Thinking of buying an ant miner. I have some questions.

[Zeusophobia]

I wanted to buy a nice ASIC to make a little extra cash. I have some questions.

How much technical knowledge do you need to keep this running? As far as diagnosing software and hardware problems, I would consider myself at an intermediate skill level. Should I learn more before investing in this?

Are there any scam pools? If so, can someone point me to a good pool so I don't get scammed?

Do those of you with multiple high powered ASICs have modifications done to your house for it to handle that much power? I'm of the understanding that if you plug in too much power to one socket bad things can happen.

How long do you hold on to your bitcoin for? As far as my limited knowledge goes, it seems to have dropped in price significantly. Are people worried about this happening again?

Is ant miner considered the only way to go for ASICs now? As far as I can see, they're the only people making good stuff with power/hashrate ratio.

Thanks

[1714765989]

1714765989

[achow101]

First of all, you probably won't be able to make much extra cash from mining. It depends on your electricity cost, and that cost can offset the earnings you make so that you are actually earning at a loss.

There probably are scam pools. You should just stick to one of the big pools like slush, ckpool, f2pool, etc.

In general you should not have a lot of stuff on one outlet because the power draw can be too much. AFAIK you can use the 240 V outlet for more power and it will should work better. However you should check that with someone else about that.

[Zeusophobia]

First of all, you probably won't be able to make much extra cash from mining. It depends on your electricity cost, and that cost can offset the earnings you make so that you are actually earning at a loss.

There probably are scam pools. You should just stick to one of the big pools like slush, ckpool, f2pool, etc.

In general you should not have a lot of stuff on one outlet because the power draw can be too much. AFAIK you can use the 240 V outlet for more power and it will should work better. However you should check that with someone else about that.

Doesn't the ant miner use about $100/month and make around $300-380?

I've been having a lot of trouble figuring out the power thing in my head. Could you explain it to me?

[achow101]

First of all, you probably won't be able to make much extra cash from mining. It depends on your electricity cost, and that cost can offset the earnings you make so that you are actually earning at a loss.

There probably are scam pools. You should just stick to one of the big pools like slush, ckpool, f2pool, etc.

In general you should not have a lot of stuff on one outlet because the power draw can be too much. AFAIK you can use the 240 V outlet for more power and it will should work better. However you should check that with someone else about that.

Doesn't the ant miner use about $100/month and make around $300-380?

I've been having a lot of trouble figuring out the power thing in my head. Could you explain it to me?

The power cost all depends on your electricity rates. If you have $0.10/kWh, an antminer x7 (consumes 1293 Watts), and run it continuously for 30 days, then the cost is as follows:
(1293 Watts /1000 watts/kW) * 24 hrs/day * 30 days * 0.10 $/kWh = $93.1 in electricity

As for your profits, that is a little harder to calculate. There are many mining calculators out there, here is one: https://bitcoinwisdom.com/bitcoin/calculator.

One thing to keep in mind is that about every 2 weeks, the difficulty changes, and that can affect your profits. Usually the difficulty goes up so your profits will go down. As long as the price of Bitcoin stays high and keeps going up, then you will profit, but if it goes down, you will be mining at a loss.

[Wusolini]

Antminer is great choice indeed , S7 is the top but i wonder what happen after bitfury spreads their 16nm chip .

To avoid complications with instalation and maintenance, you can buy antminer with hashnest or bitmain. They add equal haspower to pool, and you get shares. Read details about maintenance fees etc.

[notlist3d]

First of all, you probably won't be able to make much extra cash from mining. It depends on your electricity cost, and that cost can offset the earnings you make so that you are actually earning at a loss.

There probably are scam pools. You should just stick to one of the big pools like slush, ckpool, f2pool, etc.

In general you should not have a lot of stuff on one outlet because the power draw can be too much. AFAIK you can use the 240 V outlet for more power and it will should work better. However you should check that with someone else about that.

Doesn't the ant miner use about $100/month and make around $300-380?

I've been having a lot of trouble figuring out the power thing in my head. Could you explain it to me?

There is not 1 "ant miner" they have a good amount of different miners.  From old S1 to the newest gen S7.  So you cannot say how much "ant miners" cost without knowing OP's electricity cost and what model.

OP do you have an area sound will not be a issue?  Do you have a situation where you can get/run 220/240?   Or do you need to stick to 110/120?  Also what is your electricity cost?

Those answers will help some.

[Amph]

your only concern should be your electricity and initial investment, then everything will be settled for that, there are no scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

[helloeverybody]

I was wanting to get into the mining game as well, I even looked at the s7s but the price i pay for electricity i would be minnig at a loss, and even if i was making a profit it wouldn't be enough to cover the costs of the rig as well. At the end of the day i would have been better off just spending any money i had planned for mining equipment on actual btc instead.

[notlist3d]

I was wanting to get into the mining game as well, I even looked at the s7s but the price i pay for electricity i would be minnig at a loss, and even if i was making a profit it wouldn't be enough to cover the costs of the rig as well. At the end of the day i would have been better off just spending any money i had planned for mining equipment on actual btc instead.

Price took a little dive, so buying is not a horrible idea in my eyes.   I think it will go back up, but timelines can be hard to pick.

But if high electricity buying BTC without mining can be a very good way to grow your BTC.   It's quick and a good exchange can make it pretty easy.

[Zeusophobia]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

[helloeverybody]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

Id probably mine with .11, Mine is up over .25 a kw/h . if its cold where you live maybe you could turn off the heating and just use the miner as your heater, And as a byproduct you will be creating bitcoin =p

[Zeusophobia]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

Id probably mine with .11, Mine is up over .25 a kw/h . if its cold where you live maybe you could turn off the heating and just use the miner as your heater, And as a byproduct you will be creating bitcoin =p

Unfortunately I live in Florida, so I'll just have to crank the AC up higher.

I heard someone mention these things are loud. I was going to put it in my bedroom. Is that a bad idea?

[VirosaGITS]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

Id probably mine with .11, Mine is up over .25 a kw/h . if its cold where you live maybe you could turn off the heating and just use the miner as your heater, And as a byproduct you will be creating bitcoin =p

Unfortunately I live in Florida, so I'll just have to crank the AC up higher.

I heard someone mention these things are loud. I was going to put it in my bedroom. Is that a bad idea?

If you don't mind sleeping next to noise equivalent to someone screaming in your ear 24/7, then you could do it. Would not take long before you become deaf. Yeah its a pretty bad idea.

And you should dump the air outside, you're not supposed to AC this stuff. Thats way too expensive and i doubt you have cheap enough electricity to do it in the first place anyways.

[Amph]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

then you have your profit, because at present 1 s7 generate around $300 a month, and with 0.1 your consumption will be around $90, plenty of room for profit

also 1 s7 cost only $1k on bitman website, so you see 5 months roi

[Ademen]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

then you have your profit, because at present 1 s7 generate around $300 a month, and with 0.1 your consumption will be around $90, plenty of room for profit

also 1 s7 cost only $1k on bitman website, so you see 5 months roi

That calculation is based on no difficulty rise. If the difficulty rises 5% every 13 days, he will not ROI.

[VirosaGITS]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

then you have your profit, because at present 1 s7 generate around $300 a month, and with 0.1 your consumption will be around $90, plenty of room for profit

also 1 s7 cost only $1k on bitman website, so you see 5 months roi

That calculation is based on no difficulty rise. If the difficulty rises 5% every 13 days, he will not ROI.

And 5% is pretty hopeful right now. I dont know how long this mad rise is going to last, but if you calculate ROI without 5~8% average, i think you're going to end up with a severe gap in your pockets with nothing to fill it in.

[avw1982]

I was wanting to get into the mining game as well, I even looked at the s7s but the price i pay for electricity i would be minnig at a loss, and even if i was making a profit it wouldn't be enough to cover the costs of the rig as well. At the end of the day i would have been better off just spending any money i had planned for mining equipment on actual btc instead.

Solar mining equipments are available in market dude. I think In Ebay also you can get Solar miner. If you use solar miner that will reduce your electricity bill for sure. And you get some good profit by that. Because why I am suggesting is One of friend utilizing through solar miner. Fairly he is getting good money nowadays.

[helloeverybody]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

then you have your profit, because at present 1 s7 generate around $300 a month, and with 0.1 your consumption will be around $90, plenty of room for profit

also 1 s7 cost only $1k on bitman website, so you see 5 months roi

I had a quick check and the bitman website i found was bitman china, Is that correct? Price is $1206.57 . I dont think theres any way i can get a low enough rate to actually run one but id still quite like to .

I was wanting to get into the mining game as well, I even looked at the s7s but the price i pay for electricity i would be minnig at a loss, and even if i was making a profit it wouldn't be enough to cover the costs of the rig as well. At the end of the day i would have been better off just spending any money i had planned for mining equipment on actual btc instead.

Solar mining equipments are available in market dude. I think In Ebay also you can get Solar miner. If you use solar miner that will reduce your electricity bill for sure. And you get some good profit by that. Because why I am suggesting is One of friend utilizing through solar miner. Fairly he is getting good money nowadays.

I will take a look, I dont really get much sun where i am so maybe a wind turbine would be better. Still solar might be worth checking out.

[Amph]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

then you have your profit, because at present 1 s7 generate around $300 a month, and with 0.1 your consumption will be around $90, plenty of room for profit

also 1 s7 cost only $1k on bitman website, so you see 5 months roi

That calculation is based on no difficulty rise. If the difficulty rises 5% every 13 days, he will not ROI.

because of this he need to sell his miners at the correct time, usually after 3 months

[notlist3d]

your only concern should be your electricity and initial investment, then everythign will be settled for that, there ar eno scam pool, they are all well big known pool

go with s7 if your electricity is not very cheap like 0.05 or below, otherwise you cna try s5

Yeah I was going to get an s7. Electricity costs are .11

then you have your profit, because at present 1 s7 generate around $300 a month, and with 0.1 your consumption will be around $90, plenty of room for profit

also 1 s7 cost only $1k on bitman website, so you see 5 months roi

That calculation is based on no difficulty rise. If the difficulty rises 5% every 13 days, he will not ROI.

because of this he need to sell his miners at the correct time, usually after 3 months

It would require the correct sell I don't think any other way he will ROI.  But that is becoming more and more popular.

He mentioned AC cooling.  This is going to kill profit even more depending on how many but cooling with AC is the most expensive way to do it, and is not recommended.