How does a new person break into bitcoin mining?

[metal_jacke1]

Blades (11 ~ 13Gh/S) are selling on Minersource for $749 

[af_newbie]

Blades (11 ~ 13Gh/S) are selling on Minersource for $749 

Friedcat sells them for BTC3.5

[stefffe]

I still see some profit in mining alt-coins tbh... atm I make about ~$270/month mining different alt and selling them at cryptsy. My rig is 4x7950.

Total invested? ROI?

About 1700 dollars invested and I am only 200 away from ROI.

[metal_jacke1]

Blades (11 ~ 13Gh/S) are selling on Minersource for $749 

Friedcat sells them for BTC3.5

IF you buy 20 or more. So if you have BTC70 then they're 3.5. He doesn't sell them individually. Believe it or not, not everybody has $10,000 laying in their back pocket I'm sorry to say.

[wormbog]

Mining for fun: get a few USB block erupters. Connect to a Raspberry Pi with MinePeon and you'll be mining 24/7 with very low power costs.

Mining for profit: the easy money is gone. BUT, if you believe the exchange rate of BTC will continue to rise, and you don't want to buy coins directly for some reason, you can mine now with the understanding that you won't spend your coins until they hit $500, $1k, etc.

My story: I started mining when the difficulty was around 24000. I was getting 2-3 bitcoins a day with a single 5830. Within a week the difficulty jumped to 42k and I was only making 1-2 coins per day. If I was just in it for the money I would have stopped at that point. Instead, I kept mining and I have never regretted that decision.

tl;dr - start mining with what's readily available now and don't worry about turning a profit.

[metal_jacke1]

Mining for fun: get a few USB block erupters. Connect to a Raspberry Pi with MinePeon and you'll be mining 24/7 with very low power costs.

Mining for profit: the easy money is gone. BUT, if you believe the exchange rate of BTC will continue to rise, and you don't want to buy coins directly for some reason, you can mine now with the understanding that you won't spend your coins until they hit $500, $1k, etc.

My story: I started mining when the difficulty was around 24000. I was getting 2-3 bitcoins a day with a single 5830. Within a week the difficulty jumped to 42k and I was only making 1-2 coins per day. If I was just in it for the money I would have stopped at that point. Instead, I kept mining and I have never regretted that decision.

tl;dr - start mining with what's readily available now and don't worry about turning a profit.

Totally Agree.

[Stack]

The latest batch of asicminer blades had a significant price drop and all got INSTANTLY bought up by big resellers
This has totally fucked me who bought them higher, and suffered a delivery delay, I tended to think you could slowly crawl your way up, through a combination of mining and reselling... but the opportunities keep disappearing as the big companies have moved in. So unless you happen to be a bitcoin millionaire - there is not much hope.
Quite saddening - but I suppose all good things must come to an end - and we missed the ship.

[Zeek_W]

The latest batch of asicminer blades had a significant price drop and all got INSTANTLY bought up by big resellers
This has totally fucked me who bought them higher, and suffered a delivery delay, I tended to think you could slowly crawl your way up, through a combination of mining and reselling... but the opportunities keep disappearing as the big companies have moved in. So unless you happen to be a bitcoin millionaire - there is not much hope.
Quite saddening - but I suppose all good things must come to an end - and we missed the ship.

Not exactly decentralised anymore is it? :/

[Bicknellski]

I am curious about opinions.

Just say you have a person today that wants to start bitcoin mining. How do they start and be able to at least ROI their investment? Just curious about what your plan would be.

1. Lots of money and a company that has miners in stock ready to ship who have a proven track record.

2. Form a COOPERATIVE of miners and do the same as 1.

[Bitweasil]

Not exactly decentralised anymore is it? :/

As long as at least 3 major companies/pools are operating, and none can gain a substantial lead over any others, the network is just fine.

[viperzero]

I am curious about opinions.

Just say you have a person today that wants to start bitcoin mining. How do they start and be able to at least ROI their investment? Just curious about what your plan would be.

At current point I would rather buy bitcoins and wait for the hardware transition to cool down and then very carefully choose the most efficient technology with longest lifespan. This is not a good time for unexperienced to start mining operations Risk/Reward ratio is very poor.

[Stack]

I am curious about opinions.

Just say you have a person today that wants to start bitcoin mining. How do they start and be able to at least ROI their investment? Just curious about what your plan would be.

At current point I would rather buy bitcoins and wait for the hardware transition to cool down and then very carefully choose the most efficient technology with longest lifespan. This is not a good time for unexperienced to start mining operations Risk/Reward ratio is very poor.

+ Best Answer

[Mitchell]

I still see some profit in mining alt-coins tbh... atm I make about ~$270/month mining different alt and selling them at cryptsy. My rig is 4x7950.

Total invested? ROI?

About 1700 dollars invested and I am only 200 away from ROI.

That sounds great

[philipma1957]

I am curious about opinions.

Just say you have a person today that wants to start bitcoin mining. How do they start and be able to at least ROI their investment? Just curious about what your plan would be.

 No one  can give  real chance of ROI  as a certainty.. But I would tell the buyer if he has BTC buy a new blade from Canaryinthemine cost is 4btc plus shipping. so about 500 usd. set it up to a low powered piece of gear. use a simple pool like bitminer.  If you have the other gear the investment would be under 600 usd. you may or may not make roi. 


    If 600 usd is high for a new guy and if you do not have any btc.  Go on ebay there are very good sellers with 10 year 1000 plus perfect feedback selling the usb sticks.(a shameless plug about myself)   One guy sells a 3 pack for 102usd in hand .  another seller sells 1 stick for 34 usd  .  And the prices have dropped a lot on ebay.

 or buy a 6 stick kit with a quality hub and fan for about 260.  (shameless plug again)

you won't get your money back with the kit but you will get in the game.

at 65 mill diff the kit would earn .0154 coins a day or .154 coins in 10 days
at 75 mill diff the kit would earn .0133 coins a day or .133 coins in 10 days
at 85 mill diff the kit would earn .0118 coins a day or .118 coins in 10 days
 
at 285 mill diff the kit would earn .0035 coins a day or .035 coins in 10 days   about 4.20 usd in 10 days and 1-2 spent in power


you would spend about 1-2 usd  for 10  days on power.


So at todays numbers of 65 mill diff sticks look good

at future numbers of 285 mill diff sticks do not look good. 

   

I think diff will will not  shoot up to the 200 mill  fast like by sept 30.  we are at 65 going on 75 right now. going to 200 in 30 days is no way going to happen