Bitcoin Forum

I was texting a friend about BTC today and he suggested getting into the mining game.

He's a little new to BTC and I've been around since the start of the year or there abouts

Obviously GPU mining has long since died and theres no sense investing in that.

The USB miners if I could have got them at £5 3 weeks ago I would stock up a ton and hash till my hair fell out, unfortunately their price has rocketed due to whatever reason, mainly speculators wasting money no doubt..

So as far as I can tell that leaves us two options;

Custom or pre built

We are both web developers so we understand technology though we are not grease monkeys and we have no idea how to build a rig.

Based upon this info what would the suggested route be, either purchase bulk chips (BFL or better) and build our own rig, I hope there is a tutorial somewhere as I think we'd be in a little bit of trouble if there isn't

The other route would of cause be to buy pre built which would cost a lot more but be literally plugin and play

We have enough money between us to get started, probably 100 GHS as a starting point and more if possible


Based upon personal experience, what are peoples views when it comes to BTC mining, I understand it is still a very lucrative market which a lot of potential to make and lose money so we don't want to end up with something we cant use / is worth a fraction of price paid

P.S if anyone is selling chips in the UK please let me know as we might be interested based on the outcome of this thread

Luke

100gh/s doesn't mean shit today, and specially wont worth any shit by the time you build it.
right now 100gh will mine you 0.05btc/day and earnings will be decreased by 20-30% with every difficulty jump every 12-13 days.
so forget about building custom miner.

your best chances are to buy Black arrow 2TH late February delivery.
in about 2-3 months everything bellow 1TH will be worthless!

tell me one thing Johnny English, how the fuck do you have activity 309 and don't know basic shit about mining equipment???

Thanks for the advice

The black arrow looks good and cheap as well probably worth it if I can get myself $6k

What do you think about renting the hardware?

Also, I've always been interested in mining but never really had the money to invest so I'm not that clued up

you mean like cex.io?
not worth it, price to high for gh/s. only good thing is that you can sell that power whenever you want!
there is no much choice, BFL = assholes and price to high, cointerra = late with delivery, hashfast = lete with delivery, knc = no jupiters anymore and neptune is unknown delivery date (Q1-Q2 2014).
stick with Black arrow if you can!

btw sorry about above jokes  ;)

I'm fairly new to the mining game as well, and you can spend hours calculating, speculating, and headaching over projected difficulty and expected profits. I'm personally going the Prospero route, and hoping BA lives up to their acronym. They're probably your best bet if you don't have a fortune to spend and want to get in early enough to be competitive.

Black Arrow will be a great company if they deliver on their promises. They'll blow the competition out of the water if they can push production that quickly. I'd definitely be in line for their next gen 20nm if they pull this off (and they HAVE mentioned it).

Black arrow seems to have the best deal right now.... too bad, all pre-order are sold out...

what the fuck dude???
both Prosperos are available for preorder on late February delivery!

Yes, they haven't sold out of pre-orders as far as I know. You can also buy from their US reseller Minersource. Don't expect fast customer support from either company due to a large backlog of tickets.

Agree, the price of cex.io has been quite stagnant after many many difficulty increment... unfortunately I sold all mine too early..

Gpu mining is not dead, you just have to know which coins to mine to get the best btc returns. Look here for list of profitable altcoins in terms of btc.
http://www.coinwarz.com/
Dogecoin, which is not listed above has profited me 200mbtc for the last 3 days with my 2MH/s 3 Gpu mining rig.
I think bitcoin mining is too risky, the difficulty is soaring and the mining equipment you can get now may not roi. As for pre order, you would not know how high the difficulty would be in the future or get the mining rig on time.

Just out of curiousity, and maybe, I am missing something here.
But if BTC price rises (as expected) over time, do the smaller rigs not remain profitable. Despite not generating as much BTC, due to diff etc. Once the coin they make is more valuable than the associated costs of power, maintenance, constant upgrading etc, they could remain profitable for quite some time... obviously not 'as' profitable as the more efficient systems on the drawing boards of tha asic designers. But they will still be running. I cannot see people just mothballing them?

Maybe over time, all the less efficient asic's will gradually migrate their way to whichever country can supply the cheapest watts?  :-\

Isn't it wonderful how bitcoin changes?  On DEC 18th I might have agreed with you.

Today we have 200GH ANTMINERS for 1.45BTC, so you can run the calculations with known variables (except perhaps the exact difficulty) and get a better idea than... oh XYZ preorder that will be perpetually "*2 more weeks"

i think gpu miners is better for long term.

Black Arrow...are you for real???? have you seen their main thread...try giving reccomendations that have a concrete release timeline or existing hardware.  Although he's right - 100 GH is no longer recoupable unless you're paying like 600 dollars for it. 

Well, those guys above made their replies in early Dec, and the situation didn't look that bad back then....

If you want to mine BTC, consider KNC.

Old thread is old.

Mining in general isn't really profitable anymore from my perspective. The market is moving too quickly to blow so much on a machine that will realistically only be useful for a month at best...all the while struggling against rising difficulty and price fluctuations. Anyone who can claim to make ROI in less than 20 days is probably either lying to themselves or killed someone to get some hardware. The only people making money fishing are the ones selling the fishing rods.

+1 totaly agree to this

Right now, I would start with antminers.  One or two would be good i would think.
when I started, avalons were the best to get.  Now its between ants and knc jupiters in regards to in-hand miners.
 :)

Buy BTC directly is better

If you want to mine BTC, consider KNC or buy them directly

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Anyway you might want to consider scrypt asic since BTC asic is so unprofitable..