Best Miners for newbies

[rrebrick]

Are you willing to wait for hardware to ship? Many manufacturers are currently taking pre-orders on "next gen" hardware that has yet to be made. This is kind of a sub-gamble because not only are you betting on bitcoins but you'll also be betting on the manufacturer to deliver in a timely manner. If you aren't willing to wait for hardware and want to start mining immediately, then you are left with trying to buy out existing hardware from other miners... at a time when many other people are also trying to do the same thing. Demand is at an all time high for mining equipment; many people who bought mining equipment months ago are able to easily resell their gear at a huge mark-up. Are you willing to risk being left holding the bag when this bubble pops? Is it a bubble? It's fairly safe to assume that bitcoin is not a bubble, but is that so safe to assume for the equipment values? I think the rising difficulty has a large influence on that.

[driver]

The best thing for a newbe is to mine on new currencies.

Agree with you. One can mine some alt-cryptos with low-end CPU, while even using latest GPU for BTC mining can be just a waste of electricity due to BTC difficulty.

And with this , when all people go and mine that coin , the difficulty will rise and you're in the same predicament once more.
Then people will flock to another alt coin , leaving that coin unprotected , and....
Don't forget the cheapest miner on the market is now a botnet.

yes and with the very light penalty imposed for this crime it will run rampant soon enough . I think the company in Ca that got caught for taking over 10 K or so of computers got a simple fine of 325K I think it was as long as he did not do it again in the next ten years . Should have been 20 years at hard labor .

[aeddan1]

Why not do cloud mining? That way you don't have to pay for electricity.

[mstang83]

Hey guys, me and some friends are currently pooling a lot of $ to start accuring machines to start mining crypto currencies.
Researching everything is proving a real headache, one forum may say something is great, yet another site will say its a scam. We have already ordered a Neptune, but does anybody know anything about these Xtreme Miners, allegedly they will have 3 machines coming out in jan/feb? 2 of them look faster, cheaper, and use less power than the neptune, does anyone know what is the catch?
https://en.bitcoin.it/wiki/Mining_hardware_comparison
http://www.xtrememiners.net/#!products/cngp
any advice greatly appreciated.

Every hardware maker is coming out with new faster less power consuming equipment. But everything is a pre-order so you have to buy then wait. The hardware companies are using the pre-order money to do research and development. Sometimes they release on time and sometimes there are delays. I suggest sticking with established companies like KnCMiner or Butterfly Labs. http://mentaso.com/ keeps up with new hardware and has a decent review.

[jones31]

Hey guys, me and some friends are currently pooling a lot of $ to start accuring machines to start mining crypto currencies.
Researching everything is proving a real headache, one forum may say something is great, yet another site will say its a scam. We have already ordered a Neptune, but does anybody know anything about these Xtreme Miners, allegedly they will have 3 machines coming out in jan/feb? 2 of them look faster, cheaper, and use less power than the neptune, does anyone know what is the catch?
https://en.bitcoin.it/wiki/Mining_hardware_comparison
http://www.xtrememiners.net/#!products/cngp
any advice greatly appreciated.

Every hardware maker is coming out with new faster less power consuming equipment. But everything is a pre-order so you have to buy then wait. The hardware companies are using the pre-order money to do research and development. Sometimes they release on time and sometimes there are delays. I suggest sticking with established companies like KnCMiner or Butterfly Labs. http://mentaso.com/ keeps up with new hardware and has a decent review.

Whats did you say there?
Stick with an established company like........BFL??

[Septimus]

Whats did you say there?
Stick with an established company like........BFL??

I was wondering why this was stated myself. Proceed with caution when buying from Butterfly Labs, they have about the same speed as a butterfly when it comes to delivery...unless they've done some major changes since then.

[qosmio]

And ordered and paid for a bfl 50gh miner on black Friday.  Hope I get it soon.

[Open4lies]

And ordered and paid for a bfl 50gh miner on black Friday.  Hope I get it soon.

I would not hope too much, I waited half year for mine before delivered.

[driver]

Why not do cloud mining? That way you don't have to pay for electricity.

Well cloudhashing boasts an incredible 4 - 20 GH/s  for 275 - 950 a year . worthless as far as I am concerned . What could you possibly gain with 20GH/s ?
 Minercloud has 1 5 GH/s totaly useless at any price

[jones31]

Why not do cloud mining? That way you don't have to pay for electricity.

Well cloudhashing boasts an incredible 4 - 20 GH/s  for 275 - 950 a year . worthless as far as I am concerned . What could you possibly gain with 20GH/s ?
 Minercloud has 1 5 GH/s totaly useless at any price

There are a lot of idiots customers who think that 50usd/GH is good because they can't afford a miner which costs 2000.
Instead of going for a group buy , they end up buying those pieces of garbage.

[gooki]

A lot of you mention trading. The problem with trading is that you have to actually know what you're doing with trading. Its no different than trading on traditional currency markets. Noobs usually loose tier pants in currency trading. So just because you're trading bitcoin and not euros it does not mean it's any easier. Mining on the other hand is pretty a rather easy enterprise.

[jchi18]

I don't think newbies should consider mining bitcoin.  The competition is too hard.  Maybe mine an altcoin and convert to bitcoin?  That is what I am doing now.

[driver]

I don't think newbies should consider mining bitcoin.  The competition is too hard.  Maybe mine an altcoin and convert to bitcoin?  That is what I am doing now.

I tried to buy some Linden on second life and then trade that off for bitcoin on Virwox . What a pain in  arse that was . Second life is some kind of video game world  . you had to open an account there and one with this exchange  and link them . Then go into the game world to a atm machine and get a code . buy their currency and then send it to virwox and exchange it for what ever you want . Never did figure out how to find that ATM machine .

[bitcoinCUkid]

It will probably cost too much for a newbie to start mining now. I don't think you'll get a high enough ROI for it to be worth it.

[techstudio]

I second bitminter. it was what got me into the mining culture. now i use coinex for a majority of altcoins and ypool for XPM.

[b1rdex]

It will probably cost too much for a newbie to start mining now. I don't think you'll get a high enough ROI for it to be worth it.

It's true in case of Bitcoin. But thereare many forks with reasonable difficulty to start mining. Plus for now new several forks appear every week.

[Septimus]

It will probably cost too much for a newbie to start mining now. I don't think you'll get a high enough ROI for it to be worth it.

I second this. I'm new to the mining game, and every opportunity I've seen so far has either slammed a door in my face or offered me candy and invited me into the heavily tinted minivan. I'm not impressed with many of the companies and offers out there so far. As tempting as it is to basically create your own money, it's easier right now to just trade the damn stuff. There may still be some profits in GPU mining for altcoins, but even those are getting slim now. Gonna have to hope for some major changes in Bitcoin values to make mining worthwhile.

[driver]

Personally I would think that bitcoin is almost done with . I think half the coins are already mined and that would probably be down to almost none by the end of the year with all these high power miners hitting the market . these companies are just playing it out to the end . They are mining like crazy and know it almost over so they are selling all the miners they can before it is too late so their profits can be maximized .
 I am still thinking of a 400GH/s miner and use it for bitcoin to pay it off then for others to make money and hope their values go up as bitcoin crashes in the dirt when there are none left to mine . Bitcoin can not ever be a main currency because it is far too hard to purchase one and most people would never go through the BS it takes to do it .

[young3dvard]

I don't think newbies should consider mining bitcoin.  The competition is too hard.  Maybe mine an altcoin and convert to bitcoin?  That is what I am doing now.

I tried to buy some Linden on second life and then trade that off for bitcoin on Virwox . What a pain in  arse that was . Second life is some kind of video game world  . you had to open an account there and one with this exchange  and link them . Then go into the game world to a atm machine and get a code . buy their currency and then send it to virwox and exchange it for what ever you want . Never did figure out how to find that ATM machine .

I even didnt try buy the Lindens after I read their warnings all Lindens should be used in game only and could be confiscated.. (or something like this)

[yessine]

i think it's better to mine litecoin and some coins lite that and exchange them directly
you can do a good profit with just a GPU
bettet then getting involved in very hard war like bitcoin mining