AkaSnake (OP)
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June 14, 2015, 09:37:39 PM |
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Hello there! I am new to the whole bitcoin universe and I've informed myself quite a bit about the currency, what I would like to know is that is it worth investing now in a ASIC rig?
I'd like some help to choose the best ASIC rig to mine and make the best possible profits asap.
Also I'd like to know that is luck a factor with mining coins? You can generate a block or coin and make more money than usual? I'd like some explanation on that.
Thank you for your help guys!
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oblivi
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June 14, 2015, 09:44:51 PM |
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There's is luck involved because you can't really know who gets the reward but it can be calculated as expected monthly gains, you need to know the hashing power of the machine you will buy, the current difficulty, and the electricity costs in your area, with these variables you can get a estimate.
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AkaSnake (OP)
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June 14, 2015, 10:05:04 PM |
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There's is luck involved because you can't really know who gets the reward but it can be calculated as expected monthly gains, you need to know the hashing power of the machine you will buy, the current difficulty, and the electricity costs in your area, with these variables you can get a estimate.
I see, so let's say I have some luck then I can exceed my expected monthly gains? I'm waiting for you guys opinions on what should I get (ASIC rig). My budget is 400$+
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Don007
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June 14, 2015, 10:41:32 PM |
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There's is luck involved because you can't really know who gets the reward but it can be calculated as expected monthly gains, you need to know the hashing power of the machine you will buy, the current difficulty, and the electricity costs in your area, with these variables you can get a estimate.
This. Once you've got the values of these factors, you can make a calculation about your actual costs and income. I don't know what you pay for electricity in your area, but as you also still have to buy the equiptment I don't think you should reach a ROI soon.. Maybe in the future, once the Bitcoin has gained much more value. (For example, when it hits the $1000 again, it might not be a problem to pay $0.50 per KwH now (EXAMPLE!) instead of the current $0.20 now (EXAMPLE!). However, I do not recommend anyone to start mining nowadays. (Investing directly in the Bitcoin might be more efficient). But no one can tell you what the future is going to be of Bitcoin (and thus what is a wise decision now).
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{Curently quite inactive as I'm really busy in my private life. I will get back soon!} -> Your line here during my inactivity? Feel free to PM <-
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anderson00673
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June 14, 2015, 10:48:24 PM |
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The major limiting factor for mining is the cost of electricity. Where I live I pay ~15 cents plus it is tiered. The more I use the more expensive it gets. For me it would not make any money at the current bitcoin price. Also consider that there is very likely new equipment coming out soon. I don't really know what the prices, power, and efficiency will be for the next generation miners. But if you are in the market it might be worth while to wait a month or two and then buy used equipment at a discount when the new stuff comes out.
If your electricity is cheap enough and you get some gear, look into mining pools. From what I read when I was considering mining, pools seem to be the best way for a small miner to earn.
If your electricity is too expensive then you can look into antpool and hashnest. These are run by bitmain. Basically you can buy hardware and have Bitmain run it for you in one of their warehouses. You pay maintenance fees and electricity fees, but you can still make money doing it this way and it might be better than mining at home.
Good luck.
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SpanishSoldier
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June 14, 2015, 11:00:50 PM |
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Hello there! I am new to the whole bitcoin universe and I've informed myself quite a bit about the currency, what I would like to know is that is it worth investing now in a ASIC rig?
I'd like some help to choose the best ASIC rig to mine and make the best possible profits asap.
Also I'd like to know that is luck a factor with mining coins? You can generate a block or coin and make more money than usual? I'd like some explanation on that.
Thank you for your help guys!
Unless you have cheap or free electricity, hardware mining is not gonna be profitable. Especially if you can not find a buyer of your hardware after one year or so. Calculate the expected ROI at https://alloscomp.com/bitcoin/calculator
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AkaSnake (OP)
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June 14, 2015, 11:15:08 PM |
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Thank you for the answer guys, I was planning the SP20 Jackson. (Which costs around 450$).
It mines at around 1.7 th/s, I could make an average of $128.72 per month so paying the equipment off wouldn't be too long and profits would kick in pretty soon, don't you think so??
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SpanishSoldier
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June 14, 2015, 11:17:50 PM |
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Thank you for the answer guys, I was planning the SP20 Jackson. (Which costs around 450$).
It mines at around 1.7 th/s, I could make an average of $128.72 per month so paying the equipment off wouldn't be too long and profits would kick in pretty soon, don't you think so??
Calculate what would be your electricity cost to earn that 128.72 USD per month.
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coinableS
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June 14, 2015, 11:37:40 PM |
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Thank you for the answer guys, I was planning the SP20 Jackson. (Which costs around 450$).
It mines at around 1.7 th/s, I could make an average of $128.72 per month so paying the equipment off wouldn't be too long and profits would kick in pretty soon, don't you think so??
Mining can be fun, but it's not the best way to ensure constant profit. I'd rather put that $450 towards buying some bitcoin. The mining world is constantly changing with mining hardware and difficulty. What you calculate as profit today could be very different in a month or two.
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theskillzdatklls
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June 14, 2015, 11:38:24 PM |
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i wouldn't invest in an asic miner now but on thursday i would consider doing so
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Harry Hood
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June 15, 2015, 12:30:53 AM |
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To cover some of your energy costs you could consider a hedge against your mining activities. Buy futures in energy or (for an easier play) buy some shares of a Natural Gas commodity mutual fund. As we approach Summery, the price of natural gas will likely decrease and then increase in the winter. This small investment play could offset your actual energy cost increase due to the mining activities.
Have fun, mining for bitcoin sounds might cool. Better to get into it now while the award is 25 btc, before the halving next year.
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PenguinFire
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June 15, 2015, 12:37:48 AM |
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Since you just started playing with bitcoin, personally, I would hold off a bit and study about mining before you decide to make the investment. Good luck with your new hobby. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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lockscreen
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June 15, 2015, 12:41:37 AM |
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so what your suggestion? where is a good place to invest
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BitUsher
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June 15, 2015, 01:36:52 AM |
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so what your suggestion? where is a good place to invest
If you absolutely need to get rid of that fiat than just buy some bitcoins and invest in yourself by learning about this technology and investing in your education. Any other investment is likely going to be riskier than bitcoin and bitcoin is risky enough as is. Avoid mining until companies like 21 start coming out with consumer mining routers and IOT devices.
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BlackMachine
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June 15, 2015, 03:22:47 AM |
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Hello there! I am new to the whole bitcoin universe and I've informed myself quite a bit about the currency, what I would like to know is that is it worth investing now in a ASIC rig?
I'd like some help to choose the best ASIC rig to mine and make the best possible profits asap.
Also I'd like to know that is luck a factor with mining coins? You can generate a block or coin and make more money than usual? I'd like some explanation on that.
Thank you for your help guys!
No. To get started with profits, you need to get a huge bankroll and landspace. Without either of them, profit isn't possible. Luck is one of the main factor in finding a block. If you have huge luck, you can even find a block using a block erupter.
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bryant.coleman
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June 15, 2015, 03:27:48 AM |
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Since the exchange rates are low, many of the major players have opted out of mining. This has eased the competition in that sector. Bitcoin mining is still not profitable for small players. But you don't need to worry about that. When the exchange rates move up again, you will earn hefty profits. The only thing to remember is to not sell all of your coins now, at this exchange rate.
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BlackMachine
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June 15, 2015, 03:33:38 AM |
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Since the exchange rates are low, many of the major players have opted out of mining. This has eased the competition in that sector. Bitcoin mining is still not profitable for small players. But you don't need to worry about that. When the exchange rates move up again, you will earn hefty profits. The only thing to remember is to not sell all of your coins now, at this exchange rate.
Wouldn't it be a better choice to buy Bitcoins directly? Bitcoin difficulty has slowed down quite a bit but it is still quite high for home miners. You are bound to lose some money if you mine instead of buy Bitcoins when the rates go up. Mining companies ship ASICs slowly too.
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LiteCoinGuy
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June 15, 2015, 05:50:11 AM |
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Hello there! I am new to the whole bitcoin universe and I've informed myself quite a bit about the currency, what I would like to know is that is it worth investing now in a ASIC rig?
I'd like some help to choose the best ASIC rig to mine and make the best possible profits asap.
Also I'd like to know that is luck a factor with mining coins? You can generate a block or coin and make more money than usual? I'd like some explanation on that.
Thank you for your help guys!
dont mine BTC . learn more about bitcoin before you make investments.
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RawDog
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June 15, 2015, 05:51:32 AM |
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Avoid mining until companies like 21 start coming out with consumer mining routers and IOT devices.
Yeah, this way, you can lose money far more efficiently. If you just buy an ASIC, you'll be way too close to break-even; it will seem like you are watching paint dry. With 21 hardware, you'll really know you are losing money as the losses will be far more difficult to overlook. 21 readily admits their devices WON'T BE PROFITABLE UNDER ANY CIRCUMSTANCE - but that they will be 'educational'. yeah, you're going to get a lesson alright. Just buy a Spondoolies or Antminer, steal electricity from the power pole on the street, pray you don't start a fire, and watch as you bring in about .0001 bitcoin per week. Wow!!! That's living large!!! Mining is done.
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Amph
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June 15, 2015, 06:17:52 AM |
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abolutely worth, it, notice how the price is slowly climbing again, in the worst case you ca just short in the usual rande of 250-230
maybe don't invest everything you have bust start with a small amout, and increase it everytime the price rise a little
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