Hello everyone, looking for advice on EVERYTHING lol

[Plink]

EDIT: After looking the site and the machine in question is a SCAM. The M40 does not seem to exist that's why I can't find any reviews on it. Also should have known it was a scam by it's URL. They had basically copied whatsminer.com site and added a phantom machine. I should have also known by running the numbers because it seemed like a no brainier and to good to be true AND IT WAS! Sorry to have wasted your time. I did learn a lot from all of you but now I must search for a new machine to run numbers with. Thank you all again!



Hi everyone! I am new to mining. I know I'm late to game. But I've focused on hardware right now. I looked into GPU as I have a backround in IT and with specialties in Networking and Security. Anyways, I've looked at the numbers and GPU mining just doesn't seem to be a fast ROI or larger profits longevity wise. So Asic mining seems to be the standard now. I've been looking at MicroBT M40 410 TH/S. My price for electricity is .13/KW. I've looked at other cheaper machines with less hash rates but the numbers don't seem to be favorable. Is anyone willing to help me run the numbers on this machine or others so that I can scale up later. Also looking at if I should join a pool. I see the pros and cons but it seems more cons to me. Also should I goto and Exchange or Wallet? I currently use Uphold because I started using Brave browser. I used Cudo on my rig that has a RX580 with tweaks to the GPU and CPU just to get an idea of how it works. That did not seem to impress me if I were to scale up. So anyone willing to take me under their wing? TIA. Stay safe be safe!

[actmyname]

Use a wallet. Think about it: do you want to control your money or do you want others to control your money? I can't speak on mining, but there are very experienced members here that can. I do think, though, that $0.13/kWh is quite expensive.

[jackg]

Use a wallet. Think about it: do you want to control your money or do you want others to control your money? I can't speak on mining, but there are very experienced members here that can. I do think, though, that $0.13/kWh is quite expensive.

Side hack got away with running miners on $0.1 for a while (it's $0.25 where I live though so I can't speak too much on that).


https://www.cryptocompare.com/mining/calculator/btc?HashingPower=410&HashingUni2=TH%2Fs&PowerConsumption=2300&CostPerkWh=0.13&MiningPoolFee=5

You'll have to adjust power consumption and pool fee but a site like this might be a good place to start.

If you solomine you won't have a constant income too.

[Velkro]

Hi everyone! I am new to mining. I know I'm late to game. But I've focused on hardware right now. I looked into GPU as I have a backround in IT and with specialties in Networking and Security. Anyways, I've looked at the numbers and GPU mining just doesn't seem to be a fast ROI or larger profits longevity wise. So Asic mining seems to be the standard now. I've been looking at MicroBT M40 410 TH/S. My price for electricity is .13/KW. I've looked at other cheaper machines with less hash rates but the numbers don't seem to be favorable. Is anyone willing to help me run the numbers on this machine or others so that I can scale up later. Also looking at if I should join a pool. I see the pros and cons but it seems more cons to me. Also should I goto and Exchange or Wallet? I currently use Uphold because I started using Brave browser. I used Cudo on my rig that has a RX580 with tweaks to the GPU and CPU just to get an idea of how it works. That did not seem to impress me if I were to scale up. So anyone willing to take me under their wing? TIA. Stay safe be safe!

Welcome!
Use wallet thats for sure easy one.
With mining this is whole different story, its complicated and high risk business. You need have big money to invest, knowledge to keep it up, physical security and most important, access to realiable and best on market miners.
Its nothing easy, its huge knowledge and task ahead. Read more about it first, watch youtube materials mining tutorials etc, this will give you basic knowledge, start from there.

[harizen]

You can ignore my advice but for me, with the current mining difficulty and lots of considerations and concerns, I'd rather buy BTC using all the funds I will use to set up everything related to my mining activity. But it seems you are prepared for this and really interested.

Anyways, for the idea and you really want to push for it, I suggest lurking at this section: https://bitcointalk.org/index.php?board=40.0

Goodluck to your mining journey.

[Plink]

Use a wallet. Think about it: do you want to control your money or do you want others to control your money? I can't speak on mining, but there are very experienced members here that can. I do think, though, that $0.13/kWh is quite expensive.

Side hack got away with running miners on $0.1 for a while (it's $0.25 where I live though so I can't speak too much on that).


https://www.cryptocompare.com/mining/calculator/btc?HashingPower=410&HashingUni2=TH%2Fs&PowerConsumption=2300&CostPerkWh=0.13&MiningPoolFee=5

You'll have to adjust power consumption and pool fee but a site like this might be a good place to start.

If you solomine you won't have a constant income too.

I have used that calc along with many others. With the pool set @ 1% the profits seem to be good to be true I'll be honest. I've also used clac that take in account difficulty. Does this one allow that and I'm just not seeing it? All in all the machine that I listed just seems to be good to be true with the variables put in it seems all to unreal. Yes .13/kWh is a lot but again with that being taken into account along with pool fees, but the variables that are in question are difficulty and of course the flux of Bitcoin worth. Thank you for the reply. Any other suggestions would be great too.

[Plink]

You can ignore my advice but for me, with the current mining difficulty and lots of considerations and concerns, I'd rather buy BTC using all the funds I will use to set up everything related to my mining activity. But it seems you are prepared for this and really interested.

Anyways, for the idea and you really want to push for it, I suggest lurking at this section: https://bitcointalk.org/index.php?board=40.0

Goodluck to your mining journey.

I have been looking at the difficulty and trying to run numbers with clacs that take that into account along with other variables.

So I'm a little confused by what you mean,  "I'd rather buy BTC using all the funds I will use to set up everything related to my mining activity." DO you mean invest my current liquid money into BTC and wait and use until it goes up enough to fund hardware to use on my own?

Yes I am very interested into jumping in on this at any level really. I guess buying and using the market to better understand how it works in that capacity and then move into the mining part so that I'm on both ends.

I will lurk in that sub and poke around. Just to see I searched for the M40 in that sub and didn't find anything. Going to see if I can find something in there with comparable hardware specs or maybe just with the same ratio of hash to power use. I'm very much a hardware guy, that's why I first looked into GPU mining because I could build any kind of rig. But after my initial test with just one RX580 I could quickly see that it wouldn't be worth the time or investment.

Thank you for your time and input and other would be great.

[Plink]

Hi everyone! I am new to mining. I know I'm late to game. But I've focused on hardware right now. I looked into GPU as I have a backround in IT and with specialties in Networking and Security. Anyways, I've looked at the numbers and GPU mining just doesn't seem to be a fast ROI or larger profits longevity wise. So Asic mining seems to be the standard now. I've been looking at MicroBT M40 410 TH/S. My price for electricity is .13/KW. I've looked at other cheaper machines with less hash rates but the numbers don't seem to be favorable. Is anyone willing to help me run the numbers on this machine or others so that I can scale up later. Also looking at if I should join a pool. I see the pros and cons but it seems more cons to me. Also should I goto and Exchange or Wallet? I currently use Uphold because I started using Brave browser. I used Cudo on my rig that has a RX580 with tweaks to the GPU and CPU just to get an idea of how it works. That did not seem to impress me if I were to scale up. So anyone willing to take me under their wing? TIA. Stay safe be safe!

Welcome!
Use wallet thats for sure easy one.
With mining this is whole different story, its complicated and high risk business. You need have big money to invest, knowledge to keep it up, physical security and most important, access to realiable and best on market miners.
Its nothing easy, its huge knowledge and task ahead. Read more about it first, watch youtube materials mining tutorials etc, this will give you basic knowledge, start from there.

I mean you're right, just as someone with a security backround it only makes sense.
I have been reading and watching, I will continue for basically ever lol as you probably do too. Some of it is dated but I have found much newer stuff. But I have had it hard to finding reviews of the M40 that I have in mind. I will continue my education on this subject.

Thank you for your time and info. Any other suggestions and advice would be welcomed. So thank you and be safe!

[jackg]

I have used that calc along with many others. With the pool set @ 1% the profits seem to be good to be true I'll be honest. I've also used clac that take in account difficulty. Does this one allow that and I'm just not seeing it? All in all the machine that I listed just seems to be good to be true with the variables put in it seems all to unreal. Yes .13/kWh is a lot but again with that being taken into account along with pool fees, but the variables that are in question are difficulty and of course the flux of Bitcoin worth. Thank you for the reply. Any other suggestions would be great too.

Your specs did seem quite high on that miner with low energy usage.. I'd probably recommend waiting for a difficulty adjustmemt as the price took a fairly significant move recently. If not I'd adjust for the old bitcoin price back when it was stable and assume a 12%+ increase of difficulty increase each month (I think that was the suggested average but I'm not too sure).

[Plink]

I have used that calc along with many others. With the pool set @ 1% the profits seem to be good to be true I'll be honest. I've also used clac that take in account difficulty. Does this one allow that and I'm just not seeing it? All in all the machine that I listed just seems to be good to be true with the variables put in it seems all to unreal. Yes .13/kWh is a lot but again with that being taken into account along with pool fees, but the variables that are in question are difficulty and of course the flux of Bitcoin worth. Thank you for the reply. Any other suggestions would be great too.

Your specs did seem quite high on that miner with low energy usage.. I'd probably recommend waiting for a difficulty adjustmemt as the price took a fairly significant move recently. If not I'd adjust for the old bitcoin price back when it was stable and assume a 12%+ increase of difficulty increase each month (I think that was the suggested average but I'm not too sure).

I contacted the manufacturer of the M40. They did confirm their specs and guaranteed that the machine does operate at those specs. there is a -+5 flux of their hash and power usage(from what I've seen that's the norm of all machines) However it comes with a 1 year warranty(machine exchange, forgot to ask if it would be new or refurb if need to swap) which I thought was pretty good for a piece of hardware meant to run 24/7 and at such a heavy work load on it. I work with Cisco routers, switches, and mostly Dell servers and they don't even run under such a load, but of course they have a much longer warranty on them. After looking at their other models and the specs that their site show are consistent with online reviewers. So I kinda have confidence in what they quoted to me in chat. I have yet found a review of the M40 model only of other models from that maker.

I did see the recent move on the price. I will run some numbers with different difficulty percentages. But so far everything I ran it seems like a no lose situation, only if the bottom drops out. It just seems unreal. I'm having a really hard time making this decision. I kinda just what to pull the trigger. Sounds crazy right?

[jackg]

If you were still profitible at 8000k with a +12% difficulty then you might be fine for a few months.

1 year under European regulation is generally the minimum for electric goods now, if they're from Asia that warrenty might have moved across or come from there...

Good decisions are often formed by making bad mistakes, thats not an encouragement to make a bad mistake but if you have the funds for say 10 miners, buying one now might yield nicely and not cause too much damage if it doesn't.

[Plink]

If you were still profitible at 8000k with a +12% difficulty then you might be fine for a few months.

1 year under European regulation is generally the minimum for electric goods now, if they're from Asia that warrenty might have moved across or come from there...

Good decisions are often formed by making bad mistakes, thats not an encouragement to make a bad mistake but if you have the funds for say 10 miners, buying one now might yield nicely and not cause too much damage if it doesn't.

Thank you for your insight, you are right about learning from mistakes. But I just found out that the machine I was all about the M40 DOESN'T EXIST! After looking for it in reviews and everywhere else. I couldn't find it. So i looked into the site itself did a WhoIs and traced it's history. It was a fake site. Should have know by the URL. I updated the OP to report this as a scam.

Thank you for your time. I will be doing more research for another machine and I'll will be back, better informed and more confident about the whole process.

Thanks again everyone!

[jackg]

That's sad to hear but not unheard of in this space...

The only company I know of producing efficient miners and being fairly reputable nowadays is bitmain.com as I think bitfury just to blockboxes now so I hope you find something else. If not, it's possible to mine ethereum and I think montero on a gpu (but I could be wrong). Anyway glad you managed to spot it in time!

You might want to open a thread here: https://bitcointalk.org/index.php?board=83.0 in scam accusations so others can easily find its a scam.

[OgNasty]

Home miners are really confined to GPU mining these days. If you are seeking to mine for profit, you (sadly) are better off just buying BTC. I wish that weren’t the case, but it has and likely always will be the better way to profit. Bitcoin use cases (even mining it) aren’t really a thing for ordinary people anymore.