Newbie wanting to get into mining. Needs help!

[Cire3]

Hi all, I've recently did some research about bitcoin and am interested in actually starting to mine. Thing is I'm quite confused about the Wallet and Joining pools and using mining software.
My Desktop won't be able to provide that much power to get optimal power to mine. I'm wondering what can possibly get me the best results with only investing 300-450$ to begin with. All I know is that Asic mining gear is best for the situation. If you guys can help me with setting up my wallet and to pair it with my mining software then possibly lead me to the right direction in gear for a beginner that'd be great! I know I'm asking alot, but I know no one who does this kind of stuff.

Thanks a ton! I hope to hear a response 

[1715587958]

1715587958

[realchlorum]

Hey

I was in the same situation.
You need a lot more money to invest if you want to make profit. (in my opinion)
The problem are the electricity costs. If you mine at home you need a good miner with less w/ghs
I recommend trading, buy 1 btc.. sell them with profit.

I lost a lot money in doing useless mining

[Stiefeljunge]

Hey, i too just started diving into this whole bitcoin thing, and I found cloud mining to be a good start for me.
I currently have contracts at eobot and genesis-mining, but i didnt invest that much, since you'll never know if they're going to be there tomorrow. Even though those two seem to be trustworthy, bitcoin world is fast moving.
If you are interestet in that:
Ref link:
https://www.eobot.com/new.aspx?referid=311968
Non-ref:
eobot.com

Non-ref:
genesis-mining.com
Use this code when ordern to get a discount of 2.5%
J6owHx
Note: This is a referral code and it will give me a bonus too, if you use it.

Before ordering anything you should check out how you like the sites, the fees, the pros and cons. Google their names + review and read multiple articles about them.

Thats another thing i strongly recommend when thinking about using a site for anything bitcoin related.
Google its name + review or "scam?". Dont rely on one review.
Also use this forum, it will provide you with a ton of info.

And for the last part: Invest only what you can afford to lose.

[realchlorum]

Hey, i too just started diving into this whole bitcoin thing, and I found cloud mining to be a good start for me.
I currently have contracts at eobot and genesis-mining, but i didnt invest that much, since you'll never know if they're going to be there tomorrow. Even though those two seem to be trustworthy, bitcoin world is fast moving.
If you are interestet in that:
Ref link:
https://www.eobot.com/new.aspx?referid=311968
Non-ref:
eobot.com

Non-ref:
genesis-mining.com
Use this code when ordern to get a discount of 2.5%
J6owHx
Note: This is a referral code and it will give me a bonus too, if you use it.

Before ordering anything you should check out how you like the sites, the fees, the pros and cons. Google their names + review and read multiple articles about them.

Thats another thing i strongly recommend when thinking about using a site for anything bitcoin related.
Google its name + review or "scam?". Dont rely on one review.
Also use this forum, it will provide you with a ton of info.

And for the last part: Invest only what you can afford to lose.

I was mining on eobot too for a while, but DONT buy a contract there, the fees are insane.
For ghs 2.0 the fee is like 60%+
and for ghs 3.0 the price is just too high and i think its already a 40% fee.
Its only good to mine altcoins with your asic miner. Im mining GRC there.

I dont have experience about the other sites.

[Stiefeljunge]

Fees at eobot are currently 45% for 2.0 GHS and 24% for 3.0 GHS.
At genesis-mining they are at 0.00099$/GHS/Day

But you're right, the fees at eobot are pretty high...

[realchlorum]

Fees at eobot are currently 45% for 2.0 GHS and 24% for 3.0 GHS.
At genesis-mining they are at 0.00099$/GHS/Day

But you're right, the fees at eobot are pretty high...

wow you are right. The last time i cloud mined there was 2-3 month ago. The fees were like i described.
They must have changed it since they got ghs3.0 or its because of the rising btc price

[notlist3d]

Fees at eobot are currently 45% for 2.0 GHS and 24% for 3.0 GHS.
At genesis-mining they are at 0.00099$/GHS/Day
But you're right, the fees at eobot are pretty high...

wow you are right. The last time i cloud mined there was 2-3 month ago. The fees were like i described.
They must have changed it since they got ghs3.0 or its because of the rising btc price

Do not buy from there stick with a more credible cloud mining site.  Just look at the calculator they make you think you will ROI quick with monthly earnings..... they don't have difficulty factored in for a reason. 

Look at one that is with a hardware company (hashnest), or one that has purchased hash confirmed by company (Bit-x).  Just using those examples if you buy Bit-x I make 0 more just was using as a example of a verified by hardware maker.   Do not let me or anyone else push you into a company research it before investing.

[Stiefeljunge]

Do not let me or anyone else push you into a company research it before investing.

Exactly.
One of the most valuable things to do when you are checking out new sites.
Research everything. Build your own opinion on services before you throw your money at them.

[realchlorum]

Do not let me or anyone else push you into a company research it before investing.

Exactly.
One of the most valuable things to do when you are checking out new sites.
Research everything. Build your own opinion on services before you throw your money at them.

True. But you learn from mistakes even i was always paying attention, research things and stuff but got ricked off once from a site called hashprofit.com
I learned also from this ponzi cloud mining. You always loose so i just trade or gamble with my coins.

[Cire3]

From the sounds of it, Cloud mining seems a little unreliable due to ponzi schemes and the overall rate they charge, 40-60%? From my knowledge, electricity is around 12 cents an hour. Any ideas?

[notlist3d]

Do not let me or anyone else push you into a company research it before investing.

Exactly.
One of the most valuable things to do when you are checking out new sites.
Research everything. Build your own opinion on services before you throw your money at them.

True. But you learn from mistakes even i was always paying attention, research things and stuff but got ricked off once from a site called hashprofit.com
I learned also from this ponzi cloud mining. You always loose so i just trade or gamble with my coins.

It's true there are a lot of crap sites.  Just total ponzi's yet some still buy at a couple.... I will never understand.  It could be they are too new or think they are to smart.  Or they trust calculators scam sites put up.

But I would feel awful if I pushed someone to cloud and it went up in air.  That is why I normally tell them to research it.  They will find the 2-3 good ones that is all there really is that I know of.  They can find it and this forces them to do research if they wanted to or not, so more educated.  After that they are good to invest if they want to, but I like them researching.

[alh]

I would also add that the metric for "good" in terms of cloud mining is mostly "not a fraudulent or ponzi scheme". A "good" cloud mining site doesn't mean it will be profitable, only that it's not a complete scam.

[HarryKPeters]

If you go into cloud mining.. remember this. Cloud mining is not profitable. In fact it is quite risky.
The best way to determine what's best is to buy a little hashes at the major parties (Hashnest, don't use Genesis they screw their customers)

Then after a month compare the income to how much you would have earned with mining, and see for yourself if is is profitable.

[Cire3]

Would it be better to mine with your own equipment? Currently I'm running a Radeon R9 200 if that means anything. Or would it be better to invest in some ASIC gear? Cloud mining doesn't seem to have the freedom compared to mining on your own terms

[icezer0z]

Would it be better to mine with your own equipment? Currently I'm running a Radeon R9 200 if that means anything. Or would it be better to invest in some ASIC gear? Cloud mining doesn't seem to have the freedom compared to mining on your own terms

The GPU days of Bitcoin mining are done... Period.  It's a waste of money and you will not get anything out of it.

Buy an Antminer S3 if you want to start out and mine a little for fun... For profits your looking at needing several S7s and some cheap electricity.
BTW,  how much do you pay for Kw/h on your bill?

[Cire3]

I believe it's 12 cents an hour

[icezer0z]

I believe it's 12 cents an hour

Phew that is pricey.  I am at 6 cents.  Cloud mining may be a better option.

Try nicehash  I've used them several times with no problems

[Cire3]

My bad, It's actually 10 cents and hour.

[notlist3d]

My bad, It's actually 10 cents and hour.

I would double check you really need your last electricity bill.  Make sure to add fee's and taxes in it, if you don't your not getting it all.

But 10 is better then 12.  It is ok not great but not horrible.  Most likely you will need to master using gear and selling to ROI.

[megatron1337]

if you really want to mine with that budget i would suggest an antminer S3 with a gold rated power supply. Maybe if you're lucky you could get 2 antminer S3's.

[Cire3]

Let's say I got the AntMiner S3, How would one Pair that to a Miner program and attach that to a wallet? I don't know much about that.

[Tupsu]

Let's say I got the AntMiner S3, How would one Pair that to a Miner program and attach that to a wallet? I don't know much about that.

HELP
https://www.antpool.com/support.htm

[Stiefeljunge]

I understand all the stated concerns about cloud mining, but since i live in germany and have to pay 0.28€/kwh, there is pretty much no other option except for spending thousands of Euros on a real mining farm, and I sadly dont have that much...

[Cire3]

Let's say I got the AntMiner S3, How would one Pair that to a Miner program and attach that to a wallet? I don't know much about that.

HELP
https://www.antpool.com/support.htm

     

Okay, those instructions seems fairly understandable. Just to make sure I'm understanding this correctly; you put in what pools and workers on the S3's settings and it then mines there or you need to use something like GUI miner? Also, I'm not sure how to set my Bitcoin wallet to my miner

[notlist3d]

Let's say I got the AntMiner S3, How would one Pair that to a Miner program and attach that to a wallet? I don't know much about that.

HELP
https://www.antpool.com/support.htm

     

Okay, those instructions seems fairly understandable. Just to make sure I'm understanding this correctly; you put in what pools and workers on the S3's settings and it then mines there or you need to use something like GUI miner? Also, I'm not sure how to set my Bitcoin wallet to my miner

No just enter into configuration page on S3... and that is is.  No computer program like GUI miner or others.

It's very simple and easy.  Just log into S3 via ip, set it, and it should run.

[Cire3]

By that you mean I input my Wallet ID into the S3?

[Amph]

By that you mean I input my Wallet ID into the S3?

for withdraw, if that what you mean, there should be a field to enter your address on the website, then set a threshold, it will be automatically withdrawn on your wallet

[notlist3d]

By that you mean I input my Wallet ID into the S3?

for withdraw, if that what you mean, there should be a field to enter your address on the website, then set a threshold, it will be automatically withdrawn on your wallet

You input the mining pool information with your worker name.  It will mine and make you BTC.

Then you do what Amph is saying to get the BTC from mining pool, to your wallet.  Some pools even allow you to use BTC address as user, and no signup.

[Cire3]

By that you mean I input my Wallet ID into the S3?

for withdraw, if that what you mean, there should be a field to enter your address on the website, then set a threshold, it will be automatically withdrawn on your wallet

You input the mining pool information with your worker name.  It will mine and make you BTC.

Then you do what Amph is saying to get the BTC from mining pool, to your wallet.  Some pools even allow you to use BTC address as user, and no signup.

And by website you mean the Antminer's Server or the mining pool's?

[notlist3d]

By that you mean I input my Wallet ID into the S3?

for withdraw, if that what you mean, there should be a field to enter your address on the website, then set a threshold, it will be automatically withdrawn on your wallet

You input the mining pool information with your worker name.  It will mine and make you BTC.

Then you do what Amph is saying to get the BTC from mining pool, to your wallet.  Some pools even allow you to use BTC address as user, and no signup.

And by website you mean the Antminer's Server or the mining pool's?

Have you logged into the antpool site?  In it you are able to add wallet to your account.

But you get a worker name with that pool.  It is not a pool you can mine direct to wallet.  It is one you use username and then it credit's to account... and assuming you meet requirements for withdraw every 24 hours antpool pays you.

[Cire3]

Correct me if I'm getting this wrong. On the Antminer's server you put in your Wallet ID so in 24 hour intervals the Antminer forwards the money into my wallet and you put in what pools you're currently wanting to mine into the server along with workers?

[notlist3d]

Correct me if I'm getting this wrong. On the Antminer's server you put in your Wallet ID so in 24 hour intervals the Antminer forwards the money into my wallet and you put in what pools you're currently wanting to mine into the server along with workers?

It's antminers site you put it in.  Interval I believe has a minimum is only thing, so it is possible not 24 but should be every 24 if you meet minimum mark.

I would say site.  You really don't do anything with " Antminer's server" with wallet.  You use " Antminer's server" that is stratum to mine.  But all the settings on wallet are on antpool website.

I ask that you sign up and look at it.  You will have a much better idea after you do.  

[Cire3]

I don't even known an Antminer s3, would taking the plunge into this worth it? Seriously though, with one s3 would I be making $3.50 or so a day?

[notlist3d]

I don't even known an Antminer s3, would taking the plunge into this worth it? Seriously though, with one s3 would I be making $3.50 or so a day?

Everyone is on different scales. If one S3 is biggest you are conformable or can go to, or most conformable investing yes stick with that.  But many go much higher in hashrate and higher priced machines.

I separate home and hobby miners really.  I consider one who scales it up a decent amount a hobby miner.  If you have 1 or 2 at home I consider home miner, each is a valid option depends on your situation.

[Cire3]

Chances are I'll experiment with 1 s3, where can I find one online? The official website has them in batches which I don't feel like dealing with. Any other options?

[Cire3]

Guys, is there any other Miners that have a higher Hash rate within my price range? I don't want to invest too much money to begin with, but a higher hash rate would be nice

[Amph]

I don't even known an Antminer s3, would taking the plunge into this worth it? Seriously though, with one s3 would I be making $3.50 or so a day?

no, more like $1 a day, without counting electricity, which will result in a loss in some case, i would avoid those bulky old asic miner, they ar enot efficient anymore, and even with free electricity they take up too much space and too much wattage

[Cire3]

Not sure making one dollar a day is worth it. Would I be better of just trying out the S3 or go for something like the Spondoolie SP20 Where I'd be making a little more.

[notlist3d]

Not sure making one dollar a day is worth it. Would I be better of just trying out the S3 or go for something like the Spondoolie SP20 Where I'd be making a little more.

Honestly if I were you I think you need to do a little more research.  I would HIGHLY recommend not ordering till you have done a little more, just seems a lot of questions.  They are valid questions but I suggest getting researching before you do any ordering.

I suggest looking up your exact electricity cost (include taxes/fees).   After that look at ROI, research it at different percentages.   Try different miners at ROI it is good practice if noting else.   After all that... research miners a little more.   Assuming you do all that then come back.  Decide if your doing for profit or learning.... and see if that is possible.   

Then start looking at buying.  It easily could take day's to go through all of this, there is no need to rush decision.

[philipma1957]

Not sure making one dollar a day is worth it. Would I be better of just trying out the S3 or go for something like the Spondoolie SP20 Where I'd be making a little more.

okay here is the deal..
----------------------------------------------------------------------------------------------------------------------------------------
sp20 = used only.----  needs a solid power supply  like an evga 1300g2

avalon 4.1 = used only. ---- needs a rasp pi and a good power supply really quiet miner

s-5   used only. --- needs a good psu  say 800 watts or more really loud with out mods.
--------------------------------------------------------------------------------------------------------------------------------------------------

s-3 used only -----   uses less power hash = 450=500  and  watts =  350 /400  quiet good miner to learn how to mine

------------------------------------------------------------------------------------------------------------------------------------------------

new gear

avalon 6 costly        kind of quiet needs a quality psu and a rasp pi
antminer s-7 costly loud   needs a quality psu


the first three are 300 to 500 usd
the s-3  may be 125 usd
the new gear is over 1000 usd.

[Cire3]

Not sure making one dollar a day is worth it. Would I be better of just trying out the S3 or go for something like the Spondoolie SP20 Where I'd be making a little more.

Honestly if I were you I think you need to do a little more research.  I would HIGHLY recommend not ordering till you have done a little more, just seems a lot of questions.  They are valid questions but I suggest getting researching before you do any ordering.

I suggest looking up your exact electricity cost (include taxes/fees).   After that look at ROI, research it at different percentages.   Try different miners at ROI it is good practice if noting else.   After all that... research miners a little more.   Assuming you do all that then come back.  Decide if your doing for profit or learning.... and see if that is possible.   

Then start looking at buying.  It easily could take day's to go through all of this, there is no need to rush decision.

Okay, I know already that I want to do this for profits, and to learn. Mainly for profit. I'm just researching other miners and my electric I'll get back to you!

[Idz4dealz]

Hi I'm also Noob to mining.
I have a small USB antminer that although not profitable I can take it with my laptop...Portable means I end up plugging it in everywhere. Got me more interested and learned a little on the way. I do have some computer equipment that sure is helpful for mining (Old servers etc but living in UK not sure would be economical to ship. Good luck 

If anyone from the UK, Wales especially is interested in setting up mining equipment/networking please drop me a msg

https://www.betcoin.ag?r=169495 If you like gambling or not no pressure but I use betcoin and find networking there of considerable help too.

IDZ

[2double0]

Not sure making one dollar a day is worth it. Would I be better of just trying out the S3 or go for something like the Spondoolie SP20 Where I'd be making a little more.

Honestly if I were you I think you need to do a little more research.  I would HIGHLY recommend not ordering till you have done a little more, just seems a lot of questions.  They are valid questions but I suggest getting researching before you do any ordering.

I suggest looking up your exact electricity cost (include taxes/fees).   After that look at ROI, research it at different percentages.   Try different miners at ROI it is good practice if noting else.   After all that... research miners a little more.   Assuming you do all that then come back.  Decide if your doing for profit or learning.... and see if that is possible.   

Then start looking at buying.  It easily could take day's to go through all of this, there is no need to rush decision.

Okay, I know already that I want to do this for profits, and to learn. Mainly for profit. I'm just researching other miners and my electric I'll get back to you!

My suggestion would be, don't go for new miners, buy second hand miners and run them, as you will get those miners cheaper and will ROI even much faster compared to buying new miners. Remember, what I have known till now is, any miner that you buy works best just for 1 full year, so research and then buy.

[Bitspenser]

Not sure making one dollar a day is worth it. Would I be better of just trying out the S3 or go for something like the Spondoolie SP20 Where I'd be making a little more.

Honestly if I were you I think you need to do a little more research.  I would HIGHLY recommend not ordering till you have done a little more, just seems a lot of questions.  They are valid questions but I suggest getting researching before you do any ordering.

I suggest looking up your exact electricity cost (include taxes/fees).   After that look at ROI, research it at different percentages.   Try different miners at ROI it is good practice if noting else.   After all that... research miners a little more.   Assuming you do all that then come back.  Decide if your doing for profit or learning.... and see if that is possible.   

Then start looking at buying.  It easily could take day's to go through all of this, there is no need to rush decision.

Okay, I know already that I want to do this for profits, and to learn. Mainly for profit. I'm just researching other miners and my electric I'll get back to you!

My suggestion would be, don't go for new miners, buy second hand miners and run them, as you will get those miners cheaper and will ROI even much faster compared to buying new miners. Remember, what I have known till now is, any miner that you buy works best just for 1 full year, so research and then buy.

I agree with buying old miners. But not because they will ROI faster. Both new and old miners are difficult to ROI if your electricity price is higher than $0.15 kWh. The old miners are cheaper, you will lose less.