What hardware do I need to start mining?

[Penelope2448]

Okay, so I just learned about bitcoin from a friend and like I'm totally interested.  I guess I just wanna know how to get started.  I downloaded a bitcoin wallet (which took foreverrrrrrrrrrrrrrrrrrrrr to load btw) but my balance is at 0.00000000 which is bad obvs.  

So, as like a project for the summer I'd like to mine some bitcoins! Idk how many I'd be able to mine, I doubt it'll be a lot but i would like something to do and this seems like a nice investment for the college fund!

I'm basically asking what kind of equipment I'd need.  Cuz I was reading up on mining and all that stuff is so expensive, and I just want to do it like a pet project.  

Any suggestions will be most helpful.  


Thanks in advance everyone!

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[Vlad2Vlad]

You're a bit late, eh?

So firstly, you need to get yourself a good sized data center...

[Quartx]

You were approximately 3 years too late for the common man to actually have the capital to purchase and set up hardware that will actually get you bitcoins and ROI. It would be advised for you to simply start providing your services and accepting payments using bitcoins rather than mining to get bitcoins, not profitable unless you have 500 asics in your basement somehow haha. You would be better off investing in one of those Initial Coin Offerings but you would have to do your own research on which are legit and which are scams. Some projects are really innovative and would probably be worth it in the long run.

[mocacinno]

You should probably edit your post, since begging for donations is not allowed on this forum.

To find out which asic to buy, visit this page:
https://en.bitcoin.it/wiki/List_of_Bitcoin_mining_ASICs

Then visit this one
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/

Enter the details of the asic you're intested in in the coinwarz calculator, as well as your electricity price, price of the ASIC,... And you'll see how long you'll take to break even AT THIS DIFFICULTY LEVEL AND BTC PRICE!!!

I'm currently working on an article about new users asking how to mine: http://www.mocacinno.com/blog/is-bitcoin-mining-equal-to-free-money-printing/
It's a first version, and i'll probably edit it some more over the next couple of days, but it should already give you a basic idear...

[teknikiller]

hey gentelman
u can visit this site and learn about crypt mining
i have posted very helpfull article about build gpu rig mining

http://bitlyz.com/build-gpu-mining-rig/

[Penelope2448]

You're a bit late, eh?

So firstly, you need to get yourself a good sized data center...

Well, i would have been like 13 at the time it came out, sooo... lol

I thought maybe if i could get into it, it'll just be for something to do.

The same friend that told me about it, has 1.5btc and he was saying that he got it by doing stuff online. 

[Penelope2448]

You were approximately 3 years too late for the common man to actually have the capital to purchase and set up hardware that will actually get you bitcoins and ROI. It would be advised for you to simply start providing your services and accepting payments using bitcoins rather than mining to get bitcoins, not profitable unless you have 500 asics in your basement somehow haha. You would be better off investing in one of those Initial Coin Offerings but you would have to do your own research on which are legit and which are scams. Some projects are really innovative and would probably be worth it in the long run.

Had to google what ROI was ... 

I don't really have that much to offer in terms of service.  I doubt baby sitting and working at the coffee shop would earn me any kind of btc. 

Funnnnyyy about the asics in my basement.  Cuz I was thinking about getting a raspberry pi to start up with and getting a block erupter.  What are your thoughts on that? I youtubed some vids and that seems like something an average person with time can do. 

I'll see about the Initial Coin Offerings!

Thanks!

[Penelope2448]

You should probably edit your post, since begging for donations is not allowed on this forum.

To find out which asic to buy, visit this page:
https://en.bitcoin.it/wiki/List_of_Bitcoin_mining_ASICs

Then visit this one
http://www.coinwarz.com/calculators/bitcoin-mining-calculator/

Enter the details of the asic you're intested in in the coinwarz calculator, as well as your electricity price, price of the ASIC,... And you'll see how long you'll take to break even AT THIS DIFFICULTY LEVEL AND BTC PRICE!!!

I'm currently working on an article about new users asking how to mine: http://www.mocacinno.com/blog/is-bitcoin-mining-equal-to-free-money-printing/
It's a first version, and i'll probably edit it some more over the next couple of days, but it should already give you a basic idear...

Noted - Thank you - You should probably edit your post, since begging for donations is not allowed on this forum.

will check those out!

[veleten]

the best thing to do for you will be reading this forum,especially mining and mining hardware section
you are a bit late to the party in regards of bitcoin mining,there are ASICS that ROI in 9 months or so,but they
break down very often (r9) and you would want to buy at least several of them to be able to mine any substantial amount of bitcoins
you could look into altcoin mining either with GPUs or with x11 ASICS,it is much more profitable at the moment
but in general,you will be better off buying bitcoins and holding them

[HagssFIN]

Pay close attention to your costs, electricity etc.

For most people, Bitcoin mining is not profitable anymore

[Unacceptable]

Look into GPU mining altcoins & trading them for BTC

[Penelope2448]

the best thing to do for you will be reading this forum,especially mining and mining hardware section
you are a bit late to the party in regards of bitcoin mining,there are ASICS that ROI in 9 months or so,but they
break down very often (r9) and you would want to buy at least several of them to be able to mine any substantial amount of bitcoins
you could look into altcoin mining either with GPUs or with x11 ASICS,it is much more profitable at the moment
but in general,you will be better off buying bitcoins and holding them

I wouldn't mind buying bitcoins.  But where ? and how? and do I have to buy an entire coin?

It seems that I might have to find another pet project for the summer.  In as much as I'd like to mine bitcoins, I wouldn't have the start up capital to invest in all the equipment I'd need to make it profitable over the course of three months.  I wish I had known about all this sooner  

Do you have any other ideas as to how I can earn bitcoins?

[Penelope2448]

Pay close attention to your costs, electricity etc.

For most people, Bitcoin mining is not profitable anymore

I haven't invested in any hardware as yet.  Electricity costs aren't a problem for now. 

What do you suggest I do to earn bitcoins?

[Unacceptable]

There are sites where you do twitter & FB & other stuff for btc,I have no idea where they are though,I don't think you'll earn anything significant either....

GPU mining alt coins will get you alot more btc in the form of other currencies which you trade on an exchange like poloniex  

You need to learn about wallets & how to save them if your hard drive crashes & how & what to mine with GPU's.

DO NOT use online wallets (website)!!!!!! Those places get hacked or steal your coins!!!!!!!

I will say it is a bit complex but read up on them,it's NOT rocket science so it is not THAT hard  

If you can build a PC you got 80% of altcoin mining nailed down  

Need help?? Ask  

[mocacinno]

I wouldn't mind buying bitcoins.  But where ? and how? and do I have to buy an entire coin?

It seems that I might have to find another pet project for the summer.  In as much as I'd like to mine bitcoins, I wouldn't have the start up capital to invest in all the equipment I'd need to make it profitable over the course of three months.  I wish I had known about all this sooner  

Do you have any other ideas as to how I can earn bitcoins?

About buying bitcoins: it really depends on where you live, and how you want to pay for them... You have a couple rather trusted exchanges where you can pay using wire transfer, virwox used to accept paypal, localbitcoins can be used to buy using FIAT (cash).
You don't have to buy a whole bitcoin, usually there is a minimum order, but most of the times it's just a couple euro's.

Like others have suggested: maybe altcoin mining using a GPU will suit you better, i have little experience in this field, but it might be worth checking out, especially if you already own a desktop PC with a decent GPU?

[Rabinovitch]

Electricity costs aren't a problem for now.

Excellent! 

What do you suggest I do to earn bitcoins?

Buy 2-4 Avalon 741 ASIC miners (and controller for them), set it to mine at some good Bitcoin mining pool and wait for ROI!

[Vlad2Vlad]

Buy a couple BFL jalapeño miners.  You may have to wait two weeks to get them but for the money they're the best value for small miners like you.