Need some advice on getting started

[anticell]

Hello!

First and foremost, I understand my history or lack of history on this forum. Yes I am a newbie however, I have taken the past
week reading up as much as possible on cyptocurrencies, mainly Bitcoin. I read everything from /r/bitcoin, to this forum, youtube
videos, and other website on the subject matter. With that being said, excuse my lack of expertise on the subject matter. Which
bring me to my main point, creating an effective mining rig. I hope with some of the members from this forum may shed some light.

I am currently looking at purchasing the Spondoolies-Tech SP30 Yukon (I understand there is currently a group buy on this forum
and if everything looks great, I will purchase it). According to their site it is a 6TH/s which according to bitcoinx.com calculator I
would be mining 0.2241 BTC/day. I wouldn’t break even on the hardware until 42 days. I understand that these calculation are all
theoretical and the final calculation could vary. I was reading that currently mining is not profitable due to the massive release of
ASIC hardware and increase of difficulty that is roughly changing every 10-14 days.

Again I apologize beforehand if this question has be ask before.

[BurtW]

I will give you some free advice even though I expect you will not like it:

1) Take all the money you would spend on mining
2) Buy bitcoins with it
3) Wait for 60 days
4) If the price has gone up you have a profit (sell if you want/need to), if not go to step 3.

This is the easiest algorithm to make money in Bitcoin.

[Gemminyc]

You need to known from when you actually start mining for sure - very important.

Estimation of difficulty increase is harder, but about +15% every retarget is fine (about 12 days with +15%)

Put it in mining calculator (from difficulty when you actually start mining) and you come up with something

[jimmothy]

A week is nowhere near enough time spent researching to throw down a couple grand on a miner.

Correct me if I'm wrong buy my understanding is that you want to mine to make money. Unfortunately you will be disappointed.

Btcmining is like goldmining. The first few people to do it made a killing but after the gold rush was in full effect it became profitable to almost nobody. And similar to gold mining today, without the most efficient, industrial operations, it is very hard to turn a profit.

All ROI calculators are trash but bitcoinx is especially shitty. Use bitcoinwisdom or btcinvest for a slightly more reasonable guestimation. My estimations show that an sp30 delivered in august will earn about $3800 back in 6 months.(no ROI)

Also never preorder hardware. Time and time again it has proven to be very high risk with nearly no reward if you do manage to turn a profit.

If you insist on mining asap I would recommend any usb miner or even an rbox to get started and familiarized with mining.

After you've been mining for a month or two and fully understand how unprofitable it is, then and only then should you consider spending a more serious amount of money on hardware.

[anticell]

A week is nowhere near enough time spent researching to throw down a couple grand on a miner.

Correct me if I'm wrong buy my understanding is that you want to mine to make money. Unfortunately you will be disappointed.

Btcmining is like goldmining. The first few people to do it made a killing but after the gold rush was in full effect it became profitable to almost nobody. And similar to gold mining today, without the most efficient, industrial operations, it is very hard to turn a profit.

All ROI calculators are trash but bitcoinx is especially shitty. Use bitcoinwisdom or btcinvest for a slightly more reasonable guestimation. My estimations show that an sp30 delivered in august will earn about $3800 back in 6 months.(no ROI)

Also never preorder hardware. Time and time again it has proven to be very high risk with nearly no reward if you do manage to turn a profit.

If you insist on mining asap I would recommend any usb miner or even an rbox to get started and familiarized with mining.

After you've been mining for a month or two and fully understand how unprofitable it is, then and only then should you consider spending a more serious amount of money on hardware.

Btcinvest calculator did in fact show a better break down and almost absolutely no ROI. I appreciate your advice and it did share some light into the topic. I should have noted that I have a pretty good job, I was just looking at doing something on the side. Again thank you everyone for the advice.

[DrG]

A week is nowhere near enough time spent researching to throw down a couple grand on a miner.

Correct me if I'm wrong buy my understanding is that you want to mine to make money. Unfortunately you will be disappointed.

Btcmining is like goldmining. The first few people to do it made a killing but after the gold rush was in full effect it became profitable to almost nobody. And similar to gold mining today, without the most efficient, industrial operations, it is very hard to turn a profit.

All ROI calculators are trash but bitcoinx is especially shitty. Use bitcoinwisdom or btcinvest for a slightly more reasonable guestimation. My estimations show that an sp30 delivered in august will earn about $3800 back in 6 months.(no ROI)

Also never preorder hardware. Time and time again it has proven to be very high risk with nearly no reward if you do manage to turn a profit.

If you insist on mining asap I would recommend any usb miner or even an rbox to get started and familiarized with mining.

After you've been mining for a month or two and fully understand how unprofitable it is, then and only then should you consider spending a more serious amount of money on hardware.

Btcinvest calculator did in fact show a better break down and almost absolutely no ROI. I appreciate your advice and it did share some light into the topic. I should have noted that I have a pretty good job, I was just looking at doing something on the side. Again thank you everyone for the advice.

Mining is just one way to acquire BTC.  Ultimately you should decide what is the fastest and cheapest way for your to acquire BTC.  Mining has a fun factor associated with it, but if you like your job you could try to offer your services for BTC.