Beginner in mining

[Tykilito]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

[Porfirii]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

First of all, welcome to the forum Tykilito.

I don't now much about mining, unfortunately, and I'm almost sure that mining is not profitable, at least if you talk about Bitcoin. We have a whole dedicated mining board to talk about mining Bitcoin here, where you can learn and ask.

If you are asking for altcoins instead, it can make some sense although most of them are extremely volatile. We have another dedicated board for mining altcoins too, so take a look there.

I hope it helps!

[Upgrade00]

I don't now much about mining, unfortunately, and I'm almost sure that mining is not profitable, at least if you talk about Bitcoin.

It can still be profitable you just need lots of capital to compete in a very dense market. There are lots of big companies who have the lions share of the total hashrate, functioning as a solo miner is not probable without millions invested.

Op, your best bet is too join a pool and contribute your hashrate to the total.

[Alphakilo]

Thanks in advance for your advice.

Hello Tykilito
Take the advise of Upgrade00. Being a solo miner at this time is very hard. You will hardly make any profit unlike if you join a pool. It will also be cost effective for you if you.

Think about operational cost and all. You will get clarity in the mining board.

[btcltcdigger]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

One ASIC shouldn't be a problem noise wise, but more concentrate on the cooling. Especially if you keep it in the basement which probably has no windows, the room will get very hot very fast.
I've seen people do plywood boxes with some styrofoam for soundproofing, and it worked wonders. But like i said, noise is not your enemy, heat is

[Bitcoin_Arena]

I don't want to be someone who “kills your dream” but €3,000 for and ASIC? One that is up to standard with the current state of network and the current state of market? That's too little brother and even then breaking even will take a while. You would rather just buy Bitcoin and wait (it's better to buy it when the market is down or during the bear market)

I think mining is not viable with your current budget. I am just being a realist. 

[Trêvoid]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

I can say is, mining solo these days is quite challenging, and it's unlikely you'll earn much profit.

[Outhue]

Soundproofing enclosure for one asic miner makes no sesne, it will cost you extra money I hope you know that, also there is a problem, Bitcoin is now very close to its top, assuming you go for a home miner once the bull market is over you will be in  despair, trust me, your daily reward will go down a lot.

221TH from A15Pro will cost you $3500 from coinminingcentral dot com, I suggest you use a reliable asic mining vendors, you will make $12 from the machine per day and $4 for the electricity consumption.



The problem will come right after Bitcoin goes down, the income will be cut in half, I believe Bitcoin mining is more preferable for someone who have free electricity (which is always a fantasy) because nothing is actually free, someone somewhere is paying the bills.

If I have to build a mining rig now it will be in a full scale bear market when Bitcoin is very low.

[Pmalek]

Have you considered the alternative to mining? Instead of buying an ASIC, a noise-reduction unit, a cooling system to keep your ASIC running at optimal temperatures, and paying for the extra electricity every month, why not buy bitcoin for that money you have available? You don't have to do it all at once. You use the DCA strategy and buy a bit every month.

I also agree with what others have said regarding bitcoin's current price. Regardless if you buy it now or invest in a miner, there is the potential for a downside movement.

[Tykilito]

Hello,

Thank you all for your informative feedback. I'll look into altcoins in this case, perhaps in less congested but more volatile markets.

[btcltcdigger]

Also keep in mind that the best time to mine crypto is during the bear market. As it becomes unprofitable for over a half of the "casual" miners, and your rewards will increase.
Then ride out the bear, and cash out during bull. I did it with ETH way back when i was mining on GPU's and it worked out beautifully.

[CryptSafe]

OP, as much as I know mining comes with much or lot's of expenses setting up a mining farm. You budget might not be able to help you run a mining farm as you envisage but rather you can joining a pool would just be the only option you have because that would save you costs but it is not as much profitable but on a long run you can get something tangible from it. So going by Upgrade00 suggestion seems to be the right idea to start with.

[Tykilito]

Yes, I hadn't considered mining alone, but rather using a mining pool.


Thank you for your clarifications

[m2017]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

If you are new to mining, maybe you should give up on this idea and just buy bitcoin with your money? The end goal for you is to get bitcoin, right? Maybe then remove the extra link in the form of mining when you achieve this? So you will get bitcoin here and now, and not some time later in the mining process.

As a newbie, I would do exactly that. And later, in the process of studying information about mining, I could try the mining process itself.

€3,000 = 0,031 BTC

[Cricktor]

What most mining newbies oversee is how the more or less steady grow of global hashrate and thus difficulty continuously lets your own, usually constant, hashrate earn less and less, because your share to the global hashrate gets smaller and smaller. This is one of the main profitability killers.

If your investment in an ASIC needs about one or two years to break even, and the usually ridiculous prices of state-of-the-art ASICs demand quite long break-even periods, you should have a look how mining difficulty changes over such period intervalls.

Compared to a year ago to now difficulty rose about +46.3% (a year ago set to 100%); compared to two years ago to now it rose about +145.5% (see difficulty chart).

If anybody thinks mining is sort of like easy-peasy money printing, let me tell you: it is not. DYOR and do the profitability math correctly. You're better off to buy Bitcoins with your money when there's a correction or bear market. Now is maybe not the best time as we're pretty near ATH. Others suggested DCA which isn't a too bad strategy if you feel you don't want to wait.

Nobody knows when there will be a correction or bear market and which lower levels we will see in the future.

[Tykilito]

If you are new to mining, maybe you should give up on this idea and just buy bitcoin with your money? The end goal for you is to get bitcoin, right? Maybe then remove the extra link in the form of mining when you achieve this? So you will get bitcoin here and now, and not some time later in the mining process.

As a newbie, I would do exactly that. And later, in the process of studying information about mining, I could try the mining process itself.

€3,000 = 0,031 BTC

The idea was more to be able to take advantage of my low electricity cost as I had heard that this was the main barrier to profitability.

What most mining newbies oversee is how the more or less steady grow of global hashrate and thus difficulty continuously lets your own, usually constant, hashrate earn less and less, because your share to the global hashrate gets smaller and smaller. This is one of the main profitability killers.

If your investment in an ASIC needs about one or two years to break even, and the usually ridiculous prices of state-of-the-art ASICs demand quite long break-even periods, you should have a look how mining difficulty changes over such period intervalls.

Compared to a year ago to now difficulty rose about +46.3% (a year ago set to 100%); compared to two years ago to now it rose about +145.5% (see difficulty chart).

If anybody thinks mining is sort of like easy-peasy money printing, let me tell you: it is not. DYOR and do the profitability math correctly. You're better off to buy Bitcoins with your money when there's a correction or bear market. Now is maybe not the best time as we're pretty near ATH. Others suggested DCA which isn't a too bad strategy if you feel you don't want to wait.

Nobody knows when there will be a correction or bear market and which lower levels we will see in the future.

Yes, I did have that in mind, but I thought there was some sort of link between mining difficulty and the value of cryptocurrencies. I suspect it doesn't follow logically, but it still allowed for some sort of balance.

[Stalker22]

~
The idea was more to be able to take advantage of my low electricity cost as I had heard that this was the main barrier to profitability.

According to what Outhue wrote, you will need at least 440 days of non-stop mining just to break even. And thats assuming current difficulty and BTC price.  Mining difficulty always goes up, and BTCs price swings wildly.  Your electricity cost is practically free, and its definitely the biggest advantage you have going for you. But apart from the cost of electricity, buying mining hardware is also a big hurdle. You really have to think about a bunch of stuff. Like, what if your machine just kicks the bucket before its even paid for itself? These arent just regular electronics; they are basically running full-throttle, 24/7, pushed to their absolute limits. Its not unusual for something to break before its time.

[AYOBA]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

So crypto mining is still exist? Because there’s a lot of wasted their efforts and there money in the mining and at the end of day nothing substantial has changed for them, that’s how each an everyone take pack load go back without achieving anything in mining; we all know that the first time that the mining bourse out some people’s achieve little from it.

But still those that invested huge amounts of money that get paid well, is not there’s know any profits in the mining. The only advice I will give you Mate, it will more better to learn and understand on how the bitcoins investment works than wasting your Tim in mining.

[Wiwo]

Hello all,

I'm looking for information about crypto mining. I am located in France. I have the advantage of paying 0.0051/kWh, so I think it could be profitable. I've started looking into it, and I think an ASICS would be worthwhile. I have a budget of around €3,000, knowing that I would need to purchase a soundproofing enclosure since the installation would be in my basement. I already have three-phase power. Can you advise me if this is a good idea? If so, which ASICS model should I buy + a soundproofing enclosure, and on which website?

Thanks in advance for your advice.

Why don't you move this thread to mining section of the forum, or better still try and move it on the technical board at least onnthis two board you can easily fine answers to your questions in respect to you mining journey.

Note this is beginners and help section, which means only questions regarding forum activities is what is mostly discussed here and newbies ar ethe highest visiting members of this board.

[Alone055]

Why don't you move this thread to mining section of the forum, or better still try and move it on the technical board at least onnthis two board you can easily fine answers to your questions in respect to you mining journey.

I think he has already found the answer to his question and has received excellent suggestions and recommendations.

Note this is beginners and help section, which means only questions regarding forum activities is what is mostly discussed here and newbies ar ethe highest visiting members of this board.

That's not true. Beginners and Help is not only for questions regarding forum activities, see this:

Beginners & Help - All primitive questions (to pros like us ) like "what are ASICS", "who is satoshi" and "what is mining" should stay here.

Also, this section is visited by both newbies and experienced forum members, as can be seen from the responses in this thread alone. So, saying that newbies are the highest-visiting members of this board in the sense that experienced members won't respond to or answer questions in this board isn't correct, IMO.