mining help

[collingiusti]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

[pontiacg5]

Give me money and I'll do it for you, how about that?

[collingiusti]

Give me money and I'll do it for you, how about that?

How about no

[uininPeter]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

To make a profit off mining bitcoins, hash rate doesnt matter, what matter is cost of the hash rate. Learn to use mining calculators to estimate when you mine the BTC back

[pontiacg5]

Give me money and I'll do it for you, how about that?

How about no

Oh,

I'm afraid you may need to do some reading on your own then. It's blatantly obvious you've done none of that yet, am I right? Purchasing or deciding on anything from the info you get from this thread would be no different than handing me money to do it for you. You seem to have a problem with that, so you may want to do this research on your own. If you have any more specific questions I'd be glad to help 

[collingiusti]

I have done some reading just don't like to trust calculators. from my understanding 2.4 TH/s well earn over 1000 btc a year on an average, if started today and the difficulty stays at a steady increase and does not sky rocket at an alarming rate. does that kinda sound right?

[pontiacg5]

I have done some reading just don't like to trust calculators. from my understanding 2.4 TH/s well earn over 1000 btc a year on an average, if started today and the difficulty stays at a steady increase and does not sky rocket at an alarming rate. does that kinda sound right?

Ya see, this proves my point.

First, you'd be hard pressed to buy 2.4th of power right now. Second, if you were considering buying hardware you'd know from a glance into any mining thread made in the last month that difficulty is in no way staying steady and is in fact skyrocketing. I'd go on, but those threads I just mentioned have it covered.

You need to read a lot more if you are going to invest. I can't possibly explain it all, and neither can anyone else in one thread. Please do some reading and come up with your own plan, or consider buying bitcoins instead and hoping they go up in value.

I don't mean to discourage you from mining, just wasting money...

[Sythyn]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

None, you will just make loses no matter what...

[collingiusti]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

None, you will just make loses no matter what...

Based on what?

[pontiacg5]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

None, you will just make loses no matter what...

Based on what?

If you do no reading and rush to buying hardware on impulse...

But if you do some reading and play your cards right you might get lucky (it's a lot of lucky!) and make a little, not a lot.

[collingiusti]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

None, you will just make loses no matter what...

Based on what?

If you do no reading and rush to buying hardware on impulse...

But if you do some reading and play your cards right you might get lucky (it's a lot of lucky!) and make a little, not a lot.

I wanted to know his basis. Im not planning on buying anything right now, I know I need a game plan first.

[cassimares]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

None, you will just make loses no matter what...

Based on what?

If you do no reading and rush to buying hardware on impulse...

But if you do some reading and play your cards right you might get lucky (it's a lot of lucky!) and make a little, not a lot.

I wanted to know his basis. Im not planning on buying anything right now, I know I need a game plan first.

You can read up more on difficulty increment as well as the btc you would get for mining on a paticular machine over the lifetime.

[Thenen]

To make a profit off mining bitcoins what hash rate should I be running at? How much should I invest into a rig? and where should I buy my rig?

Your a noob like me since your asking, I would say don't invest anything until you understand more. But buy BTC seems like a better choice...

[odolvlobo]

The reason you aren't getting satisfactory answers here is because every day some newbie joins and asks "I want to mine. What should I do?" Answering that question takes a lot of time and effort, so you are getting the short answers like "don't even bother", or "do a lot of reading".

Mining is no longer a hobbyist pastime. It has become a professional endeavor. If you want to make money mining, you need to research and understand the following:

1. How mining works.
2. How difficulty works.
3. How mining pools work.
4. How to evaluate mining equipment and how to buy it.
5. How to evaluate equipment manufacturers, their reliability and their lead times.
6. Future difficulty and how to predict it.
7. The financial aspects of mining, especially the effect of the difficulty.
8. The history of mining.
9. Mining alt-coins.
10. Alternatives to buying mining equipment.

People that jump into mining without taking the time to become experts simply lose money. There has been, and there continues to be, an astonishing number of people that have lost money on mining.

TL;DR: The secret to mining profitably is to pay less for the equipment (and power) than it mines. Determining how much it will mine is not as easy as you think. This is not a really a secret, but somehow most people just don't get it.

[BRADLEYPLOOF]

I would suggest hitting up mining.thegenesisblock.com to make any kind of "informed" decision, although at this point, mining for profit is not going to happen.  Using a 2 TH/s rig from cointerra, having it be delivered by January providing that there are no delays, no pool fees, current difficulty increases, and a 10% monthly gain in the value of bitcoin, you will loose money from day 1. http://mining.thegenesisblock.com/a/eb922a09a2

Either buy bitcoin and sit on it as a speculative device, or buy bitcoin and spend it on fun things to keep the bitcoin economy growing.  

[Thenen]

The reason you aren't getting satisfactory answers here is because every day some newbie joins and asks "I want to mine. What should I do?" Answering that question takes a lot of time and effort, so you are getting the short answers like "don't even bother", or "do a lot of reading".

Mining is no longer a hobbyist pastime. It has become a professional endeavor. If you want to make money mining, you need to research and understand the following:

1. How mining works.
2. How difficulty works.
3. How mining pools work.
4. How to evaluate mining equipment and how to buy it.
5. How to evaluate equipment manufacturers, their reliability and their lead times.
6. Future difficulty and how to predict it.
7. The financial aspects of mining, especially the effect of the difficulty.
8. The history of mining.
9. Mining alt-coins.
10. Alternatives to buying mining equipment.

People that jump into mining without taking the time to become experts simply lose money. There has been, and there continues to be, an astonishing number of people that have lost money on mining.

TL;DR: The secret to mining profitably is to pay less for the equipment (and power) than it mines. Determining how much it will mine is not as easy as you think. This is not a really a secret, but somehow most people just don't get it.

Wow, thanks for the explanation. I guess most people in forum is right about not mining is a better decision....