Bitcoin Forum

What do I need to do to start mining?

Don't mine. Serious advice.

Do lots of research on the costs of mining and the prediction of mining revenue before you spend a dime. Basically, it boils down to this:

If the cost of mining (in BTC) is greater than the amount of BTC you mine, then you are better off just buying the BTC instead. If you don't care about making a profit, then look for a cheap ASIC miner and have fun.

im wanting to mine too, but not sure why people say no.

price of bitcoin is low.. thats why?

People say no because the cost of the equipment (in BTC) is more generally more than the amount of BTC it will mine. Obviously, that is not the case for all the miners -- experienced miners with access to capital can make a good profit.

Make sure to do ROI math.   In  current situation its harder then it was to profit.  Your electricity price can make or break your ROI over time with it so low on BTC.

Currently, it is highly impossible to gain profit or ROI. Many ASIC companies have turned to a scamming company and they either don't ship or ship defective products. The difficulty is to high to even hit a ROI.

Hello.

First you have to read the inofficial bitcoin wiki: https://en.bitcoin.it/wiki/Mining , to get more knowledge of mining and btc.

When you read a bit and understand the basics, you can try to calculate your earnings from mining with a difficulty calculator: http://www.evolyn.net/bitcoin/mining_calc.php
or: http://btcinvest.net/de/bitcoin-mining-profit-calculator.php

But you have to know, that mining is like gambling, you can earn some money, but for most of the small home miners, it would have been better to buy coins instead.

IMO Cloud Mining is the only solution left to new entrants... but getting a reliable yet profitable cloud mining website is a big deal.

To start mining on your own you need to buy ASIC. Look up at bitmaintech. But do some heavy calculator before deciding..

Do you want to mine for investment(or earning money with ur equipment)? or start mining to learn how this things work?

Actually i choose second option and try to understand how these things go and it was helpfull to me. At first place i do not want to invest the thing which i don't understand.

First, i tried to mine with my own computers, but equipments are not optimized for mining so it was wasting of time. I hired some machines to mine for me and i understood that i spend more money than i win. I hired bitcoin, ltc, darkcoin and some other altcoin machines.. I also tried cloud mining, but my share price dropped from 0.005 to 0.002, yes i had profit from mining but i lost more than with share prices. At last, my mining earnings decreased with increasing network speed, so it is obvious that i have to add new ghs to my profile. This is not good option too.

At the end, i understand that mining by myself, cloud mining (at least the company which i found), hiring options did not worked for me.

About one month ago, i decided to buy some mining equipment.. Than bitcoin prices started to drop from 600's to 300's and simultaneously network speed started to increase(actually network speed always increases, but there is inverse ratio which effects earning more).

Which machine i will buy? and how can i earn? and do i always need to add new equiptments? These are new questions for me, because i do not produce mining equipments and i have already a day job. So i didn't buy any equipment yet, because i am not pro. Additionally I observed that most of mining equipment owner hiring their machine for others, it has more profit than mining.

Yes, people says u can't win, because they already tried it. But do your own calculation, at the end, this will be your decision.

This is my story, i hope you will find answers.

Welcome to bitcointalk beekneez.

The only thing you need to do now is to do more research.
You need to understand how difficulty adjusts itself and how it is going to affect your mining profit.
You need to understand that you need ASICs to mine bitcoin nowadays, and you need to compare the price, hashrate and power consumption.
You need to understand how to use a mining calculator to estimate the profit or loss of your investment based on your electricity price, the ASIC specs and your predicted difficulty increasing rate.

There are a few mining profitability documents out there, you should take a look at the mining section for these.

You must already have a good material computer.

search the forum about mining . there's a lot of topics regarding this. many have advised not to mine especially for newbies like us because it is hard these days to generate profit. You would have incurred more expenses than have income. Only if you have free electricity or Low electricity cost . It would really give you profit. Dont mine by yourself, search about pool mining.

you'll really need to have a good hardware in addition to calculate the ROI.
I was also interested by mining, but as far as I saw in the statistics, you'll get a ROI of 69 cents after 3 months... which is not really worth it.

Well, this is my point of view, other could say something else.

Kind regards,

If you want to mine, I wouldn't recommend it. But you could use onlne services such as cex.io (you can trade alts and for fiat there too) or pbmining.com.
There you can buy and sell GH/s and earn from the mining of blocks.
All the best with the venture..

Its not a one size fits all.  Everyone should do their math on their own.  Cheap electricity and space makes it possible still to roi, it is not guaranteed like early days.

Cloud mining is your way to go. One time investment, long time return. No headache of maintenance. Just be careful of Ponzis.

No, mining today is not geek job, but professional business where special hardware is crafted by companies to maximize profits.
You can't compete with this. You will only loose money on mining, so do it for fun or don't :)

Cloud mining is good but do a lot of calculation before you buy it, it is hard to ROI..

I think Bitmain's Watercooled C1 might be the best deal out there right now that I can think of.  1Th for 1 BTC should ROI.  It might take a little while but it should get it done.

Other then that I'm watching the Bitmain L1 looks promising at this point but a lot could change by the time it ships in Dec. 

If your going to buy hardware use a trusted manufacturer and stay away from pre orders.  FOR THE LOVE OF GOD!!!  STAY AWAY FROM PRE ORDERS!!!

Bitmain is prob the best supplier out there right now but because BTC is so low it makes it hard to ROI with much of anything.

Not really. Your computer doesn't need to be powerful at all for mining with ASIC.

What about the Prisma?
Using GB 1 (https://bitcointalk.org/index.php?topic=795477.0) or GB 2 (https://bitcointalk.org/index.php?topic=795609.0), you can get 1.4 - 1.48 TH/s with 1.47 btc and the power consumption is lower.

All mining is hard to ROI now. I seriously would stay well clear of bitcoin mining. That has been almost impossible to make money from for a very long time. Unless of course you have $10,000,000 usd like GAW and you build a huge mining data center in Mongolia. Can still do it for fun or to support the network.

But even when btc was $1200 usd it was hard because manufacturers put the price of hardware up when the ROI gets higher so you are still screwed. At one point you could invest X amount of money to get ahead of the curve and your hardware would be profitable for awhile. Then you would make about 20% profit on your investment and sell off the hardware as it became obsolete to make even more money. Those days for btc are well and truly gone. I would pick a good alt you like and think has a future and mine that. Preferably one that can be only done using GPU.

Bitmain do have the best deals though and they are reliable too...

With difficulty increase so fast, the real people profiting is those ASIC manufacturer and big companies with cheap electricity and big datacenters.

Yep exactly. Lets do some very quick math here...

1 btc costs $370 usd right now from www.btc-e.com

1TH can mine about $5 usd a day. That means you will need to mine for 74 days to make $370 BUT this is assuming that you have FREE electricity AND that difficulty remains constant. As difficulty goes up every 8-10 days you will be having a diminishing return on your asset (the bitcoin miner). So the first two weeks you might make $4-5, the next two weeks $3.5-4 and so on...

I've tried to mine scrypt one year ago, i've lost something like 2000 € on miners.... today, I guess the situation is worst.
You can ROI only if you have free/very cheap power

The main point here is that every person have a different prediction on future difficulty.
If you predict the difficulty to go up 20% every 10 days, you will find no profitable miners and it is better for you to buy bitcoin directly.
If you predict the difficulty to go up 5% every 13 days, the situation is completely different.