New miner advice

[jsamm513]

I'm fairly new to the bitcoin mining community and I'm looking for any advice that would help me get started. Like what miners are best? What's the best psu's to go with them? And what's the best way to go about purchasing then in the marketplace and how escrow works and all that fun stuff? I would also like to know how the trust rating works as far as the sellers go. How do I know who to trust and who not to trust?

[SFR10]

what miners are best?
As of now I would say S7 but don't go out and order them yet since were approaching halving and it would be wiser to wait a little longer before buying it as most likely their prices go down and even more efficient miners pop out with new chips.

What's the best psu's to go with them?
APW3-12-1600-B2

And what's the best way to go about purchasing then in the marketplace
https://www.bitmaintech.com/productDetail.htm?pid=00020160129054250700R0OMI3KI061A or look for it in the following section in case someone is selling it: https://bitcointalk.org/index.php?board=75.0

how escrow works and all that fun stuff?
Escrow acts as a middle man in completing a deal and ensuring both parties getting what they intend to get in the first place.

I would also like to know how the trust rating works as far as the sellers go.How do I know who to trust and who not to trust?
Well if the seller have green trust, it's an indication his trusted and if he have red trust, there's a label of caution so don't deal with those users and neutral are just black like mine. always ready users feedback so you could have a better insight regarding if you could trust them or not.

[Mikestang]

Start reading these forums, every one of your questions is answered 1000 times here.  You won't learn by sitting back and waiting for everyone to tell you, you will learn by seeking out the knowledge yourself.  It's all here, start digging.

[VirosaGITS]

I'm fairly new to the bitcoin mining community and I'm looking for any advice that would help me get started. Like what miners are best? What's the best psu's to go with them? And what's the best way to go about purchasing then in the marketplace and how escrow works and all that fun stuff? I would also like to know how the trust rating works as far as the sellers go. How do I know who to trust and who not to trust?

Do your research, you're asking who to trust, which is an horrible question. You need to understand why I for instance would tell you to purchase X miner, why it make sense or  not. You should never trust someone and do what he is telling you to do. Ever.

If you want to mine profitably, the two things that matters is your budget and your electricity price. If your electricity price is under 0.04$/kWh, lets talk. If its higher, come back after halving.

[jsamm513]

I'm not too concerned about power cost as most of my miners will be ran with solar power during the day and standard electricity at night with battery backup during the switchovers.

[Brob12321]

I would suggest not getting into mining at this time.  Price of the miners are high, massive difficulty jumps, electric prices eat any profits, coming halving of rewards = not the best time to get into mining.

[VirosaGITS]

I'm not too concerned about power cost as most of my miners will be ran with solar power during the day and standard electricity at night with battery backup during the switchovers.

Doesnt that mean you pay electricity half the time?

[notlist3d]

I'm not too concerned about power cost as most of my miners will be ran with solar power during the day and standard electricity at night with battery backup during the switchovers.

Doesnt that mean you pay electricity half the time?

I think OP will be suprised much much watt's from miners add up to.   Do you know how much electricity your system generates?   I would calculate that and try to stay under at least starting up. 

If it get's real profiitable for you and can mine on normal rates.... you can do it later.  As far as gear current selling is S7 or A6, they are the most current.  There are next gen chips that will hit the market some day but hard to say when.

[jsamm513]

I'm not too concerned about power cost as most of my miners will be ran with solar power during the day and standard electricity at night with battery backup during the switchovers.

Doesnt that mean you pay electricity half the time?

My solar panels are generating 475kw/hr give or take, bear in mind that the battery backup is charges throughout the day and will run off that until it gets to 25% and then switch to the power grid. I'm not worried about exceeding my generated power any time soon

[Brob12321]

I'm not too concerned about power cost as most of my miners will be ran with solar power during the day and standard electricity at night with battery backup during the switchovers.

Doesnt that mean you pay electricity half the time?

My solar panels are generating 475kw/hr give or take, bear in mind that the battery backup is charges throughout the day and will run off that until it gets to 25% and then switch to the power grid. I'm not worried about exceeding my generated power any time soon

Woah isn't 475kw/hr like a lot of electric, I may be way off but I know 1,000Watts equals to 1 Kilowatt so you are saying you are making 475,000 watts per hour ? What do you have like a whole solar farm lol

[notlist3d]

I'm not too concerned about power cost as most of my miners will be ran with solar power during the day and standard electricity at night with battery backup during the switchovers.

Doesnt that mean you pay electricity half the time?

My solar panels are generating 475kw/hr give or take, bear in mind that the battery backup is charges throughout the day and will run off that until it gets to 25% and then switch to the power grid. I'm not worried about exceeding my generated power any time soon

Woah isn't 475kw/hr like a lot of electric, I may be way off but I know 1,000Watts equals to 1 Kilowatt so you are saying you are making 475,000 watts per hour ? What do you have like a whole solar farm lol

That is a heck of a lot of electricity I believe doing math in my head to.   OP do you have like a solar farm?  How big is your operation?

If truly that many watts yes you can have quite the operation on mining.   You will have some costs though building your mining area.  To have it all wired up, proper cooling, PSU's, etc it adds up but luckily a lot of these are one time costs.   If you have all this power there will be a LOT of one generation old gear for pretty great prices.  Or there is current gen that will have the most resell value but also costs the most.

[asrilani]

You can learn about bitcoin mining now. But it is better not to buy a miner at present. The difficulty is rising too fast. It is better to wait until the 16 nm miners come out.

[leowonderful]

I'm not too concerned about power cost as most of my miners will be ran with solar power during the day and standard electricity at night with battery backup during the switchovers.

I know that I also have a solar operation, but having enough to power a miner? Not so much. But if you do have solar power, basically ANY miner (should) roi if  nothing happens to your panels. You can listen to people saying don't buy right now, but those people were once wrong in the past trust your gut

[Lutzow]

S7 prices are getting lower per batch due to the increase difficulty and upcoming halving. Best to check the difficulty stats since once the older miners are being outgunned then difficulty increase could head towards the opposite trend making S7 mining profitable again but still there are so many uncertainties compared to 1 year ago.

[notlist3d]

S7 prices are getting lower per batch due to the increase difficulty and upcoming halving. Best to check the difficulty stats since once the older miners are being outgunned then difficulty increase could head towards the opposite trend making S7 mining profitable again but still there are so many uncertainties compared to 1 year ago.

To be fair there are always uncertainties.  Even during day's I ran Dragon 1T's on asics, it was will I make ROI.... when will next better miner come out.   And the S3 came out eventually beatting the A1's by a decent amount.   

So there is always the next gen possible uncertainties.  And value is always been uncertain I mean I can remember when close to 1K was considered normal... and now if you bought at 800-900 you might have lost 1/2 of investment in a year.  So that is another example of uncertainties are nothing new.  Miners get cheaper as the difficulty changes.

So I think it's more of the same old thing for a lot of it.

[alh]

I would also ask, what is your current large solar farm power at the present time? If you are presently producing 475KW/hour during the daylight hours, presumably some or all of that is to power something other than Bitcoin hardware, and recharge the batteries for night-time, right? If you put in a large ASIC farm, will you just end "starving" whatever you are currently powering? It would be kinda silly to have your ASIC farm use all your solar capacity, just to find that the non-ASIC power demand ends up using equally expensive electricity.

Just something to consider.

I think in economics, they would call this an "opportunity cost".

[asrilani]

S7 prices are getting lower per batch due to the increase difficulty and upcoming halving. Best to check the difficulty stats since once the older miners are being outgunned then difficulty increase could head towards the opposite trend making S7 mining profitable again but still there are so many uncertainties compared to 1 year ago.

The 16 nm will come out in March as officially mentioned. But I think it has already been used by the manufacturers.

[jsamm513]

The 475kw is my excess after powering my home and charging batteries, the excess is routed back to the main grid and the electric company pays me a set rate per kw. In essence, I am making money with that, but it's a new system that I put together to run a mining operation.

[philipma1957]

The 475kw is my excess after powering my home and charging batteries, the excess is routed back to the main grid and the electric company pays me a set rate per kw. In essence, I am making money with that, but it's a new system that I put together to run a mining operation.

Okay so is the 475 your daily excess?

For arguments sake that would be 20 kwatt per hour.

So let's be safe and derate by 20 percent

This means you can use 16kwatts of miners this would be 11 s-7s

That is about 50th.

The gear you can get right now s-7s or avalon6s

Are you capable of running 240 volts?

You need to do this it allows for better psus.

Send me a pm I could give you more info.

[alh]

While this may be a "downer" question, what does the electric company pay you for the excess electricity that you you provide to the grid? I ask this, since from a strictly economic point of view, that will effectively be the "cost" of using it to power your ASIC mining operation. If you ask an economist, they call this an "opportunity cost", because if you didn't run a mining operation, that would all be "income" to you you. In other words, if you forgo some income to run an ASIC farm, that is a "cost".

I don't mean to rain on anybodies dream, just pointing out that if by some chance they were "paying" you say $.15 per KWh, then it might make more sense to skip BTC mining altogether.