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Author Topic: i want to start mining but have some question  (Read 1527 times)
pupok
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May 09, 2016, 10:35:04 PM
 #1

hi should i start mining right now? im from venezuela the electrcity here is cheap as hell i wont be paying more then 3$ a month for it
the thing is i keep reading something about halving and dont know what it mean (tried to search about it but couldnt find anything that explain it with simple terms i could understand)
and i hear too about difficulty increasing and my miners will start to produce less btc
i want to start with like 10 antminers s7 but dont know if i should or i missing something i should be looking at first.
thax.
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May 09, 2016, 10:44:32 PM
 #2

First you should look at the search box.

https://cse.google.com/cse?cx=016660200577587308545%3Aesf40ml9aag&ie=UTF-8&q=should+I+start+mining&sa=Google+search#gsc.tab=0&gsc.q=should%20I%20start%20mining&gsc.page=1
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May 10, 2016, 01:05:42 AM
 #3

In about 61 days the number of Bitcoins available every day will be cut in half.

You can watch one estimate of the date and time this will happen here:  http://www.bitcoinblockhalf.com/

So on that day the number of Bitcoins your miners produce will be cut in half.

This will happen to every miner - not just you.  It is by design.  No, it cannot be changed.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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May 10, 2016, 01:34:39 AM
 #4

According to the news up here in North America, the Venezuelan gov't has instituted a 2-day work week in an attempt to deal with a serious electricity crisis.  Allegedly, 70% of your power comes from the El Guri dam which is suffering a serious water shortage due to the worst drought in 40 years.  Seriously, is it a good time to start mining Bitcoin in Venezuela?  Inflation is spiraling out of control down there (projected to be nearly 500% this yearr!); you'd be better off to simply buy some Bitcoin to preserve the value of your assets while you can still afford electricity.



 
 



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May 10, 2016, 01:49:24 AM
 #5

I wouldn't recommend mining now if you do not have millions of dollars worth of hardware even if you have free electricity. It is no longer profitable for new miners to get in to farm btc,unless you are filthy rich to begin with. If not the other mega farms will simply outline you,and they have already roied many many many times since before you started

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May 10, 2016, 02:15:08 AM
 #6

According to the news up here in North America, the Venezuelan gov't has instituted a 2-day work week in an attempt to deal with a serious electricity crisis.  Allegedly, 70% of your power comes from the El Guri dam which is suffering a serious water shortage due to the worst drought in 40 years.  Seriously, is it a good time to start mining Bitcoin in Venezuela?  Inflation is spiraling out of control down there (projected to be nearly 500% this yearr!); you'd be better off to simply buy some Bitcoin to preserve the value of your assets while you can still afford electricity.

With power crisis and a lot of other crisis (according to news in political base there).   I would look at a hosting center somewhere a little more stable so to speak.  It would not be fun to have a S7 sitting there and not running due to electrical crisis.   

News does not make it sound like a quick fix there is going to happen.  So hosting is a serious option to look at.
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May 10, 2016, 03:44:26 AM
 #7

I wouldn't recommend mining now if you do not have millions of dollars worth of hardware even if you have free electricity. It is no longer profitable for new miners to get in to farm btc,unless you are filthy rich to begin with. If not the other mega farms will simply outline you,and they have already roied many many many times since before you started
im not l;ooking on getting rich with this, im looking to make atleast some money im aiming for like 1500$ per month with 10 antminers s7.. it can be done by this time? if not can u explain me why? since antminer s7 especification say that it will mine 4.7 ht/s..

edit: im not worry about energy crisis, where im planing to put my miners theres no problem with electricity
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May 10, 2016, 06:19:23 AM
 #8

I wouldn't recommend mining now if you do not have millions of dollars worth of hardware even if you have free electricity. It is no longer profitable for new miners to get in to farm btc,unless you are filthy rich to begin with. If not the other mega farms will simply outline you,and they have already roied many many many times since before you started
im not l;ooking on getting rich with this, im looking to make atleast some money im aiming for like 1500$ per month with 10 antminers s7.. it can be done by this time? if not can u explain me why? since antminer s7 especification say that it will mine 4.7 ht/s..

edit: im not worry about energy crisis, where im planing to put my miners theres no problem with electricity

It's all speculation no one can say a guarantee of getting X per month.  With difficulty changes it can change greatly just look at this period, change may be a good amount (possibly 10 percent).   Also keep in mind having coming up that will cut amount of BTC in half.

Normally I would suggest going in a little slower.   Try 1 or 2 out see how it works with sound/heat/electricity.   And move on from there depending on results.  Do you have electrical set up for 10?  Do you have the PDU's and other equipment there?  Do you have cooling ready?  What is area like you will be putting them in?

I think starting off with 1 or 2 specifically with location would be a smarter bet.
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May 10, 2016, 09:25:01 AM
 #9

Before anything else, you might want to read the following article, in which two bitcoin miners were arrested in Venezuela: https://www.cryptocoinsnews.com/report-two-venezuelans-arrested-mining-bitcoin/
So would you risk yourself and your investment like this? Because you might get arrested there too and never get any ROI.

You will be needing 8 x Antminers S7 to get $1500 per month (assuming no network difficulty change, which there is all the time). Aside from everybody's comments, you should make sure that it's noise wouldn't be a problem for you (these are very loud, just look at some YouTube videos).

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May 10, 2016, 11:33:02 AM
 #10

Before anything else, you might want to read the following article, in which two bitcoin miners were arrested in Venezuela: https://www.cryptocoinsnews.com/report-two-venezuelans-arrested-mining-bitcoin/
So would you risk yourself and your investment like this? Because you might get arrested there too and never get any ROI.

You will be needing 8 x Antminers S7 to get $1500 per month (assuming no network difficulty change, which there is all the time). Aside from everybody's comments, you should make sure that it's noise wouldn't be a problem for you (these are very loud, just look at some YouTube videos).

I also asked about where it's going aswell as even if it is legal I don't see most places having enough electricity in Venezuela to run 10 S7's.  So we really need to know a lot more about his mining location and what it can handle.

I still stand by he should start smaller maybe 1 or two even (specifically due to location as if mining is ok, it still has a ton of other problems).   I can't imagine in a electric shortage a jump of 10 S7's not being noticed.

So hosting somewhere truly is better option even though OP will not like that option.
pupok
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May 10, 2016, 05:22:54 PM
 #11

I wouldn't recommend mining now if you do not have millions of dollars worth of hardware even if you have free electricity. It is no longer profitable for new miners to get in to farm btc,unless you are filthy rich to begin with. If not the other mega farms will simply outline you,and they have already roied many many many times since before you started
im not l;ooking on getting rich with this, im looking to make atleast some money im aiming for like 1500$ per month with 10 antminers s7.. it can be done by this time? if not can u explain me why? since antminer s7 especification say that it will mine 4.7 ht/s..

edit: im not worry about energy crisis, where im planing to put my miners theres no problem with electricity

It's all speculation no one can say a guarantee of getting X per month.  With difficulty changes it can change greatly just look at this period, change may be a good amount (possibly 10 percent).   Also keep in mind having coming up that will cut amount of BTC in half.

Normally I would suggest going in a little slower.   Try 1 or 2 out see how it works with sound/heat/electricity.   And move on from there depending on results.  Do you have electrical set up for 10?  Do you have the PDU's and other equipment there?  Do you have cooling ready?  What is area like you will be putting them in?

I think starting off with 1 or 2 specifically with location would be a smarter bet.
i have the cooling ready, but about shortage and unknow electric problem that there could be, can i fully protect my antminers with UPS? how many UPS i would need? if i got 2 antminers i should get 2 UPS with atlest 1200 wats?
xhomerx10
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May 10, 2016, 05:24:42 PM
 #12

I wouldn't recommend mining now if you do not have millions of dollars worth of hardware even if you have free electricity. It is no longer profitable for new miners to get in to farm btc,unless you are filthy rich to begin with. If not the other mega farms will simply outline you,and they have already roied many many many times since before you started
im not l;ooking on getting rich with this, im looking to make atleast some money im aiming for like 1500$ per month with 10 antminers s7.. it can be done by this time? if not can u explain me why? since antminer s7 especification say that it will mine 4.7 ht/s..

edit: im not worry about energy crisis, where im planing to put my miners theres no problem with electricity

It's all speculation no one can say a guarantee of getting X per month.  With difficulty changes it can change greatly just look at this period, change may be a good amount (possibly 10 percent).   Also keep in mind having coming up that will cut amount of BTC in half.

Normally I would suggest going in a little slower.   Try 1 or 2 out see how it works with sound/heat/electricity.   And move on from there depending on results.  Do you have electrical set up for 10?  Do you have the PDU's and other equipment there?  Do you have cooling ready?  What is area like you will be putting them in?

I think starting off with 1 or 2 specifically with location would be a smarter bet.
i have the cooling ready, but about shortage and unknow electric problem that there could be, can i fully protect my antminers with UPS? how many UPS i would need? if i got 2 antminers i should get 2 UPS with atlest 1200 wats?

 Seriously, you are wasting your money.  Stop.


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May 10, 2016, 06:21:41 PM
 #13

I wouldn't recommend mining now if you do not have millions of dollars worth of hardware even if you have free electricity. It is no longer profitable for new miners to get in to farm btc,unless you are filthy rich to begin with. If not the other mega farms will simply outline you,and they have already roied many many many times since before you started
im not l;ooking on getting rich with this, im looking to make atleast some money im aiming for like 1500$ per month with 10 antminers s7.. it can be done by this time? if not can u explain me why? since antminer s7 especification say that it will mine 4.7 ht/s..

edit: im not worry about energy crisis, where im planing to put my miners theres no problem with electricity

It's all speculation no one can say a guarantee of getting X per month.  With difficulty changes it can change greatly just look at this period, change may be a good amount (possibly 10 percent).   Also keep in mind having coming up that will cut amount of BTC in half.

Normally I would suggest going in a little slower.   Try 1 or 2 out see how it works with sound/heat/electricity.   And move on from there depending on results.  Do you have electrical set up for 10?  Do you have the PDU's and other equipment there?  Do you have cooling ready?  What is area like you will be putting them in?

I think starting off with 1 or 2 specifically with location would be a smarter bet.
i have the cooling ready, but about shortage and unknow electric problem that there could be, can i fully protect my antminers with UPS? how many UPS i would need? if i got 2 antminers i should get 2 UPS with atlest 1200 wats?

 Seriously, you are wasting your money.  Stop.


Hosting somewhere else is what is needed.   A UPS that run a S7 for long... doubt there are many of those out there.  I would think you would be just as worried about surge protection if power goes in/out and possibly surges through equipment.

Your country may one day be a good place to host.... but currently it is not.  Look at hosting elsewhere is honestly best anwser.
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May 10, 2016, 06:29:45 PM
 #14

I think to start mine not only the price of electricity is a problem, but about the support tools will you use it will certainly affect the cost of electricity in the future  Wink
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May 10, 2016, 06:37:42 PM
 #15

I think to start mine not only the price of electricity is a problem, but about the support tools will you use it will certainly affect the cost of electricity in the future  Wink

I think you missed the part about being in Venezuela.  The price is really cheap on electricity (extremly so).  But there is energy crisis, political, google it there is just a ton of bad things happening.

OP getting enough UPS's to run 10 S7's even through outages... would be very expensive.  He really does need hosting elsewhere.   
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May 10, 2016, 07:04:53 PM
 #16

This is really easy pupok:

Don't buy anything now.  Wait until the reward halving occurs.

When that happens, gear will be CHEAP!   Miners always go down in price!

If you want to try mining get ONE S7 or ONE S5 and try it out!
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May 10, 2016, 07:16:58 PM
 #17

This is really easy pupok:

Don't buy anything now.  Wait until the reward halving occurs.

When that happens, gear will be CHEAP!   Miners always go down in price!

If you want to try mining get ONE S7 or ONE S5 and try it out!
thax for the advice.. ill be doing this, start with one, in this country if we dont take risks we will be no body, if it dosent work the way i want, too bad.. but what if it works..
if i can go ROI in 10/12 month it will be worth for me.
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May 21, 2016, 10:32:43 PM
 #18

HI there

Does Rent benefit able? if yes what is the best place to go and any recommend?

thanks
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May 22, 2016, 02:50:01 AM
 #19

HI there

Does Rent benefit able? if yes what is the best place to go and any recommend?

thanks

 Honestly, this is very hard to understand.  Do you have a friend who can translate to english for you?


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May 27, 2016, 12:39:53 PM
 #20

One word, Don't!

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