Bitcoin Forum

Hey guys, this is my first post here. I am pretty new to all this i have been reading about btc mining for a week and this seems like a pretty interesting challenge. I know its probably not something that will make you rich but seems lime alot of fun though.

I have a decent amount of money to invest any this is there any complete and up to date guide about building a good setup. I am ready to invest around 7-8k in this. Would that be enough ? Im not an expert in informatic and i have decent knowledge and love to learn new things.

First you need to compare the available hardware.  DO YOUR RESEARCH!!!

https://en.bitcoin.it/wiki/Mining_hardware_comparison

Nope.  $7 to $8K is not enough.  That's chump change and you'd lose almost 100% of it.

If you're that rich, you can afford to lose $8k, then just put it all on Black in a regular Casino.

Unless you have something like this in Washington State and have a partnership with an Asic Manufacturer, then just buy some coins at this cheap price right now.

http://www.logicoins.org/wp-content/uploads/2014/06/20140523_164302-e1404154208253.jpg

If you can't afford what's in the picture, don't bother.  Get another hobby for $8k.

You may like to invest in cloud mining website. It is the cheapest and paying out consistently for almost 3 months now => www.cloudmining.website/payments.php

Whatever you end up doing Bobshoe, DO NOT listen to what GermanGiant just typed.  

All Cloud mining sites are nothing but a ponzi scheme and you'll be lucky to get out with all your funds intact even if you ROI.  Make sure you read this first:

https://bitcointalk.org/index.php?topic=878387.msg9697654#msg9697654

As you can see on the link I just posted, Cloudmining.website is on the Ponzi list.  AVOID LIKE THE PLAGUE!!!

Be careful of what ChuckBuck just posted. That thread is just a promotional thread for HaveLock stocks. The only ones they think legit are traded on HaveLock, a shady stock exchange running from Panama.

In bitcoin, only believe in blockchain. www.cloudmining.website/payments.php shows payment proof on blockchain.

BE VERY VERY CAREFUL.

Bobshoe, whatever you plan to do, make sure you do enough research and read every thread possible to look at the truth and facts about mining.

Whether you do hardware or cloud, it doesn't matter.  It's unprofitable for all parties involved, customer and provider.

Now you don't need me or GermanGiant to confirm this, but this is the harsh reality right here.

http://blog.cex.io/news/cex-io-temporarily-suspends-cloud-mining-services/

Cex.io was the LARGEST Cloud mining site and they were forced to shut it's cloud mining operation due to the low Bitcoin price.

If the largest "legitimate" cloud mining operation was forced to shut down, what does that say about the rest?  THEY ARE ALL FAKE ASS PONZI SCHEMES!

Do not listen to the nonsense that gentleman GermanGiant is spewing, he has a referral link in his dam signature, for chrissakes.  Trying to shill for corrupt cloudmining company is all.

Do your homework, read enough threads in Bitcointalk, and you'll learn the only thing to do at the moment is BUY AND HODL!

It depends on a lot of things.

If you're looking to mine bitcoin, your electrical costs and if you have space to deal with mining is important.  Right now with the low bitcoin value its very hard to turn enough profit to see ROI on your miners if you bought them today.  Lets do a little math to show you what I mean.

Lets say you have normal kw/h energy costs of $.10
Lets say you buy two Spondoolies SP20 boxes for $500/ea
Then you need a PSU for them, $180

So you're $1180 out of pocket, you get your 2 miners running and you start making bitcoins.  From those miners, you'll generate around .8 BTC a month or roughly $160.00 in BTC.  Those miners will cost you around 1.1kw/h to run, or $.11 per hour or around $80/month.  At this point you're making $80.00 a month, it'd take more than a year to just recover the cost of your miners.  A lot of this is variable month to month depending on bitcoin costs and the difficulty in generating bitcoin, as the global mining pool gets bigger, it gets harder to mine btc.

If you have really cheap electricity and/or you're interested in being a part of the technology for the long haul, then go for it, just don't expect to make a bunch of money on this.  You have a better shot at making money of waiting for bitcoin to bottom in the low $100s like a lot of people think it will and then hold it for a couple of years looking for it to go back up.

Like others pointed out, go for an alternate option like cloudmining. But even that is not profitable these days due to the price drop.

Thanks everyone for your post, I am still doing more research as of today. You all have been very helpfull. The geek inside me fells like doing it, but the business man says its not a good idea haha.

Neither listen to the geek, nor the business man. Only listen to your soul ;)

hmm..try altcoin solo mining!

My suggest :
Build private mining pool (I using MPOS), so u no need to buy any miner and no need to pay electricity cost, u can rent hashing power (at nicehash, westhash etc.. ) as long as your diff setting is right

Do some research on altcoin before mining, this is the factor u need to know on ur research
 - Block reward
 - Net hashrate / Global Hashrate (rent half of global hashrate is nice  ;)  )
 - Coin price in Changer ( also buy support )
 - Block Time, for make sure try to find block explorer so u can see how much block resolved per hours
 - Renting price
 - etc....

 ::) cheers!
 

what miners are in this farm?

Okay guys let me pull you apart.
 Don't listen to the could mining suggestion for sure, your losses would be even bigger than buying an hardware yourself.
But with 8k it isn't worth it, mining industry it too big and too expensive for us normal people to afford.

Those are Bitfuries.  Megabigpower/Steve Carlson has a partnership with them.

Bitfury chips, but probably custom boards to suit their needs.

https://megabigpower.com/aboutus

better you invest that money to buy bitcoin as it will more profitable then mining at current price
also one more important thing don't fall in trap called cloud mining unless you want to lose all your money
just dedicated mining or direct bitcoin investment

Thanks for the post and comments, I am actually planned to buy a cloud mining, now I decided to go with dedicated mining.

Hahahaha there is no real guides for mining, you go out there and make something happen.  That's mining.

I still mine but gots free power, that's where I win in this game; people owe me money, miners are the perfect debt collectors.

Sold half of my 10th/s mine last month to buy gold mining equipment and still make a good amount of coin with what I got left.

It's just now, I'll have two mining operations instead of just one... one gold, one crypto.

In retrospect, PM Mining seized payments last month or so since it's no longer profitable.

My last payment was around 6000 satoshis on 200GH/s and still run a quartet S1's myself, making coin and heating my home.

Gladly I only spent $1,500 in cloud mining, not that big a loss but I feel bad for those who bought over 10th/s when S1's were $1,500 a piece.

GHash shot itself in the foot by not upgrading their aging equipment... they still run on the 40Nm process, same as they did in 2013.

If you mine at home, at least have the most efficient hardware you can get and sell miners before they go obsolete.

You also have 100% control over your operation when it's in your home.

Mining is not just hooking up wires, there's the whole business aspect that 99% of miners don't look at.

Look at Gold mining, yes it is a hobby for some but is also big business for others; same in Bitcoin mining.

On both sides of the spectrum, those who do best, do best because they treat it like a business.

Unless you have free power or unless you're willing to pay the power out of your own pocket, you're wasting your time.

I still mine profitably to this day but I have lots of mining experience that carries me long ways.

If you aren't realyl good with computers, have no other real world mining experience and never ran a business, don't get into mining.

You'll go home at the end of the year with your tail between your legs and broke, just like 95% of miners on earth.

If you get into mining just for fun, spend $100 on an S1, they're the most fun miners I can think of; newer miners are boring, I like the ugly ones.

You're 100% guaranteed to never ROI but 100% guaranteed to learn and have fun doing it.

In the end, if you fun, at least you'll get that value from it.

That's me though, every miner's rig and situation is different.

Can I run miner with my laptop!!! and which one is best mining company??

1)No.  You need specialized hardware called "Asics" that do the mining nowadays.

2)The 2 best are Bitmaintech and Spondoolies Tech.  Can't go wrong with either.

You could, but you wouldn't make anything, maybe .000001 a day, even though you'd burn out your laptop before you see anything worthwhile.

Best mining companies are Bitmaintech and Spondoolies. there are many others, but most likely if it is too good to be true, under .5w/GH, you should wait for real hardware reviews. Also never pre-order.

Some alt coins can be CPU mined... easy to get started, then convert to bitcoin on the exchanges... fatsest and cheapest way to get bitcoins in my opinion  ;D

You probably would be better off with cloud mining.

But if you want to do it at home you better buy your miners from Bitmain ;).

Oh and wait a little longer cause there's new miners coming out in a few months...

Thanks guys for posting the information. It helped me get a better understanding of bitcoin mining. Much more difficult/costly than I thought.