Bitcoin Forum

Hi all,

I'm new to this forum and have been doing research on virtual currencies for the past few weeks having recently graduated from university. I'm interested in setting up a mining operations to mine various virtual currencies from the UK (Initially) has anyone set up a similar operation recently? my main aim of this thread is to gather some feedback from the more experienced members and to see if any venture in virtual currencies is worth while in your opinion ?

Regards

Not really. Once you get out of the newbie jail, I suggest asking in the Mining sub forums or some other appropriate section.

Thanks for the speedy response, so am I right in thinking I will not get much feedback from this thread ?

Probably no.

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I'll give you some advice without buying ^ his book.

I would not setup a large scale operation right now. Your lack of experience (you had to ask the question, after all) has already got you off to a bad start. Setting up a large scale mining operation will at least be a full time job for a few weeks/months.

You take on a huge financial risk and again this comes back to your experience. Have you ever run a company or a business or even something like a little ebay store? Mining coins is just as difficult to ensure you don't end up in the red or losing heaps of money on invested hardware because they turned out to be unsuitable / irrelevant with the ASIC revolution.

Oh yeah about that. Those ASICs. They are changing the entire coin mining game. Everything is in a state of flux right now. There is immeasurable demand for working ASIC hardware right now, and you'll see the inflated prices from various manufacturers to prove it.

I would definitely look elsewhere for the time being. You have just finished university... why not look at graduate positions and programs available from large companies? You'll get your foot in the door and be making real money faster than you will from starting from absolute scratch with coin mining.

Sorry for the overwhelming negativity of this post, but realistically you would have had to come to us and said "I've spend X months mining at home and now I want to take things full scale, with a substantial investment...." kind of post for us to encourage you to move forward with your idea.

How much money are you willing to spend on hardware? And how much technical expertise do you have?

Simply go get a good video card if you don't have one and start mining LTC, there's plenty of support software wise and lots of forum activity with people who can answer questions.  Don't bother with mining BTC - it's a bit like trying to start a banking operation at this point - early adopters have too much dominance to allow new entrants anything but scraps and ASIC mining is amplifying that effect.  LTC doesn't have ASICs (yet), so you can still build mining rigs with off the shelf PC hardware and get some reasonable coinage, which has some trade-able value.

I've been CPU mining for fun on a fleet of laptops that nobody cares about with a combined hashing power of a single mid-budget GPU...  Jump in and see what happens!

I'd rather create services that complement the Bitcoin protocol. See my sig for examples. Gave up mining after my GPU died last month.