Buying a miner X may seem like an ideal solution for starting your own bitcoin mining operation but it's just the first step and there are usually numerous hidden costs that can turn the entire venture into a never-ending money nightmare.
In addition to the cost of the miner, you'll be responsible for covering the shipping and sales tax costs as well as additional equipment purchases needed such as extra PSU to accommodate for electricity specs.
Finding a suitable location to safely store and house your miner is just as important as selecting the actual device. Although you can run a bitcoin mining operation in a spare guest bedroom, you might not appreciate the constant noise or heat it brings. You may be required to rent additional housing or warehouse space (and furnish with proper shelving and ventilation equipment) in order to provide a clean (dust free), cool environment in which to run your bitcoin mining operation.
Once your machine arrives, the real work begins. If you're not technically proficient at machines, you may struggle with the intensive set up requirements for a miner, spending days or weeks referencing online sites and manuals to fine-tune the settings.
Running a one man bitcoin mining operation might seem like the ideal way to earn money but can turn into a disaster if you are not technically proficient at tasks like setup and repair or actual day to day operation of the miner. In the end, employing someone who has actual experience in bitcoin mining may be a viable yet costly solution that you did not anticipate.
After set up, you'll have to think about other expenses like out of pocket repairs and maintenance, as well as electricity costs to not only run your mining equipment but cool the facility to prevent overheating.
While most cloud mining companies promise 100% uptime, you won't be able to guarantee the same for your own operation as even the most trust-worthy miner will break down on occasion. In the end, you'll want several miners to maximize your potential and avoid excessive downtime. This investment can easily double or triple your initial investment cost.
While it may seem that starting your own mining operation is too costly, there are other solutions including cloud mining where all the equipment and costs are typically borne by the company hosting.
Though costs can be seem comparable initially, you'll save money over the years as you're not paying for things like electricity, location rental and maintenance costs. And, start up time is instant, versus buying and setting up your own equipment.