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Author Topic: Any suggestions on bitcoin mining  (Read 1922 times)
senyorito123
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January 10, 2016, 11:15:42 AM
 #1

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance

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January 10, 2016, 11:18:40 AM
 #2

My suggestions is: dont do bitcoin mining, because you will make very small ammounts of BTC, even if you didnt have to pay for electricity.

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January 10, 2016, 11:24:05 AM
 #3

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance

Both of them is probably not profitable anymore , there is a lot of cloud mining companies that turned out to be a scam later.
and for Hardware mining , Well it's not a scam since you mine yourself but you really won't earn that much unless you own a mining farm or something (which can costs millions of dollars) or ..; or If you don't have to pay electricity otherwise the earnings <= electricity (depends on the price anyway)

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January 10, 2016, 11:32:55 AM
 #4

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance

It all depend on your location, budget and electricity price. The most important thing is your electricity rate per kWh. What is it?

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January 10, 2016, 11:33:07 AM
 #5

Anything that you have full control over it is the wiser choice so owning a mining equipment is the right choice here but note that buying and owning a mining equipment shouldn't be your only problem as a lot more factors come into place when you try to operate a mining equipment like it's electricity cost and if you do something wrong then you will soon find yourself giving money for its maintenance repairs too so depending on what your plan is (if you have) make sure your ready for the consequences before getting on board.
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January 10, 2016, 11:33:52 AM
 #6

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance
My suggestion is not to use cloud mining as most of them collapse after a short time, own mining hardware depends on your electricity cost and your budget planned to buy the mining rigs.


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January 10, 2016, 11:58:52 PM
 #7

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance

It all depend on your location, budget and electricity price. The most important thing is your electricity rate per kWh. What is it?

I am using solar power generator. so i think it's good on hardware mining? what do you think?

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senyorito123
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January 11, 2016, 12:49:07 AM
 #8

My suggestions is: dont do bitcoin mining, because you will make very small ammounts of BTC, even if you didnt have to pay for electricity.

so all i need to do is bitcoin investing. and avoid scammers aight?

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January 11, 2016, 12:56:03 AM
 #9


I am using solar power generator. so i think it's good on hardware mining? what do you think?

Solar power is not 'free' power for mining if you can earn money by selling power back to the grid.   You need to treat the solar generated power cost as being what you lost by not selling electricity back to the grid.  

Then you need to add in the cost of buying power from the grid when you are not generating sufficient solar power.

As a rough rule of thumb your average power cost over 24 hours needs to be under about 10 cents per kWh for mining to be viable. Solar power is unlikely to help.

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January 11, 2016, 01:21:48 AM
 #10

Anything that you have full control over it is the wiser choice so owning a mining equipment is the right choice here but note that buying and owning a mining equipment shouldn't be your only problem as a lot more factors come into place when you try to operate a mining equipment like it's electricity cost and if you do something wrong then you will soon find yourself giving money for its maintenance repairs too so depending on what your plan is (if you have) make sure your ready for the consequences before getting on board.

noted i appreciate your advice. i really need a plan on mining. Smiley

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senyorito123
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January 11, 2016, 01:33:36 AM
 #11


I am using solar power generator. so i think it's good on hardware mining? what do you think?

Solar power is not 'free' power for mining if you can earn money by selling power back to the grid.   You need to treat the solar generated power cost as being what you lost by not selling electricity back to the grid.  

Then you need to add in the cost of buying power from the grid when you are not generating sufficient solar power.

As a rough rule of thumb your average power cost over 24 hours needs to be under about 10 cents per kWh for mining to be viable. Solar power is unlikely to help.



I think you're right but my solar power is not enough to be sold to the grid.

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January 11, 2016, 01:47:30 AM
 #12

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance
My suggestion is not to use cloud mining as most of them collapse after a short time, own mining hardware depends on your electricity cost and your budget planned to buy the mining rigs.

i think you're right. and also i need a lot of money for hardware mining.

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January 11, 2016, 08:12:39 AM
 #13

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance
My suggestion is not to use cloud mining as most of them collapse after a short time, own mining hardware depends on your electricity cost and your budget planned to buy the mining rigs.

i think you're right. and also i need a lot of money for hardware mining.

what is your electricity? you can try to buy 1 single s7 and do fine with it, if bill cost is somehow acceptable, no need to invest big
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January 11, 2016, 08:27:48 AM
 #14

If you have free electricity and already have your own hardware then you should make a tiny profit but it really is difficult now to come away with anything major.  Cloud mning is hit and miss, a lot of the sites have gone and there are a lot of scam sites around that will just take your money and run.

I picked up some hashpower from Genesis mining and it will take me the whole year to get roi and with the reward halving coming up I am not sure roi will even happen.

Out of the two I would choose to mine yourself only after you work out if t will be profitable. there are also other altcoins you could mine, you can look in the alternative section to find out more.

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January 11, 2016, 07:34:59 PM
 #15

If you have the capital, you can make a lot of money. The larger scale you go, the more you make. Thinking of buying a single s7 to mine with at home? Probably not worth it unless your states residential electricity is very low. Investing $10,000 - $20,000 could net you tens of thousands of dollars a year. Rent a warehouse cheap that has 200 or 300 amp lines running to it, pay low cost commercial electricity rates, and you can make a lot of money. Keeping in mind this is all based off of the current price of Bitcoin. I, and many others, predict Bitcoin has no where to go but up, especially since we're in 2016. I know as soon as I have enough saved up, I'll be setting up a mining operation.
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January 11, 2016, 09:30:26 PM
 #16

If you have the capital, you can make a lot of money. The larger scale you go, the more you make. Thinking of buying a single s7 to mine with at home? Probably not worth it unless your states residential electricity is very low. Investing $10,000 - $20,000 could net you tens of thousands of dollars a year. Rent a warehouse cheap that has 200 or 300 amp lines running to it, pay low cost commercial electricity rates, and you can make a lot of money. Keeping in mind this is all based off of the current price of Bitcoin. I, and many others, predict Bitcoin has no where to go but up, especially since we're in 2016. I know as soon as I have enough saved up, I'll be setting up a mining operation.

I think starting slower and then build up.   Starting at home is not a horrible idea depending on electricity price.  I think you underestimate costs associated with a "cheap warehouse".  You will be spending quite a bit on setup of such a place.  There is the electrical, and cooling is two biggest things I can think of.  And finding a "cheap warehouse" that allows the modifications you need for such might be hard.  

10,000 in this idea would not get you even close to big commercial opperation that's less then 10 S7's and PSU's.  And that does not include the initial startup costs.  I think someone with ability to mine at their home and make a mining area is ahead by far in the 10,000 - 20,000 dollar area on investment.
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January 12, 2016, 12:40:32 AM
 #17

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance
My suggestion is not to use cloud mining as most of them collapse after a short time, own mining hardware depends on your electricity cost and your budget planned to buy the mining rigs.

i think you're right. and also i need a lot of money for hardware mining.

what is your electricity? you can try to buy 1 single s7 and do fine with it, if bill cost is somehow acceptable, no need to invest big

it is a solar power generator that can carry around 5,000W. i'm planning to buy s7 but my money said no. 'coz if there will be a slight malfunction on the hardware i don't have enough money to repair it. so i better save more money and buy miner in the future.

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January 12, 2016, 12:52:02 AM
 #18

If you have free electricity and already have your own hardware then you should make a tiny profit but it really is difficult now to come away with anything major.  Cloud mning is hit and miss, a lot of the sites have gone and there are a lot of scam sites around that will just take your money and run.

I picked up some hashpower from Genesis mining and it will take me the whole year to get roi and with the reward halving coming up I am not sure roi will even happen.

Out of the two I would choose to mine yourself only after you work out if t will be profitable. there are also other altcoins you could mine, you can look in the alternative section to find out more.


BTW about the hardware miner. it needs a good internet connection? my country has a poor connection. maybe it can affect the miner aight?

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January 12, 2016, 01:01:26 AM
 #19

miners transfer very low amounts of data! but they need low latency!
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January 12, 2016, 07:23:25 AM
 #20

i need a suggestion on btc mining. what is good? own mining hardware or cloud mining? thanks in advance
My suggestion is not to use cloud mining as most of them collapse after a short time, own mining hardware depends on your electricity cost and your budget planned to buy the mining rigs.

i think you're right. and also i need a lot of money for hardware mining.

what is your electricity? you can try to buy 1 single s7 and do fine with it, if bill cost is somehow acceptable, no need to invest big

it is a solar power generator that can carry around 5,000W. i'm planning to buy s7 but my money said no. 'coz if there will be a slight malfunction on the hardware i don't have enough money to repair it. so i better save more money and buy miner in the future.

in the future nothing will change, asic will be even more expensive, because they will come always with more hashpower and more efficiency

i suggested to buy only one, if it come with malfuction you can return it, to the owner, buy used only
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