Wanting to start to mine for profit..

[paintballer4lfe]

Alright so i've been doing a little research for the last few weeks on BTC mining, and LTC mining, SHA256, Scrypt etc...

I'm thinking of buying a scrypt miner (110MH/s) and test it for a month to see what i'm getting LTC per day/week/month and compare it to power consumption (i've used calcs and the numbers don't look too good).
No i am up against the wall as to what to mine and whats the best way, i'm basically doing this as a hobby and also really wanting to get something out of this.

My buddy has a skate shop with a hole second flor with plenty of room and power for atleast 10-20 miners, he pays about .12 per KwH.
Now here is where i am stuck.....buy and mine ASIC BTC miners.....buy and mine Scrypt LTC miners and mine for LTC....or mine something better in ROI...
Like i said i want to do this as a hobby (my buddy is down to let me do this as long as i make some profit for power bill etc).
But i as well want to make some profit out of this, i know LTC is still iffy to some people but i'd be down to mine it, i'd be ok to mine anything really.

So essentially my queston is:
What should i mine?
What miners should i buy??
What is the chance of profit over one month, 3months, and a year.
And what else am i missing from what i've read about?

Any help would be appreciated.

[HagssFIN]

.12USD per kWh is too expensive in a long run.
You'll never make ROI.

[paintballer4lfe]

yeahhh that's kinda the issue i'm running into
What's my best bet though having to work with .12 KwH?

I know i can run one miner for free at another location but one isn't going to do too much...
I could also potentially run a few in another location for .07 KwH...

[HagssFIN]

Use the calculators available online and put your numbers there, that is one way to estimate it.
No one can tell you how things are going to go exactly.

Few BTC mining calculators:
http://tradebtc.net/bitcalc.php
https://bitcoinwisdom.com/bitcoin/calculator

[paintballer4lfe]

Use the calculators available online and put your numbers there, that is one way to estimate it.
No one can tell you how things are going to go exactly.

Few BTC mining calculators:
http://tradebtc.net/bitcalc.php
https://bitcoinwisdom.com/bitcoin/calculator

Yeah i've used the BTC calcs and the LTC calcs and it seems like i can get more out of LTC without having to spend more up front.
I just don't know much about the markets in general, but it seems like LTC for me is more of a doable option to mine.

Atleast with the power i'll be paying. (and the price for BTC miners)

[paintballer4lfe]

Alright i guess i might want to re-word what im saying/asking.....

Is it worth trying to get into mining LTC or should i try and dip into ETH and dig out a few grand for it?
I'm just not sure what is a good currency to start mining on.

[HagssFIN]

There is a calculator for every cryptocurrency, you simply need to have your numbers and put a little effort to it.

Most ASIC hardware (SHA 256) miners are mining Bitcoin at the moment.
Most GPU miners are mining Ethereum at the moment.

[QuintLeo]

12 c / kwh is a "kill profit" excessively high electric rate for almost any miner.

The KEY to actually making money at mining is to get somewhere with a LOW electric rate - your "right around US average rate" by cryptocoin mining standards is HIGH.


 7c / kwh you might be able to eek out ROI but even that's gonna be marginal.


 Hint - I moved away from Iowa 'cause the 7.5-8c / kwh LOWER RATE IN NON-SUMMER MONTHS was hammering my mining profits, despite using every available trick to lower my rate.
 The 14c+ "3 months of the summer" rate forced me to shut pretty much EVERYTHING down as being unprofitable.

[PremiumCodeX]

My advice: do not do it unless you have extremely cheap electricity and lots of money to invest in miners... Do you have these?

[leowonderful]

12 c / kwh is a "kill profit" excessively high electric rate for almost any miner.

The KEY to actually making money at mining is to get somewhere with a LOW electric rate - your "right around US average rate" by cryptocoin mining standards is HIGH.


 7c / kwh you might be able to eek out ROI but even that's gonna be marginal.


 Hint - I moved away from Iowa 'cause the 7.5-8c / kwh LOWER RATE IN NON-SUMMER MONTHS was hammering my mining profits, despite using every available trick to lower my rate.
 The 14c+ "3 months of the summer" rate forced me to shut pretty much EVERYTHING down as being unprofitable.

I can back this up, I have electrical rates of just below 0.075$/kwh and I pretty much have no profit at all. I don't mine for profit anyways, so it's not a big issue, but if you live in a suburban or urban area, chances are you won't be able to mine for decent profit. Same goes if you live in most places in the U.S.

If you plan to mine as a hobby like me, go for it. If not, don't. You'll cry with your electrical bills.

[neverland wow]

12USD/kwh ?Are you sure??

[Amph]

you can currently profit with 30 cent so i can't see how 12 would not be great to start a mining farm, a small one, i think up to 0.15 it's safe to invest in mining without big risk

so go ahead and build your little farm

[Marvell1]

you can currently profit with 30 cent so i can't see how 12 would not be great to start a mining farm, a small one, i think up to 0.15 it's safe to invest in mining without big risk

so go ahead and build your little farm

i Think the problem is with the fees and delivery charge taxes etc that 12 cent rate comes closer to 18 -17 cents on the final bill

[jstefanop]

you can currently profit with 30 cent so i can't see how 12 would not be great to start a mining farm, a small one, i think up to 0.15 it's safe to invest in mining without big risk

so go ahead and build your little farm

Just because you can profit currently does not mean you will ever ROI. The whole point is to have enough profit margin to overcome risk (ie price drops/difficulty rise). Currently thats nearly impossible with current levels of ZEC/ETH unless you paying around 5 cents/kw TOTAL bill cost. With BTC/LTC mining your a bit better off since those markets are a LOT more stable.

[Asnatin]

.12USD per kWh is too expensive in a long run.
You'll never make ROI.

That is right. If you have that electricity price and with today's ZCash price, it will take several years to ROI.

[adaseb]

.12USD per kWh is too expensive in a long run.
You'll never make ROI.

That is right. If you have that electricity price and with today's ZCash price, it will take several years to ROI.

People seem to just get away with posting alot of giberish lately on Bitcointalk.

Its not several years.... maybe 1 year max and the equipment always holds some value.

[Amph]

you can currently profit with 30 cent so i can't see how 12 would not be great to start a mining farm, a small one, i think up to 0.15 it's safe to invest in mining without big risk

so go ahead and build your little farm

Just because you can profit currently does not mean you will ever ROI. The whole point is to have enough profit margin to overcome risk (ie price drops/difficulty rise). Currently thats nearly impossible with current levels of ZEC/ETH unless you paying around 5 cents/kw TOTAL bill cost. With BTC/LTC mining your a bit better off since those markets are a LOT more stable.

they keep saying that but what i see is that the altcoin scene was always profitable since 2013, the only big downtime for people with expensive electricity was end 2014, and a bit 2015, but aside form that it was always profitable for everyone

with gpu rig you have virtually no risk, if everything go wrong very fast after your investment you just sell your gpu again for 80% retail or more, if everything go wrong after a year or more, you have already reached roi....so you are safe either way

in any case the big resale value will save your ass

[allnewbie]

Do you have any knowing on Dash coin? If you have interest, take a look on this miner: www.baikalminer.com

Six algorithm, tiny size,  and seems very quiet, make no noise mining. I have read several reviews that for this stuff.

As you also take this investment for an hobby, you can try it, and if you don't mind, post your studys and ideas here... 

[Ambros]

Do you have any knowing on Dash coin? If you have interest, take a look on this miner: www.baikalminer.com

Six algorithm, tiny size,  and seems very quiet, make no noise mining. I have read several reviews that for this stuff.

As you also take this investment for an hobby, you can try it, and if you don't mind, post your studys and ideas here... 

Stop spamming that around, please ban him

[Alpinat]

you can currently profit with 30 cent so i can't see how 12 would not be great to start a mining farm, a small one, i think up to 0.15 it's safe to invest in mining without big risk

so go ahead and build your little farm

Just because you can profit currently does not mean you will ever ROI. The whole point is to have enough profit margin to overcome risk (ie price drops/difficulty rise). Currently thats nearly impossible with current levels of ZEC/ETH unless you paying around 5 cents/kw TOTAL bill cost. With BTC/LTC mining your a bit better off since those markets are a LOT more stable.

they keep saying that but what i see is that the altcoin scene was always profitable since 2013, the only big downtime for peopl with expensive electricity was end 2014, and a bit 2015, but aside form that it was always profitable for everyone

with gpu rig you have virtually no risk, if everything go wrong very fast after your investment you just sell your gpu again for 80% retail or more, if everything go wrong after a year or more, you have already reached roi....so you are safe either way

in any case the big resale value will save your ass

It depends on the electricity price. If you pay 0.25 dollar per kWh, then it is not profitble for most coins.