Advice for a newbie looking to buy a Miner?

[ksuchewie]

I have recently been looking to purchase a miner.  I started using the Bitcoin Miner software on my windows 10 computer to see how things worked.  Since my computer is extremely slow (300 KH/s), I have been looking at the r4 (for home) or a s9 (for work) to use.  I am not concerned about 220V because I can have it installed in my home.  My work already has 220V available.

I have been watching shop.bitmain.com for awhile but I do not see either units coming in stock.  So it appears my options are ebay, alibaba, google search, or message boards.  I have not been quick to jump in to buying one because of all the red flags.  (Super low price, brand new domain, etc.)

One thing I see happening is that sellers will only accept bitcoin/bitcoincash/eth.  Is this another red flag?  My concern about not using paypal is that I am unable to get money back if I am scammed.  Would a legitimate seller refuse paypal?  What are the other things to watch out for?

Thank you!

[1714046234]

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[1714046234]

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[flip4flop]

Get on the waitlist from Bitmain or spend alot more from a reseller (that will not come with a warranty).  If you choose option 2 ensure you only buy through escrow as you will most likely be scammed if you do it otherwise.  Hope that helps.

[ksuchewie]

I keep checking bitmain but cannot seem to get on the list.   

[pinkflower]

BTC mining has become a specialized undertaking that it isnt advisable for newbs to invest their time and money on it anymore.

Its better to buy and hold BTC or mine an altcoin with a bright future. I suggest you look up Burst. It has a greener and more energy efficient mining algorithm called Proof of Capacity.

[Bitinity]

BTC mining has become a specialized undertaking that it isnt advisable for newbs to invest their time and money on it anymore.

Its better to buy and hold BTC or mine an altcoin with a bright future. I suggest you look up Burst. It has a greener and more energy efficient mining algorithm called Proof of Capacity.

This, afaik these days many miners prefer to mine altcoins such as eth, ltc, or other coins which are more profitable than mining btc. I have a friend who is a new miner as well and he built his own miner hardware using vga, he is now mining eth. He said that he spent around $4500 and he can earn 1.x ETH per month. It means that he will get ROI after 5-6 months but I'm not really sure about the full specifications about his miner.

[h0lybyte]

While being afraid of not finding anyone accepting paypal, the sellers are also afraid of buyers false claim even after delivering their product, so paypal shouldn't be an option in overseas deals at all. You can buy mining hardwares from alibaba and ebay to avoid being scammed. Never use any random links that you get from google search. Shops like Alibaba and ebay the verified sellers with assurance

[reda]

While being afraid of not finding anyone accepting paypal, the sellers are also afraid of buyers false claim even after delivering their product, so paypal shouldn't be an option in overseas deals at all. You can buy mining hardwares from alibaba and ebay to avoid being scammed. Never use any random links that you get from google search. Shops like Alibaba and ebay the verified sellers with assurance

You want buy the mining you know about all thing. So you will learn the mining process. Mining is good to for the future improvement and get more profit. So mining it easy to heat it need to cooling places. So you will know about what product wnat and how many electricity it will use for mining process. So you will thing and learn. You will speck witch the mininer it will tell about the mining information. If use in mining your home you will know about the proces. How to connect the ling. If work you will conncet the network process. You will learn more information.

[BillCoin]

I wouldn't advice you to buy a miner unless you have an access to electricity at no cost.

The big pools of miners are mining with ASIC boost( a code change that helps them to mine faster then the others) and they also won't pay any electricity costs( some towns at china has free electricity), it's really hard to beat other miners at that term.

You should be also considering the the price of bitcoin at the moment may be a bubble, and if it falls you are going to mine at a lose.

Also don't forget that difficulty increases, so if you earn 0.1/month right now, it probably won't stay for that long.

[pinkflower]

BTC mining has become a specialized undertaking that it isnt advisable for newbs to invest their time and money on it anymore.

Its better to buy and hold BTC or mine an altcoin with a bright future. I suggest you look up Burst. It has a greener and more energy efficient mining algorithm called Proof of Capacity.

This, afaik these days many miners prefer to mine altcoins such as eth, ltc, or other coins which are more profitable than mining btc. I have a friend who is a new miner as well and he built his own miner hardware using vga, he is now mining eth. He said that he spent around $4500 and he can earn 1.x ETH per month. It means that he will get ROI after 5-6 months but I'm not really sure about the full specifications about his miner.

Newbs can also try Proof of Capacity mining with Burst. All they will need is a hard drive. They can try it with the hardware they have now, and if they like it then they can invest and buy more equipment.

With Bram Cohen's Chia Network coming next year, there will be more demand for PoC miners. Its a perfect time to learn about PoC if you ask me.

[ksuchewie]

Thanks for the feedback so far.  I guess I'm a little confused about why 1 person shouldn't mine.  From what I read, is that if you're running an Antminer S9, you should be able to mine 1/4 to 1/3 bitcoin per month.  At today's rate that's 15,000 / 3 (or 4).  Which would be $5000 or 3750/mo.  It would cost me about $500/mo in electricity to run the S9 24/7.  Are the #'s I've found completely inaccurate?

[cpfreeplz]

Just get a decent GPU and mine alts. You're buying an outdated miner from a company that's using the next generation already and you'll maybe break even if your electricity is cheap enough. Bitcoin mining was ruined before I was even into bitcoin. Just looking into it briefly shows how much I'd lose every month. It'd be rough.

[teddy5145]

Thanks for the feedback so far.  I guess I'm a little confused about why 1 person shouldn't mine.  From what I read, is that if you're running an Antminer S9, you should be able to mine 1/4 to 1/3 bitcoin per month.  At today's rate that's 15,000 / 3 (or 4).  Which would be $5000 or 3750/mo.  It would cost me about $500/mo in electricity to run the S9 24/7.  Are the #'s I've found completely inaccurate?

Those numbers were just an estimation, the difficulty of mining bitcoins most likely will keep increasing as time goes on, this will impact your earnings too.

You also will need to consider how much electricity costs on your home/work as mining rig such as s9 will eat a lot of watts from your wall.

Those were just the gist of it, I'm sure there are things you will need to consider, I'd say you'd be better with a mining gpu and altcoins mining

[keyzersoze]

Just buy a dip and hold bro.
Beats mining, and you don’t have to deal with uptime, noise, heat or electricity bills
And you’ll most likely end up with more btc in the end.

[neonshium]

I have recently been looking to purchase a miner.  I started using the Bitcoin Miner software on my windows 10 computer to see how things worked.  Since my computer is extremely slow (300 KH/s), I have been looking at the r4 (for home) or a s9 (for work) to use.  I am not concerned about 220V because I can have it installed in my home.  My work already has 220V available.

I have been watching shop.bitmain.com for awhile but I do not see either units coming in stock.  So it appears my options are ebay, alibaba, google search, or message boards.  I have not been quick to jump in to buying one because of all the red flags.  (Super low price, brand new domain, etc.)

One thing I see happening is that sellers will only accept bitcoin/bitcoincash/eth.  Is this another red flag?  My concern about not using paypal is that I am unable to get money back if I am scammed.  Would a legitimate seller refuse paypal?  What are the other things to watch out for?

Thank you!

Bitmain is the best website to buy a miner but as they don't have much stock, for now, I think you should buy from the legit trusted seller. You can find many of them on this forum too. But I think it's not only the safety of the buyer the seller to needs to be safe as sometimes people can fraud the seller too. But I think you should avoid PayPal and use a cryptocurrency like BTC or ETH with a middleman escrow.

[player514]

I have recently been looking to purchase a miner.  I started using the Bitcoin Miner software on my windows 10 computer to see how things worked.  Since my computer is extremely slow (300 KH/s), I have been looking at the r4 (for home) or a s9 (for work) to use.  I am not concerned about 220V because I can have it installed in my home.  My work already has 220V available.

I have been watching shop.bitmain.com for awhile but I do not see either units coming in stock.  So it appears my options are ebay, alibaba, google search, or message boards.  I have not been quick to jump in to buying one because of all the red flags.  (Super low price, brand new domain, etc.)

One thing I see happening is that sellers will only accept bitcoin/bitcoincash/eth.  Is this another red flag?  My concern about not using paypal is that I am unable to get money back if I am scammed.  Would a legitimate seller refuse paypal?  What are the other things to watch out for?

Thank you!

My one piece of advice I have for you in terms of mining is that if you have the opportunity to make money off some other way other than mining, take that over this. Mining can be very unprofitable at times and a lot of people have been claiming that it just has started to not make sense.

You should look to purchase some bitcoin with paypal and then buy off of a trusted site. Either that or you could just buy off of someone on the computer hardware section of this forum.

[canaveralnonie]

I gonna observe this thread for future references. I also want to try the mining industry too. This is a big help to me as a newbie. Thanks guys for all the answer, I gonna check it one by one for sure.

[mysterecryptoooo]

For a newbie, i would say that bitcoin mining is very tricky and requires a certain expertise i frankly wouldn't recommend it. As a newbie, i try to find out an ICO that has a great potential and invest on it.

[BillCoin]

My advice for you would be to make sure that you are going to have a profit at the long run,some newbies just buy a miner off Bitmain, and they forget about the difficulty change and reward decreases( difficulty changes make it harder to mine coins, and decrease in reward values make you to earn less at the same time and energy consuming.)

Most of the people will LOSE money on mining, unless they found an extreamly profitable coin or they are mining at free electricity.

[Partizanai]

just build a gpu miner and trade altcoins for BTC if you are after for long term investment. This is way easier than getting your hands on asic miner, and more important getting your hands on first batch of asic miners

[Granxis]

I have recently been looking to purchase a miner.  I started using the Bitcoin Miner software on my windows 10 computer to see how things worked.  Since my computer is extremely slow (300 KH/s), I have been looking at the r4 (for home) or a s9 (for work) to use.  I am not concerned about 220V because I can have it installed in my home.  My work already has 220V available.

I have been watching shop.bitmain.com for awhile but I do not see either units coming in stock.  So it appears my options are ebay, alibaba, google search, or message boards.  I have not been quick to jump in to buying one because of all the red flags.  (Super low price, brand new domain, etc.)

One thing I see happening is that sellers will only accept bitcoin/bitcoincash/eth.  Is this another red flag?  My concern about not using paypal is that I am unable to get money back if I am scammed.  Would a legitimate seller refuse paypal?  What are the other things to watch out for?

Thank you!

My one piece of advice I have for you in terms of mining is that if you have the opportunity to make money off some other way other than mining, take that over this. Mining can be very unprofitable at times and a lot of people have been claiming that it just has started to not make sense.

You should look to purchase some bitcoin with paypal and then buy off of a trusted site. Either that or you could just buy off of someone on the computer hardware section of this forum.

I think mining is the most guaranteed method of earning, if you create the right conditions it is possible to get very good earnings. I did not see anybody who could not earn because I was mining until this time. In the long run, the costs of mining hardwares, have been earned.

[hieuho381]

For a newbie, i would say that bitcoin mining is very tricky and requires a certain expertise i frankly wouldn't recommend it. As a newbie, i try to find out an ICO that has a great potential and invest on it.

You should find out the coin that you intend to exploit then select the line of digging that suits it. When choosing a digger, pay attention to well-known brands as it ensures quality for you because the machine is easy to break because of continuous work for long periods of time.

[lutfi-hasan]

I have recently been looking to purchase a miner.  I started using the Bitcoin Miner software on my windows 10 computer to see how things worked.  Since my computer is extremely slow (300 KH/s), I have been looking at the r4 (for home) or a s9 (for work) to use.  I am not concerned about 220V because I can have it installed in my home.  My work already has 220V available.

I have been watching shop.bitmain.com for awhile but I do not see either units coming in stock.  So it appears my options are ebay, alibaba, google search, or message boards.  I have not been quick to jump in to buying one because of all the red flags.  (Super low price, brand new domain, etc.)

One thing I see happening is that sellers will only accept bitcoin/bitcoincash/eth.  Is this another red flag?  My concern about not using paypal is that I am unable to get money back if I am scammed.  Would a legitimate seller refuse paypal?  What are the other things to watch out for?

Thank you!

I think the way can be done as follows.
- Mining Bitcoin with its own ASIC hardware (previously, CPU (Mining with VPS also includes Mining with CPU) & GPU used as a Bitcoin Mining tool)
- Mining with Cloud Mining.
- Follow some free programs.
- Looking for a job whose salary is Bitcoin (in this case: Signature Campaign, or other services)
- Trading (both Trading Bitcoin and Altcoin)

[Lucifer777]

how to start a mine?

[sajeebur rahaman]

Bitcoin has many problems to mining.Check if there are enough facilities.You do not have to spend the time you spend on mining yourself.And for this, need a continuous current.All the time the Internet connection.And the right temperature.If you have problems in these things, you will suffer...I think you can profit better by investing more than that.Trouble and less..You think about it.Please do whatever you like best !But what I think I say ..THANKS