Starting out...

[VincentTrismegistus]

Hi all, looking at setting up a mining rig asap and just need a couple of pointers to stop me wandering around for too long looking lost 

Firstly, where should I go to figure out what hash rate I'd need to turn a profit (for the record, I don't pay for electric), and secondly, where should I look to figure out what ASIC I should purchase (comparison maybe?), or if anyone can make a recommendation, I currently have £100 and can add £40 a week to that...

Thanks in advance.

[Stinky_Pete]

If you really have free electricity, and cooling, and don't mind the noise, then the AntMiner S3 is the only new miner in your price and time bracket. While you are waiting you could get second-hand S1s, try the market place here, or eBay (where you usually pay over the odds, but can get a bargain on occasion). Anything with a lower hash power will realistically only get you dust, but could be a useful introduction to the wacky world of mining.

You won't get rich, you probably won't make a profit, but you might have fun. Good luck. 

[VincentTrismegistus]

Thanks both of you, seen an S3 for £340 inc p&p (Ebay), good deal?

[xstr8guy]

So I have to play the bad guy here, huh?

Even with free electricity, the current mining environment is just not conducive to making significant income. And with the prospect of high difficulty adjustments, it's rapidly going to get much, much worse.

It doesn't sound like you have much to invest so your earnings will be virtually insignificant. An S3 will currently earn less than $5.00 per day and will be about $4.00 per day in about 10 days.

And chances are that you have a very limited supply of "free electricity". Someone is paying the bill (parents, university, landlord). So even if you could afford to buy enough machines to earn significant income, you're going to need a lot of free power to run them. And somebody is going to notice your increased electrical usage. Or you just may be limited to such a small amount of electricity that you'd never be able to run them without tripping breakers... Or worse, burning your residence down if you have bad wiring.

[DrG]

If I were you I would offer to host a couple of miners for somebody else and charge them a fee for the electricity.  Win for them, win for you.  By getting a miner you stand to lose money currently.

Your small amount of electricity may be free, but you do not have free space, free cooling, free time (to babysit the miners - well maybe you do as a college student) nor free capitol to buy many miners.