Bitcoin Forum

Hi there,

I'm newbie and I want to learn about bitcoin mining and I want to earn bitoin.
I want something stable way to make money. I have ability to invest $500 and I want to earn $5-10 a day,
Is that really possible?

Thanks In Advance.

$500 isn't a lot, but it might buy you a second hand antminer S7, with PSU and shipping (probably not the customs charges)... If you're lucky.

How much profit you'll make with a second hand S7 depends on your electricity rate tough.

If you have free electricity:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4860&p=1210&pc=0.0&pf=1&d=336899932795.80800000&r=12.50000000&er=898.46000000&hc=500

At current diff, BTC price and block reward, you'll make about $100/month... The diff does rise tough, the block reward will halve in a couple of years and the price fluctuates. So you'll probably end up making less and less each ~two weeks (after the diff adjustment, 2016 blocks to be precise)

Now, if you'd pay 5 cent/Kwu for your electricity (which is considered to be really, really, really, cheap):
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4860.00&p=1210.00&pc=0.05&pf=1.00&d=336899932795.80800000&r=12.50000000&er=898.46000000&hc=500.00
Your profit went down to ~$50/month with the current parameters, and it'll probably drop over time.

At 20 cents/kwu (a bitter reality in a lot of european countries):
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4860.00&p=1210.00&pc=0.20&pf=1.00&d=336899932795.80800000&r=12.50000000&er=898.46000000&hc=500.00
You'll lose about $80 each month you'll leave the S7 running... You'll lose even more as time passes.

In short: a bitcoin miner is not a magic money printing machine... In order to make money, you'll need:
A) sufficient technical knowledge to set everything up, and keep it running smoothly
B) a really, really, really low power rate... Preferably under 5 cents/kwu, altough higher rates might still leave room for profit
C) really good negotiating skills in order to get your ASICs at the best price possible
D) a cooled room with good electrical wiring and shelves away from your house (noise and fire hazard)
E) luck (both in finding blocks and not having faulty miners)
F) time to calculate and make risk analysis... Is it best to buy new ASICs, or do you want second hand ones... Are your power breakers/cables sufficient... How much heat will be produced,...
G) some starting capital

Honestly? Buy $500 worth of bitcoin. Look at the history of it's price over the past month, 6 months, year, and lifetime. With only $500 I'd argue that's your best bet at making money. Buy and hold, especially if you believe in bitcoin/blockchain.

Like said above, buy Bitcoins.
The price will definetely rise. Just sell at 10% more you bought them for, this will make you $50.
So you will have $550.
After this just continue, buy at $700-800.

I am looking for bitcoins too, but I am not stupid enough to buy miners, (and yes, you are all FOOLS for trying to mine at home, the times of easy profits was gone 3 years ago)  and I don't want the mental stress of hoping I bought low and waiting to sell high.

I fix computers.  And whenever I get a PC in, I always check it for a bitcoin wallet.  I know where the BTC files are stored in Windows.  If I ever find one, and it is not password protected, I will STEAL the bitcoins and play dumb afterwards.  They will be transferred to my wallet, to an exchange, and sold for cash before the computer is even delivered.  Let them bitch all they want.

But this plan is extremely unlikely to work, as few people who are knowledgeable enough to have bitcoins will need me to fix their PC.

You do realize its comments like this of you trying to commit theft why you got red feedback in the first place.

Stealing customer data is no different from stealing a phyiscal part from a computer like a hard drive, you can still get caught, charged, and go to prison.

If you're really new to mining I'd suggest picking up a cloud mining contract before fulling investing in hardware. They're on average 1$/GH more expensive but once you take into account electricity prices and such it's pretty much negligible. The current mining scene isn't what it used to be, not everyone can pick up hardware and expect money to start trickling in. It's way harder to break even now.

mining bitcoin for now is really hard especially with bitcoin diff that will increase from time to time and with s7, i don't think that you can make $5-$10 per day but unless you can calculate your electricity fee that you would pay for monthly. i don't know how exactly you can make with s7. but i will suggest to mining altcoin because you can have a chance to get profit.

That's wild. Sincerely hope you get caught doing that.

As for the $500, you can consider some day trading. Watch the pattern of the price throughout the day, and try using a small amount to practice some short term trading. Prices fluctuate a lot in a single day, which gives you the opportunity to take advantage of that, but also comes with its risks.

About 99% of the cloudmining companys turn out to be ponzis or plain scams. For the few real ones, it seems pretty difficult for their investors to make a profi.

With mining is hard to make $5-10 at day, you have to consider costs that you sustain daily for power consumption and maintenance of mining rigs.
If you also consider that you have to invest $500 to buy mining equipment, if you gain $5 per day you need 50 day just to RoI from buying equipment.
I think is hard that you can make that amount of money daily with mining

Not that I would need or want you to fix any computer related hardware I own - as you're probably a semi-skilled script kiddie - but if you were to STEAL any of my data, you would find yourself with a dozen or so 7.62mm holes in your shirt.

And yes, I'm "stupid enough" to mine BTC's at home. I'm pulling in roughly $40 a day in BTC with approximately $15 a day going to pay for my power. The rest is profit.

True but that's the same for hardware mining nowadays as well unless you have 10k to throw around. The fake cloud mining stuff has died a bit now that the general community is more savvy than ever. Not trying to advertise but I had a few contracts with Genesis and they're still holding up to the deal, took 6-7 months to break even and pulling in ~$22 a day but if OP's only going to throw $500 on an S7 for example then he'd be expecting similar rates. But then again I broke even faster cause of halving and the spike to $1000. Always good to looks two ways at the market before making these investments

earning 1/100 of the investment per day mean that your roi is 3 months, and currently it's not possible, the best you can do is 6 months if you have very low electricity, under 5 cent

otherwise you can do the trick to mine for 3 months and sell it back for 80% of its price, you should roi faster and get some profit, everything else is out of question

This is infact a really bold idea to mine for 3 months so that you get the experience of mining and then selling off your hardware so that you ROI is achieved in a really fast time ;D .Bitcoin mining is not profitable at the moment with $500 capital,large mining rigs are running like corporates and they have invested millions into it and with the difficulty increasing day by day it is not at all feasable to mine with a single miner at home.

I wouldn't worry about it, it's not going to happen.  It's very unlikely at best.  It'd be like finding a winning lottery ticket on the sidewalk.  But if the day ever comes when I am copying the user files to save them, and I look in the AppData folders and see a BITCOIN folder there..... Game on.  I'll take my chances.

I don't come here much anymore, I don't care about the red ratings.  :D