Bitcoin Forum

Yo.
I'm a 16 year old kid and I want to start mining. Right now, I have no GPU and some crappy dual core CPU. I have heard about the Bitforce Jalapenos and I was thinking perhaps they would be best. I'm not in it to make thousands, maybe just for a bit of pocket money- like I hope to make at least $100 a month. Budget on equipment- $500

On a side note, could there be an instance where something terrible happens like some famous BitCoin guy get's arrested and everything is shutdown or the value of bitcoins drop beyond any foreseeable range where it can't pick itself back up?
Any advice would be appreciated!

Based on my reading there is nothing you can do with this kind of budget to make $100/month on a GPU. You would have to invest in an ASIC rig and the lowest cost I found is $274 for 5 GH/s but I don't think this is enough to stay competitive. Mining is turning into a game for big boys with lots of cash.

here is the link:
https://products.butterflylabs.com/homepage/5-gh-s-bitcoin-miner.html

Let me know if you find something else.

Good luck!
TM  :)

worst advice ever is to sugest anyone to buy from butterfly labs!!!

second thing, right now 5gh is worthless!
hell, you need at least 200gh to start mining.

one more thing you are forgetting, there is no constant income from mining.
your miner is earning less and less with every difficulty jump and you need to invest in new mining gear to keep your income stable and constant.

sorry bro, just forget about it.
even if you have good faith in all this, it is pointless to try anything with $500 budget.

Yep, couldn't agree more.  By the time you get your order confirmation, you are pretty much out of date.  The pre-order crap is a game that certain unsavory hardware companies play.   They take your money, build the hardware, then mine with it to "test" it.  When the hardware is finally shipping you're so far behind the difficulty curve that you will NEVER make your money back.  The hardware company ends up making all the money you were supposed to make while you're waiting for the pre-order to ship.

Anyway, 5GH for $274 is horrible.  3 AntMiner U1's from jonesgear is half that and you get more GH.  Even then, you won't make your money back ~ever~.

You're best off trying to trade alt coins with that $500.  At least with trading, you ~could~ make money off your $500.  Mining you'll never make a cent.

I recommend use link from my signature and start mining now.

For 500usd investment you can get around 56 GH/s 5years contract plus 5% straight from me if you use my link.

I think is better offer on internet.

Official topic  https://bitcointalk.org/index.php?topic=418183.0;topicseen

Forget about mining with a $500 budget, just take the chance now and buy some cheap bitcoin. :)

You could use the $500 to buy a 7950 and upgrade your processor & RAM. This could mine up to about 0.01BTC per day if you use a good switching pool or manually switch between alts. So in theory you could earn 0.2-0.3BTC ($150-200) a month, assuming scrypt coins remain profitable with GPUs.

Checkout https://contracthashing.com (https://contracthashing.com) to purchase a bitcoin mining contract. No need to purchase hardware, set up, pay for electricity bills, or even wait 4 months for it to be delivered. If your budget is $500, you can mine around 15Ghash for 2 years, or 30Ghash for 6 months! Get started in 5 minutes. Contracts start instantly after purchase. We also accept credit card payments!

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You should just buy bitcoin directly since it is on sale now..

He is 16 cut him a brake, 500 is probably a lot of money for him and he won't put it directly into btc.

You don't want to buy an ASIC, because that will never make you your money back unless btc prices go up. I think your best shot would be a good r9 280x. No need to upgrage your cpu and ram. Maybe your psu. Best case scenario it pays for itself after 3 months. Don't push it to extreme temperatures and the worst case is that you end up with a top of the line gpu.

Do not listen to any of these morons posting their links to cloud hashing sites...WASTE OF MONEY....you're better off buying btc.

Hmm around 500 bucks.You could get a cube erupter there 30 to 38GH that's around 100 bucks a month profit for a few weeks. Ive seen them on ebay for around 350 give or take. Good Luck

One thing I always tell people who are starting mining is that always take everyone's advice with a grain of salt. Remember it's beneficial to them if you DON"T mine. The more miners, the more difficult it becomes to mine. Obviously one person isn't going to affect the network at all but you get my point. I also remember when I first started. I bought 2 USB block erputers for like $40. People were preaching the same thing, "They will never pay for themselves blah blah blah". I didn't care, I just wanted to have some type of BTC income and help the network. Well as it turns out I've doubled my investment even at today's exchange rate of $650. You won't make your money back if the price stays the same now, but if BTC takes off, then you might see a really nice profit. There's just no way to tell.

Forget about Bitcoin mining, difficulty is too high you need some serious hardware way out of your budget.

I would take bluemist advice, buy an ATI 7950 and start mining Litecoins, Pandora, Doge, etc. You can still make a profit right now or keep the coins as an investment.

When and if GPU mining stops to give a profit (electricity cost is higher than revenue) you can still game, Skyrim runs very well on the 7950.

Take care

If you spent $500 on mining you'd make $40 for the first month, $35 the second month, $30 the third month.  Grand total of about $250, minus electricity.  So you'd turn $500 into about $220.

I recommend you build a GPU rig, mine altcoins, and convert to BTC.

Isn't pb mining a scam ?

Not is not.