Should I start mining?

[LittleBigDrone]

Hello I'm around 20 years old.
I've been using bitcoin for a while and I would say that I know quite a lot about how the transaction process work and about how the BTC overall works. But in any way do I have any experience about mining bitcoins, or have any deep knowledge about pools, hardware and software needed. I would just say I just have some more knowledge than the overall bitcoin user, nothing more. (For example I don't know why is the mining difficulty increasing with each day but I do know perfectly how the blockchain process works).

I'm sure this question has been asked plenty of times with plenty of situations so I hope someone can tell me if the investment would be worth it for me or not.

I currently have some money that I don't wanna just store. I would like to invest around 50-80k in hardware and software. And I would have free energy/only mine on free energy time and have a lot of space to store a lot of miner hardware.

I'm currently studying programming myself which means I could easily follow any kind of tutorial and setup anything by myself or with little help. Would have to learn a lot about software/pool/group mining though.

I've used simulators to estimate how much money I would make of it but I don't really know if the miner hardware often breaks, or if there's often problems with the mining process, or even if it's a progressive process or you just randomly "generate BTC" sometimes and sometimes not.

So I'm asking, would it be worth investing this money in BTC mining with this conditions? Would it be more worth investing in mining some alts like ethereum (please dont move my thread to altcoins discussion xd)? How long do "miners" last? Do they break? What's an estimate of what I could make?

Thanks for the answers beforehand.

[HagssFIN]

There is a lot of threads here at the forum about different subjects and calculators are also available online to make it possible for you to come with some kind of ROI estimate. There is so many options and variables, so you must do the research yourself and come up with some kind of plan.

If you want to mine Bitcoin and you have no problem with the power cost, I would suggest using AvalonMiner 721 or AvalonMiner 741 (they are both same generation miners with different amount of chips), since AvalonMiners have been more reliable in a long run than Bitmain's Antminer S9 or R4s in the latest miner generations.
AvalonMiners are made by Canaan Creative. www.canaan.io

[leowonderful]

You'll need to see how much noise you'd be okay with in your home or wherever you plan on mining since all miners these days are loud, loud, loud!!! The only real exception for this is the R4 which has issues with board and chip stability and overall build quality but lower noise; like Hagss just said, the A7 series is your best bet for a reliable miner long term.

[LittleBigDrone]

You'll need to see how much noise you'd be okay with in your home or wherever you plan on mining since all miners these days are loud, loud, loud!!! The only real exception for this is the R4 which has issues with board and chip stability and overall build quality but lower noise; like Hagss just said, the A7 series is your best bet for a reliable miner long term.

How loud can it get? nobody would be sleeping in the place anyway.

Anyway even with free energy this site https://tradeblock.com/bitcoin/mining/ just shows how fast the difficulty increases and your monthly earnings decrease fast aswell. Would you have to keep reinvesting in new hardware constantly?

[puremage111]

Hello OP, although i never mined btc before, perhaps yes but years ago where i mined until my laptop shutdown xd

I am not sure about the profitbility as the network hash in the btc network is very high now but i rmb theres a few site you could see the mining profitbility on other coins and it changes frequently

Good luck!

[HagssFIN]

You'll need to see how much noise you'd be okay with in your home or wherever you plan on mining since all miners these days are loud, loud, loud!!! The only real exception for this is the R4 which has issues with board and chip stability and overall build quality but lower noise; like Hagss just said, the A7 series is your best bet for a reliable miner long term.

How loud can it get? nobody would be sleeping in the place anyway.

Anyway even with free energy this site https://tradeblock.com/bitcoin/mining/ just shows how fast the difficulty increases and your monthly earnings decrease fast aswell. Would you have to keep reinvesting in new hardware constantly?

It is difficult to predict future difficulty.
Reinvesting your earnings is a question of how long are you going to mine.
I would say that it is not necessary.
With "free" electricity you should able to mine for a good while, make ROI on them and maybe little profit, and sell them for some price.

Then it is up to you if you buy some new miners or hold Bitcoins in your wallet.

[philipma1957]

How much free power?

13 kilowatts will run 10 Avalon 741s

That is about 70th

It would cost you about 10000 plus 1000 for power supply.

Toss in some money for racks wire Internet.

Let's put you at 12000 for 72th

I think you would have close to 12000 earned back in 375 days.

And all your gear.  You could sell it for maybe 3000. Which would be a 3000 dollar profit.


So if your power is free I think 12000 would be 15000 after a year.

[coolcoinz]

And I would have free energy/only mine on free energy time and have a lot of space to store a lot of miner hardware.

This is actually a big difference. If you choose to do it only when you have free power and that's 12h a day you'll going to have to wait for roi twice longer.  philipma1957 said you could make 3000 a year with his setup. If you don't use free power 24/7 you can cut that in half. Also with Bitcoin time is money. If you give your miners too much idle time the difficulty will rise and your window will start closing.

[LittleBigDrone]

And I would have free energy/only mine on free energy time and have a lot of space to store a lot of miner hardware.

This is actually a big difference. If you choose to do it only when you have free power and that's 12h a day you'll going to have to wait for roi twice longer.  philipma1957 said you could make 3000 a year with his setup. If you don't use free power 24/7 you can cut that in half. Also with Bitcoin time is money. If you give your miners too much idle time the difficulty will rise and your window will start closing.

I would literally have 24/7 free energy actually. I dont think I could make a really big profit anyway. Not even a 1/6th of investment in first month sadly.

[fanatic26]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

[Maticul]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That is right and the difficulty is rising fast.

[GMPoison]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That's what I keep saying. People complain that it will take 1 year to hit ROI mining when in the actual realm of investing, ROI in 1 year is UNHEARD OF.

[bravehearth0319]

Hello I'm around 20 years old.
I've been using bitcoin for a while and I would say that I know quite a lot about how the transaction process work and about how the BTC overall works. But in any way do I have any experience about mining bitcoins, or have any deep knowledge about pools, hardware and software needed. I would just say I just have some more knowledge than the overall bitcoin user, nothing more. (For example I don't know why is the mining difficulty increasing with each day but I do know perfectly how the blockchain process works).

I'm sure this question has been asked plenty of times with plenty of situations so I hope someone can tell me if the investment would be worth it for me or not.

I currently have some money that I don't wanna just store. I would like to invest around 50-80k in hardware and software. And I would have free energy/only mine on free energy time and have a lot of space to store a lot of miner hardware.

I'm currently studying programming myself which means I could easily follow any kind of tutorial and setup anything by myself or with little help. Would have to learn a lot about software/pool/group mining though.

I've used simulators to estimate how much money I would make of it but I don't really know if the miner hardware often breaks, or if there's often problems with the mining process, or even if it's a progressive process or you just randomly "generate BTC" sometimes and sometimes not.

So I'm asking, would it be worth investing this money in BTC mining with this conditions? Would it be more worth investing in mining some alts like ethereum (please dont move my thread to altcoins discussion xd)? How long do "miners" last? Do they break? What's an estimate of what I could make?

Thanks for the answers beforehand.

It's nice to hear a young person like you are now having an interest about on this matter. I do believed in a long run you could be one of the bitcoin experts here in this industry. Having your own bitcoin mining in your place you must check your home if is okay with your neighbor to have loud or noisy in your surroundings. Because the mining rig which you are going to use is can create noise,very loud sometimes, and the area must me cold as well too. And its good on your part you had free energy.

[Maticul]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That's what I keep saying. People complain that it will take 1 year to hit ROI mining when in the actual realm of investing, ROI in 1 year is UNHEARD OF.

If you cannot make you money back in one year in mining, you will not make money back.

[GMPoison]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That's what I keep saying. People complain that it will take 1 year to hit ROI mining when in the actual realm of investing, ROI in 1 year is UNHEARD OF.

If you cannot make you money back in one year in mining, you will not make money back.

Not necessarily true if you factor in the resale value of your mining equipment which you should be doing anyway.

[leowonderful]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That's what I keep saying. People complain that it will take 1 year to hit ROI mining when in the actual realm of investing, ROI in 1 year is UNHEARD OF.

If you cannot make you money back in one year in mining, you will not make money back.

Not necessarily true if you factor in the resale value of your mining equipment which you should be doing anyway.

Precisely why you should buy GPUs and use em to mine- better resale, more algorithms, more uses. BTC mining is becoming increasingly hard to do but you can reach roi easily with a few RX 480s running on ten cent per kilowatt power compared to a S9. I still do some limited btc mining but like others here I've shifted more to gpu mining.

[GMPoison]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That's what I keep saying. People complain that it will take 1 year to hit ROI mining when in the actual realm of investing, ROI in 1 year is UNHEARD OF.

If you cannot make you money back in one year in mining, you will not make money back.

Not necessarily true if you factor in the resale value of your mining equipment which you should be doing anyway.

Precisely why you should buy GPUs and use em to mine- better resale, more algorithms, more uses. BTC mining is becoming increasingly hard to do but you can reach roi easily with a few RX 480s running on ten cent per kilowatt power compared to a S9. I still do some limited btc mining but like others here I've shifted more to gpu mining.

I actually haven't looked into alt coin mining for years since I used to mine dogecoin
If you got in on dogecoin mining early, you made a LOT of money (as goes with most coins), lol.

[leowonderful]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That's what I keep saying. People complain that it will take 1 year to hit ROI mining when in the actual realm of investing, ROI in 1 year is UNHEARD OF.

If you cannot make you money back in one year in mining, you will not make money back.

Not necessarily true if you factor in the resale value of your mining equipment which you should be doing anyway.

Precisely why you should buy GPUs and use em to mine- better resale, more algorithms, more uses. BTC mining is becoming increasingly hard to do but you can reach roi easily with a few RX 480s running on ten cent per kilowatt power compared to a S9. I still do some limited btc mining but like others here I've shifted more to gpu mining.

I actually haven't looked into alt coin mining for years since I used to mine dogecoin
If you got in on dogecoin mining early, you made a LOT of money (as goes with most coins), lol.

Yeah, dogecoin was really hyped back in the day... I remember mining for some on my laptop, what a mistake that was GPUs are real nice to mine with, I game with some and I keep the newer ones to hash away in my garage. Way quieter than some other miners I've had.

[Amph]

Not even a 1/6th of investment in first month sadly.

If you can find ANYTHING that recovers that much of the investment in a month please let us know. That is a ridiculous ROI. Honestly the 1 year ROI on bitcoin mining still trounces most other legit investments you can make.

Coin mining is not a get rich quick scheme, but like any other business, if you put the time and effort into it you can be successful.

That's what I keep saying. People complain that it will take 1 year to hit ROI mining when in the actual realm of investing, ROI in 1 year is UNHEARD OF.

If you cannot make you money back in one year in mining, you will not make money back.

Not necessarily true if you factor in the resale value of your mining equipment which you should be doing anyway.

too bad asic are really bad at resale value, unless you sell them when they are still profitable, make this not make much sense, if not for speed up the roi time and be sure to get something back

Precisely why you should buy GPUs and use em to mine- better resale, more algorithms, more uses. BTC mining is becoming increasingly hard to do but you can reach roi easily with a few RX 480s running on ten cent per kilowatt power compared to a S9. I still do some limited btc mining but like others here I've shifted more to gpu mining.

well not that eaisly, you still need around 5 months, but altcrypto is more volatile than bitcoin, pascal coin, the coin tnx to why the 480 is good now, will not last 5 months, that is guaranteed, with only etheruem for them you will probably need to resale halfway through your earning