Mining without an electricity limit

[DeltaJoslin]

Hello I'm pretty new to the Bitcoin scene. I decided to get involved after realizing that I could mine without worries of an electricity bill. So my question is for a person I my situation just starting and not having an excess of money what hardware/software would I need to get set up. I browsed multiple sites online and they all point to having some expensive hardware specifically designed for mining bitcoins. My limitation at this point is funds. So how would I start out and work my way up?  Thank you for your time and consideration.

[1715006591]

1715006591

[Damiantroll]

Don't immediately go all in. Try it out first with what you have and see how it plays out, then make the decision after talking to even more experienced miners.

[neurotypical]

Hello I'm pretty new to the Bitcoin scene. I decided to get involved after realizing that I could mine without worries of an electricity bill. So my question is for a person I my situation just starting and not having an excess of money what hardware/software would I need to get set up. I browsed multiple sites online and they all point to having some expensive hardware specifically designed for mining bitcoins. My limitation at this point is funds. So how would I start out and work my way up?  Thank you for your time and consideration.

Well, then you are lucky if your bills are free, any decent hardware miner will do, eventually you should move to Antminers, they are nice in size and you could start stacking it up.

http://www.rigwarz.com/


The more you make the more you will make. It will be like playing Bitcoin Billonaire. Go to mining section for a more specific reply tho.
 

[ticoti]

You should not invest in mining bitcoins because it is not profitable even without electricity expenses

[Coins168]

I remember someone posting here that he uses solar energy for his mining farm.
Not sure if its possible because of the huge panels you need for a single rig not sure if its worth it.

[BIT-Sharon]

Don't immediately go all in. Try it out first with what you have and see how it plays out, then make the decision after talking to even more experienced miners.

That's what he is doing now.

[devil11]

Mining rig is better than investing because in mining you can mine on your own base, but it have also a cost of electricity.So which you think is better, choose that

[jonald_fyookball]

You should not invest in mining bitcoins because it is not profitable even without electricity expenses

he's right.  not very profitable.  do some basic calculations before you buy any gear.  determine how much hash power you have compared with the network hash rate, and then multiply that percentage by the number of bitcoins being awarded and multiply that by the dollar per Bitcoin.  that will tell you how much money you will earn per day, per week, per month (assuming the difficulty stays constant)

[odolvlobo]

You should not invest in mining bitcoins because it is not profitable even without electricity expenses

he's right.  not very profitable.  do some basic calculations before you buy any gear.  determine how much hash power you have compared with the network hash rate, and then multiply that percentage by the number of bitcoins being awarded and multiply that by the dollar per Bitcoin.  that will tell you how much money you will earn per day, per week, per month (assuming the difficulty stays constant)

No he's not right. Without power costs, you will recoup the costs of the miner in a few months. An AntMiner S5 costs about $400, or about 1.3 BTC, and currently generates about 0.33 BTC per month. Of course, with the rising difficulty, you will never get rich from hobby mining.

On the other hand, one thing that newbie miners overlook is the heat and noise generated by the equipment. It might be a mistake to believe that you can mine in your bedroom or your apartment.

[umair01]

well for a starter , I assume you own at least a desktop and not a laptop , and also hope you have an AMD graphic cards as their more profitable than Nvidia cards , then you could try eobot for starters , its very user friendly , you will not earn much with current difficulty but it might help you to understand the system a bit , and same time while your mining , you could read the threads here and get involved if you can until you rank up your forum account and then join a signature campaign here and start maximizing your earning until you have enough money at your balance til you could buy some special hardware's for mining

[NorrisK]

I would leave mining alone.. Too much risk never to make ROI or get scammed by the companies when they don't deliver..

Safest bet is to just buy into bitcoin with the money you wanted to spend on the mining equipment. Fastest way to get your coins at current rate.

[Gleb Gamow]

I have a related question, guys.

Would it be profitable to mine here in the US (southern state) if on your property you had access to free natural gas? The gas is piped and you'll have unlimited usage. I'm thinking, of course, that the gas would be converted to electricity and low-end warehouses would still need to be built, and I don't believe internet access would be an issue.

Also, you would have to purchase the place (not that expensive), but once you're done mining, you'll be able to resell it for probably no less than what you'll pay for it.

Profitable, given the above parameters?

[umair01]

I have a related question, guys.

Would it be profitable to mine here in the US (southern state) if on your property you had access to free natural gas? The gas is piped and you'll have unlimited usage. I'm thinking, of course, that the gas would be converted to electricity and low-end warehouses would still need to be built, and I don't believe internet access would be an issue.

Also, you would have to purchase the place (not that expensive), but once you're done mining, you'll be able to resell it for probably no less than what you'll pay for it.

Profitable, given the above parameters?

isn't the process of converting the gas to electricity , is going to be expensive? in terms of profit , how much hardware your going to buy to make this project complete? a lot could come in conclusion if your ROI would be within how many months , and since your going to purchase the place , the ROI will even be longer I guess

[HCLivess]

It is called minting/staking/pos

[ajareselde]

Hello I'm pretty new to the Bitcoin scene. I decided to get involved after realizing that I could mine without worries of an electricity bill. So my question is for a person I my situation just starting and not having an excess of money what hardware/software would I need to get set up. I browsed multiple sites online and they all point to having some expensive hardware specifically designed for mining bitcoins. My limitation at this point is funds. So how would I start out and work my way up?  Thank you for your time and consideration.

If you have no worries about electricity bill, and your biggest problem is the funding for the miners, you should seriously consider offering renting out
your hosting for mining purpuses to others. That way you don't have to buy anything, just take other peoples miners and maintain their mining operation.

Be carefull tho, normal house el. circuit can draw only so much, don't connect too many miners. When i was mining with my rigs , i was careful not
to overstep 2 kW per phase, and even then there were some issues.

cheers

[Kakmakr]

I hope you not a student in your parents house, because someone will have to pay for that extra usage. Sticking your parents with that bill and taking the profits will just be wrong. The same goes for the people who mine from their workplace, without their employer knowing it.

The free electricity definitely gives you the edge over other miners out there, so you should reach ROI so much quicker than where you had to pay for the electricity. Would you care to explain to us, how you get FREE electricity? I would move their tomorrow, because my electricity bill takes a huge chuck out of my earnings.

[jonald_fyookball]

You should not invest in mining bitcoins because it is not profitable even without electricity expenses

he's right.  not very profitable.  do some basic calculations before you buy any gear.  determine how much hash power you have compared with the network hash rate, and then multiply that percentage by the number of bitcoins being awarded and multiply that by the dollar per Bitcoin.  that will tell you how much money you will earn per day, per week, per month (assuming the difficulty stays constant)

No he's not right. Without power costs, you will recoup the costs of the miner in a few months. An AntMiner S5 costs about $400, or about 1.3 BTC, and currently generates about 0.33 BTC per month. Of course, with the rising difficulty, you will never get rich from hobby mining.

On the other hand, one thing that newbie miners overlook is the heat and noise generated by the equipment. It might be a mistake to believe that you can mine in your bedroom or your apartment.

ok yeah if get it immediately and you run it for 4+ months and nothing breaks and the difficulty doesn't go up then you can recoup your investment (without electricty costs).
You are right sir.  Still the OP should work out the math for himself.

[nonbody]

antminer s3 can go for like 100 dollars which isnt too much to pay, if electricity isnt an issue then an s1 might be pretty appealing i have seen one go for 30 dollars or so

[umair01]

antminer s3 can go for like 100 dollars which isnt too much to pay, if electricity isnt an issue then an s1 might be pretty appealing i have seen one go for 30 dollars or so

yes their price is cheap compared to others but their daily income is also a lot lesser than other expensive miners so its parallel on that matter , I wanted to order an s3 before but did calculation and came up with the conclusion that is not worth it with the current difficulty

[Amph]

You should not invest in mining bitcoins because it is not profitable even without electricity expenses

he's right.  not very profitable.  do some basic calculations before you buy any gear.  determine how much hash power you have compared with the network hash rate, and then multiply that percentage by the number of bitcoins being awarded and multiply that by the dollar per Bitcoin.  that will tell you how much money you will earn per day, per week, per month (assuming the difficulty stays constant)

No he's not right. Without power costs, you will recoup the costs of the miner in a few months. An AntMiner S5 costs about $400, or about 1.3 BTC, and currently generates about 0.33 BTC per month. Of course, with the rising difficulty, you will never get rich from hobby mining.

On the other hand, one thing that newbie miners overlook is the heat and noise generated by the equipment. It might be a mistake to believe that you can mine in your bedroom or your apartment.

ok yeah if get it immediately and you run it for 4+ months and nothing breaks and the difficulty doesn't go up then you can recoup your investment (without electricty costs).
You are right sir.  Still the OP should work out the math for himself.

which is a very likely scenario, because if the price will not move soo much the diff will stay there for a while until new tech like 16/14nm kick in

so the op can try this route but he should hurry, i'm sure it won't last forever, until we can see a furious increase of the diff