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Title: Starting Mining (Suggestions please?) Post by: Baeshra on June 11, 2014, 11:31:17 PM I've only started recently researching bitcoin mining, and I'm looking for suggestions. I've run a few calculations, and from the rigs and ASICs I've seen available, I don't see anyway I could turn a profit. I feel like I must be missing something obvious here. Many ASIC sellers seem to be unreliable, and preorders make most new products very cost inefficient. I'm new to mining, I want to make a profit, and I'm willing to spend up to $1500 on starting hardware. Energy here is a mere $.081/kWh as well. I've been using http://www.bitcoinx.com/profit/ to take a look at some potential ASICs, but I just don't see where the profit is. It can be done, and I want to know how.
I've already done a deal of research on the topic, and understand the basics. What else can I do? I'm currently looking at the AntminerS1 for ~$320, what would that calculate to? Each of the sites I've checked for profitability give a vary wide variance. I'm open to any suggestions. Should I go for it? Title: Re: Starting Mining (Suggestions please?) Post by: Baeshra on June 12, 2014, 04:06:44 AM More and more seems to be pointing towards Bitcoin mining no longer being a profitable endeavor for hobbyists. Especially with th/s ASICs coming out... How do you all make it work?
Title: Re: Starting Mining (Suggestions please?) Post by: xstr8guy on June 12, 2014, 06:46:08 AM You've come to the right place! My suggestion... find a different hobby.
Title: Re: Starting Mining (Suggestions please?) Post by: Radelderth on June 12, 2014, 10:46:31 AM Best suggestion is not to start mining.... buy coins directly..
Title: Re: Starting Mining (Suggestions please?) Post by: ChuckBuck on June 12, 2014, 12:48:34 PM First suggestion...use a better calculator!
https://bitcoinwisdom.com/bitcoin/calculator https://tradeblock.com/mining/ Second suggestion...don't bother starting! Home miner gone by the dodo. You need several TH/s to even consider making a profit. Title: Re: Starting Mining (Suggestions please?) Post by: fastaslighting on June 13, 2014, 11:24:13 AM I suggest you start mining new issues right out of the gate you can still solo mine those and get a lot of coins by getting a lot of solo blocks mined and actually make a profit but you do have to wait till the coins hit an exchange that is worth it or unload them on a bad exchange if you have a nice lot of coins .
Title: Re: Starting Mining (Suggestions please?) Post by: FlyForFun on June 13, 2014, 11:37:34 AM I've only started recently researching bitcoin mining, and I'm looking for suggestions. I've run a few calculations, and from the rigs and ASICs I've seen available, I don't see anyway I could turn a profit. I feel like I must be missing something obvious here. Many ASIC sellers seem to be unreliable, and preorders make most new products very cost inefficient. I'm new to mining, I want to make a profit, and I'm willing to spend up to $1500 on starting hardware. Energy here is a mere $.081/kWh as well. I've been using http://www.bitcoinx.com/profit/ to take a look at some potential ASICs, but I just don't see where the profit is. It can be done, and I want to know how. I've already done a deal of research on the topic, and understand the basics. What else can I do? I'm currently looking at the AntminerS1 for ~$320, what would that calculate to? Each of the sites I've checked for profitability give a vary wide variance. I'm open to any suggestions. Should I go for it? Just buy some usb miner and mine for fun, if you are looking for profit then none is profitable. Title: Re: Starting Mining (Suggestions please?) Post by: DrG on June 13, 2014, 02:37:55 PM You're not missing anything. Most miners are running in the red. Those that aren't probably know the hardware vendor. Buy a cheap miner and mine for fun. If it's not fun, spend money on something else.
Title: Re: Starting Mining (Suggestions please?) Post by: OgNasty on June 13, 2014, 09:05:50 PM If you do start mining, support P2Pool. Feel free to use our 0% fee node. ;)
Just point your miner at nastyfans.org:9332 and use your bitcoin address for your username. |