Noob Question on Mining

[kort6ka]

Hi guys,

I am new to Bitcoin-World, so i would like to get so Advices from you

1. I am plannig on buying DRAGON T1 Bitcoin ASIC Miner 1000 GH/s 1 TH/s Stand-Alone for 1600 Euro is it still worth? Would it be profitable?
2. Is there any Multipools(profit-switching) to MINE BTC? or should I just mine Direct BTC?
3. This Miner has 3 Input Pool-Fields http://www.directupload.net/file/d/3645/yrev6ksk_jpg.htm how does it work?

dont get mad at me)))

Have a nice day,
Best Regards

[odolvlobo]

If you start mining now, then 1600 euro for a 1 TH/s miner is a good price. If you have to wait, then it may not be a good price.

In general, mining is not suitable for a newbie unless you are doing it for fun or learning. It might be cheaper to buy bitcoins rather than to mine them, if that is your goal.

[Silvercube146]

If you start mining now, then 1600 euro for a 1 TH/s miner is a good price. If you have to wait, then it may not be a good price.

In general, mining is not suitable for a newbie unless you are doing it for fun or learning. It might be cheaper to buy bitcoins rather than to mine them, if that is your goal.

While it may seem like a good deal currently you have to take into account the continual difficulty increases. It may be difficult for the miner to pay itself off in the long term.

Bitcoinwisdom.com https://bitcoinwisdom.com/bitcoin/difficulty has a diffulty chart. Take a look at the past few increases, it keeps increasing at a steady rate.

You can use a mining calculator like this one from bitcoinwisdom https://bitcoinwisdom.com/bitcoin/calculator to estimate how much you will generate with your miner. The thing to keep in mind is that it is just an estimate, things can change for the better or for worst quickly at times.

You are probably better off buying bitcoin directly at this point.

[Oldriga]

Enter our side. Mine with us x11, x13 coins

[Glizlack]

question 1.

A lot of debate whether you could make a profit or not I am not going to get into that part. 1600 euro seems a little high at least if you convert from us prices. Not sure if its with vat and customs for you or not. Cheapest I have seen is around 1750 us delivered.

2.
 I mine on Multipool.us it does profit switching. I make about 7% more than just mining btc. It is more work however because i have to sell coins on cryptsy(or anywhere you want that handles that coin) to cash completely out.

3. No idea sorry I don't trust that link to install anything and i would suggest you don't either No offense but I can't take chances on links.

Steve

[Peter882]

1. I am plannig on buying DRAGON T1 Bitcoin ASIC Miner 1000 GH/s 1 TH/s Stand-Alone for 1600 Euro is it still worth? Would it be profitable?
2. Is there any Multipools(profit-switching) to MINE BTC? or should I just mine Direct BTC?
3. This Miner has 3 Input Pool-Fields http://www.directupload.net/file/d/3645/yrev6ksk_jpg.htm how does it work?

1. IMO, nope. Refer to any mining calculator for checking the profitability yourself.
2. Yup, there are sha256 profit-switching pools. One example is https://www.multipool.us/.
3. I guess the fields "pool 2" and "pool 3" are for failover.

[Peter882]

3. No idea sorry I don't trust that link to install anything and i would suggest you don't either No offense but I can't take chances on links.

That "directupload.net" is just a free image host like imgur. http://de.wikipedia.org/wiki/Directupload

[blumangroup]

1) Probably not. I did not run the numbers myself, but generally speaking mining is unprofitable right now for individuals. IMO the best way to profit from bitcoin mining is to invest in a company that produces bitcoin mining machines or a company that sells cloud hashing contracts. You can type "bitcoin profit calculator" and should get several results tailered to your specific situation (cost of electricity, difficulty - you would increase this if you will not receive the machine right away).

2) I don't think multipool mining is a good strategy for SHA-256 coins. Most SHA coins can be merged mined along with bitcoin. Merged mining is when you mine bitcoin, and other SHA-256 coins at the same time (your mining hashpower is not effected and you get the same bitcoin results that you would get without merged mining). The most popular coin to merge mine on is Namecoin, this is probably the only one you really need to merge mine on, most of the other coins generally have too little of value to worry about (but it would not hurt to merge mine them as well). Pools that offer merged mining include BTC Guild, ghash.io, eligius. Ghash offers merged mining on other coins as well.

3) It is common to set a pool to mine on as well as one or two "backup" (people often use the term "fallover") pools that the machine will automatically switch to in the event the primary pool goes down.

[vincentvincent]

Don't expect to get rich by mining. It is interesting though if you like to learn how things are working.

[cookiemonsterwhat]

Mining directly you need never ending serious amount of money.

Its why you`ll see people on this forum selling their own miners after a month of use or even less cause they notice.

[deebob]

Mining directly you need never ending serious amount of money.

Its why you`ll see people on this forum selling their own miners after a month of use or even less cause they notice.

Its worth it if you can have a ego friendly miner, and have free electricity so your odds of overhead cost is pretty much nothing.

[Harley997]

2. Is there any Multipools(profit-switching) to MINE BTC? or should I just mine Direct BTC?

You should look for a pool that offers merged mining if you are going to be mining SHA256  coins. Merged mining will likely be more profitable then multi pool mining. With multi pool mining you will switch between coins and may or may not receive a greater reward then if you were mining BTC by itself. If you merge mine you will mine BTC along with other altcoins without suffering any loss of hashing. This is a guaranteed way to increase your rewards (usually no more then 2-3%.

3. This Miner has 3 Input Pool-Fields http://www.directupload.net/file/d/3645/yrev6ksk_jpg.htm how does it work?

Those pools are for when your primary pool goes down. Your machine will automatically switch to an other pool that you specify so you don't have downtime.

[notlist3d]

1. I am plannig on buying DRAGON T1 Bitcoin ASIC Miner 1000 GH/s 1 TH/s Stand-Alone for 1600 Euro is it still worth? Would it be profitable?

Shameless plug for a friend.  If you are going to buy a DRAGON 1T look into Mr. Lee's forum https://bitcointalk.org/index.php?topic=514758.0 .  It's cheaper then 1600 euro by my calculations on both shipped and hosted

[DolanDuck]

Don't buy mining hardware, you will only fight to breakeven the expenses.
Buy bitcoins directly or try with scrypt mining.

[Acidyo]

Buying miners from sites is something I would stay away from.

They usually always ship them out late and have them mine for their own sake and once you receive it difficulty will be so high that you will have to mine for a couple extra months just to make ROI.

[Loophole]

They usually always ship them out late and have them mine for their own sake and once you receive it difficulty will be so high that you will have to mine for a couple extra months just to make ROI.

The delivery delay is a huge problem for pre-orders, but not when the miners are in stock.
You should be able to get the miner in a few days, when you are ordering from a trusted reseller.

[Harley997]

Don't buy mining hardware, you will only fight to breakeven the expenses.
Buy bitcoins directly or try with scrypt mining.

Scrypt mining is a good way to "mine" BTC. If you use a multipool then your pool can (usually) automatically convert the altcoins you mine into BTC.

Difficulty on many altcoins is rising (and profitability is decreasing) so you should watch out to make sure you can ROI before you blindly purchase a scrypt machine.