Wanting to get into mining

[Epiknoob]

Hello,

I have been wanting to get into mining for a while now and was wondering if I can get some advice. I want to invest about 2-4k into this project and was wondering what the most profitable way of doing so would be. I do live in an area where solar power can be done ( just have to find  how much power i would need )so what advice do you have? I will be able to drop another 2 -4 k ( not including what profits I get from mining)"farm" every 12 or so weeks. My goal would to be able to have a good profit margin after a year or so

[mocacinno]

Hello,

I have been wanting to get into mining for a while now and was wondering if I can get some advice. I want to invest about 2-4k into this project and was wondering what the most profitable way of doing so would be. I do live in an area where solar power can be done ( just have to find  how much power i would need )so what advice do you have? I will be able to drop another 2 -4 k ( not including what profits I get from mining)"farm" every 12 or so weeks. My goal would to be able to have a good profit margin after a year or so

There are a lot of variables:
-what is your electricity rate
-what is your technical knowledge
-what do you know about bitcoins
-do you have a space for mining equipment: it consumes a lot of power, and generates a lot of heat+noise

If you can answer these questions, we can probably give you some hints on what to read/study/buy/...

[Amph]

don't invest in bitcoin mining, it's practically a giant scam at this point, only big farm have their roi

invest in a gpu mining and never sell it, it will be always profitable, it may be possible that the altscene face some dead periods, but in the end at least one coin will be profitable

you can try to buy the best build that is available for this purpose, asroch h81 pro btc, cheap cpu, 4 giga of ram, cheap ssd, a 1500w psu, and six gpu amd or nvidia

[Epiknoob]

Hello,

I have been wanting to get into mining for a while now and was wondering if I can get some advice. I want to invest about 2-4k into this project and was wondering what the most profitable way of doing so would be. I do live in an area where solar power can be done ( just have to find  how much power i would need )so what advice do you have? I will be able to drop another 2 -4 k ( not including what profits I get from mining)"farm" every 12 or so weeks. My goal would to be able to have a good profit margin after a year or so

There are a lot of variables:
-what is your electricity rate
-what is your technical knowledge
-what do you know about bitcoins
-do you have a space for mining equipment: it consumes a lot of power, and generates a lot of heat+noise

If you can answer these questions, we can probably give you some hints on what to read/study/buy/...

My electrical rate is 0.0295per kwh during peek

My technical knowledge is some what high. I am a software developer and have above average hardware knowledge.

From what I understand about bit coin is you  use your "device" for computing power to mine(gets harder and less reward over a given about of time.) It is more profitable to join a mining group.
I do have space for the rigs

[mocacinno]

Hello,

I have been wanting to get into mining for a while now and was wondering if I can get some advice. I want to invest about 2-4k into this project and was wondering what the most profitable way of doing so would be. I do live in an area where solar power can be done ( just have to find  how much power i would need )so what advice do you have? I will be able to drop another 2 -4 k ( not including what profits I get from mining)"farm" every 12 or so weeks. My goal would to be able to have a good profit margin after a year or so

There are a lot of variables:
-what is your electricity rate
-what is your technical knowledge
-what do you know about bitcoins
-do you have a space for mining equipment: it consumes a lot of power, and generates a lot of heat+noise

If you can answer these questions, we can probably give you some hints on what to read/study/buy/...

My electrical rate is 0.0295per kwh during peek

My technical knowledge is some what high. I am a software developer and have above average hardware knowledge.

From what I understand about bit coin is you  use your "device" for computing power to mine(gets harder and less reward over a given about of time.) It is more profitable to join a mining group.
I do have space for the rigs

Amph is also giving some good advice, but in case you're really interested in bitcoin mining, this will help you out:
Assumptions:

• you have bought 4 antminer S7's @ 600 USD/piece + 21% VAT + 500 USD transport (i don't know where you are from, so i just guessed) => total cost = ~3400 USD
• your electricity rate is 0.03 all the time
• you're pool mining (this hashing power isn't good enough for solo mining)
• you have no extra cost
• the diff didn't rise
• the price didn't move
• the blocks didn't halve

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=18920&p=5689&pc=0.03&pf=0.01&d=165496835118.22600000&r=25.00000000&er=419.00000000&hc=3400

Now, the break-even point would be 170 days... This is not good, because in about 3 months, the ammount of bitcoins per block will halve, so your break-even point would be well after this break-even point. Also, 170 days is a long time when predicting the future of the bitcoin price.

This calculation means that mining would actually be a gamble... You can do it, and it can be profitable, but there is no guarantee whatsoever.

Maybe you can buy some really cheap second hand hardware, and try to break even before the halving... I didn't do the calculations tough.

[crazyivan]

don't invest in bitcoin mining, it's practically a giant scam at this point, only big farm have their roi

invest in a gpu mining and never sell it, it will be always profitable, it may be possible that the altscene face some dead periods, but in the end at least one coin will be profitable

you can try to buy the best build that is available for this purpose, asroch h81 pro btc, cheap cpu, 4 giga of ram, cheap ssd, a 1500w psu, and six gpu amd or nvidia

This, alt s much more profitable however they might be shorter or longer period where you will have to shut down your gear. Try to get GPUs with longest warranties, I suggest ASUS cause they provide 3 years warranties and during this time you should be at least doubling your initial investment.

BTC mining is over, at least with regards to the current hardware. Good luck.

[samsonn25]

Hello,

I have been wanting to get into mining for a while now and was wondering if I can get some advice. I want to invest about 2-4k into this project and was wondering what the most profitable way of doing so would be. I do live in an area where solar power can be done ( just have to find  how much power i would need )so what advice do you have? I will be able to drop another 2 -4 k ( not including what profits I get from mining)"farm" every 12 or so weeks. My goal would to be able to have a good profit margin after a year or so

There are a lot of variables:
-what is your electricity rate
-what is your technical knowledge
-what do you know about bitcoins
-do you have a space for mining equipment: it consumes a lot of power, and generates a lot of heat+noise

If you can answer these questions, we can probably give you some hints on what to read/study/buy/...

My electrical rate is 0.0295per kwh during peek

My technical knowledge is some what high. I am a software developer and have above average hardware knowledge.

From what I understand about bit coin is you  use your "device" for computing power to mine(gets harder and less reward over a given about of time.) It is more profitable to join a mining group.
I do have space for the rigs

Amph is also giving some good advice, but in case you're really interested in bitcoin mining, this will help you out:
Assumptions:

• you have bought 4 antminer S7's @ 600 USD/piece + 21% VAT + 500 USD transport (i don't know where you are from, so i just guessed) => total cost = ~3400 USD
• your electricity rate is 0.03 all the time
• you're pool mining (this hashing power isn't good enough for solo mining)
• you have no extra cost
• the diff didn't rise
• the price didn't move
• the blocks didn't halve

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=18920&p=5689&pc=0.03&pf=0.01&d=165496835118.22600000&r=25.00000000&er=419.00000000&hc=3400

Now, the break-even point would be 170 days... This is not good, because in about 3 months, the ammount of bitcoins per block will halve, so your break-even point would be well after this break-even point. Also, 170 days is a long time when predicting the future of the bitcoin price.

This calculation means that mining would actually be a gamble... You can do it, and it can be profitable, but there is no guarantee whatsoever.

Maybe you can buy some really cheap second hand hardware, and try to break even before the halving... I didn't do the calculations tough.

This assumes the difficulty doesnt change in 170 days?   Like it jumped 180% the last 170 days.

[notlist3d]

*edited to long of quote

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=18920&p=5689&pc=0.03&pf=0.01&d=165496835118.22600000&r=25.00000000&er=419.00000000&hc=3400

Now, the break-even point would be 170 days... This is not good, because in about 3 months, the ammount of bitcoins per block will halve, so your break-even point would be well after this break-even point. Also, 170 days is a long time when predicting the future of the bitcoin price.

This calculation means that mining would actually be a gamble... You can do it, and it can be profitable, but there is no guarantee whatsoever.

Maybe you can buy some really cheap second hand hardware, and try to break even before the halving... I didn't do the calculations tough.

This assumes the difficulty doesnt change in 170 days?   Like it jumped 180% the last 170 days.

It also assumed a old price on S7's.  Take new price of 582 - 100 dollar coupon.  Your talking a brand new S7 for 482 or so plus shipping... so a decent decrease in price.

So this does change the price of gear a good amount.  You are right about difficulty though we don't know if it will be a smooth ride of next gen comes out and just adds ton of has... time will tell.

[talks_cheep]

^^^^^^^^^^^^^^^^^^^
You need to add shipping cost and POWER SUPPLIES cost. Diff will jump quite a bit now that Bitmain has lowered the S7 price and all the fools will jump in and buy them.

[notlist3d]

^^^^^^^^^^^^^^^^^^^
You need to add shipping cost and POWER SUPPLIES cost. Diff will jump quite a bit now that Bitmain has lowered the S7 price and all the fools will jump in and buy them.

The good thing about PSU's though is they last multiple generations.  Also they hold their value decent if you get good quality PSU's.  I have PSU's that have mined multiple generations and ROI'ed already.  Not all are this lucky, but keep it in mind that you will most likely use it again for a new generation of miner one day.

And if you don't use it again you can always sell it.  And again it holds value decent on a good quality one.  And server PSU's have kinda changed the game as they are so cheap compared to ATX.

[mocacinno]

This assumes the difficulty doesnt change in 170 days?   Like it jumped 180% the last 170 days.

This is why i clearly put it in my assumptions... I know it will change, but not by how much, so for the sake of the calculation, i kept it at the current diff, but i clearly indicated this fact so the OP knew he had to think about this.

It also assumed a old price on S7's.  Take new price of 582 - 100 dollar coupon.  Your talking a brand new S7 for 482 or so plus shipping... so a decent decrease in price.

So this does change the price of gear a good amount.  You are right about difficulty though we don't know if it will be a smooth ride of next gen comes out and just adds ton of has... time will tell.

I didn't think about coupons, good point

^^^^^^^^^^^^^^^^^^^
You need to add shipping cost and POWER SUPPLIES cost. Diff will jump quite a bit now that Bitmain has lowered the S7 price and all the fools will jump in and buy them.

I did add shipping costs, but forgot about PSU's, thanks for adding this...

All in all, i think my calculation still paints a picture for the OP, it wasn't meanth as a guarantee of income, and i did add a lot of assumptions at the top, so the OP should know this is a guesstimate, and can change if any of the assumptions change