Advice For A Newbie Bitcoin Miner

[wabbit42]

Hello,

I've read the Newbie guide, searched the mining forums, and have read lots of articles and advice online regarding Bitcoin mining. Lots of info has been pieced together from lots of different sources and I'm after a little advice with regards to my plan to start. I think I've read and mostly understood what's involved but wanted to run the below thoughts by an experienced community. This may be better suited in the Mining forum but I can only post to the Newbie forum because... well... I'm a Newbie.

I'm planning on setting up a Bitcoin miner using a Raspberry Pi along with a couple of ASIC USB Bitcoin miners. Checklist below...

1. Chosen BTCPoolman as a BitCoin Mining Pool https://www.btcpoolman.com as I'm UK based.

2. Using 2 x USB ASICMINER Block Erupter 336MH/s connected to a Raspberry Pi (along with the other hardware bits & pieces as shown here: http://learn.adafruit.com/piminer-raspberry-pi-bitcoin-miner/)

3. Bitcoin wallet - planning on installing Bitcoin-qt on the same Raspberry Pi as the Bitcoin miner. Need more understanding on how to secure a Bitcoin wallet so this may change.

4. Planning on writing a monitor script so I'm alerted automatically if the miner stops mining.

5. If things go well, will upgrade the miner by purchasing 2 more USB ASICMINER Block Erupters.

Spending about £150 ($247.89) on the rig in total, maybe £240 ($395.83) in total if another 2 USB ASICMINER Block Erupters are purchased later on. My hope is that I'll break even within 6 - 12 months.

Is the above plan a reasonable way to start Bitcoin mining?

[BunworthBanshee]

First you will never break even with block erupters.

Please see here http://mining.thegenesisblock.com/a/95456ab5e2

This is the best way of working out what you will make mining.

[sr.machado]

so, neve the hardware pay the cost?
I test BIT FURY and I am sad!

See this:

[wabbit42]

Thanks for that. I did see that site before but now is the first time I've tried to make sense of it. Great site, it's pretty clear that the plan detailed above is a "happy to take part" plan that won't in any way pay for itself.

Looks like a Black Arrow Prospero X-1 is the cheapest profitable hardware option on the site, and that will stop becoming profitable in July 2014.

[Jcw188]

I know, isn't mining just getting depressing?  It's too bad the "little guy" can't be involved in it anymore, profitably.  I don't think this is what Satoshi had in mind, the rich getting richer.

[BunworthBanshee]

it is a little depressing alright.

But there are still ways to mine. on a small budget. I would sugest you mine one of the alt coins and then convert it to btc after that.

But the best thing to do is just buy bitcoin.