Bitcoin Forum

Hey guys, I'm new to this forum, and to bitcoin mining.

I order an Antminer S1 to set-up just so I can gain some more experience with mining, didn't want to spend a lot of money and end up screwing something up.

I paid $117 for the unit. I also bought the WiFi adapter kit because I don't plan on having my unit right next to the router, that cost $10. And finally a Corsair 430x as my PSU for $20. That means I've invested $147, don't worry I'm keeping track of all of this on an Excel spreadsheet.

According to my calculations, I should break even in about 3 months based on the current value of bitcoin as well as the cost of electricity. Of course those factors are not fixed and are variable, which is why it is virtually impossible for me to predict a time period to break even. Also if my machine stops functioning that would be a variable factor.

The reason I'm posting this is to ask if there's any advice? I plan on joining a mining pool and am not sure which one would be the best for me.

Thanks! :)

I'm on slushies, I like it.

Slush "https://mining.bitcoin.cz" is good, I use it as my failover pool now. I pretty much have my miners pointed at CEX.io now.

Where on the island are you? I'm in Massapequa.

I'm on the opposite shore as you, I'm in Huntington. Have you ever been to Zim Zari? They have great food, haha

Yeah, I live right by there.

Whitewood Drive by any chance? Buddy of mine used to live there?

I live in brooklyn :). Did you hear about the law they are passing in new york for bit coin?

Another New Yorker, no what is the law?

Good luck on your mining ventures :D

Also you can check out Sha-256 altcoins too!  such as DEM, FFC, etc, etc.  You can also check out btcguild and maybe rent your rig on betarigs.  Much options wow!

you definitely want to have at least 1 backup pool.  make sure you are regularly withdrawing your btc to a secure wallet (are you using an online wallet now?)

I've heard a lot of ppl complain that they are either breaking even or losing money mining with inexpensive rigs...can you really generate a profit with an Antminer S1 or is it more just mining for the sake of mining?

Hope this doesn't come off as being negative, I'd just be very interested to know given what I've heard from other miners.

If you can get miners for a good price and have cheap electricity there's a very good chance of breaking even.

I personally have bought a few S1's in the past few days; a single one and PSU for $110 cash, and then 2 more for 0.25 BTC total. I have to pay for power, but I'm hoping that because I paid lower prices than what they tend to be going for now, that I'll be breaking even in a few months. Worst case, I lose $20-$30 total in the end, but I can afford losing that. Hopefully that doesn't happen though.

Don't buy s1, its efficiently is really bad. Even if you have free electricity you should go with more s3.

Startups are always much harder,wish you a luck on mining your first bitcoin.Trust me it's a true happiness when you see BTC coming onto your wallet

if you can get it for a 1/3 or 1/4 the price of an S3 then it's probably worth it, as long as you 1) have the electricity and 2) dont mind the extra heat and 3) have cheap PS's.  plus you cant get S3's right now so you get to mine for another 3 - 4 weeks before you would get an S3.

Antminer S1's great rig's to start off with imho.  As far as pools go, ghash.io/cex.io is certainly reliable enough, Slush rocks as well.  Perhaps go with some sort of sha-256 multipool for your tertiary pool.  multipool.us, or nicehash perhaps.  Several other good ones to choose from as well.  Welcome to the mining game, be warned it's definitely what you might call "habit forming" ;)

The reason I went with the S1 is just to figure out all of this mining stuff and works out the kinks, after I get familiar I'm going to invest in a very high end machine.

Make sure you calculate well before investing, none of the asic right now is profitable.

You'll get plenty of folks that pop in with shitty grammar partially explaining why you are an idiot and why you should've done ______ and not done _____ and instead do ______.

Same boat, got into it to learn. And learn I have! I'm sitting on a ton of gear and tho I've lost money and am losing money, you cannot put a price on what I've learned. I've always wanted to just have computers work. I don't want to log in, configure, find IPs, reset... any of that shit. Just fucking work. And I've now learned quite a bit and gotten deeper into the problems when typically I'd find someone smarter than I with a background and ask for their help.

Presently, partially from home, and partially from a friend's, currently running over 2 THs with S1s. Be careful with your PSU choice, yours is on the very low side. Good luck and have fun!

After getting things running, spent today setting this up https://i.imgur.com/WCdFOwQ.jpg
I think it is somewhat clever, there is a Honeywell TurboForce fan **underneath** the stand blowing up through the miners and PSU's. Enjoyed the work.

have fun!

As many do and so do I join in to the slush,I would suggest personally too.And best of luck generating some decent profit out of your mining game.And also adding some more warrior (rigs)into your mining game

You mean you are starting now?Best of luck these days mining isn't anymore a good mean to earn a decent profit.Anyways you stepped in hope you are gonna make some

Good Luck Mining  ;D