Bitcoin Forum

Hello guys

Im new to this,
Anyone can tell me in detail how i can earn some ok money just doing this for hoobby ?
I have free power due to a solar park i own.

So i need some good details on how i start doing this what should i buy what should i do etc.
I just need it for hobby and to earn some extra cash.
No need to spend a lot though

Only answers that can help me.
Thanks a lot

Mining not profitable anymore even with free power.

but then why people using it ? if its not proffitable
why they still running ?

because they made roi also

if you made roi and you have free power, it becomes profitable

These guys are unfortunately correct.  Unless you can get second hand or used miners at an incredible price, or possibly strike a deal with an ASIC manufacturer, you'd be mining still at a loss.

Mining Difficulty, Diminishing miner rewards, Pool Variance, and Cooling costs all go against you achieving ROI.

It's not impossible, just very unlikely to break even, let alone profit in the current environment.

The thing is i dont know anything bout ROI etc
i want someone to explain me how this works :D i may have money to invest

I also don't suggest you to start "mining" bitcoin, maybe you can try to "insta-mine" the new altcoins with GPU - CPU and sell them when they will reach a good value (during pump & dump).

ROI = return on investment

So when people have already made ROI they have covered their initial costs and made profit from mining.

This is very hard to do now with the current difficulty and price of BTC unless as stated you can buy miners cheap which will help with your free solar power to reduce costs.

I wish I could encourage you to get into it as BTC needs more fans but the rewards at the current price and difficulty are minimal  :(

This is to say that factors could, have and will change so keep your eyes and ears open  ;D

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I also don't suggest you to start "mining" bitcoin, maybe you can try to "insta-mine" the new altcoins with GPU - CPU and sell them when they will reach a good value (during pump & dump).
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Can you give me more info about insta-mine ? etc ? where to start and what i need ?

First I suggest you to learn how the mining of cryptocurrencies works, here you can find a lot of information :

- https://bitcointalk.org/index.php?board=14.0 (mining bitcoin, the same "process & use" for the altcoins).

And here the forum section with all the altcoins :

- https://bitcointalk.org/index.php?board=159.0  (every day a lot of new altcoin, copy and paste).

I think he means when a new Alt coin is released, start mining it immediately, like before almost anyone else.  The difficulty of decent alts changes very quickly, and usually the coin creator is mining from the first block, but you can still mine more blocks this way than would be possible later when far far more mining power comes online.

My rubbish PC has mined plenty of blocks of quark based Alts (before GPU mining started), but usually in the first 1h after launch, then people will good computers and the cloud miners start to pile in and ruin my fun!

Tbh, you cannot profit from mining btc anymore. The best you can do to earn cash in mining--given that you have free power--is to mine an altcoin by using the CPU/GPU of your computer. Choose the coin that you think would likely enter the markets and may get you some nice profit. Though this is a hard thing to do, if you correctly choose which coin to mine, you will probably get a nice profit out of those altcoins. Don't mine btc directly. It will be just a waste of power and time.

If you can afford a 5ths miner like spondoolies miners they offer some of the best return per price. though you need much power and can't use it at night.

I also don't suggest you to start "mining" bitcoin, maybe you can try to "insta-mine" the new altcoins with GPU - CPU and sell them when they will reach a good value (during pump & dump).
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Can you give me more info about insta-mine ? etc ? where to start and what i need ?
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i think by insta mine he means that when a new altcoin is created and introduced to public the first block is mined by the developers and the rewards of that first block are also so much higher than the every other future blocks, and these coins are in possession of a few people which will control the price in the near future.

Sad but true.  Even with free electric odds of reaching ROI are slim to none if you plan on purchasing newer gear.  Hardware value depreciation alone will kill you.  If you really want to start mining with your energy farm I would recommend either:
1.) Purchasing as much working/used equipment as you can at a steal of the forums and e-bay (start small and scale up to see if profitable enough for you).
or
2.) Set up a hosting facility and essentially lease your energy out to other people looking for a good deal and use your profits to start buying gear.

Start reading a lot, everything you can, learn about mining.   There's way more to learn than anyone can or will be able to put in a single reply.   Buy a small miner like an S1 and set it up and get it working.  Understand the very basics first, then come back with your questions about starting a large facility with your solar park.  You have to learn to walk first, then you can run.

In the end don't expect to get rich, that boat sailed years ago.

Speak for yourself on this point, many people believe in a 2nd price spike when certain factors play their part.

It was a complete surprise the first time around and it'll knock you on your ass WHEN it happens again  ;D

Right now, better to mine some altcoin than bitcoin.
And maybe buy bitcoin with them after.

I agree on this. As you cannot start mining bitcoin with classic gear anymore.
Some alts as Monero can be good. I noticed that Monero is easy to mine and price is not bad, jumped a bit.

Instead of mining, try out staking.
I may sound weird but I have been watching out different coins coming up with some cool opportunities for you to be able to stake and trade them and profit in days instead of waiting for months to ROI. But please research before investing in any, as a few of them are scams.

Thank you for smart tip! I will research alternative altcoins.