Bitcoin Forum

hello,

I would like to get into mining for bitcoin.

I have a unique situation where I have a use of a office with an unlimited use of power consumption combined with my low cost rent. So basically I can run whatever I like in there without addition electric bills.

I have $5k to invest in hardware to start mining.

My thought was to purchase one of the 2th/s machines from cointerra and expect to receive this machine in March 2014.

I have looked into the asic usb miners running around 333mh/s (£30 per unit) and running them on a 49 port hub (£130), also looked into the bitfury 2.5gh/s usb sticks (£120) and running them on a hub too.

also looked at the 1.2th/s from hashfast but this is the same money as the 2th/s from cointerra and both seem to be shipping early next year.

I dont want to use butterfly labs as lost faith in to company

so my question is:

Am I spending my money in the best way or should i start on a lower scale with some of the products that are available right now? or have I missed something?

any help / tips / adivce would be great and really appreciated

thanks

Chris

I would just buy bitcoin from some exchange instead of buying it. Big profits from mining is hard to make nowadays.

You can make profit from mining. Everyone told me I couldn't... I did, even with just 3 x 333 Mhs usb erupters..... just got to play the game :)

I rent my 1ghs rig out on ebay and make way more than i would mining and then i can purchase BTC with cash or reinvest money in more equipment. I think there are endless opportunities

Haha! Sure, you can make some profit that way to! But am I right to believe that the profits ain't that big? :D
Myself, I got one GH/s free on cex.io when they still gave away for life, but the mining from that does not bring in any big money! :D

It all depends upon your desired outcome.

Buying BTC would be the most profitable if you're looking for the greatest opportunity for ROI. If you're feeling a little altruistic, believe in supporting the BTC network, enjoy tinkering with hardware as a hobby, but would be ok if you potentially got out a little less than you put in, then give mining a shot. Maybe it's a combination of both mining and buying to diversify? However, if you have free electricity and you can run your miner indefinitely, you shouldn't have to worry about taking a loss by mining - but it likely won't end up as profitable as buying BTC outright either.

I agree, buying bitcoins last January would be like 15x your doe now. Mining it seems you need to spend big doe in order to make big doe. Also being the very first to get the new stuff when it comes out doesn't hurt either. That being said, I have a 2TH cointerra on order ;)

Preorder and waiting for March 2014 is huge risk, the difficulty might increase a lot. It is really tough to estimate now difficulty for March 2014

Best I can find is prospero x-3. 2th/s ships in February 2014 and is only 4 k usd

Cheaper and ships quicker than coin terra

So a better choice right?

Think about what you are trying to do. You are trying to monetize your access to free electricity.

Why not buy / rent adjacent building and feed the free power into the meter of the 2nd unit and collect money from your power agency? Basically setup something akin to a solar grid tie system, except you dont need the solar panels :)

Or why not start a business that is very sensitive to power pricing, like metal or glass recycling. Or maybe gas cylinder filling (hydrogen, co2, etc)... once you buy a compressor then the majority of the business expenses are covered by the free power.

Dude did you realize the OP is living in a military base?  ;D :D

I have another idea

The company I work for has allowed me to use their servers for personal mining as long as I give them 25% of all profits. Seems fair I think

I have access to around 3500 cpu's that could used

Any ideas on how best to set it up?

I.e. Best sites to reference or guides on how to set up

Thanks for all the help and advice

Chris

Yeah not big money at all... but you start with little and grow it into something big. and you play a longterm game.

that's the fun of it. at least for me...

Well, agree! Take what you can, give nothing back! We are in it for the long run! :D

Anyway, I dreamed about bitcoin last night again. I had a company and I traded hundreds of thousands of bitcoins every minute, and then the trading volume increased, and increased, and increased even more. And then I woke up. Weird.