I have a lot of apartment buildings, I have senior living homes.
Taing decided to outsource most of that work by enlisting the help of Compass Mining, a service that hosts, supplies, and operates mining rigs for retail miners who don’t want to deal with the logistics of physically handling mining equipment themselves.
Of his 261 mining rigs, which include Canaan AvalonMiners, Bitmain Antminer S19 Pros, and Whatsminer M30Ss, 200 are hosted through Compass in Nebraska and Canada.
He currently has a single bitcoin miner with Compass in Oklahoma, which he purchased at the end of 2020.
McClellan says Compass was the only retail mining company that seemed accessible for the average person.
McClellan, who took out a bitcoin-backed loan of $10,000 through Coinbase at an 8% interest rate to buy his single miner, says that his ROI is about two years.
Taing says he has about 18 months until he achieves ROI with profit margins of around 65% to 70% to cover operating expenses.
So far, Bannister has bought 6,000 rigs, 1,500 of which are operational.
While Bannister wouldn’t disclose his monthly revenue, he did tell CNBC that each rig should produce about .015 bitcoin a month.
“I’m a serial entrepreneur.
Toward that end, the company is solving one major barrier to entry: Mining rigs are hard to find, expensive, and delivery can be unpredictable.
“Common issues we’ve heard with current systems are around heat dissipation and dust.
“Mining isn’t accessible to everyone,” wrote Dorsey in October, just a few months after the U.S.
“My understanding of what they’re putting out is going to be more of a home-based, low power consumption, probably more of a low-yield product, but it will get people that first taste of bitcoin mining,” continued Gibbs.