Beginner in mining

[Patikno]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

I think mining is not very profitable at the moment, and if you really want to do it, then what you need to do is mine at a bear moment as one of the replies said. Because what is expected to happen next is to wait for the mined coins or tokens to increase in value significantly, so that it will maximize the profit from your mining. Even so, I personally prefer to invest in Bitcoin rather than mining, besides being complicated, there are many factors that need to be maintained, and this is very different when we invest in Bitcoin, all we need is time, while waiting for it we can do other work and do DCA to add to our portfolio.

[promise444c5]

I think mining is not very profitable at the moment, and if you really want to do it, then what you need to do is mine at a bear moment as one of the replies said.

So, when do you think the bear market will show up, and what if the current stage is likely to be the next bear market?

That’s not even the problem. Rather, the issue is the difficulty increasing while he awaits the bear period to start mining (if he will be heeding what you mentioned). This means even by then, the little hash rate he can provide now will be even less effective, and besides, he’s not going to make a significant profit with his setup. He got positive answers already, it’s left to him to make the right decision

[Stalker22]

So crypto mining is still exist?
~

Of course it still exists. Without it, new transactions wouldnt be added to the blockchain, and no new Bitcoin (or other proof-of-work cryptocurrencies) would ever be created. The whole system relies on miners.

But you are absolutely right, though. It has become a highly competitive, capital-intensive industry.

[SOKO-DEKE]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

So crypto mining is still exist? Because there’s a lot of wasted their efforts and there money in the mining and at the end of day nothing substantial has changed for them, that’s how each an everyone take pack load go back without achieving anything in mining; we all know that the first time that the mining bourse out some people’s achieve little from it.

But still those that invested huge amounts of money that get paid well, is not there’s know any profits in the mining. The only advice I will give you Mate, it will more better to learn and understand on how the bitcoins investment works than wasting your Tim in mining.

Yes,mate mining is still existing and some set of people who have big farm for mining are making profit from it but the truth is that if someone don't have big amout of money to set up big mining farm plant i will advise such person to invested it money in bitcoion and try to hold for a long period of term i see how it will workout.infact investment in bitcoin have no stress.the fact is that there some set of people who invested their money in this mining but later regret why is that they did not invested in bitcoin because it they see the kind of profits those that invested the money in bitcoin have make.it is not seem that i have discouraging any one that when to start mining but tthe truth should be told.

[doomloop]

OP, as much as I know mining comes with much or lot's of expenses setting up a mining farm. You budget might not be able to help you run a mining farm as you envisage but rather you can joining a pool would just be the only option you have because that would save you costs but it is not as much profitable but on a long run you can get something tangible from it. So going by Upgrade00 suggestion seems to be the right idea to start with.

I think it depends on what coin we will mine as some coins are high in difficulty already but the others are still low yet. A mining farm can also sound huge and he said, he is only a beginner, so it would be good if he can also start with one or two miners first. Joining a pool can be less profitable but I think it is also less hassle than being alone, especially for a beginner like him, so he can follow this suggestion of yours. He can still maximize his earnings if he is able to hold most or some of it, as long as the coin is also established and likely to survive or can perform better in the long run.