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Author Topic: New to mining and wanting to start with it.  (Read 1627 times)
Sn7w
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December 01, 2015, 01:41:43 AM
 #1

First of all I hope this is the right section to post this, if not sorry!

What would I need to start mining with two 4.8 Th/s Antminers s7.
I've read a lot about mining and I know that mining with less then 5 Th/s would not make you that much money and even if the price goes down back to 200 mining with two would be manageable right? But I am willing to spend some on a cool new experience and a new investment, hoping 2016 will be a good year for Crypto currency. Or even few years later

Like I said I've read a lot and watched a lot of vids the last few weeks, but I really want to hear some personal experience with mining and especially with an Antminer S7. Do you think this might be an good investment? How long are you in this community and how long are you using bitcoins.

I'm from The Netherlands and I've read something that Europe will be or is the captital of crypto currency because of the US and some laws? Let me know about it I'd love to learn more!
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December 01, 2015, 02:06:47 AM
 #2

If you will be mining at home with 2 S7's get ready for them to be very loud.  And can you give me some money please?  Roll Eyes

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December 01, 2015, 07:22:25 AM
 #3

the thing about the value and the profitability is uncertain, if the diff increase too much you could potentially never roi, unless you sell your miners

if your bills cost is cheap i would definitely go for it, because the S7 has a great resell value, you can resell for the same price basically
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December 01, 2015, 01:27:19 PM
 #4

the thing about the value and the profitability is uncertain, if the diff increase too much you could potentially never roi, unless you sell your miners

if your bills cost is cheap iw ould definitely go for it, because the S7 has a great resellv alue, you can resell for the same price basically

This is a great suggestion IMO.

Just start mining and do it during a month or two. Then do the math and decide what is better for you: to resell your S7s or to keep them operating.

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December 01, 2015, 05:48:18 PM
 #5

First of all I hope this is the right section to post this, if not sorry!

What would I need to start mining with two 4.8 Th/s Antminers s7.
I've read a lot about mining and I know that mining with less then 5 Th/s would not make you that much money and even if the price goes down back to 200 mining with two would be manageable right? But I am willing to spend some on a cool new experience and a new investment, hoping 2016 will be a good year for Crypto currency. Or even few years later

Like I said I've read a lot and watched a lot of vids the last few weeks, but I really want to hear some personal experience with mining and especially with an Antminer S7. Do you think this might be an good investment? How long are you in this community and how long are you using bitcoins.

I'm from The Netherlands and I've read something that Europe will be or is the captital of crypto currency because of the US and some laws? Let me know about it I'd love to learn more!

Unlikely Europe will be capital of crypto... the VAY kills a lot of mining operations.   Canada, US, and ofcourse China it's safe to say are ahead of Euroope in amount of hash (i think i can say safely).

But do some ROI math.  What is your electricity price and what is your vat/import tax?  Sadly a lot of erupoe is so high they need to find a data center to hold miners in a different part of world.
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December 07, 2015, 10:28:16 PM
 #6

I had 2x s2's and realized very quickly with expensive electricity it just wouldn't
ROI as my electricity was $700+ per month and they were making around $500.
I was losing money and had to sell them before they were useless. So first thing
you need to do is figure out what the electricity will cost.

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December 07, 2015, 11:56:05 PM
 #7

Do you have any idea as to the amount of power used as opposed to how much it cost?  Or I guess the cost of electricity you paid would also work to get the the amount of power used.
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December 08, 2015, 12:59:05 AM
 #8

Do you have any idea as to the amount of power used as opposed to how much it cost?  Or I guess the cost of electricity you paid would also work to get the the amount of power used.

Most miners tell on amount used with efficiency.  Is that what your referring to?

Cost of electricity paid is normally in the KWH form on price.  There are many calculators out there to tell price if that's what your looking for.  Some are specific to mining and mesh with it others are just for electricity in general.
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December 15, 2015, 12:12:57 AM
 #9

Well, I was actually referring to Rubberduckie, guess I should have been more specific.  He stated he made $500 on $700 of electricity, so I was wondering what he was paying for electricity.  The more specific question is what electrical rate makes it economically feasible to mine?  I guess this would also be related to the difficulty and the efficiency of the miner in question.
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December 15, 2015, 12:58:15 AM
 #10

Well, I was actually referring to Rubberduckie, guess I should have been more specific.  He stated he made $500 on $700 of electricity, so I was wondering what he was paying for electricity.  The more specific question is what electrical rate makes it economically feasible to mine?  I guess this would also be related to the difficulty and the efficiency of the miner in question.

In addition to Difficulty and miner efficiency, the price of BTC has a major impact. When BTC price (as measured in USD) is high, then you get to keep more of the BTC mined after paying your electric bill. It's a complicated interplay of all those items, and they all influence the behavior of folks that are mining. The dynamics are entirely different now that BTC is roughly $440, than when BTC was $230.

Also the halving of the BTC reward for a block (down to 12.5 BTC per block). roughly in July of 2016, is starting to impact peoples decisions, both miners and vendors alike.
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December 15, 2015, 01:25:49 AM
 #11

Well, I was actually referring to Rubberduckie, guess I should have been more specific.  He stated he made $500 on $700 of electricity, so I was wondering what he was paying for electricity.  The more specific question is what electrical rate makes it economically feasible to mine?  I guess this would also be related to the difficulty and the efficiency of the miner in question.

In addition to Difficulty and miner efficiency, the price of BTC has a major impact. When BTC price (as measured in USD) is high, then you get to keep more of the BTC mined after paying your electric bill. It's a complicated interplay of all those items, and they all influence the behavior of folks that are mining. The dynamics are entirely different now that BTC is roughly $440, than when BTC was $230.

Also the halving of the BTC reward for a block (down to 12.5 BTC per block). roughly in July of 2016, is starting to impact peoples decisions, both miners and vendors alike.

I like to pay off electricity with BTC.  Makes sure I'm not in too deep.  If you don't at least track it you won't know when it's time to sell and get new gen's.

But I admit if I thought was to cheap I paid some out of pocket.   I don't sell BTC when I think it's to low... but everyone is different.
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December 15, 2015, 06:49:10 AM
 #12


I like to pay off electricity with BTC.  Makes sure I'm not in too deep.  If you don't at least track it you won't know when it's time to sell and get new gen's.

But I admit if I thought was to cheap I paid some out of pocket.   I don't sell BTC when I think it's to low... but everyone is different.

So you have an electric company that has a fixed BTC price for your Kilowatt hours? What is the going rate for a KWh where you live (in BTC)?

Boy I would sure like to know where that is and see how it compares to my electric company here in Minnesota!!
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December 15, 2015, 06:57:13 AM
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I like to pay off electricity with BTC.  Makes sure I'm not in too deep.  If you don't at least track it you won't know when it's time to sell and get new gen's.

But I admit if I thought was to cheap I paid some out of pocket.   I don't sell BTC when I think it's to low... but everyone is different.

So you have an electric company that has a fixed BTC price for your Kilowatt hours? What is the going rate for a KWh where you live (in BTC)?

Boy I would sure like to know where that is and see how it compares to my electric company here in Minnesota!!

In cash in coin to pay I'm not lucky enough for them to accept coins, sorry if it came out that way.   I sell at exchange then use that to pay electricity.  I don't sell my btc at exchange to pay electricity if I think it's to low (only a few times have done this)

If i pay with cash from my bank account and bitcoin goes to 0 i would he out a lot for all the electricity.   But this way I'm not out electricity as I take it out of my holdings.

And nothing great just a tad under 10 cents. Not horrible but wish it was better always want more ROI.
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December 15, 2015, 08:50:52 AM
 #14

If your electricity price is higher than $0.06 per kWh, then do not start mining. The difficult is rising fast. There will be no profit.

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Drewski
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December 15, 2015, 06:53:23 PM
 #15

Where can you find the current difficulty?  And what units is it in?
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December 16, 2015, 01:11:35 AM
 #16

Where can you find the current difficulty?  And what units is it in?

Last change is at bottom of site: https://bitcoinwisdom.com/bitcoin/difficulty   .  Really far down it shows a lot of changes.

Guess on current change is at top.  It is a very good site.  Also has one of the best mining calculators.
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December 16, 2015, 01:19:20 AM
 #17

Where can you find the current difficulty?  And what units is it in?

Last change is at bottom of site: https://bitcoinwisdom.com/bitcoin/difficulty   .  Really far down it shows a lot of changes.

Guess on current change is at top.  It is a very good site.  Also has one of the best mining calculators.

Difficulty is actually expressed in units of GigaHashes/Block

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December 16, 2015, 10:03:20 AM
 #18

First of all I hope this is the right section to post this, if not sorry!

What would I need to start mining with two 4.8 Th/s Antminers s7.
I've read a lot about mining and I know that mining with less then 5 Th/s would not make you that much money and even if the price goes down back to 200 mining with two would be manageable right? But I am willing to spend some on a cool new experience and a new investment, hoping 2016 will be a good year for Crypto currency. Or even few years later

Like I said I've read a lot and watched a lot of vids the last few weeks, but I really want to hear some personal experience with mining and especially with an Antminer S7. Do you think this might be an good investment? How long are you in this community and how long are you using bitcoins.

I'm from The Netherlands and I've read something that Europe will be or is the captital of crypto currency because of the US and some laws? Let me know about it I'd love to learn more!

Bitcoin is very popular int he netherlands, just look at the amounts off nodes on such a small population. Mining is far less popular in the netherlands. The reason for that is the electricity price is very expensive. Over 20 cents per KW/h i heard.

So make sure if mining is your way to go. You can calculate your income/revenue here:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Remember that most asics don't come with PSU's which means you need to add that too on your ROI estimator.
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January 21, 2016, 09:46:15 AM
 #19

Bitcoin is very popular int he netherlands, just look at the amounts off nodes on such a small population. Mining is far less popular in the netherlands. The reason for that is the electricity price is very expensive. Over 20 cents per KW/h i heard.

So make sure if mining is your way to go. You can calculate your income/revenue here:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Remember that most asics don't come with PSU's which means you need to add that too on your ROI estimator.

If the electricity price is over 20 us cent/kwh, it is not easy to mine. You will not be profitable after the block reward halving.

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January 22, 2016, 04:34:05 AM
 #20

Bitcoin is very popular int he netherlands, just look at the amounts off nodes on such a small population. Mining is far less popular in the netherlands. The reason for that is the electricity price is very expensive. Over 20 cents per KW/h i heard.

So make sure if mining is your way to go. You can calculate your income/revenue here:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Remember that most asics don't come with PSU's which means you need to add that too on your ROI estimator.

If the electricity price is over 20 us cent/kwh, it is not easy to mine. You will not be profitable after the block reward halving.

It would be a bad idea to even attempt it.  Just find a hosting center if you are wanting to own a miner.  Over 20 cents just cannot compete with others mining.

Its a way to almost guarantee a loss.   So why do it?  There is no reason financially speaking I can think of vs using a hosting center that will be around 1/2 the price of it.
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