

OK, so checking the firmware is enough?

I read good things about Ocean!

0 sats \ 0 replies \ @031ef7d322 10 Aug

Just install new firmware, no point trying to check what someone else installed on it (or neglected to update).

21 sats \ 8 replies \ @Bell_curve 9 Aug

https://t.me/kaboomracks/7032

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

21 sats \ 7 replies \ @jp305 OP 9 Aug

Sounds like a good deal but I'm outside the US and want to avoid any interaction with duty.

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

21 sats \ 5 replies \ @Bell_curve 9 Aug

Fair enough

But there are cheaper ways to learn. I would have a friend negotiate for you.

21 sats \ 4 replies \ @jp305 OP 9 Aug

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.

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.

21 sats \ 0 replies \ @WeAreAllSatoshi 9 Aug

I don’t even own an industrial miner and I feel this lol

0 sats \ 0 replies \ @Bell_curve 9 Aug

plus: this thing is outdated and a money pit

0 sats \ 0 replies \ @Bell_curve 9 Aug

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

45 sats \ 0 replies \ @BitcoinAbhi 9 Aug

Learn from other's experiences. I never did it. So can't suggest anything about it.

53 sats \ 2 replies \ @030e0dca83 9 Aug

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?

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

21 sats \ 0 replies \ @030e0dca83 9 Aug

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?

108 sats \ 3 replies \ @Bell_curve 9 Aug

Don't spend $3200 on your first miner especially used

42 sats \ 2 replies \ @BlokchainB 9 Aug

I agree with this advice unless the bull market returns

140 sats \ 1 reply \ @jp305 OP 9 Aug

Seems like even in that case, it might be better to stack sats now...

0 sats \ 0 replies \ @BlokchainB 9 Aug

Yup

100 sats \ 2 replies \ @Bell_curve 9 Aug

Here is a pricing sheet

https://docs.google.com/spreadsheets/d/1bh5fy_w2XoVyUSSbGrLbOO9UwXAFDTl3_VokFRagTaw/edit#gid=0

Also: #603058

By @redlight_pleb

21 sats \ 1 reply \ @jp305 OP 9 Aug

I think I get it now.

https://m.stacker.news/44791

21 sats \ 0 replies \ @Bell_curve 9 Aug

that was a great scene, Matthew M was hilarious. He is really good at playing the crazy unstable person

21 sats \ 1 reply \ @bitcoinfiq 12 Aug

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!

0 sats \ 0 replies \ @jp305 OP 12 Aug

It seems like most people here don’t recommend mining as an investment.

Better buy the sats now.

21 sats \ 0 replies \ @160ed04091 10 Aug

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.

0 sats \ 0 replies \ @Bell_curve 9 Aug

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