NEWBIE - Help With Bitcoin Mining?

[phoenixsilverbird]

I have been researching and I want to mine BTC.

I am considering purchasing some block erupters or a red fury or a antminer. I will use these with my raspberry pi.
when calculating costs, the block erupters cost more to run than they'll mine so it's kind of up to buying blue/red fury or ant miner.

I have also been looking at the least expensive 10gh butterfly labs miner. I am unable to find any wattage consumption so no idea how much it costs to run. Anyone got any idea?


I am also interested in the set-up and working, so I'd rather buy and make my own setup with USB redfury/bluefury/antminer than some all in one premade order, where there's no fun or set-up.

So yes, can anyone advise me on how I can profit with the USB ant/red/bluefury in the UK, and where I can order them (ebay???)

Many thanks.

[gambit1]

If you want to mine bitcoin you obviously haven't been researching. Its pointless.

[phoenixsilverbird]

From what I've calculated, it's not pointless.
Purchasing one Bi Fury 5+ GH/s USB miner (http://www.amazon.co.uk/Fury-Bifury-USB-ASIC-Miner/dp/B00GYFDPA2/ref=sr_1_2?ie=UTF8&qid=1388320256&sr=8-2&keywords=bitfury), I can make 767.33 USD in 2 years, so breaking even and earning ~£100 profit.

I know it's not much at all, but it's making money, hence not pointless.

[gambit1]

Have you factored in the expected increase in diffiuclty over those 2 years, electrical costs and opportunity costs? These things might eat into your 13 cents a day profit.

[Flashman]

My advice is if you can't see the equipment paying back in 3 months at 30% difficulty rise per 2 weeks, then don't buy.

Antminers obtained quickly may just be worth it, KNC Jupiter miners if another batch is released for january should still be worth it, Neptune should be at the front of the game when shipped also. Block eruptors and blue/red fury, nope, forget they exist. Unless you clean up on a bunch of used ones for about a quarter of what some idiots here will pay, and have "free" electricity, forget them.

[gambit1]

Listen to this man. He speaks wise words.

[phoenixsilverbird]

4xAnt Miner USB at £65 each gives me £260.

I'd be able to pay these off after 6-7 months.

[gambit1]

Assuming what difficulty?

[phoenixsilverbird]

Using the bitcoin calculator here: http://www.bitcoinx.com/profit/

With a profitability decline of 0.61 each year

[gambit1]

Ok cool As long as you've thought it through then go for it.

[thefendall]

unless you have thousands of coin to put in for big miners within next month or two... there is no chance of making any money, use at dont use 1.3 billion for estimate, use 3-5 billion for the next few months and 9-15 billion by the end of the year (probably much higher as huge asics come on line in next few months) if you cant touch a 1-5/th miner in next few months, its not viable for a small timer, although equipment for alt coin mining could see healthy profits, that could be reinvested into bitcoin

my 2 cents

[MargaretsDream]

Using the bitcoin calculator here: http://www.bitcoinx.com/profit/

With a profitability decline of 0.61 each year

You mean profitability decline of 0.61 each month, right ? 

[CrimsonPermanentAssurance]

I'm about to sell a bit fury red fury I have only had a week. It works just fine. I did come to see that it was basically pointless to have a small setup.