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Thanks for the link. I've read the first several pages, it says tera and services are scam sites. I don't believe it list trust wothy sites on the first page? |
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Hey,
I've been considering investing some money into clopud mining. Which companies are most trust worthy? As some look super dodgy. Obviously there is the company called Genesis, but I think they are too expensive and they only sell 10,000 GH/S (I think).
What about TeraBox, or Bitcoin Mining Services (I heard the latter is a scam company).
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When do you think the S8's will be released? What are the next gen miners? SP50s and S8's?
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His design might be open to copies. But so does every major company, like Apple for instance. I'm sure the hypothetical inventer would make more money selling units than mining with his invention.
If you see no point in this discussion then don't discuss on it!
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Surely, if they could make a breakthrough and come up with an invention, they would become over night millionaires, just from the home miners market. As the big companies are dominating, it's made the target sales from home miners grow. If it was profitable, home miners would be ripping the hands off the inventer!
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I literally can only think the only way of breaking even and making profit in a year is to get a business grant, which is non re-payable for a business start up, using that to buy second hand S1's or S5's on Ebay and then installing solar panels for summer and wind turbines for Winter. That's ASSUMING you get full electricity provided by the renewable energy devices and assuming you are not renting the land/property to do it. You would then make approximately 20% profit. hahahahaha. I would consider it, but my dad won't let me put the solar panels on his roof!  what a chode!!!!!! |
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Is it compatible with Raspberyy Pi? I saw a Bitfury red fury being used with one, hence me asking.
Thanks.
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So each stick runs are 8GH/s, but can be overclocked to 23 Gh/s?
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For the time being, Ethereum is the best coin to mine, even profitable at electricity of $0.2/kWh. But the price might drop and make it unprofitable.
He seems to don't have any current hardware, and with the end of the mining around this summer (at the same moment as the halving, by the way), I wouldn't recommend him to buy some GPUs just to mine Ethereum, since the hashrate is also increasing. I couldn't have picked a worse time to enter mining! :/ I only came across bitcoin on a youtube vid last week! I can't believe people have been earning money especially during that peak in 2014! I mean, I've been looking at other investments too, like airport car parking, that looks cool. There's loads out there. I've been doing the math with Bitcoin mining, and with the half reward, it doesn't seem to be profitable. Even if I invested 200,000 pounds, it would still take 2 years to break even and by then the hardware would be obsolete. So I wonder how people will even make money from Bitcoin mining after July, unless they upgrade to SP50's, find super cheap electrcity or perhaps less bitcoin will be worth more one day... With the exception of the early years, mining has always been like that. In fact, even in the early years it was like that as well as bitcoin was only worth a few cents. The people who made money just happened to be in the right place at the right time (they had a lot of BTC early when it shot up), because even when bitcoin started to creep up in value, so did the miners. But for the past few years, mining is always chasing the tail end of the race. Big companies develop new hardware, mine with them a few months, then once they made profit, sell it off to consumers as the latest and greatest. Antminer S8's are probably pumping away right now in private, and in a month or two will be announced as new and sold off to the public once the S9's are working in private. Rinse, repeat, but in the end the small miner ends up getting the shaft as they barely eek out the cost of their investment. Sure, low electricity can help, but even there it is only minimal. Larger gains could have been made by simply buying BTC last August at or slightly under $200. A $4,000 investment (@ $200/BTC) would have netted 20 BTC. Now 6 months later you would have doubled your money ($8,000). I don't think a $4,000 investment in the S7's back in August September would have made the same returns. That was extremely helpful. Thank you! I calculated that even if you did solar power FREE energy, with solar panel costs covered by business startup grants, you would still only make 1k profit per year! because the miners are so expensive. I may possibly buy a modest amount of bitcoin and then cash in if there is a doubling in the rate, great idea It makes me wonder what else I can invest in the stock exchange.  |
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If you're producing your power you'll do just fine.
You're going to have to live near a waterfall.
Aahahah that would be awesome! I have heard of solar panel mines though, which I thought was quite interesting. An electrical engineer did one on Youtube. I suppose the nearest country to me with a lot of sunshine is probably Spain. But I think big loses would be had during winter. |
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Do you need degree level electronic engineering knowledge to build your own miner?
Also, I would be interested in investing, if there is profit to be made. I've been considering investing £10,000 into a mining farm, but this might seem a better idea.
Thanks
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Hey guys,
So for example:
Initial investment £206,400 = 300 x S7 miners = 1419 TH/S = £19918 per month (pm)
£19918 pm - £12214 (bills/rent/broadband pm) = £7704 pm.
SO WITH A £206,400 INVESTMENT, IT STILL TAKES 2.3 YEARS TO GET ROI.
During the 2 years your hardware becomes out of date and you've only broke even, with no profit, then you have to buy new hardware. SO WHAT IS THE POINT? Am I missing something? Perhaps it's only worth it if you invest millions?
You can shorten a period of using miners to 1 Year. Then you can try to sell your Miners to improve your figures. It`s not easy, but can be achieved. The problem could be a number of Miners right. I think I am going to wait for new miners using the 16 nm chips and then invest. I wonder if someone with an electronic enegineering background could build their own miner using the chips! |
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I am quite new to this, but I was considering starting a bitcoin mining farm. I was considering investing 16k
dude, if you are interested about bitcoin and new to all this, buy them directly from some reputable exchange. mining is not for guys like you anymore, unless you are not in China and you don't know ASIC manufacturers. if you really want to mine, buy raspberry pi as controller and some cheap old ASIC and play with it but my honest advice: don't buy any mining gear for thousands of dollars.. 95 percent I'm guessing of these threads don't ever lead to a investment. It's like "Here I might spend X amount go do my research". It does seem he realizes it's hard from other posts.... but now he's going even bigger in calculation. Hey guys,
So for example:
Initial investment £206,400 = 300 x S7 miners = 1419 TH/S = £19918 per month (pm)
£19918 pm - £12214 (bills/rent/broadband pm) = £7704 pm.
SO WITH A £206,400 INVESTMENT, IT STILL TAKES 2.3 YEARS TO GET ROI.
During the 2 years your hardware becomes out of date and you've only broke even, with no profit, then you have to buy new hardware. SO WHAT IS THE POINT? Am I missing something? Perhaps it's only worth it if you invest millions?
So I predict we can leave this thread alone as I don't think OP will invest. I hate that I can only reply every 30 minutes or something! Anyway, you know nothing Jon Snow! (joking). Yes, it seems small miners to be not profitable. I am still going to draw up a business plan and see if I can get any banks interested though for a large mine. But yeh, I don't think I will invest really. |
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with that amount of hash i would have tried to go weith solo, because in the past it was like doing 20 btc daily with the old diff
even now it is 1/5 of a block, so it should be quite easy to find a block, anyway you cna sell your asic if they are not profitable anymore, this is a common strategy to reach roi faster
you mine only for half the roi time and then sell, you should have break even plus some profit
Hey, That's a good point. How does solo mining work? Does the difficulty increase? The probability of solving a block are slim? Thanks |
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I am quite new to this, but I was considering starting a bitcoin mining farm. I was considering investing 16k
dude, if you are interested about bitcoin and new to all this, buy them directly from some reputable exchange. mining is not for guys like you anymore, unless you are not in China and you don't know ASIC manufacturers. if you really want to mine, buy raspberry pi as controller and some cheap old ASIC and play with it but my honest advice: don't buy any mining gear for thousands of dollars.. Yeh, that's quite true. As I said before, I need to research it more. |
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Perhaps a second hand SP50!?
Have to find a NEW SP50 around somewhere first - so far as anyone knows outside of Spondoolies themselves or possibly someone under NDA, they seem to not be in existance or production yet. There has been NO announcement on price on the things anywhere public that I'm aware of (I've looked), just quite a bit of speculative guessing. While 7 cents/KWH (US) is fairly cheap, it's not VERY cheap or even close. 5.54 is getting close to the VERY cheap range, but definitly is not VERY VERY cheap 3 cent/KWH or less like most of the major farms seem to have access to - and if you expect to be profitable for the long term you've got to get at least fairly close to their ballpark. Yes, you are right, the SP50 are only available to large well funded projects (just confirmed with the website). Perhaps by September there might be one second hand, but as you say there is no price available, and the official sales team wouldn't give me one either haha! So I guess I am stuck with the S7's for now, unless a new miner comes out by September. Also, I have no idea why the S7 with power supply are being sold for so much by other companies? In UK average price is around 1500-1800 pounds per S7 unit with power supply. BUT, if I ordered from the official Bitmain website, it would only cost $986.34/655.92 pounds (batch 9) and even with VAT and duty import charges that is still only around 200 pounds extra (855.92 pounds) and they only charge 52 dollars for shipping! With the pound to dollar conversion, I would be saving a lot of money. THAT IS LIKE 644.08 POUNDS CHEAPER! People on ebay are literally outbidding each other well into the 1000 + pounds area. Lol, people really over estimate the prices from the official company. Although for some reason the batch 9 is cheaper than the batch 3. Looks like India would be cheapest electrcity! I'm going to email energy companies there for quotes and research just how unstable the supply is and in general how corrupt it is. I'm not even sure I would count of SP50 at this point. Bitfury beat them to the chip dev it seems. So SP team has a chip that uses twice as much as bitfury.... and they have not shown a single chip that I know of. So they might have lost the war before SP50 comes out, unless they can beat bitfury's price by a lot. And keep in mind they went head to head with bitmain during sp20 and S5 day's. They reported loss twords end of it. So I don't see them trying to go head to head with another company's price again. Oh my god. Bitfury is the one where they utilize water cooling by submerging the "containerized data center"? I saw an article about a Bitcoin mine in China using water cooling and the miners were submerged completely under water! You got any idea how much they costs? Their specs? |
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For the time being, Ethereum is the best coin to mine, even profitable at electricity of $0.2/kWh. But the price might drop and make it unprofitable.
He seems to don't have any current hardware, and with the end of the mining around this summer (at the same moment as the halving, by the way), I wouldn't recommend him to buy some GPUs just to mine Ethereum, since the hashrate is also increasing. I couldn't have picked a worse time to enter mining! :/ I only came across bitcoin on a youtube vid last week! I can't believe people have been earning money especially during that peak in 2014! I mean, I've been looking at other investments too, like airport car parking, that looks cool. There's loads out there. I've been doing the math with Bitcoin mining, and with the half reward, it doesn't seem to be profitable. Even if I invested 200,000 pounds, it would still take 2 years to break even and by then the hardware would be obsolete. So I wonder how people will even make money from Bitcoin mining after July, unless they upgrade to SP50's, find super cheap electrcity or perhaps less bitcoin will be worth more one day... |
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Hey guys,
So for example:
Initial investment £206,400 = 300 x S7 miners = 1419 TH/S = £19918 per month (pm)
£19918 pm - £12214 (bills/rent/broadband pm) = £7704 pm.
SO WITH A £206,400 INVESTMENT, IT STILL TAKES 2.3 YEARS TO GET ROI.
During the 2 years your hardware becomes out of date and you've only broke even, with no profit, then you have to buy new hardware. SO WHAT IS THE POINT? Am I missing something? Perhaps it's only worth it if you invest millions?
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Hi everyone,
I was hoping to mine Bitcoin, but with the reward halving and the difficulty increasing, I am not sure it is worth it.
Could anyone recommend a second best digital currency to mine? Would an Antminer S7 work for it? If not, could you recommend what hard ware is best?
Thanks
V.
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