Bitcoin Forum

Hello,I'm planning to start bitcoin mining in the summer.What do I need to buy,know and do to get started.And what would make me the most money.

What state or country are you mining from? (gives us a idea of weather).   

Also what is your electricity price? (determines new or used gear)

You need some of https://bitcointalk.org/index.php?topic=902305.0 also read https://bitcointalk.org/index.php?topic=671189.0
And big patience.

isn't better to wait autumn? which could bring some surprises in terms of new devices and you can exploit the heat to heat your house/room

i don't think is a good idea to start at the doors of summer

Oh good... another "I want to print magic internet money and get rich!" thread.  OP, assuming you're even still around, you might want to take a look around the forums a bit and read a few threads to find out whether or not you should even consider getting into mining.  Just coming on and asking for everyone to provide you the answers on how to get rich mining is not going to work.

here we go again:) please forget about it, buy some bitcoin and store it, there are no moeny printing machines anymore, you are couple of years late. and btw as some smart guy said here:

"unless you've got efficient hardware and dirt cheap electricity don't bother mining unless it's a hobby, you're better off just buying bitcoin"

Im mining from california,and im not sure but Id prefer new gear

California depending on location can have big electricity pricing.   Before dropping money on gear what is your electricity price?   If you are really not sure you should not enter this game.

You can find the rate on your bill, or website of your electric company can give an idea.  Best is bill though as you can see stuff added on.

What size of the investment we talk about here? Home mining? Large scale mining?

Before any of this we still need to know electricity price, which he didn't know if i understood.

I gave tips to find out.  But you have to know electricity before really moving forward unless hosting somewhere.

Check your electricity price, if it's too high give up or find a way to produce your own electricity (which would be maybe too expensive invest).
I already thought in starting BTC mining, but my electricity price is too high for it :(

if you can find a way to produce electricity than it would be better to sell it instead of mining, you would earn more, especially if you sell it abroad

Or you might be better off buying cheap electricity and following it.   The big companies are able to follow the cheap electricity.

Think of the overhead of most electricity plants that produce in big quantity.  Your talking about entering a entire different business.  Where are you getting this data from?

i know some people(in my local section) that produce energy directly and they were looking for mining, but they also said that it would be better to sell their power instead of using it, profit is guaranteed and it would come  much faster in comparison with mining

Interesting how are they "producing" it?  Wind, solar, etc?   

Is it in a high electricity rate area?   Sounds like a neat way to make money

start sooner vs. later, difficulty tends to keep going up , also the block award will decrease to 12.5 will be here before you know it...

We still have a while before the halving.   I would say there is at least one more generation of miner's before halving.

Once we are less then a year I will think different.  But still have over a year.

The halving should prove to be quite interesting.  When it went from 50 to 25, there wasn't a whole lot of fanfare... of course, in 2012 there weren't as many players in the market.

Halving no doubt will be huge in btc mining.  I'm not saying it's not going to change things.

A rough estimate is  Reward-Drop ETA: 2016-07-29 05:38:54 UTC (63 weeks, 5 days, 16 hours) .  So a year and two months.   I think most when looking shoot for under a year for sure.   

If you were planning on over a year to ROI yes I guess it could effect you, but I hope most are under this.

Well a nice test of what s going to happen will be LTC block halving. I do not expect much to tell u the truth.

Scrypt has become such a different game.  I don't think it will do much for us sadly.

At one time Scrypt was doing great and I thought it was going to do great.  Today I see BTC as in another league.  Scrypt just lost a lot of money over all I think.  And there is no one even releasing new miners for it, it's profit is so low.  I mean bitmain canceled the L1 i think it was, as profit was expected small or none.

Well, I expected things to change when FTC changed algo and I expected the same when VTC did so. Nothing happened with the price. I do not think anything major ll happen with LTC block halving or BTC block halving.

I could agree with that.  I don't think btc halving will do much overnight.  The hope is beforehand price goes up and up to compensate.  But it's sure unknown what will happen.

Biggest thing is it will be the day a lot of miners are unplugged.  And next day a lot of miners on for sale sites.

My rate is 20 cents per 129 kWh

I am sorry to say it but 20 cent's is to high.  It means no profit at all for you.  I was afraid of that when you said California.

You might look into hosting centers.  But as far as being at your house it would be for fun you would lose a lot of your investment.

Then what uses up the lowest amount of electricity but will still generate a moderate amount of bitcoin

Your looking at S5, SP20, and Avalon 4.1.  But at 20 cents you will lose money with any of them best miners around or not.

Electricity sadly makes or breaks home mining.  Again there are other options such as hosting, or buying a miner already being hosted.

Then what can I do to reduce my electricity cost,here is what it says

Average cost per kilowatt hour

   Tier 1   Tier 2   Tier 3   Tier 4
$0.10   |$0.13   |$0.20 |$0.20
319      | 96      |129    |
kWh       kWh      kWh
You are currently at tier 3

I cant tell what chart is.  Is this saying first is tier 1, then you move on to 2, etc.   Is that what it's saying the more you use the higher KWH it gets?

It also says this
Understanding Your Bill…
Your usage for this billing period falls in the third tier.Energy usage is based upon a tiered structure.For most customers, the price you pay per kilowatt hour increases as you use more energy.The average cost per kilowatt hour(kWh) figures in the chart to the left are based on averages.Actual prices may vary.

Ok dang that means that you have a tough road.  You would have to decrease usage.  Which if you do a miner it will increase it especially if were talking about the new gear you want.

I think you mining at your house will not happen.  If you have family with cheaper price or something you might be able to do that.  I would say 10 cent and under.  The more under the better.

Or most likely option will be hosting center.  I strongly suggest do ROI math, and you will see 20 cent just crushes your investment and makes a loss.

Then where would be the best place to cloud mine and how much will I make off of it

Well there are two big different options for you.  One option is cloud mining.  Just be very very careful with what company you go with research it a lot before spending money.  Sadly a lot of cloud companies have ran off with money.

Other option is hosting.  There are all kinds of different hosting options.  You pick a company and send your miner to them.  Tell them the details and they set it up with them.  This option you can pick any miner and send it to them.  Again research.

Third option which is a variant is buying hardware that is already set up in a data center, and you buy it from them and pay fees.  Not many sellers offer this.  Most popular in this would be Mr. Lee - https://bitcointalk.org/index.php?topic=934581.0

There is no need to rush into it.  Honestly I would think about it a few days do lots of math of ROI and see which option is best for you.

Alright and one last thing,lets say I'm able to get my electricity to 0.10 cents.What would be the best miner to get?

My 3 in current gen I suggest are Bitmain S5, SP20, Avalon 4.1.   There are pros and cons with each.  Noise, price, heat etc.   Read and see which one fits you best. 

If price is main thing most tend to go with S5.   

what you need to know is that theres a on-going cost like electricity, so regardless of the value drops or not.

you have to make up for it some way in profit to continue your operation. I`d point also that most people actually are doing cloud mining despite a lot of peoples accusations on it with being a ponzi form.

since most are left with little options.

My summer electricity is around 18 cents per kwh.   Is there a chance I can still mine?

Or is it a loss?

Anything this high I would look for a hosting center.  You can buy a miner send it to a hosting center, and host for around half of what you would pay (including cooling for summer).

So I would look into hosting centers.   You can do some ROI math but 18 cents kills profit.