Would you consider starting to mine for BTC right now?

[grimmolt22]

Well?

What do you think?

I have looked into mining hardware and software again after my first attempt in 2014 and I am really leaning towards the idea that it is no longer worth trying to mine BTC if you haven't already been doing it.

These new Asic miners are pretty sick though and I see people on ebay selling them modded with like 10TH speeds where the base was only 4TH.

I feel like it would be a waste of time and money to get hardware together from scratch.

What do you guys think?

[QuintLeo]

I wouldn't right now, but

 1) I'm planning to move to an area with even cheaper electric "soon(tm)" which would help profitability
 2) We should have more OPTIONS showing up over the course of the next few months
 3) There might actually be some PRICE COMPETITION once folks start selling BitFury-based gear (Avalon has NEVER competed on price, so I didn't expect the A7(21) to do so).

[grimmolt22]

Yeah some of the new technology that is right around the corner makes it look like mining may become easier in the future but I still think that once it breaks way it will just amp up the difficulty to points where basic miners are obsolete... Happened to my server rigs that I used to use... ASIC is out and pummeling the difficulty but the next gen tech when we are dealing in 1000's of THs from one rig will just make it that much more difficult tomine. Unless they keep it at a respectable price every normal person can afford lol >D

[wheelz1200]

No matter how you cut it, no for the casual home miner for straight btc.  If new affordable miners come out everyone will get them, mines with insanely cheap electric will keep the home miner at bay.  With that being said i mine but you arent going to make a killing anymore.  It is fun and educational though.

[grimmolt22]

No matter how you cut it, no for the casual home miner for straight btc.  If new affordable miners come out everyone will get them, mines with insanely cheap electric will keep the home miner at bay.  With that being said i mine but you arent going to make a killing anymore.  It is fun and educational though.

Awesome info!

Questions...


What do you mine with?

What would you suggest to someone that has "free electric" "free utilities" but not a ton of cash to spend?

Also I have been hearing about the modded s7 s9 miners that can go above and beyond 10TH... Is this overclocking wasteful or is it basically the same as overclocking your gamer rig?

Thanks for the good discussion. 

[leowonderful]

No matter how you cut it, no for the casual home miner for straight btc.  If new affordable miners come out everyone will get them, mines with insanely cheap electric will keep the home miner at bay.  With that being said i mine but you arent going to make a killing anymore.  It is fun and educational though.

Awesome info!

Questions...


What do you mine with?

What would you suggest to someone that has "free electric" "free utilities" but not a ton of cash to spend?

Also I have been hearing about the modded s7 s9 miners that can go above and beyond 10TH... Is this overclocking wasteful or is it basically the same as overclocking your gamer rig?

Thanks for the good discussion.  

Overclocking generally does not work well for current generation miners as they tend to get worse and worse efficiency as they get clocked higher, something you don't want. Instead more people opt for undervolt and underclock mods that increase efficiency at the cost of hashrate. Many miners are also not capable of being clocked higher with their fans as the S9 is already dissipating quite a lot of heat, as is the S7 and ln models.

[QuintLeo]

S7s don't get to 10TH.
PERIOD.
They just can't overclock that far.


 S9s *STOCK* all do 11+ TH, how far over 11 depends on the batch - no mods needed, and most batches can UNDERCLOCK mildly and still exceed 10TH by a fair bit.


 Way too many people on eBay that try to scam you - there are legit sellers there, but the scammers seem to outweigh them.

[grimmolt22]

Thanks guys!

Yeah I found it hard to believe that they were able to overclock them that high. And the fan issue isn't an issue if you have a server room with regulated temps. We keep ours veeeery low lol... I'm surprised something hasn't froze over in there yet.

But it would be sweet to pay someone for knowledge on how to get a s7 over 10TH even if it glowed lol

[leowonderful]

Thanks guys!

Yeah I found it hard to believe that they were able to overclock them that high. And the fan issue isn't an issue if you have a server room with regulated temps. We keep ours veeeery low lol... I'm surprised something hasn't froze over in there yet.

But it would be sweet to pay someone for knowledge on how to get a s7 over 10TH even if it glowed lol

Chances are the board would be dead at that kind of speed, but one can always hope. at this point, your best shot is really to just go with a standard, non-overclocked S9- won't require much hassle, and runs relatively well. I really doubt that the miners actually went to 10THS without some insane modding of capacitors and complete reworking of the board, not to mention cooling.

[kryptqnick]

I think that in a country with very cheap electricity (or somehow free for you) you can buy around 4 miners and get your money back in 6-8 months. However, you are very lucky if your miners are still working, because they have a tendency to die. Oh, and they are too loud, so you need a space where nobody lives. I wouldn't start mining, because it's risky, loud and taking a lot of your time.

[leowonderful]

I think that in a country with very cheap electricity (or somehow free for you) you can buy around 4 miners and get your money back in 6-8 months. However, you are very lucky if your miners are still working, because they have a tendency to die. Oh, and they are too loud, so you need a space where nobody lives. I wouldn't start mining, because it's risky, loud and taking a lot of your time.

Come on, now. Miners aren't too difficult to keep running, and they rarely die unless you have the S9 or a bad S7 batch and you take good care of them, like dusting and occasionally checking on them to make sure they run well. Most aren't incredibly loud, I keep mine in my basement and one S3 in my living room with a modified fan, so noise isn't that bad. Electricity is the true part, and that's where most people don't meet the criteria for mining, but the rest is generally easy stuff.

[ethereumhunter]

I think that in a country with very cheap electricity (or somehow free for you) you can buy around 4 miners and get your money back in 6-8 months. However, you are very lucky if your miners are still working, because they have a tendency to die. Oh, and they are too loud, so you need a space where nobody lives. I wouldn't start mining, because it's risky, loud and taking a lot of your time.

Come on, now. Miners aren't too difficult to keep running, and they rarely die unless you have the S9 or a bad S7 batch and you take good care of them, like dusting and occasionally checking on them to make sure they run well. Most aren't incredibly loud, I keep mine in my basement and one S3 in my living room with a modified fan, so noise isn't that bad. Electricity is the true part, and that's where most people don't meet the criteria for mining, but the rest is generally easy stuff.

if we have that s9 or s7, because as far as i know, the price of s9 is really expensive and if we want to break the ROI, its need almost 1 year to get ROI and its too long to wait beside that, we should consider about electricity fee for at least in a year. i don't know how much exactly the cost depend on the profit, but i think it would be better if we mine using vga card and trying to mining the other coins than mining bitcoin.

[Watsuji]

No I would not, too difficult to compete with the farms they have in China.

I would consider mining other altcoins that I believe will increase substantially in value though.

[leowonderful]

I think that in a country with very cheap electricity (or somehow free for you) you can buy around 4 miners and get your money back in 6-8 months. However, you are very lucky if your miners are still working, because they have a tendency to die. Oh, and they are too loud, so you need a space where nobody lives. I wouldn't start mining, because it's risky, loud and taking a lot of your time.

Come on, now. Miners aren't too difficult to keep running, and they rarely die unless you have the S9 or a bad S7 batch and you take good care of them, like dusting and occasionally checking on them to make sure they run well. Most aren't incredibly loud, I keep mine in my basement and one S3 in my living room with a modified fan, so noise isn't that bad. Electricity is the true part, and that's where most people don't meet the criteria for mining, but the rest is generally easy stuff.

if we have that s9 or s7, because as far as i know, the price of s9 is really expensive and if we want to break the ROI, its need almost 1 year to get ROI and its too long to wait beside that, we should consider about electricity fee for at least in a year. i don't know how much exactly the cost depend on the profit, but i think it would be better if we mine using vga card and trying to mining the other coins than mining bitcoin.

That is true, but there are also people that do have cheaper electricity and ROI will be much shorter for them than it is for us. GPUs can be profitable and is in most cases, but then again if you have high electrical costs it won't work and no mining will work for you.

[Bitcoin0916]

Of course for the mining plenty of things into consideration, maintenance costs and the bitcoin price of the most important things to start mining. The price of electricity in the my place is 15 cents per kwh, so if I want to get profit the price should be hit $900, adjusted to my country's currency exchange rate.

[grimmolt22]

Of course for the mining plenty of things into consideration, maintenance costs and the bitcoin price of the most important things to start mining. The price of electricity in the my place is 15 cents per kwh, so if I want to get profit the price should be hit $900, adjusted to my country's currency exchange rate.

I got you! I appreciate your thoughts and input thanks Bitcoin0916