Starting a Mid Sized Mining Farm & the nightmares you'll run into. (50+ rigs and or asics) Part 1

in #crypto6 years ago

G here,

Today in part 1 of this installment I'm going to talk to you guys about something I've been running into while trying to start my own little company.

As you can guess it for yourself the company I am starting is a mining facility situated in North America. At this facility, we build, host, and manage mining rigs and asics. We will be setting up this facility as a way to help improve the brand of the company and assist in setting up a base of operations

i will be documenting my hardship with my fellow steem peers and adding pictures and documentation as we go along

Let's Start off with starting a business :

There are lots to think about here and the most problems you're going to run into are the things to didn't think about when you started your Feasibility studies and business plans.

  1. Setting up shop:

-Where are you going to set up shop and have you thought about heating, expansion, and electrical costs (usually under $.1 USD is pegged as barely profitable, as btc prices soar we are more profitable ofc)
-Do you have the room and enough air displacement dealing with a mid-sized farm - (50 Asics will be throwing out
150,000 btus and will need to be dealt with as if the air recycles in the boards then you're looking at some risky
situations and maybe even fire hazards)

  • Insurance with a bitcoin company is the problem here and it's part of the magic sauce that allows you to be more successful and also allowing you continue knowing your liabilities are covered. I went with a Data Storing and managing never mentioning bitcoin the first 6 companies declined me
  1. Getting the Legal documentation to avoid the tax man knocking at your door
  • This part is the most crucial to any well-functioning business.
    Doing this in part of the country where I didn't understand the native language enough to start the legal stature i went with a Notary - This person is fit for dealing with legal paperwork you'll need to start off properly these where the steps for me

  • Choosing a name that isn't trademarked or in use

  • Registering in the proper jurisdiction whether it be federally or in your own state/province based on the business model you transact in

  • Getting a company number - for tax purposes and a Minute book to keep track

  • Maintaining your brand and making sure all fraudulent attempts at stealing your name and brand are faulted.Good preparation of legal documents and paying someone to do it right, is the right way to start.
    #1.jpg

I'm on track and now that law is out of the way I'm still trying to get insurance to accept my company

Next step is electrical - Adding a 300 AMP service per 50 miners - Phase one in 240v 30 amp breakers more to come in part 2 of this installment look forward to having you along for this trip

Special Thanks to: for the support and upvote
@adsactly
@vincentb