Bitcoin Forum

Hi all, i am thinking of doing my thesis on the viability of mining for bitcoin in my country. I am not looking to turn a profit although it would be great if i could just want to get up and running. I am thinking of a budget of around 500 euro for hardware. Could anyone help me on my way, am i better off going second hand or buying new. Any help would be appreciated.

I suggest you to buy brand new, even it is more expensive you can assure that the rigs will not be broke in less time

Can you point me in the direction of some decent hardware please.

If this is just as a basis for a thesis and you're not looking to make a profit, there's no need for you to purchase 500 Euro worth of equipment.  Pick up a USB stick miner (look for the sidehack sticks).  That would get you mining.

I find the whole thing fascinating though so would not mind putting a bit of money into it.

Well, since you're talking in terms of Euros, I'm going to assume you've got some VAT and import duties and all that other fun stuff to consider as well when making a purchase.  With a 500 Euro budget, you're not going to find any new hardware at all.  The only real "new" gear for sale is the S7 by Bitmain - and those are currently sold out.  You could probably pick up a used S5 and power supply for that budget.

What do you think of these https://www.bitshopper.de/shop/sha-256-miner-en/usb-miner-bitcoin-en/gekkoscience-compac/?lang=en
Sidehack recommends this supplier if your based in Europe. Should i maybe start of with two

Those are the USB sticks I referred to in my previous post :)

They seems a lot more expensive here in europe, thanks for your help by they way. I have an older PC i plan to run these off. Does it matter this pc is not a high spec one.

If you're planning on using the computer's USB ports, check to see how much power is supplied to them.  I don't know the full specs of the sticks (maybe ping sidehack), but know that to get the higher levels of performance you need to be able to supply them power, which is usually through a powered USB hub.  The computer itself just needs to be able to run the mining software, which should not be a problem at all... I run cgminer on a raspberry pi.

I have yet to buy new hardware I buy everything used from Craigslist or eBay. With the purchase of over 65+ miners in 2 years I have never received a broken one. You pay a premium price to get one new and the ROI is normally twice as long.

Just my 2c

Are there any decent 2nd hand USB sticks available on eBay. If i was to get two sticks and a powered hub. Is this all i would need from a hardware side to get started. Thanks for the help everyone

The only USB stick you should be buying currently is the Sidehack GekkoScience usb stick. Goes up to 20GH/s. But you will also need y splitter since the powered hub's sockets itself can't handle the power draw.

Personally i run it mildy clocked at 225hz and i get 13ghs~

If you want some actual hashrate however i'd go with a pod or maybe a old Antminer S1 depending on your electricity costs.

The Sidehack sticks are the only sticks in existance that use a reasonably-current ASIC - they are far superior in pretty much every way to any other stick out there, and oddly enough they're actually cheaper than some folks try to sell their older outdated stuff for.

 DO pay attention to the power need though, they DO greatly exceed USB 3 (much less USB 2) specs for how much the port can supply if you run them anywhere near their maximum capabilities.

It's a little dated at this point but best guide on USB hub is here: https://bitcointalk.org/index.php?topic=253749.0

It varies greatly on how many usb sticks you can use and how much power they have.  The above guide gives you a god idea on some different hubs and power they have.

Thanks for all your help guys, I really appreciate it.

I would suggest to buy some bigger mining rigs and don't bother with the usb miners or those dual miners (bitcoin and litecoin)

Mining with these USB miners does not worth, since your budget is limited i would suggest Antminer S4 (on amazon an used costs $675.97)

What you guys think of a second hand S3 for 250 euro. Are these easier to set up than the USBs

Just search in youtube[1] first and you will find many results how to setup an Antminer S3.

Don't compare things from the setup complexity but by the hash rate and how long does it reach to get the investment back.

[1] https://www.youtube.com/results?search_query=antminer+s3+setup

Ok i will do. I will be in canada for few weeks with work in a few weeks. Would the price over there be a lot cheaper plus i will have free electricity for the few weeks i am there.

No! Bad. 250 euros is the price of a Antminer S5. Find a way to get a S3 for under 100USD. If you pay more, i understand it might be hard if you pay VAT but its not worth it. At all.

If you can get a S5 for 250euros, that would be a good pick, however.

It will seem not worth it from most countries.  But Europe gear sells at a high premium.   I don't think it's 250 premium but I could see 150 - 200.  Prices are crazy high over there compared to the regular market.

And you are right it's not worth it, but in a market miners are harder to get people seem to pay more.  Even if ROI math does not support it. 

And apparently Europe has a lot of of places where the electricity cost is very expensive, so even if he could get a S3 for under 80 EURO, it might not be profitable to run unless he somehow has "free" electricity.

The S5's are probably okay right now with the BTC price being good for the time being, but i'm not sure buying one for 600USD is a smart move.

This is for research for my thesis so turning a profit is not of huge importance to me although it would be nice.

Most likely you will take a loss in Europe electricity prices seem very high normally.   So I would not count on a profit.


It's a good place to try it out compared to Europe.  But you won't make profit in a matter of weeks most likely.  Normally they are priced high enough were talking monts, not weeks to hit any profit.

For hardware prices though Canada would be much better

There is still a vat in Canada although it's smaller then most of Europe.  Are you planning on flying from Canada with the mine back home?

I would guess they ask about bringing items of value so they can tax on flight back.   But I know some might not be honest.   Just seems like a lot to get a miner.   

You could leave it in Canada.  There is at least one data center there.  Likely more then I know.

I have to go training over there for 3 weeks. I could stick it in my checked bags, they never check them. The prices are nearly half what they are over here. I was thinking about going for an s3 and then maybe add another in a month or two.

mmh, all this mess just for 3 weeks with a mere s3? seems a waste of time and effort

bear in mind that an s3 can do only $10 per week without electricity, i'm with the idea, that if you don't go a little big in mining nowaday, you will only going to collect crumbs

The tax you pay on border is really not comparable and it only apply to certain things at certain value. It does not apply to personal belongings, and a S3 is far from a high value item. You can carry an expensive laptop no problems.

And that S3, just ship it to me from inside Canada when you're leaving, i'll buy it. :P

I think you guys are getting me wrong. I am going to Canada with work anyway but i plan to bring the S3 home with me to Ireland and continue mining here. I just think it will be a lot cheaper to buy them over there and bring them home with me.

Ah my bad, i was under the impression the electricity cost over there was prohibitive. If you come back with new belongings you will have to pay to import them to your home. What is the price for them in Ireland? I find the S3 here pretty overpriced for their returns.

So i can an S3 for about 175 euro in canada or an S5 for 560 euro. Since i am starting would i be better off getting two s3's. What you guys think.

Last s5's that sold where retailing brand new for $404 USD.  $175 euro for an s3 is pretty damn high given they are selling for between $85-$110 on ebay typically.


imho you should go for the s3 and stick to only one as neither unit is likely to earn what you pay for it (barring some meteoric rise in BTC price that isn't driven by some Russian Ponzi operator) so better off only losing 1/2 as much.

*Just my 2 satoshis ;)

You can buy S5 from me cheaper. Shipping inside EU
https://bitcointalk.org/index.php?topic=858962.0

Based on my experience second-hand works just as well as brand new rigs. And you'll save the troubles of preordering and waiting 6 months for your rigs to arrive if you're planning to preorder.

They are a whole lot cheaper too, you just have to find the right reputable seller.

It does seem like an issue if you are outside the states to find cheap second hand stuff, on the plus point i have talked to my employer and he has agreed for my rig to run in my workplace as its for research for my thesis. Hopefully i might get a few euro off them too.

A S3 under 100 usd is quite hard to find tbh. I search and asked at several places.

I agree 100USD is too much, but it is the market which determines the price.

Also consider the 100 price was with BTC around 230.   With it going up to around 330's it is bound to go up with it.  Just the way the system works.  Miners are worth more when BTC has a higher value. 

So at this point it is much harder to get 100 dollar S3, but at 230 you could easily find it some with shipping even.