Haven't started but want to.

[Killua]

I'm kind of new as in you aren't even technically new yet unless you have actually started. I want to start. I already have a machine picked out that is pretty cheap. It won't make me a ton of money but it's a start. On the downside is I have to preorder it. Is there anyone wanting to get rid of a cheap GHer so that way I can be making something while I wait for GHer to comeout and then get shipped. Instead of just sitting and not doing anything?

[raskul]

do more research.

[quone17]

Remember to factor in electricty costs, you sure you want to get into mining?  Unless you think the price is still going up that is.

[Killua]

Yeah I've factored in the cost of electricity. Rather the price is going up or leveling off is rather irrelevant as long as I don't think it is going to take a huge hit. What is relevant is do I think it is a form of currency that is stable and will it be around? Yes, I do. With that being said there isn't much of a reason not to mine because you complete transactions. Then you get rewarded for helping the coding process of completing that transaction. So if I think it will stay around and not really drop or take a huge hit in the amount of currency it stands for I have to ask will people continue to use it for transactions? Yes they will. I fully understand how it all works, but what I need is the equipment in order to do so. Because if I was just to use my regular machine the amount of electricity I would be using to the amount I'd be affecting a pool to get currency would be a loss whereas this is profit. And all profit rather it's a penny, or billions of dollars is profit. Would you rather have the same amount money of you have now, or would you rather someone hand you a free penny? You might be thinking well what do I care it's just a penny, but you have that happen 100 times you just made a free dollar.

[raskul]

at current difficulty, a 25gh rig will mine around $3 per day (although that is decreasing daily)

[Killua]

And it should continually decrease. Although a 25GH rig makes about $5.80 a day and about $4.70 after electricity.

[Purple]

It sounds like you want to start mining smaller amounts until your rig gets in. Maybe to practice or something?

I know people on Reddit sell USB miners all the time. http://www.reddit.com/r/bitmarket

[raskul]

And it should continually decrease. Although a 25GH rig makes about $5.80 a day and about $4.70 after electricity.

depending on which pool you use... luck is low on guild at the moment, i've got 3 8/9gh blades running on it and it's not making much more than $3/day. I hear bitparking is quite good.

[Kenshin]

Just do some research in which coins you want to mine, while you wait for your rig to arrive. You can learn how to install a wallet and the best way to secure it, while you are waiting. Most people forgot about this stage and get hacked and lost all their coins.

[Killua]

It sounds like you want to start mining smaller amounts until your rig gets in. Maybe to practice or something?

I know people on Reddit sell USB miners all the time. http://www.reddit.com/r/bitmarket

Thanks. I'll look into that. Yeah I'm wanting to try a couple of things out before they get here to better optimize them. It's much harder to turn a profit really unless you start with a lot to invest something I don't have when doing SAH-256 but even though the cheaper route and better long term mining would be in script mining since there isn't any big Hash chip makers for script yet to saturate that end so it is easier to get into and the rig last longer before needing to up it, but to build one still takes quite a bit.

[Killua]

Just do some research in which coins you want to mine, while you wait for your rig to arrive. You can learn how to install a wallet and the best way to secure it, while you are waiting. Most people forgot about this stage and get hacked and lost all their coins.

I think with the GHers I want to mine BTC but also want to build a couple rigs for script mining since I can't mine script with them and mine LTC and Doge.

[Purple]

It sounds like you want to start mining smaller amounts until your rig gets in. Maybe to practice or something?

I know people on Reddit sell USB miners all the time. http://www.reddit.com/r/bitmarket

Thanks. I'll look into that. Yeah I'm wanting to try a couple of things out before they get here to better optimize them. It's much harder to turn a profit really unless you start with a lot to invest something I don't have when doing SAH-256 but even though the cheaper route and better long term mining would be in script mining since there isn't any big Hash chip makers for script yet to saturate that end so it is easier to get into and the rig last longer before needing to up it, but to build one still takes quite a bit.

Eh, as long as you break even! Whenever I mine any coin I just look to break even and have fun mining and supporting the system. Also, if you want to, try mining a alt currency just to get SOME kind of coin. Might make it more fun while you wait for your BTC stuff to arrive!

[jonanon]

You'd be so much better off simply buying BTC instead of trying to mine it 

[Killua]

It sounds like you want to start mining smaller amounts until your rig gets in. Maybe to practice or something?

I know people on Reddit sell USB miners all the time. http://www.reddit.com/r/bitmarket

Thanks. I'll look into that. Yeah I'm wanting to try a couple of things out before they get here to better optimize them. It's much harder to turn a profit really unless you start with a lot to invest something I don't have when doing SAH-256 but even though the cheaper route and better long term mining would be in script mining since there isn't any big Hash chip makers for script yet to saturate that end so it is easier to get into and the rig last longer before needing to up it, but to build one still takes quite a bit.

Eh, as long as you break even! Whenever I mine any coin I just look to break even and have fun mining and supporting the system. Also, if you want to, try mining a alt currency just to get SOME kind of coin. Might make it more fun while you wait for your BTC stuff to arrive!

Yeah I thought about doing it on my laptop, but since I just recently replaced my hard drive with a refurbished ssd hard drive since my last one over heated during the summer and broke that I didn't want to put any unneeded pressure on any part of my system on something I also use for work.

[watchtheskies]

It sounds like you want to start mining smaller amounts until your rig gets in. Maybe to practice or something?

I know people on Reddit sell USB miners all the time. http://www.reddit.com/r/bitmarket

Thanks. I'll look into that. Yeah I'm wanting to try a couple of things out before they get here to better optimize them. It's much harder to turn a profit really unless you start with a lot to invest something I don't have when doing SAH-256 but even though the cheaper route and better long term mining would be in script mining since there isn't any big Hash chip makers for script yet to saturate that end so it is easier to get into and the rig last longer before needing to up it, but to build one still takes quite a bit.

Eh, as long as you break even! Whenever I mine any coin I just look to break even and have fun mining and supporting the system. Also, if you want to, try mining a alt currency just to get SOME kind of coin. Might make it more fun while you wait for your BTC stuff to arrive!

Mining alt coins can be very fun and profitable - if you have an appetite for risk

[coinriggin]

Much more research.

Profitiability of mining scrypt altcoins is far greater than that of bitcoins at the moment.

It is also a great investment because unlike a SHA256 miner a scrypt miner can be resold as a gaming computer or just as parts to the average consumer.

If you want everything to be done in Bitcoin and do not want the hassle of multiple wallts you can use a multipool which will mine the most profitable coin and pay you out in BTC.

Just my thoughts but scrypt mining alt coins is the way to go right now

[RodeoX]

My advice.
Don't mine or think you can get free coins.
Don't screw with stupid alt-coins.
Don't download any bitcoin software (other than one of the few respected clients).
Don't try playing James Bond when buying coins and giving false info.

Do buy a USB stick for backing up your wallet.
Do use an exchange for buying.
Do pay taxes on capitol gains you have made.

Try being legit, safe, and profitable.

Cheers

[Killua]

My advice.
Don't mine or think you can get free coins.
Don't screw with stupid alt-coins.
Don't download any bitcoin software (other than one of the few respected clients).
Don't try playing James Bond when buying coins and giving false info.

Do buy a USB stick for backing up your wallet.
Do use an exchange for buying.
Do pay taxes on capitol gains you have made.

Try being legit, safe, and profitable.

Cheers

I'm not much into buying. I'm more into mining but not doing it a s a super long haul either. I have a few ideas in the works on how I want to proceed with everything and a few backup backup strategies and well aware and plan on paying taxes. I am very well versed in all tax laws. One of my former jobs was a tax consultant.

[quone17]

Do realize that BItcoin can go to zero. Maybe everyone has their ideas about what the chances are that that happens, but no one should think it's 0%.  So invest wisely.

[Killua]

Do realize that BItcoin can go to zero. Maybe everyone has their ideas about what the chances are that that happens, but no one should think it's 0%.  So invest wisely.

No duh. The chances are low. You do realize that any form of money from any country can go to zero to right? You do realize that all countries are technically in debt right? All things have value as long as people believe that there is value in it.