I've been following bit currency for a while and always thought about it (and then the price skyrocketed and I kicked myself).

Now with a little extra cash laying around I'd like to give it a go and dive into the deep end possibly and build a mining rig, but not really sure what to look for. I've read a few articles but some of them seem older or just plain contradictive of eachother.

So bitcoins or dogecoins are what I'm after to mine, and I'd be willing to put £700 into a machine, but I'd really like to read up and obviously be informed before I do so, so if anyone could point me to some good articles, give me some tips or explain a few things to me, that'd be great.

Such as, how do I calculate the total power being used by a machine and thus the estimated profit?

Thanks in advance.