Bitcoin Forum

Recently I have taken an interest in mining BTC and found my way to this forum. I have an investment of around 12k, is it worth investing into mining hardwares. If so which and where should I purchase these hardwares at since half of the research sites I've been too are either scams are seems like scams. Thanks.

Why not try reading one of the other 6,000 threads on this forum with the same topic?

Bitmaintech is one of the manufacturer which is really trusted one. I think it is a good time to invest in hardware now cause the difficulty increment pretty much stopped. Hopefully it will stay like that for months..

SP20 is also a great product.  My two favorite miners right now are SP20 and S4.   

So maybe I should get this; http://www.spondoolies-tech.com/products/sp20-mini-farm-batch-1

Since i have a 12k investment.

That's close to the best choice on the market at this time. Do you have enough power and cooling to handle it?

says the guy with a "buy & hold" signature. ^^

Find a bunch of S3+ for sale like here:

http://www.ebay.com/itm/Bitmain-Antminer-S3-in-hand-bitcoin-miner-455ghash-/191446828520?pt=US_Virtual_Currency&hash=item2c931ec5e8

And get a lot of delta dps2000bb psu's

This is the cheapest way and good for the power bill too!

Do you mean the correct PSU devices for this? i don't plan to get any until I'm sure of what I want. Any suggestions if I'm on the right track?

How is it good for the power bill? Looking at the specs, they run at 456gh/s with 355 watts. If i invest my 12k, I get 20 of them, the watts would be more than 15 machines of the sp20s. Unless I'm missing something, if I'm, please let me know.

hehe

Of course, if he had asked, should I buy or mine, I'd have given a different answer. Miners are good for the network, but at this time they are rarely the most profitable way to earn bitcoins. Remember, always calculate your profitability in bitcoins.

Getting the PSUs is pretty easy. Providing all that power to all those PSUs, and keeping the temperature in the room cool, that's the question. A regular household circuit isn't going to be enough for that many miners.

This is true and it all depends on how your house was wired.   Some electrical engineers use much more power and more breakers, some are very simple (Ex one breaker per room).  

I got lucky with 2 wires coming from electrical pole with lots of power.  I currently have around 11.5k watts of mining.   And trying to add more just need to rerun some network cable, already have power there. With it being a "farm house" that is more power then most regular homes will have extra.

Well I'm not near any of your "levels" my knowledge isn't going that far yet whether to how my house and wired and etc. I'm most likely going to run the machines at my house in one of the extra rooms I have, windows are provided, I'm going to put in some fans. Since the temperature of the room matters, I might split them half half and put the other half at the apartment I go to for school. My main question is that these PSU devices, do they save the overall electrical charge or something? What's their main usage?

A typical room can handle a single SP20 if you have 120V power (US), two SP20s if you have 240V power (EU).

The PSUs can be regular computer power supplies, the kind that gets used in a regular tower computer case, although for the SP20 they need to be pretty high-powered.

So if I were to rent a place, my best choices with my 12k budget would be investing into the SP20s correct? Or is there any other out there that are better?

It depends.   Personally I really like SP20 because of under clock I can do in it's future.  Can you go wrong with a SP20... no.   I think SP20 and S4 are 2 best on market.

I would make sure you can handle the heat aswell.  With winter you may be lucky like some and get some cheap/free cool air.

Make sure you can handle electricity and heat.  You might be spending some of the 12k on setting up that.  And the electricity you can save a lot by under clocking it from beginning.   You might need 750-800 watts instead of around 1200 watts.   So possible to do 2 per 110 volt breaker instead of 1 SP20.

For most people the big cost with mining is electricity, not hardware.

If you are paying over about $0.15 USD per kWh for electricity you will not make any money.

If you are paying under about $0.12 USD per kWh including taxes etc you are in the sweet spot and mining could be profitable.

Any miner you purchase must run well under one Watt / gigahash, for example the SP20 or S4.  The lower the power consumption per gigahash the better.

This post says very clearly that you should not go plopping down a huge chunk of money for miners. Seriously- If your tech level is such that you do not even have the foggiest idea what a PSU is then you have absolutely no business ordering $12k worth of miners. Might as well just get all $12k in ones and put them in a big pile, douse it good with lighter fluid,  and light it all on fire. Five seconds later, when you come to your senses and realize you have just lit a huge pile of cash on fire, try to put it out and maybe you can salvage ~half of it. Exactly the same result as ordering 12k worth of tech gear that you do not understand in the slightest, and WAY more entertaining. *Please remember to post video on Yooyube!!!

Advice: Buy one S3, plug the sucker in and try it out. If you can handle that , THEN consider getting more.

Edit to add: If you decide to get an S3, don't forget to also buy a PSU and a network cable!!  ::)  ;)

IF your looking for an interesting hobby go for it mining is not bad (S3s or S4s or if you are putting it in the garage a spondoolie). Profitability wise it is probably easier and better to invest in a cloud mining company that sells these miners such as hashnest (bitmain).

Cloud mining is even more risky than hardware and if you treat it as a hobby you'll pobably want to have the miners at home.

If I were you, I'd consider buying $6k USD of BTC on Coinbase, then purchasing $6k worth of SP20's and requisite power supplies and infrastructure to run them for a year.

Whatever you do, don't put all $12k into mining, you'll never mine back $12k worth in the miners lifetime.

Even if you have reasonable electricity costs, your Mom/Dad/Landlord will hang you outside the window to drop you on your head on the pavement once they get the electric bill.

Totally not worth it.  If you're dead set on mining, just use $6k to buy half in Bitcoin, the other $6k in your mini farm, mine for a month or two, then resell that shit on Ebay for profit.

That's honestly the only way.

No on a EV basis cloud mining is going to be less then mining with physical miners. With cloud mining you are going to run the risk that the cloud mining company is going to somehow scam (either by not actually owning any actual mining hardware or by simply stopping payouts)