BITCOIN mining advice?

[pathi87]

I want to start BITCOIN mining. Any advice?

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[TheGodson]

Yes, don't do it.

Unless you are willing to build a huge mine with tons of computing power then don't even bother. Chances are if you try to Bitcoin mine on a small scale, you will make so little money or even lose money due to cost of electricity.

[Corporatocracy]

There's a sub forum for that. Start by figuring out how much you can afford to invest and maybe consider the other coins as well.

[no0dlepunk]

Yes! You should not ever attempt to mine. Instead of buying or assembling a rig, you should have just buy bitcoins and lend it over Poloniex. At least your btc will multiply without any cost for electricity.

[Lorilikes]

My advice is try a proof of stake mining coin for your start that will save you money on electricity and often times the whole mining setup with gear and space is just more manageable with pos coins.

[moooonu]

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=4730&HashingUnit=GH%2Fs&PowerConsumption=1293&CostPerkWh=0.12


Try to calculate your profit with this calculator. If you can afford the bills and make good amount of profit then you can start mining.

[Haesoo]

My advice is try a proof of stake mining coin for your start that will save you money on electricity and often times the whole mining setup with gear and space is just more manageable with pos coins.

Yeah you should also consider that too. There are a lot of airdrop coins that's POS/POW, try to join some and see if its profitable or not and at some point you experience mining.
But personally, mining is just for rich people who will afford all the expenses behind it like the electric bills and other stuffs., well the fact that mining rig is too pricey.

[shashikamal]

I do believe your motive is good. Learn First. there are lot's of ways to learn about it. Also you should have a capacity to invest.
You tube it & at least watch 20-30 videos to get an idea about the field.

Calculate all the points. Don't listen to haters.

Good Luck.

[DoublerHunter]

You should think first for the possible expenses that you will be dealing with when you start building your mining rig for mining bitcoin or other altcoins because it needs at least 3,000 USD to start a mining rig that will give you good profit everyday and even though they are almost stable, it is still a lot of time to wait before you get your ROI because it can take up to 10-12 months before getting your ROI.

[JohnHero]

Do not mine Bitcoin, you are very late to the game! I would rather suggest to buy Bitcoin with the money you would've put in the hardware. The mining difficulty is huge now, you can no longer make huge profits in a short amount of time.

[Kray]

you should consider to mine altcoin then use the results for trading, with the difficulty of mining Bitcoin it also takes resources and huge capital to start playing on this field, only big players can play here. also consider the cost of electricity in your country will be it worth it if used to mining.

[EddyGameta]

with a very high level of difficulty, I suggest you to switch your intention from Bitcoin mining to trading. mining Bitcoin is too late to do, especially if you want a fast income. Maybe different case with altcoin mining, with the not too high difficulty of mining is still capable even if you don’t have much capital, but again you will eventually plunge in into trading.

[BITDV]

you need big capital if you want to get the profit from mining Bitcoin, Bitcoin mining’s difficulty level now is too high and requires expensive mining tool, even the ROI can be after 4 to 15 month. if you intend to plunge into cryptocurreny industry, I suggest you to trading, your profit can be a capital to buy ASIC.

[Greenkarki]

It can be done.  Have required things like huge amount,  enough electric power, place and etc.  All the best

[masonli@M_27]

I want to start BITCOIN mining. Any advice?

bit coin mining is not easy. so we have to put complete our efforts on that. mining need more electricity it is really very expensive so we have to prefer to solar power it is better. next especially hash power also very important for mining. investing in bit coin easy to gain profit but bit coin mining is not like that we have to put all our efforts on that. and you have to maintain teamwork. because in mining had more work so we try to make it carefully.if you have like that capacity invest in to mining. and earn more profit. for mining need place, hardware, software, electricity and our efforts.

[ruchi85]

My initial understanding of mining was so basic, i thought all you needed was a piece of software and your everyday computer to be connected to the internet at all times and an all you needed to invest on was a cozy armchair to count your crypto at the end of each month. I read on this a bit sometime after, and realised it is not as easy at it I initially thought it was, and I'm not the first one this thought had occured to and definitely not the first to think how foolish a thought it was.
Simply answer, no mate, don't do it.
Long answer, mining takes so much computing power, deep pockets to pay the electricity bills and a pair of bionic ears and a notebook full of excuses to tell your mom why you are racking up such a bill. A typical mining rig costs you plenty of money, and it's not a fair playing field, there's always someone who has more money than you and who has a super rig mining coins for him. What does this mean for you, well, you wouldn't be earning much. I hail from a country where there are frequent power disruptions and high energy bills, this is another factor you have to consider, you simply can't afford any downtime at all. And you need to be ready to upgrade you hardware to keep up with the competition(more dough).

All in all I'd say it's a pretty bad investment strategy, unless you are loaded.

[Rohitha]

Its a shame that mining has become something that can be done only by a select few. It defeats the entire spirit of Crypto-currency.

[chadzscript]

buy a lot of high end machine for bitcoin mining software or buy bitcoin, invest then convert it into dollars if you think you earned a lot.

[O$IRIS]

Where can I find the pricing for ASIC equipment?

[Dudy]

some will say don't do it and some will say go ahead
but for me you have to know before you start what is the mining and what is the right device you can use and how much the electricity will cost you  if you collect all this information and you understand it well then you will be good adviser for yourself