new to bitcoin mining

[alchemii]

So, I'm brand new to this whole bitcoin thing, and I wanted to make sure that if I'm going to start doing this I start doing it right, but I can't seem to figure out where to begin, what type of equipment to get, or how it even all works. Officially I'll probably start in July or August after saving up some money so I can ensure I can afford what I'll actually need. Any suggestions? What type of equipment, and programs, and stuff like that.

[VirosaGITS]

So, I'm brand new to this whole bitcoin thing, and I wanted to make sure that if I'm going to start doing this I start doing it right, but I can't seem to figure out where to begin, what type of equipment to get, or how it even all works. Officially I'll probably start in July or August after saving up some money so I can ensure I can afford what I'll actually need. Any suggestions? What type of equipment, and programs, and stuff like that.

All the miners are self contained nowadays, you just need a power supply and an ethernet plug. And Nothing anyone can suggest you right now will still be valid in 4 months, especially with the huge unknown of the Bitcoin halving.

But anyways the one thing you always start with is your electricity rate. Thats your upkeep cost, without it, nothing can be recommended in the first place.

The other thing is your budget. Then lesser things are space, noise tolerance and heat tolerance.

[alchemii]

How do you link those bit coins to your wallet then, if they are in a self contained system? Also would it be better to actually do bitcoin farming or do the whole cloud thing?

[tmfp]

Also would it be better to actually do bitcoin farming or do the whole cloud thing?

Or maybe neither, both are not without pitfalls.
Why not just buy some coin and get a feel for Bitcoinland first, nothing is quite what it appears...

[Legacy2005]

your wallet is a secure "program" that lives on your computer. Depending on the type of wallet you get it might have to sync with the network to download all the transactions to validate that they are indeed real. when you mine on a pool you set your btc address in that pool and the pool owner sends you your earned coins to that address. Think of it like your bank account number that people can send money (btc) to.

more bang for the buck on mining at home. unless you have crazy expensive power costs. If you want to get into it now you can buy/sell btc with $$ until you can buy a miner yourself.

Any hardware bought/talked about now will be next to useless after the halving unless nothing new comes out. if you can afford to start now an antminer s7 would be your best bang for buck. You could also pick up some usb gekko sticks to play around with if you want to dip a toe into the btc pool to experiment with.

[mwizard]

If you are aiming on making money you need electricity under about 6 cents USD per kWh or already have a need for lots of electrical heating.  

If mining made money for the average person we would all be doing it.

[VirosaGITS]

How do you link those bit coins to your wallet then, if they are in a self contained system? Also would it be better to actually do bitcoin farming or do the whole cloud thing?

No, the miners, they're plug and play. You set your payout address on the pool you decide to use. I can't really answer your question for a second time since you have disregarded my previous comment and still have not provided the needed information.

[SFR10]

In case of looking for what equipment to buy, I would say you have to look up in July instead (after the halving). New miners will surely come out with more efficient chips as opposed to now (the more efficient a miner is, the more likely you profit in the long run). There's a group here in forum that are trying to design a mining rig with new chips so in case no official company builds a new asic, you could look up to them instead. In regards to cloud mining (just forget it, it's not worth it and you'll loss money - for sure) and about mining farm (if you have large amount of money to throw it, then go ahead - assuming you pay cheap electricity though).

[kanazawa]

electricity costs... that's 90%....

mining gear is 5%...

your disposal and effort to go along th news and with the whole btc universe.

but electricity is the key, trust me.

 

[notlist3d]

electricity costs... that's 90%....

mining gear is 5%...

your disposal and effort to go along th news and with the whole btc universe.

but electricity is the key, trust me.

 

Electricity is key on price that is true.  Also though it helps to have an area where sound does not matter.  A lot get a S7 and are surprised by how loud they actually are.  Yes you can mod them... but it's nicer to have an area where it does not matter.

Also countries with VAT's it can kill ROI.  Make sure your country does not have a high import tax or VAT or you might be adding a lot of extra money you have to make to ROI.

[Amph]

electricity costs... that's 90%....

mining gear is 5%...

your disposal and effort to go along th news and with the whole btc universe.

but electricity is the key, trust me.

 

it depend your initial investments hold the same importance of the electricity especially if the hardware, in this case asic, depreciate very quickly

those that bought at thebeginnign and still are struggling for the roin, certainly can not bet to sell their asic for a good price to cover the roi quickly

[talks_cheep]

It's too late for home mining, you realize btc has been around for almost 8 years? Joing now makes you a bag-holder. Do Not Buy, btc or miners. Stay away. You can thank me later.

[VirosaGITS]

It's too late for home mining, you realize btc has been around for almost 8 years? Joing now makes you a bag-holder. Do Not Buy, btc or miners. Stay away. You can thank me later.

Considering its possible for some to get 1-2 months ROI, your generalized comment is not a very good one. It all depend on how much you pay for your electricity. If its free or near free, then its absolutely possible to make great profit with mining BTC even if one gets in now.

[alh]

It's too late for home mining, you realize btc has been around for almost 8 years? Joing now makes you a bag-holder. Do Not Buy, btc or miners. Stay away. You can thank me later.

Considering its possible for some to get 1-2 months ROI, your generalized comment is not a very good one. It all depend on how much you pay for your electricity. If its free or near free, then its absolutely possible to make great profit with mining BTC even if one gets in now.

I see these comments about very short ROI (aka Break Even) times of 2 months, and wonder what all the items are that are required to have that happen. So I went to my favorite bitcoinwisdom calculator, and started plugging in zeros for a variety of items to see about an S7.

Based on 4700 GH, zero electricity costs, no maintenance costs, delivery today, no difficulty changes, a 1% pool fee, and a price of $665 with no  shipping costs. I saw that it had paid for itself roughly in mid-June, prior to the halving. Of course if the price on your S7 held up well, perhaps you could sell it for say $300. You better sell it then because the "halving" can't be avoided or "wished away" like I did with all the other fantasy numbers. Maybe you can also assume Bitmain will sell you an S7 for $500 TODAY, which helps you make the numbers.

Given that quite rosy scenario, your return would almost certainly be higher by just buying $665 in BTC today and selling at your projected higher price in two months.

Please show me the math that produces a 60 day ROI time for somebody. Of course if in your universe, most of the above is true, you'll do quite well.

[VirosaGITS]

It's too late for home mining, you realize btc has been around for almost 8 years? Joing now makes you a bag-holder. Do Not Buy, btc or miners. Stay away. You can thank me later.

Considering its possible for some to get 1-2 months ROI, your generalized comment is not a very good one. It all depend on how much you pay for your electricity. If its free or near free, then its absolutely possible to make great profit with mining BTC even if one gets in now.

I see these comments about very short ROI (aka Break Even) times of 2 months, and wonder what all the items are that are required to have that happen. So I went to my favorite bitcoinwisdom calculator, and started plugging in zeros for a variety of items to see about an S7.

Based on 4700 GH, zero electricity costs, no maintenance costs, delivery today, no difficulty changes, a 1% pool fee, and a price of $665 with no  shipping costs. I saw that it had paid for itself roughly in mid-June, prior to the halving. Of course if the price on your S7 held up well, perhaps you could sell it for say $300. You better sell it then because the "halving" can't be avoided or "wished away" like I did with all the other fantasy numbers. Maybe you can also assume Bitmain will sell you an S7 for $500 TODAY, which helps you make the numbers.

Given that quite rosy scenario, your return would almost certainly be higher by just buying $665 in BTC today and selling at your projected higher price in two months.

Please show me the math that produces a 60 day ROI time for somebody. Of course if in your universe, most of the above is true, you'll do quite well.

Try with a 25$ Antminer S3? 100$ Antminer S5? 5$ Antminer S1. We're talking free or near free electricity here, why would you pick the S7 for your ROI math? Its not magical math. 1 or 2 Months ROI is about picking the right investment.

[alh]

Point taken on prior generation gear. You obviously need to have a high GH/$ ratio to get an ROI in the 60 days, along with EXTREMELY low cost electricity and other favorable conditions. The S7 clearly doesn't cut it.

As for that $25 S3, how many of those do you have? I am in Minnesota USA. Can you ship that one to me for .0602 BTC? Send me a PM and I'll be happy to discuss it further..... 

[hack4love]

http://www.bitcoinblockhalf.com/
Reward-Drop ETA date: 30 Jun 2016 20:44:02

The Bitcoin block mining reward halves every 210,000 blocks, the coin reward will decrease from 25 to 12.5 coins.

can any one explain to me what is this ?


and what is Bitcoin halving

and what will happen 

[alh]

Juat as is stated, the Bitcoin network protocol performs some "adjustments" every so often. The key items that I am aware of:

Every 2016 blocks, the difficulty is adjusted. This means that if 2016 blocks are solved in less than 14 days, then the difficulty will be increased. If it takes longer than 14 days, the difficulty is decreased. This is in an attempt to have the overall network solve 144 blocks every day. This self adjustment mechanism happens no matter what.

Contained within a solved block are supposed to be transaction fees, along with a block "reward". The reward is currently 25BTC and completely dwarfs the transaction fees which in total are well under 1BTC. This reward mechanism is how new Bitcoins are "minted" (or mined). When we get to block 420,000, the reward will be reduced by half to 12.5 BTC. I said block 420,000 since we already had a "halving" in 2012 where the block reward was reduced from 50 BTC to the current 25 BTC. This halving process will repeat every 210,000 blocks until all 21 million BTC are "mined". After that there will be no new Bitcoins, and the system will need to be self-sustaining on transaction fees. Based on the current solve rate, we can expect block 420,000 to roll around sometime in July. The exact date is fluid based on what hash rate is added by miners, and removed as equipment ages and becomes useless.

That is what will happen.

If buried in your question is "What will be the impact of the halving" then there is a great deal of debate, and it's not defined by anything in the BTC network protocol. The price of BTC may go up or not. This may cause some miners to discontinue their operation. All of that is the human response to the halving event.

The halving event is really quite straightforward to understand.  It's the resulting impact that is NOT.

Welcome to BTC mining!!!