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 

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[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.