- A Mining Newbie looking for answers -

[OmegaStarScream]

I never got into mining and I never got interessted on it but this time I was watching this Bitcoin Documentary called "The Bitcoin Phenomenon" and I heard Gavin saying that he used to mine before using his old Laptop and it worked (I'd assume it's not working anymore)

I see a lot of stuff called ANTMINER S2 S3 S4 S5 and stuff , I will also assume that those are used for Mining , correct me if I'am wrong ? I want to know how much do they cost and how much time is needed to earn x BTC and to get back what I invested on them .

I know there is different Hardwares or whatever their names is , so feel fre eto give the different pricing etc ...
Note that Pricing here is about :  0.05$ / kw AFAIK .

[nonbody]

Antminer is one of the major retailers for ASICS, this calculator will help you get details
http://www.vnbitcoin.org/bitcoincalculator.php

[spazzdla]

I never got into mining and I never got interessted on it but this time I was watching this Bitcoin Documentary called "The Bitcoin Phenomenon" and I heard Gavin saying that he used to mine before using his old Laptop and it worked (I'd assume it's not working anymore)

I see a lot of stuff called ANTMINER S2 S3 S4 S5 and stuff , I will also assume that those are used for Mining , correct me if I'am wrong ? I want to know how much do they cost and how much time is needed to earn x BTC and to get back what I invested on them .

I know there is different Hardwares or whatever their names is , so feel fre eto give the different pricing etc ...
Note that Pricing here is about :  0.05$ / kw AFAIK .

You only pay 5 cents a KW/hr...

HOly shit you should be mining, Kijiji is your friend, Grab an S3,S4 or S5.  S5 being the best choice or buy off of Bitmaintech.com, I have bought from them 3 times, everytime I got my stuff within a week, matching their stats posted perfectly.

[OmegaStarScream]

Antminer is one of the major retailers for ASICS, this calculator will help you get details
http://www.vnbitcoin.org/bitcoincalculator.php

Those are the results I got , not sure if I modified everything as should be :/
http://www.vnbitcoin.org/detailcalculation.php?name=AntMiner_S4_2000Gh/s&startdate=2015-07-15&costperunit=799&wattperhour=1400&gigahazarate=2000&daytoincrease=14&testlopfirst=10&diffincrement=1.44&bitcoinperdollar=284.54&electriccostinput=.05&begindifflevel=51076366303

How good are they ?

I never got into mining and I never got interessted on it but this time I was watching this Bitcoin Documentary called "The Bitcoin Phenomenon" and I heard Gavin saying that he used to mine before using his old Laptop and it worked (I'd assume it's not working anymore)

I see a lot of stuff called ANTMINER S2 S3 S4 S5 and stuff , I will also assume that those are used for Mining , correct me if I'am wrong ? I want to know how much do they cost and how much time is needed to earn x BTC and to get back what I invested on them .

I know there is different Hardwares or whatever their names is , so feel fre eto give the different pricing etc ...
Note that Pricing here is about :  0.05$ / kw AFAIK .

You only pay 5 cents a KW/hr...

HOly shit you should be mining, Kijiji is your friend, Grab an S3,S4 or S5.  S5 being the best choice or buy off of Bitmaintech.com, I have bought from them 3 times, everytime I got my stuff within a week, matching their stats posted perfectly.

Yeah I would buy i guess but that the issue for now , I can't since I'am afraid those things don't arrive to my home if buy them . and I can't really afford huge amounts of money to be honest even if they are full profit and I don't have bills to pay or to buy food etc because I live with my parents and im just a teenager
Only things that arrive are Credit cards from companies like Payoneer , Neteller etc .. or small stuff like Necklace or Watch or something
but I may ask my brother to buy me one because he is going to UK soon .

[spazzdla]

Then I HIGHLY recommend Kijiji, grabbing an S3.

Not too expensive, very reliable.

http://www.amazon.com/Bitmain-AntMiner-S3-453Gh-Digital/dp/B00LETT8VS/ref=sr_1_14?s=electronics&ie=UTF8&qid=1436984983&sr=1-14&keywords=bitcoin

http://www.amazon.com/AntMiner-S5-~1155Gh-0-51W-Bitcoin/dp/B00RCTIY4G/ref=sr_1_1?s=electronics&ie=UTF8&qid=1436984983&sr=1-1&keywords=bitcoin


S5 is the best choice.  I still like kijiji and the S3 you should pay $200 UTTER MAX might be able to grab it for $100 lol.

That S4 you linked would work great as well, it draws a lot of power though.

[Amph]

i would recommend to buy not new miners but used, they will work good and cost les, check the market section there are very good deal some time

but usually if you have a electricity problem(not that cheap) it's better to go with antimenr s5, which is the king right now, 0.011 per day with a cost of $350 or less if used

[jonnybravo0311]

You're living with your parents.  Even if the electric costs them only $0.05 per kWh, you start plugging in miners and they're going to notice the increase in the bill.

An S3 will cost them about $12.41 a month.  An S5 will run them about $21.54 a month.  This assumes that $0.05 is what they actually pay.

[X7]

dont mine bro - the cost of $350 for a miner (shitty one) - will take you FOREVER to earn a single BTC... just buy a BTC it is $289 and you own it instantly.

[OmegaStarScream]

You're living with your parents.  Even if the electric costs them only $0.05 per kWh, you start plugging in miners and they're going to notice the increase in the bill.

An S3 will cost them about $12.41 a month.  An S5 will run them about $21.54 a month.  This assumes that $0.05 is what they actually pay.

Life is not that hard where I'am basically if you make 500$ per month you live without any issues, also I don't think they will mind I will even tell them before buynig it .
I guess that's cheap for the S3 miner , how much I will be making with it daily ? just approxmiate to see if I'am going to make some decent amount or not (in BTC) since it's long term

[jonnybravo0311]

As of right now, an S3 expects to earn you 0.004332BTC a day.  That number changes based upon difficulty adjustments.  For example, if the next adjustment brings the difficulty up to 53G, that S3 would expect to then earn 0.004175BTC a day.  At the current exchange rate and current difficulty level, that's about $1.24 a day.

[SpanishSoldier]

You're living with your parents.  Even if the electric costs them only $0.05 per kWh, you start plugging in miners and they're going to notice the increase in the bill.

An S3 will cost them about $12.41 a month.  An S5 will run them about $21.54 a month.  This assumes that $0.05 is what they actually pay.

Life is not that hard where I'am basically if you make 500$ per month you live without any issues, also I don't think they will mind I will even tell them before buynig it .
I guess that's cheap for the S3 miner , how much I will be making with it daily ? just approxmiate to see if I'am going to make some decent amount or not (in BTC) since it's long term

long term is a crazy word in the mining world. Make sure you have long term plan to keep your miner alive as well as enough time to upgrade things as per the instruction of the pool owner (assuming you are not going for solo mining, which is absurd with the hash power you are going to have). There are some decent options in cloud mining world. Explore them before investing in hardware...

[fabula]

I quit mining since 1 year now.
Better trade.

[notlist3d]

I quit mining since 1 year now.
Better trade.

Depends on so many things.  Biggest is electricity price, but cooling, etc.

If you are set up right, and have decent electricity you still can profit mining.  This summer has been great for miners.  Low difficulty changes and BTC price rising.  So really miners that were doing ok are doing even better with recent jump in price.

[Mikestang]

I see a lot of stuff called ANTMINER S2 S3 S4 S5 and stuff , I will also assume that those are used for Mining , correct me if I'am wrong ?

You're a senior member on this forum since September 2014 and you don't know what Antminer is?

How much did you pay for this account?  Feel free to answer in French, as many of your old posts were written in that language.

[Amph]

I quit mining since 1 year now.
Better trade.

only if you are a good trader, the only bad thing about mining is the long roi time, if it was 1-3 months at best, it would be one of the best investment for passive income

[OmegaStarScream]

You're living with your parents.  Even if the electric costs them only $0.05 per kWh, you start plugging in miners and they're going to notice the increase in the bill.

An S3 will cost them about $12.41 a month.  An S5 will run them about $21.54 a month.  This assumes that $0.05 is what they actually pay.

Life is not that hard where I'am basically if you make 500$ per month you live without any issues, also I don't think they will mind I will even tell them before buynig it .
I guess that's cheap for the S3 miner , how much I will be making with it daily ? just approxmiate to see if I'am going to make some decent amount or not (in BTC) since it's long term

long term is a crazy word in the mining world. Make sure you have long term plan to keep your miner alive as well as enough time to upgrade things as per the instruction of the pool owner (assuming you are not going for solo mining, which is absurd with the hash power you are going to have). There are some decent options in cloud mining world. Explore them before investing in hardware...

thanks for all your answers
I know , I'am not that old so I guess I really can hold my bitcoins till 5-10 years without having any issues.
Speaking about cloud mining which I never understood and never will most likely , how the hell and why the hell someone would pay BTC to get BTC ? I just don't understand. Cloud mining is letting companies mine for you , correct ? so you give them money so you generate BTC , well why do I pay BTC to get BTC (probably less) ?  im only one not getting it ?

[notlist3d]

You're living with your parents.  Even if the electric costs them only $0.05 per kWh, you start plugging in miners and they're going to notice the increase in the bill.

An S3 will cost them about $12.41 a month.  An S5 will run them about $21.54 a month.  This assumes that $0.05 is what they actually pay.

Life is not that hard where I'am basically if you make 500$ per month you live without any issues, also I don't think they will mind I will even tell them before buynig it .
I guess that's cheap for the S3 miner , how much I will be making with it daily ? just approxmiate to see if I'am going to make some decent amount or not (in BTC) since it's long term

long term is a crazy word in the mining world. Make sure you have long term plan to keep your miner alive as well as enough time to upgrade things as per the instruction of the pool owner (assuming you are not going for solo mining, which is absurd with the hash power you are going to have). There are some decent options in cloud mining world. Explore them before investing in hardware...

thanks for all your answers
I know , I'am not that old so I guess I really can hold my bitcoins till 5-10 years without having any issues.
Speaking about cloud mining which I never understood and never will most likely , how the hell and why the hell someone would pay BTC to get BTC ? I just don't understand. Cloud mining is letting companies mine for you , correct ? so you give them money so you generate BTC , well why do I pay BTC to get BTC (probably less) ?  im only one not getting it ?

There is no guarantee with a legit cloud mining company to make ROI.  Mining is mining there is never profit of ROI.  With right conditions you make ROI.

This summer has been low diffficulty with btc rising.  So been a really good summer for miners all around.

There are only 2 cloud mining I trust.  And... to understand cloud mining I suggest clicking your own signature .  Bit-x sells cloudming services, so you can read about it there.   

[jonnybravo0311]

thanks for all your answers
I know , I'am not that old so I guess I really can hold my bitcoins till 5-10 years without having any issues.
Speaking about cloud mining which I never understood and never will most likely , how the hell and why the hell someone would pay BTC to get BTC ? I just don't understand. Cloud mining is letting companies mine for you , correct ? so you give them money so you generate BTC , well why do I pay BTC to get BTC (probably less) ?  im only one not getting it ?

You actually understand it perfectly .  Legit cloud mining companies own hardware and they mine with it.  They sell you shares of that mining equipment.  For example, let's say I'm a cloud mining provider.  I have a very small operation with only a single 1TH/s miner.  I'm going to sell you that 1TH/s contract.  So, in our example, I as the provider paid 1BTC for the miner.  I'm selling you that same 1TH/s for 1.5BTC.  As the provider, I've now made my money back plus some profit.  Earnings from the miner are now paid out to you... and oh yeah, I probably am going to charge you maintenance fees (I've got to cover the operating costs after all).  Now, I've got 1.5BTC, so I go and buy myself another 1TH/s miner.  I've still got 0.5BTC profit and I've got another miner that I can sell a contract for to somebody else.

You as the person who bought the contract are getting paid out based on whatever the miner earns minus any operating costs.  You are hoping that this contract will make you back more than the 1BTC you initially paid for it.  Typically, if and when the cost to operate the miner exceeds what the miner pays out, the contract is terminated.

The primary difference between cloud mining and having somebody host your gear is that with cloud mining, you don't own the hardware.  The cloud mining provider has already made his profit from selling you the contract.  Basically it's a game where you're hedging against the cloud mining provider.

[OmegaStarScream]

thanks for all your answers
I know , I'am not that old so I guess I really can hold my bitcoins till 5-10 years without having any issues.
Speaking about cloud mining which I never understood and never will most likely , how the hell and why the hell someone would pay BTC to get BTC ? I just don't understand. Cloud mining is letting companies mine for you , correct ? so you give them money so you generate BTC , well why do I pay BTC to get BTC (probably less) ?  im only one not getting it ?

You actually understand it perfectly .  Legit cloud mining companies own hardware and they mine with it.  They sell you shares of that mining equipment.  For example, let's say I'm a cloud mining provider.  I have a very small operation with only a single 1TH/s miner.  I'm going to sell you that 1TH/s contract.  So, in our example, I as the provider paid 1BTC for the miner.  I'm selling you that same 1TH/s for 1.5BTC.  As the provider, I've now made my money back plus some profit.  Earnings from the miner are now paid out to you... and oh yeah, I probably am going to charge you maintenance fees (I've got to cover the operating costs after all).  Now, I've got 1.5BTC, so I go and buy myself another 1TH/s miner.  I've still got 0.5BTC profit and I've got another miner that I can sell a contract for to somebody else.

You as the person who bought the contract are getting paid out based on whatever the miner earns minus any operating costs.  You are hoping that this contract will make you back more than the 1BTC you initially paid for it.  Typically, if and when the cost to operate the miner exceeds what the miner pays out, the contract is terminated.

The primary difference between cloud mining and having somebody host your gear is that with cloud mining, you don't own the hardware.  The cloud mining provider has already made his profit from selling you the contract.  Basically it's a game where you're hedging against the cloud mining provider.

Yeah well , you willl most likely won't get back what you paid , so I don't think it really worth it , I'd prefer mining my own with my own gears at my own home.

One more question about Mining, can A miner [Taking ANTMINER S5 as example] Be user to mine different coins ? or each coin have different type of miners ?

[jonnybravo0311]

An S5 (or S1, S2, S3, S4, S4+, U2, U3) can be used to mine any coin that uses SHA256D.  For example, BTC, NMC, HUC, MZC, CURE, TAK, PPC... all can be mined with that hardware.

Coins like LTC, DOGE, DASH, etc cannot be mined with that because they use different hashing algorithms (Scrypt, X11, etc).