Bitcoin Forum

Hi all,

I don't know a lot about miners but I decided not to go with GPU, I've heard about ASIC miners and company butterfly labs but they are too expensive for my budget, are there any other companies that make ASIC miners with similar hash rate but lower price (something normal)?

Best Regards!

start with some basics like whats your budget

I'm not yet 100% sure that I'm going to buy, but no more than $300 for now.

You can buy a 60ghz BFL for now, around that price or lower. Its very newbie friendly, like a plug and play.

Theres people who are selling for lower then $200 or around that price.

Whatever you do though, use escrow if you plan on buying anything on this site.

For $300 you can get a couple 340KH/s+ gridseeds with accessories and mine script coins.

I recommend YellowCoin because YellowCoin is best coin!

With your budget you'll probably actually be better off cloud mining bitcoin instead.

You can see plenty of reviews of different services at http://cloudminingreport.com

Always remember mining bitcoin is a high risk investment!

You could buy over 100 GH/s hash power at PBmining.com. It's a cloud mining, you just buy hash from them and they mine for you. Payments are every sent every sunday. I'm using them myself at the moment.

There is no miner that you can buy with that financial limit that will ever earn the bitcoins that you could just buy with that $300.

Buy Bitcoins and hold. Nothing in the current gen of ASICs is even remotely profitable at that small of a scale.

If you have small money you can try to start mining something new in digital currencies.
Now we have a lot of based and protected ASIC currencies that you can mine with cpu, gpu and asic's also)

You can split the cost of a bigger miner with a friend?

So that puts you to $600 and gives you the chance to make more btc.

But that`ll probably 200 ghz at most? from the antminers or any other asics you go with, since the 1 TH is still in the thousands.

Mining is for people with millions of dollars to spend building a mining facility.

Buy and hold.

I would suggest you to buy bitcoin directly instead, as it is hard to break even in the mining world now.

U can get a 200ghs antminer or knc around that price

Profitable mining periods come in waves.  Each peak and valley will correspond with the dominant mining technology at that time (CPU,GPU,ASIC).  For April through June, GPU miners will remain slightly profitable mining SCRYPT-N, X11, X13, QUBIT, etc hashing algorithm based coins.  With a low budget of less than $500 USD and a lot of time on your hands, consider scooping up low cost GPUs that others liquidate or Gridseed's 5-chip offering.

My policy is to only invest in new hardware when we enter a new wave of profitable mining.  To sustain returns during low profitability periods, I rely on virtual mining contracts or other non-hardware reliant methods of obtaining hashing power.  It is tedious to manage, but it sure beats the heart-attack inducing panic that speculative traders endure.

I recommend KNC but its hard to hit ROI unless you have free electricity.

You can hardly break even with the ASICs. You can check it yourself with any profit calculator. :)

Buying hardware is not going to make ROI.  Buy and hold BTC, or cloud mine.

Isn't cloud mining as bad as buying hardware?
I keep reading posts and analysis that cloudmining contract are way overpriced.

Are you really married to mining?  Mining difficulty is so high that unless you're ready to invest hundreds of thousands in infrastructure and are in it for the long run, you'll end up with more coin at the end of the day by just buying some outright, especially at today's prices.

Outside from the other informative posts others mentioned with hardware and cloud mining etc.

To just get familiar with the hardward and setting up a miningpool just buy the cheapest antminer usb you can get.

Its the same way, so when you do decide to dive into a TH`s itd be a similar process.

If his primary goal is to learn about the specifics of the hardware and the processes involved in mining cryptocurrency, then a cheap antminer usb is the way to go. But remember his only additional step beyond configuring his mining software that such hardware needs is literally the act of plugging a USB peripheral in, which leaves me asking 'why bother' to begin with - just learn how to use mining software.

If his primary goal is to make accumulate cryptocurrency, then his absolute best bet is to forget all about mining and the lure of imaginary 'cheap money', head to an exchange, and start buying on the dips.

I've thought about this a few times.  The easiest lowest risk thing to do, I believe, is mine a CPU friendly coin like Quark coin which you can do on virtually any computer.  Alternatively you could get a USB miner but I'm not sure that increases the ROI really.  Does it?.  Neither of these make you much money but you really don't stand to lose much.  I've also heard about people mining a different coin ever couple of days (which sounds really time consuming), with GPUs.  Supposedly if you do that with a bunch of alt-coins when they come on the market, some of them should in theory produce exponential returns.  You can use coinwarz to maximize your return.  I envy people with powerful mining rigs but instead I have chosen to spend all my money on on a bitcoin atm.  Mining is a very high risk endeavour but I imagine you could always sell the hardware to gamers second hand if it really didn't work out.  I typically live in rental agreements where electricity is included so it's an enticing idea.

http://www.coinwarz.com/cryptocurrency

mining contracts are a scam, plain and simple

Are all cloud mining scams? not really
Are you able to make ROI? Unlikely  ;D