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Title: Want to start mining Post by: Kieran Bass on August 17, 2014, 04:31:27 PM I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it?
Title: Re: Want to start mining Post by: Acidyo on August 17, 2014, 04:32:23 PM I would much rather buy miners from reputable companies. Don't buy from cloudmining services since most people lose on those.
Title: Re: Want to start mining Post by: odolvlobo on August 17, 2014, 04:36:20 PM Do lots of research before spending any money. Most newbie miners lose money because they don't have a complete understanding of the mining industry and the economics of mining. If you are new to Bitcoin, I recommend you buy the bitcoins rather than mine them.
Title: Re: Want to start mining Post by: Meuh6879 on August 17, 2014, 04:43:46 PM 1) understand this : https://bitcoinwisdom.com/bitcoin/difficulty
2) buy on this : https://www.bitmaintech.com/product.htm 3) do maths ... 4) buy bitcoin on exchange ... and trade. Title: Re: Want to start mining Post by: Lieji on August 17, 2014, 05:30:10 PM Unless you have very cheap electricity, I would suggest you to buy bitcoin directly.
It is not easy to get profit in mining and buying miners is a very risky investment as the difficulty could go up very rapidly when newer generation of ASICs are shipped. Title: Re: Want to start mining Post by: ajareselde on August 17, 2014, 05:34:03 PM I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it? Just dont. Like it was said before, mining has become oversaturated, and profits are marginal at best. You have much more chance of increasing your capital by buying coins you would normaly mine, than you have when you buy mining gear. Most of us old miners are selling our gear, and its not because we dont like making profit, its because its not worth it anymore. Good luck whatever u decide to do. cheers Title: Re: Want to start mining Post by: micky123 on August 17, 2014, 05:38:05 PM I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it? Hi Kieran, I was exactly like you a couple months back. Try what i did in order and see what works for you. I don't think mining is for everyone. 1) Buy BTC from an exchange, the prices are very tempting right now, you can get a good deal. 2) Stay away from cloud mining sites, their maintenance costs are very high and will burn a hole in your pocket, especially with difficulty rising. 3) If you really want to mine, get yourself some BTC from an exchange and rent a rig for a day or so and see how that works out for you - Try Betarigs / leaserigs for more information. Do not waste your money on buying a miner and setting it up, this is my humble opinion. Sooner or later, with difficulty rising, your returns will keep coming down and operating costs will feel like they are rising. If you are still hell bent on buying a miner, buy one from Bitmain... i recommend the S3 antminer to start off with. Title: Re: Want to start mining Post by: byt411 on August 17, 2014, 05:43:53 PM As others have said, the best option for you is to buy some bitcoin and sit with it. Right now it's an amazing opportunity to do so. You should read more about mining in general, and then buy some mining hardware if your electricity price is really low. (Less than $0.07/kWh) But you still need to do your own calculations properly.
Title: Re: Want to start mining Post by: galbros on August 17, 2014, 05:48:19 PM The key thing to keep in mind is that mining is just buying bitcoin in a different way. Especially now that you can't just set up a few old PCs and expect to earn coins using their GPUs. So research a lot.
If you just want to see what you can get in a real environment, I found bitminter to be great for just getting started with mining. Good Luck! Title: Re: Want to start mining Post by: JamesGuitar on August 17, 2014, 05:58:35 PM Mining is only for the wealthy and people who have enough cash to keep Bitcoin generating more.
Title: Re: Want to start mining Post by: byt411 on August 17, 2014, 06:02:23 PM Mining is only for the wealthy and people who have enough cash to keep Bitcoin generating more. Not true at all. Anyone can buy an ASIC and mine in their garage, if they have cheap/free electricity. Right now, you can get Block Erupter USBs for like $5 or something, and if you consider someone that has a spare $5 "rich", then I really wonder how you get access to the internet. Title: Re: Want to start mining Post by: SelbyTsang on August 17, 2014, 06:08:51 PM Basically, I agree with the others that you should buy bitcoin rather than bitcoin miner. You don't need to trust us blindly and you can check some profit calculators yourself. Title: Re: Want to start mining Post by: nottm28 on August 17, 2014, 06:22:26 PM ... i recommend the S3 antminer to start off with. ... meh - S3 is not a good deal even if it was shipping today - but it won't even ship for 30 odd days from now... My advice is to hold back and watch for now - if you must jump in then asicminer has the best deal at the moment with 8TH for approx $5000. But even that will just about (maybe/might/unlikely) ROI (make your money back in BTC). Buying BTC (as advised by others) is probably not a bad idea - but it's boring as hell and you might as well put your money in stocks and shares. Title: Re: Want to start mining Post by: Kieran Bass on August 17, 2014, 07:26:46 PM Thanks everyone for the suggestions.
Title: Re: Want to start mining Post by: MajidBC on August 17, 2014, 07:37:48 PM First of all, don't hurry to join the mining community. You may lose money here. If you decided to invest, Take a look at here:
https://bitcointalk.org/index.php?topic=741838.msg8402204#msg8402204 I read about it a few minutes ago. Hashlet. Read the comments there. I'm not recommending it, I don't know anything about it. Just giving a suggestion to research. Title: Re: Want to start mining Post by: Kieran Bass on August 17, 2014, 07:54:11 PM so everyones against the idea of mining? but I was under the impression we require miners otherwise Bitcoin will fail?
Title: Re: Want to start mining Post by: byt411 on August 17, 2014, 09:00:49 PM so everyones against the idea of mining? but I was under the impression we require miners otherwise Bitcoin will fail? No one is against mining. We'd all love to mine and earn money by doing nothing, but unless you have cheap/free electricity, you won't ever profit from mining. Title: Re: Want to start mining Post by: odolvlobo on August 17, 2014, 09:04:38 PM so everyones against the idea of mining? but I was under the impression we require miners otherwise Bitcoin will fail? Mining can be profitable if you know what you are doing. Many people got burned because they jumped into mining without doing the necessary research. They were hoping to make money and instead they ended up losing money. If you don't care about profitability, then go for it. Mining can be a fun and interesting hobby. It can be very educational. If you want to make a profit, then there are two important aspects to mining that you must understand. The first is the investment in bitcoins. If you invested in bitcoins or mining equipment during the last 9 months, your investment is worth less now than it was when you made the investment because the value of a bitcoin has dropped. This loss of value is not specific to miners. It applies to anyone holding bitcoins over the last 9 months, and it is a big reason for the negative opinion of mining you see here. Despite that, if you believe that the future of bitcoin is good, then you still might want to obtain some bitcoins, whether through buying them or mining them. This is where the second aspect comes in. The second aspect (and the most important one to miners) is making a profit from mining in terms of BTC. If you want to obtain bitcoins, you have a choice of buying them or mining them. If you can obtain bitcoins more cheaply by mining, then you should mine. Otherwise, you should just buy them and avoid wasting time and money on mining equipment. Many miners (especially over the last two years) paid more for mining equipment than the equipment would mine. They should have just bought the bitcoins instead. Predicting the profitability of mining is difficult and complicated. Before investing in mining equipment a miner should first come up with a reasonable estimate for the amount of BTC the equipment will mine and compare that to the total cost of mining (in BTC). Many miners never did that, and now the realize that they made a bad investment. That is another reason for the negative opinion of mining that you see here. No one is against mining. We'd all love to mine and earn money by doing nothing, but unless you have cheap/free electricity, you won't ever profit from mining. That is not accurate. Compared to the cost of the equipment, the energy cost is small, though it is growing. Title: Re: Want to start mining Post by: Kieran Bass on August 17, 2014, 09:11:46 PM so everyones against the idea of mining? but I was under the impression we require miners otherwise Bitcoin will fail? Mining can be profitable if you know what you are doing. Many people got burned because they jumped into mining without doing the necessary research. They were hoping to make money and instead they ended up losing money. If you don't care about profitability, the go right ahead. Mining can be a fun and interesting hobby. It can be very educational. If you want to make a profit, then there are two important aspects to mining that you must understand. The first is the investment in bitcoins. If you invested in bitcoins or mining equipment during the last 9 months, your investment is worth less now than it was when you made the investment because the value of a bitcoin has dropped. This loss of value is not specific to miners. It applies to anyone holding bitcoins over the last 9 months, and it is a big reason for the negative opinion of mining you see here. Despite that, if you believe that the future of bitcoin is good, then you still might want to obtain some bitcoins, whether through buying them or mining them. This is where the second aspect comes in. The second aspect (and the most important one to miners) is making a profit from mining in terms of BTC. If you want to obtain bitcoins, you have a choice of buying them or mining them. If you can obtain bitcoins more cheaply by mining, then you should mine. Otherwise, you should just buy them and avoid wasting time and money on mining equipment. Many miners (especially over the last two years) paid more for mining equipment than the equipment would mine. They should have just bought the bitcoins instead. Predicting the profitability of mining is difficult and complicated. Before investing in mining equipment a miner should first come up with a reasonable estimate for the amount of BTC the equipment will mine and compare that to the total cost of mining (in BTC). Many miners never did that, and now the realize that they made a bad investment. That is another reason for the negative opinion of mining that you see here. No one is against mining. We'd all love to mine and earn money by doing nothing, but unless you have cheap/free electricity, you won't ever profit from mining. That is not accurate. Compared to the cost of the equipment, the energy cost is small, though it is growing. thanks for the information I would like to earn to profit but also to help the network as it continues to grow we need more miners for Bitcoin to be successful. Title: Re: Want to start mining Post by: Bitsaurus on August 17, 2014, 10:14:12 PM DO NOT CLOUD MINE! - it centralizes the network which is bad for crypto. Not to mention the potential for every cloud mining pool to be a scam/ponzi : https://bitcointalk.org/index.php?topic=739510.0 (https://bitcointalk.org/index.php?topic=739510.0)
You can mine with new or 2nd hard hardware but you will most likely do so at a loss. Title: Re: Want to start mining Post by: MichaelBliss on August 18, 2014, 03:32:42 AM Stay away from pre-orders! Many don't deliver on time but worse yet is you may end up waiting, and waiting, and waiting, only to end up joining the class action lawsuit against the pre-order scammer who didn't deliver.
Title: Re: Want to start mining Post by: odolvlobo on August 18, 2014, 04:30:19 AM DO NOT CLOUD MINE! - it centralizes the network which is bad for crypto. Cloud mining centralizes the network no more than mining in a pool. Title: Re: Want to start mining Post by: notlist3d on August 18, 2014, 05:58:14 AM Do roi math. Stay far away from pre-order.
Depending on your electricity you can ROI if done properly, but there are many factors. For starting i highly suggest staying with straight BTC miner, not Scrypt. You do need to have electricity at a decent price with current BTC price. If your in it for long term and can make more BTC by mining do it, if you are in for short term buy btc straight out. Normally i say mine mine mine, but if short term price on BTC is very attractive. All depends on goals. Title: Re: Want to start mining Post by: BTCmaster3 on August 18, 2014, 06:29:23 AM I prefer to buy BTC directly now as it has dropped to $490 range... not worth buying mining gear..
Title: Re: Want to start mining Post by: Nawaytes on August 18, 2014, 07:59:36 AM I prefer to buy BTC directly now as it has dropped to $490 range... not worth buying mining gear.. indeed, with the current level of difficulty, very costly to mine directly, or cloud-mining. take so long to get ROI. prefer direct buy BTC because prices are fall, hold the BTC, then sell if the price up again. as my experience, I suggested it. Title: Re: Want to start mining Post by: richardramirez9 on August 18, 2014, 09:27:09 AM The mining game is over for newcomers. You should shall search an alternative way of income imo.
Title: Re: Want to start mining Post by: Lieji on August 18, 2014, 04:52:57 PM I prefer to buy BTC directly now as it has dropped to $490 range... not worth buying mining gear.. A few hours ago, the bitcoin price hit $309 on btc-e after someone made a huge sell order. I wish I have made some limited orders at that price level lol. :D Title: Re: Want to start mining Post by: Scoremaster on August 18, 2014, 08:41:43 PM I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it? miners are not worth it, dont buy any! buy bitcion while it is cheap and hold! u lose money on miners Title: Re: Want to start mining Post by: notlist3d on August 18, 2014, 11:32:08 PM I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it? miners are not worth it, dont buy any! buy bitcion while it is cheap and hold! u lose money on miners Do ROI you do not always lose money. It has become harder in the life with asics to ROI. Electricity price can have a lot to do with roi. Right now BTC is very cheap though so its hard to beat buying some. I am in it for the long run still running in profit because of low electricity prices and will keep mining. Title: Re: Want to start mining Post by: zadiume on August 19, 2014, 03:23:41 PM Buy Bitcoin while it is still sub 1k
Title: Re: Want to start mining Post by: Mobius7 on August 19, 2014, 07:48:23 PM I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it? Double check your expected return on https://bitcoinwisdom.com/bitcoin/calculator before buying the miner. Don't buy any pre-orders. Do some google searches to make sure the company you are dealing with is not a scam. Title: Re: Want to start mining Post by: monim1 on August 20, 2014, 03:51:36 PM I think you should take your decision seriously. You should take your time and then go what is right for you. Do you think about cloud mining. I am involve with cloud mining.
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