…and I know because the last almost-4 weeks I have been a construction site helper for one of them. I did not intend to manifest this experience, but someone I care about had hired some friends. Big mistake, and now they were 2 months overdue on delivering the project, and the vibe between friends was tense because costly mistakes had been made. I have learned more in the last 4 weeks than I would have, but honestly I had been curious about how the whole Crypto mining thing worked.
Investing with a lot of my own skin in the game
As an aside, in the last 4 months, I have worked on a daily basis with Crypto-projects so that I could earn Cryptos as payments for my consultation services. This is a big financial risk, but it is necessary because I have a long-term interest in seeing Cryptos used in regular daily transactions such as buying a beverage, or groceries, and childcare. I do not just want to use Cryptos as another pump and dump money-making scheme, because I see Cryptos and the Blockchain technologies as the future of freedom. For now, until this happens, I might have to exchange some of my Cryptos for fiat. But, my overall strategy is to wish for spending my Cryptos to grow the number of daily transactions and help the system grow. (Hint: If consumers push for it, it will happen.) The other thing I will do to help grow the number of Crypto-friendly businesses, is to ask the owners of small businesses to consider accepting and using them, in-store when they become commercially available (which is SOON).
What the costs of opening a facility are
The risks that small-scale mining facility investors take in these new technologies and alternative economic growth areas, is high. After what I have learned, I’d say that $60-100K is the range of how much it cost to open a small facility, including the costs of direct-shipped high-powered computers/miners from China, massive air conditioning units, and the space you need to lease or purchase and build-out. Soon, I will get to see the pro forma (budget) behind the build. This intel will provide me with an even better understanding of how this Crypto mining thing works.
I will continue to learn about it
In the meantime I hope that my friend, the proud new owner of the aforementioned small-scale Crypto-mining facility that we just completed construction and installation at, will make his money back quickly. And, that he will use the myriad of images and videos that I recorded during our time together on-site.