YINDAO Community Update: Building a Profitable Bitcoin Mining Farm

Greetings, YINDAO community!

We’re excited to share some significant developments that will play a pivotal role in the growth and sustainability of our DAO. Our main focus has been on building a profitable Bitcoin mining farm, a project that will provide long-term passive income streams for both the YINDAO treasury and our dedicated community members.

The Purpose of Our Bitcoin Mining Farm

The primary goal of establishing a Bitcoin mining farm is twofold:

1. Passive Income for the Treasury: As the value of our treasury grows, we’ll have more resources to invest in both Web2 and Web3 projects, driving further growth and innovation within our ecosystem.
2. Passive Income for the Community: Our community members are the backbone of YINDAO, and their trust, patience, and investment have made the Bitcoin mining farm possible. We are committed to rewarding our investors proportionately through revenue sharing, buybacks, and treasury deposits, which will occur during the first week of each new quarter.

Initial Plans and Realizations

When we first proposed the Bitcoin mining farm, the plan was to operate a single mining container with 210 BTC ASIC miners, powered by 750W solar panels. However, after thorough research, we discovered that this setup would only produce between 0.98 to 1.03 BTC per month. While this is a solid start, it became clear that these profits would not be sufficient to significantly benefit both the treasury and our community.

To truly deliver value, the mining capacity needed to be upgraded.

Upgrading Our Mining Capacity

To make the Bitcoin mining farm profitable for all stakeholders, we decided to expand our initial plan. Instead of one mining container, we will now operate six mining containers, which will require a substantial upgrade in our electricity capacity. After careful calculations, we concluded that these six containers could produce between 5.9 to 6.18 BTC per month, totaling approximately 18 to 18.5 BTC each quarter. This increased mining capacity will ensure that our community receives meaningful passive income and that the treasury continues to grow robustly.

Powering the Mining Farm: Green Energy vs. Grid Power

Our initial plan was to power the mining farm using solar panels, but the scale required to support six mining containers (7 MW) would necessitate around 10,000 solar panels. This would also require expanding the property size from 3 acres to 33 acres, drastically increasing the project’s budget.

Given these challenges, we explored alternative green energy solutions like Vertical Axis Wind Turbines (VAWT) and Horizontal Axis Wind Turbines (HAWT). However, these options were either less efficient or too costly to maintain.

Thus, the most viable solution is to source power directly from the grid. In Suriname, electricity costs are relatively low at $0.133 per kWh, making it a cost-effective choice. By opting for grid power, we can avoid the substantial upfront costs associated with solar panels and property expansion, making future expansions of the mining farm more feasible.

Advantages of Using Grid Power

1. Lower Upfront Costs: Using grid power will significantly reduce the initial investment, allowing us to power the mining farm for up to 41 years at the same cost as installing 10,000 solar panels.
2. Scalability: Future expansions will be easier and cheaper with grid power, as we won’t need to purchase additional land or solar panels.
3. Enhanced Security: A smaller, 3-acre facility will be easier and more cost-effective to secure compared to a sprawling 33-acre property.
4. Reduced Maintenance Costs: By relying on grid power, we eliminate the need for maintenance on thousands of solar panels and the extensive land required to house them.

Next Steps: Securing Partnerships and Adjusting Plans

Our immediate focus is to establish a formal partnership with local electricity providers, such as EBS and SPCS in Suriname. These companies generate substantial electricity through hydro power and steam generators, which could reliably power our mining operations. Once we secure this partnership, we will have a clearer direction on whether to continue with grid power or explore green energy alternatives.

Given these developments, we have decided to postpone the YINDAO launch to Friday, September 27th. This delay will not only provide the rest of the community the chance to still submit their Solana address , but will also allow us to finalize our partnership discussions and make any necessary adjustments to our tokenomics to ensure the successful implementation of the Bitcoin mining farm.

Final Thoughts

The Bitcoin mining farm is a critical component of the YINDAO ecosystem, and its success will provide a sustainable ROI for both the community and the treasury. We are committed to taking the necessary time to do this right, avoiding any rushed decisions that could compromise the project’s profitability. On Saturday, September 14th, we will publish another Medium article to update you on our progress, including the outcome of our meetings with the electricity companies and any adjustments to our plans.

Thank you for your continued support and trust in YINDAO. Together, we are building a brighter, more prosperous future for all.