Need Advise On Purchasing Bitcoin Mining Rig

[NewGuyUK]

Hi,

i want to buy a bitcoin mining rig,i have about £1000 to spend and i dont have to pay for electricity,can someone recommend a good value setup,would be good if it was just plugin and ready to configure but not really bothered if i have to buy a psu or something extra.

Any advice would be much appreciated

[1715348801]

1715348801

[1715348801]

1715348801

[dmm]

Are you talking about a GPU mining rig? Bitcoin mining with GPUs is no longer practical. Play around with a mining calculator like this one, http://mining.thegenesisblock.com/, to see for yourself.

ASIC mining is much more efficient and potentially profitable but you'll have a hard time finding ASIC hardware for sale at a price that would be profitable. After all, would you sell a money printing machine for a price profitable to the buyer?

Mining litecoin on GPUs may be profitable but I don't know anything about it.

[fahayek]

Are you looking to do just bitcoin or altcoin as well?

[JasonDJ]

As far as Bitcoin and other SHA256-based coins, someone else had already pointed out that GPU's are not profitable in the least.  It is doubtful you will even pay off the graphics card before the thing dies.  Those coins are dominated by dedicated hardware called ASICS, and breaking into that game at this point is a bigger gamble with potentially bigger payoffs -- especially if you wait and see if BTC gets as high as some people suspect it will.  Risk vs. Reward and all that.  

With cash-in-hand, it's been said numerous times that trading is the most profitable way to make money with cryptocurrencies -- and they are right, but it's also highly speculative and you can stand to lose a lot very easily this way.  Diversify, and don't invest more than you can afford to lose.  

Mining altcoins can be quite profitable, especially if you don't have to pay for electricity.  But the best bet is to figure out the hashrate of the graphics card you expect to get, such as an R9 290X will get between about 720KH/s and 980KH/s.

This is just an example.  Estimates for Scrypt-based coins can be found here, on the Litecoin Hardware Comparison Wiki:
https://litecoin.info/Mining_hardware_comparison

Once you know the hashrate you can expect, you can look at a site like coinwarz.com or wheretomine.com to calculate profitibility of a card.  Be warned though, a lot of them fluctuate wildly throughout the day.  You are probably best to start off with an established coin such as Litecoin, Worldcoin, or Digitalcoin and solely mine that.  Litecoin in particular has been very predictable in its exchange rate to BTC lately.

Though, honestly, I would suggest you learn a thing or two about basic PC building before you consider trying to put together your own rig.  There are countless guides on google on how to build a Scrypt mining rig from scratch (google "Litecoin mining rig guide"), and for the most relevant results you should probably click on "Search Tools" and limit your search to the past 1-6 months.  Aside from that, the folks on reddit.com/r/buildapc will be helpful in learning the basics if you don't already have them down.

[lassdas]

My advice: Don't!

[Chamrox]

You've missed the boat on bitcoin mining if all you have is 1000 pounds. That's probably enough to dip your toe in mining alt/scrypt coins with a fairly decent GPU (video card). However, good video cards are near impossible to come by at reasonable prices, so you may have missed the boat on that as well. My advice is to just use what you have ato get used to mining, and your wallet. Start small and learn how the markets work before investing any sizable money into it at all. The big coins are highly speculative as it is, if you're putting real money into alt coins, you need to be very careful and learn how to vet out the bad ones.

[anyone4u]

May take you a while to get started but you already have more than I have to get started. I started cpu mining and burned up a pc doing that. I had to buy another pc and gpu card and power supply. The price is about what you spent already. i'm still waiting on my power supply to come in

[NewGuyUK]

Thanks for the advice.

I was thinking about mining bitcoin or altcoin,was thinking about buying a asic mhs 200 200 GH/s setup,not really bothered if i take a loss because i would of just wasted the money on something else plus i have a good job,it will be more of a hobby really but would be nice to make a bit of money,also thought about litecoin mining with 3 R9 280X cards as i have built custom computers in the past but its easier to buy a asic setup complete ready just to plugin and start mining,i will probably build a litecoin rig later when i have done more reading.

I can get a ASIC 200 GH/s for £1500 imported.

[247crypto]

GPU scrypt mining is OK.

switchercoin.com
https://bitcointalk.org/index.php?topic=361613.msg3870584#msg3870584

[CoinThinker]

I think that you are better of if you are trying trading that 1.000 pounds you have. With 1000 pounds you can probably buy a system which can mine with about 1.800 Khash/sec, which is not so much (unless you are trying to target all the new coins that keeps showing up).

Problem is that probably you could make about 0.025-0.03 BTC /  day (check this calculator: http://www.coinwarz.com/cryptocurrency/?sha256HashRate=1000.00&sha256Power=1000.00&sha256PowerCost=0.1000&scryptHashRate=1800.00&scryptPower=1000.00&scryptPowerCost=0.0000&sha256Check=false&scryptCheck=true), but this is a lot of work, and a lot of trial and error process.

Just imagine for example, your hardware gets defected and then you're out of the game while the replacement arrives (and trust me when I say, in this business burning the motherboards is not very uncommon  )

[247crypto]

better of if you are trying trading ....

Just imagine for example, ...

That he lose all money, because he have no clue, how to trade correctly.

[nerobie]

i'm putting real money into alternative cryptocurrencies, but i am not very careful