Bitcoin Forum

I get a flat rate for electricity here because my rent includes all the utility. So I was thinking of mining on my own to acquire more bitcoins. Is investing in a lot of money worth it to acquire some bitcoins? Also, how much money do I need to have to set up a decent mining system.

If you just in it for profit, don't :) If you in it to be part of and learn from the eco system, please do. One of the fails of bitcoin is the armsrace in hardware, which satoshi predicted would happen if we let it, and surprise surprise our greedyness did :(

In the concept it was meant to have every person who wants to be part of bitcoin have his own node and own miner, so we all maintain the network in the most decentral way possible, yet then came asics....

But alot of people say just buy some bitcoin and wait...

I enjoy mining.  I enjoy mining in winter more :) free heat.   But with summer coming I'm trying to underclock some to keep heat manageable. 

Also I try to perfect the exhust.  If you can exhust the hot air it helps.

Kind of...my rent includes electricity so I don't need to worry about how much I use because I pay the same amount every month. But thanks I will look into that link!

rent a miner, its more appropriate i think. for 3-4 months, and then if it goes well for you, you buy one, if not, you dont and stick to buying and selling

where can i rent one?

There are a few nicehash/westhash.  Then betarigs etc.

But I highly dont suggest renting for 3-4 months.  Unless you need a ton of power.  Rentals normally cost more then BTC would mine.  So you pay a premium.

I would say get a miner that is decent and start slow.   Unless your in a student housing or something like that a regular landlord will eventually catch on something is happening.   During winter I had 1k electricity bills from mining.  If you go big i'm sure it breaches some clause in renting.

on miningrigrentals too, they have top notch support

btw i'm selling a bot for renting will make your life easy

Interesting can I have a link?

I would be curious to what it does.

found it

https://bitcointalk.org/index.php?topic=984205.msg10722431#msg10722431

Do you have a solid rental contract? You might find that they will try to opt out of that contract, if you start using 50% of the electricity of the complex you are staying in....

Not just that... The noise might also be a problem for the neighbours.. So I hope you are isolated in that sense.  ;) {Standalone unit}

How big are you planning to go with this?

I suppose it is not worth to invest a Mining at the moment. Low profit or even lose.

Another idea could be to mine altcoins and sell.

For most of them you just need a good and new GPU and you also can get a small profit.

If you do not pay enough electricity changes, you only have to worry about payback of Asics you have. According to the hashrate you have falter more or less start making something Bitcoin, you can look at any of the many calculators on the network.

did you breakeven? how many month for breakeven?

As far as i know, it's better to keep the money you are going to spend in mining equipment and buy some bitcoins instead. It's better this way, considering the price is still very low.

If you are going to mine anyway, keep in mnd that summer is coming and you are gonna need some extra settings / equipment for cooling things up.

if u have free electricity or a fixed bill u can try mining with the most profitable miners. although mining is generally not profitable due to high power cost

Mining Bitcoin is, in my opinion, hard to profit in. Only when you have free electricity or a flat rate, and a very efficient miner, then it would be worth it. Otherwise, if it was me, I'd buy Bitcoins and wait until the price rises, then sell it.

Are you living in it? It would emit lots of heat and sound. It would be a problem for people near it. If your landlord sees the electricity bill, you would probably get kicked out.

Bitcoin mining?  Probably not.  You can try to mine some new altcoins, and pray that they'll rise like crazy.  Regarding bitcoin mining; not much profit there.

So getting the S6 in a few months wouldn't be worth it? I was told I can get roi in less than 3 months. And yes, I can use unlimited amount of electricity for a flat rate because I live in a student housing.

i dont know about the stud housing, but if they see one room consuming way too much electricity they will come for a check i think

With the difficulty increasing and the block size to be halved again next year, in your position, I would really think about what you're getting into and use some ROI calculators and then think how much you really want to invest. Honestly, I started mining more to improve my understanding of crypto as a whole compared to just doing it for profit. In any case, I'd recommend that you rent some miners instead of buying, and if you do, mine some altcoins and hope they go up in value. Hope this helps.

Pick up a couple used miners and start mining, it's fun!  You don't need to spend much, you could get set up with an S1+psu for like $60.

Personally I would suggest a little newer.  As old as I would go is S3.   Get onne or a pair of those and start there with "free" elctricity.

Also be aware a few machines and your landlord will know something is going on.

Even if you manage to get all the electricity for free, you have to think about setting up and then maintaining the mining equipment. So ask yourself, you are there just for the money or purely for fun or for educational purpose. If it's the latter then by all means go for it.

Setting up equipment anymore is not to hard.  Most your talking 15 minutes if that.  It's far from the day's when GPU days you had tons of time tuning in.  And maintaining I do agree you have to do some.  But compared to GPU day's it's nothing.   

I would say base it off your electricity price and make sure to do ROI math.

Nah dont do it, it needs alot of investment , which may or may not return. The competition is so big now that only big miners could come out with a profit, like those who purchase an entire stadium size area full of ASICS.

Of course you could perhaps mine altcoins with low difficulty, but thats a gamble as you dont know which one will suceeed and wich one will lose.

Mining is only worth it, if you buy it with the form of security.

Knowing that operator is taking all the risk, with hosting facility, electricity and everything else needs. And also allows a traditional form of payment like accepting credit cards, so if shit happens you know you can do a charge back.

yes it is! you just need to do it smarter cause it's much harder than before

look for:

cheap electricity
     -good hosting or good friends...
cheap miners
     -bulk buy or being at the right time on the ''buy button''
use of the heat
    -perfect for winter time! heated water from c1 or miner edge, if they come to market, for showers, washing machines, sinks, jacuzzi, swimming pools, etc)

good luck!

Has anyone actually done "heated water from c1 or miner edge, if they come to market, for showers, washing machines, sinks, jacuzzi, swimming pools, etc" Just seems like cost to set up would be expensive.   And with not being able to count on watercooled miners being made seems like you could loose some money if you set up properly on some of those ideas.

we are at the point were even with free electricity you won't roi, so no it's not profitable at least for 99% of people

the only way to make profit in mining right now is by having free electricity and already made roi on your miners, in other words, you should not invest

A think there are still some with cheap electricity and underclocking that can ROI.  The method I follow is mine with it on high, eventually look into underclock.  Mine till i feel the miner would be better off sold to someone with cheaper or "free" electricity and sell the miner.  It works for those with low electricity cost, and no VAT.  And if you have equipment such as PSU's etc from former miners you owned.

But I do agree BTC is currently so low buying is a very attractive option.   Which for some will be better off.