Bitcoin Forum

I want to invest in mining, And I want your advice :

1- Would I buy this product or not :

http://www.ebay.com/itm/Bitcoin-Miner-7-TH-s-Two-KNC-Neptunes-2-EVGA-1200W-Platnum-Powersupply/171716807963?_trksid=p2047675.c100011.m1850&_trkparms=aid%3D222007%26algo%3DSIC.MBE%26ao%3D1%26asc%3D28773%26meid%3D0124c1fb3e9f4e9dba373b4fc9a34002%26pid%3D100011%26rk%3D1%26rkt%3D2%26sd%3D121590909668

And if the answer is no, How would you advise me about other products.


2- Or invested in mining Cloud.(And any companies advise me , and why)

Thank you  :)

Where it is right now ain't too bad a price, but with 3 days left on the auction it's likely to get much higher. The two PSUs definitely helps the price, as those are nice units.

However, I cannot in good conscience advise anyone to buy a KNC Neptune on account of the poor power design. Nobody should be asked to run hardware taking in 33A from a single PCIe 6-pin, and there's a reason they catch on fire relatively often.
If you want to look for hardware that's probably reasonably priced and also not designed to kill you in your sleep, check the sales forum (https://bitcointalk.org/index.php?board=75.0)

Someone else will have to tackle the cloudmining question. The going assumption is, they're all scams and you're just wasting your time. But there are probably a small few actually reliable cloud mining outfits somewhere that someone can direct you to.

Thank you very much
 :)

KNC is not the most loved company.

I would suggest S5 or SP20 on ebay if thats where your buying.  Depending on electricity price older equipment also makes sense.   It is very much individual costs that are different for each home miner.

3. Take whatever fiat you are thinking of spending on mining, and just buy BTC directly (eg: via Coinbase)

+1

You should check how mining work first. Investing in a big device like that for the first miner is a really bad idea.
Over that, KNC seems to have a lot of problem with fire.

I will suggest , S5 from bitmain, SP20 from spondoolie or Avalon 4.1 from Ehash.com

These are better watt/gh miner and you will earn more with them.

Also, you should maybe wait since the ext gen should arrive soon (hope so)

You could also look for a SP31 or SP35 from spondoolie if you have 240V

Cheer

Valkir

Thank you all for your attention  :)
About Cloud Mining, What are the best reliable companies ?

I think you'll learn a lot mining. But as others mentioned, do your homework. Profitable mining has moved to an industrial scale and you may lose money mining at home. Here is what a mine looks like these days:

http://cdn.static-economist.com/sites/default/files/images/print-edition/20150110_WBP001_0.jpg

http://www.aliexpress.com/item/Spot-goods-AntMiner-S5-1155-GH-s-Asic-Miner-Bitcon-Miner-28nm-BTC-Mining-Power-Consumption/32300222822.html (http://www.aliexpress.com/item/Spot-goods-AntMiner-S5-1155-GH-s-Asic-Miner-Bitcon-Miner-28nm-BTC-Mining-Power-Consumption/32300222822.html)

Would you like to buy any used S5s?..  :D

There's a reason why no one is answering your question here. This sub forum is for mining hardware. Cloudmining discussions shoul be directed to mining>services.

But yeah, don't waste your time with cloudmining. Most of them are Ponzis or outright scams.

This is the best advice.

Giving less adventure and pleasure. )

Just buy Bitcoins at the moment, no need to mine at the moment.  Doesn't make sense to lose money with no hope of recovering your investment.

And if you're going to mine anyways, make sure you read this about cloud mining:

https://bitcointalk.org/index.php?topic=878387.0

Basically, there's no cloud mining worth entering, as 99% of them are all scams or ponzi schemes.

The answer to number 1 is no they burn.

The answer to number 2 is never do cloud mining.

Further info.  for number 2

https://bitcointalk.org/index.php?topic=934581.0

this is a hosting service He has run a good operation for more then 1 year.  You can pay with paypal and have 45 days of paypal protection.

As for in home mining What is your power cost?  if you are not at 10 cents a kwatt  making money is difficult.

Also where do you live if in the USA just the state.
If in a different country thats cool but each country has a lot of different rules.

 If you are a  real poster  and new to mining.

 I recommend a small piece of gear. I also say buy a coin.

If in the USA I recommend joining coinbase.com to buy and sell coins

https://www.coinbase.com/join/philipma1957  this is my referral link


but you do not have to use my link just go to

 https://www.coinbase.com    and join.  that is  link free  coinbase is the major usa coin exchange they have major wall street money


 

I would recommend you consider an Antminer S5 from Bitmain as it is the most efficient miner on the market right now. Alternative if your power cost is over 10 cents per KWH would be to purchase hosted S5 hashing on Hashnest.

Bitcoin News Magazine (https://bitcoinnewsmagazine.com/)

That eBay link included PSUs, which is nice.  However, don't forget that these other recommendations - the S5, SP20, S3, S1, etc - all require external PSUs to power them, so you'll need to factor that into your acquisition costs.

There are a couple of cloud mining services that are actually backed by real hardware: HashNest(Umisoo) by Bitmain and Genesis Mining by Spondoolies are two examples.  There are a boatload of fly-by-night operations that are just as likely to run off with your coins as they are to pay you.

Either S5 or go SP way with SP20 or SP30,SP31,etc.    These are all pretty much the best on market.

There is a avalon product but I have not used it myself.

My advice: just buy bitcoins, every ASIC is useless once a new generation chip comes out. ROI is very hard to reach.

It all depends on your electricity price.  WIth low electricity ROI can be done.  And at end you have a miner you can sell to someone with lower or "free" electricity, providing a additional return.

Yeah but only if

1) your miner has a decent value
2) it won't burn before you sell it

Also, free electricity is almost impossible to find :\

What miners have you had that "burned" before you sold them?

If your electricity is free, then go for it, though you'll probably only get a few pennies a day