Hello,
Recently i am thinking about investing some money in mining hardware. How much should i put in such engagement? I know it depends, but i dont want to put all my savings..with what kind of money should i start and what recompnsation should i expect?
BR
0.
Learn a lot before investing anything please.
Start small. Read Lots. Good Luck.
Read this:
https://bitcointalk.org/index.php?topic=504530.0and this:
https://bitcointalk.org/index.php?topic=456691.0And keep asking questions. Find a mentor who has bought equipment and mined before. Given the difficulties now it not as simple as buying hardware there are ample numbers of opportunities and pitfalls beyond BTC mining with other cryptocurrencies. Do not put anything in unless you are ok with losing it all. That is not an idle warning. Many people have lost everything they have put into mining equipment waiting on delivery etc. It is not something you just want to dive into. You have to really find a mentor to guide you through it.
Thanks for the usefull information
Of course i am not going to put money on something i dont know. I am starting with a very succesful bussiness right now. I have the first hair salloon for kids in Bulgaria and i am accepting BTC ( i know what i am doing), but i want to invest a little in mining just as a hobby .
To get familiar with mining I would suggest starting with a small thumb driver miner or gridseed scrypt miner. Buy one or two of those and learn what is required to keep them mining. From that start exploring in Bulgaria other people who are mining Bitcoin / Cryptocoins and meet with them and learn about their operations. From that then you can look at what is required to purchase more mining power, the electrical costs and space required. As time goes on the main factors are the cost of the electricity and space as well as the efficiency of the miners themselves.
I do not know anyone I could say is a good mentor from Bulgaria but maybe other people here can... that be the easiest way to get into mining as you can learn a lot from others who have made all the mistakes before. Go slow at first until you understand the difficulty of mining. Most reasonable people will say there is little or nothing in mining that is "profitable" and there are certainly more ways to lose your investment than to grow your investment. I wish you luck and keep coming back and asking questions.
Have a look here at this thread:
https://bitcointalk.org/index.php?topic=600368.0He has 3 million dollars to invest supposedly... and this is what the community recommends.
If you are hobby miner then it is simple.
1. Get some small easy to operate miners for fun. Gridseed or some V3 open source thumb miners are decent.
2. Then move up to a single large miner like a Spondoolies Tech SP15 or SP30 or Bitmain S2s are ok I think as they are faily low priced.
That should be enough at that point to see if you want to bigger and get really invested or look at your losses and sell those units off and you won't have spent more than a few thousand USD on the whole thing.
