Bitcoin Forum

Hello there!
I'm literally new to bitcoin things, and because of the up and down price of bitcoin makes me really want to try this kind of business.
I already try the faucet thing, which not really profitable to me.
Then I start to have interest in mining, but it's very confusing about the hardware especially. Seeing a lot of tutorial videos but a lot of comments said "that hardware's not worth it anymore"
Let's say i have budget under $1000, which mining hardware would you recommend worth the profit? And I hope you can explain why, since I'm a newbie.

Thanks before btw  ;D

To put it bluntly. If you want to mine on your own and your budget is $1000 you will be better to buy bitcoin now and try to speculate/arbitrage trade with it.
Days of solo mining are gone, you are too late to the party, bitcoin is mined by specialized ASICs farms controlled by Chinese miners.
Unless you have aces to some really cheap high hash power ASIC gear and free electricity don't even try to think BTC mining.

I would recommend an Antminer S7 (it's at $966.42 on their website) https://www.bitmaintech.com/productDetail.htm?pid=000201511170341298180m44675v0613
For instance it's their latest product so assuming everything works better than the other products, plus it's good enough since with it's hash rate you would get good enough long term profit and remember to mine in a pool and don't do the solo mining (lottery mining) as you won't be hitting any block soon but go for a pool so you would get a reward for the contribution your miner does to the pool.

Maybe 3/4/5 antminer s5s can be purchased for $1000 (second hand) or 1 Antminer S7 for $900-$1000 (If it has been overclocked or in bad condition).

If you increase your budget to $1100, you could get an Antminer S7 new (https://bitmaintech.com/productDetail.htm?pid=000201511170341298180m44675v0613) for purchase of the miner and power cables.

Hope this helps, you could also go directly to corsair or ebay to get a use power supply for and antmine S7 at $960.

what is your electricity rate? you need below 0.1 or below 0.05 which is better

then you need to focus only on the antminer s7, the most efficient, you can begin to buy one and see by yourself

right now 1 unit can do 0.6 btc per month, but due to diff this amount will shrink in the future, approx 10-20%+ diff per month...

THat does not include PSU though.  Add that ontop and your easily over 1000 dollars, and that does not include shipping.  So he mentioned under 1k... so unless he ends up going up I don't see it working for him.

BTC did just drop some so buying with FIAT looks very interesting.    I love mining and will still be doing it.  But I think now some have a chance at a quick profit buying and selling BTC short term.   Some that bought at lows last night already are in profit.

I love mining because it's like printing free money from thin air. Since I started mining bitcoins, I made so much money I bought two new cars, a tesla and a porche, a new house with a big bosom blonde wife. Life's good, bro! Don't listen to anyone here but this, if you want to make much money, start mining!!!

Please post the math of how mining with a s7 makes financial sense Mr tesla

Well you would need a few things in place.  Decent or cheap electricity is a must.  If you don't have there are hosting centers.   But everyone likes them at home if possible.

If you have that then there are a few way's.  What I think has become the most common is to mine till it seems you are not making enough at your electricity rate, then sell to a cheaper or "free" electricity user.   Some peoples ROI will hinge on the sell.   But it's common at this point.

But those make it possible to do.  Not guaranteed profit, if you want guaranteed go buy a savings bond and make small percentage with low risk.

Yes most people hear about bitcoin and they see dollar sign before their eyes.
Remember the bitcoin concept is not very new, it's years old now.
Which means many people already have tried what you want.

Today it's very hard to make profit with ANY type of asic miners. I would rather tell you to buy bitcoins and hold them.

I think trusted cloud mining options are the best!
Companies like Hashnest are very legitimage and can be trusted (they are owned by the multi million dollar company Bitmain.
Hashnest take a maintenance fee daily, wich, unless you are offered to redeem you rminer, is below the daily revenue.

Hardware mining is not very profitable, but I feel, that niether is raw investment in Bitcoin.
We have too many people that are "dumping" their bitcoins because of this. If you do want to invest with Bitcoin, use a trusted site like YObit.net or Coinbase.com.

i suppose buying 4 gtx titan x it cost a lot but it has a lot of power in mining.

CPU/GPU/APU mining is now marked as unprofitable.
You are more likely to damage equipment more than making profits now.
ASIC mining dominates the field, unless you use a new altcoin and exchange itquickly while te price goes up.

And you really can damage equipment.  I remember the GPU day's very well was very fun mining, but if you pushed to hard you saw this magic smoke puff.  And you heard a noise.... they had amazing RMA policy's at the time 5+ years on some.  But they have tightened it up.

You might make profit on a GPU.  But I don't see making ROI. Most won't even get profit on it even. I don't even put my video cards through the stress of mining at this point.  I took 2 from then and still use them as graphic cards for games.

Sorry for intruding in Your thread, but as I see that here are some people that knows this stuff, I wanted to ask:
What is currently most efficient ASIC chip for BTC mining? Or, who makes the most efficient mining hardware at the moment?

Most current in production you can get on BTC is S7's and Avalon 6's.  There are some like bitfury that have shown proof of concept.... if they are on shelves in a data center no one really knows.

But those 2 are the best you can get currently that are sold to home/hobby we know that much.