A beginners quest...

[Newkid]

Hello everybody!

I am pretty new to bitcoin mining (in fact I only started doing it myself yesterday using my GPU to try it out, knowing I cannot make any money with this but just to learn how it works) however I am ambitious and got a little money stashed away so I looked into it more deeply and read many posts on the topic in the last 22 (sleepless) hours especially about ASICs and the worth of buying one.

After some deliberation I came to the conclusion that if one was going to start mining the only way of turning a profit was to go for the overkill equipment-wise and hope the price of Bitcoins will stay constant...

The most overkill equipment I was able to find was the SP30 Yukon with 6TH/s and I was THIS close to buying one until I realized that by the time it would be delivered the raise in dificulty would make it impossible to ever see a ROI.

This made me sad since I have been following the Bitcoin movement for a long time now and always wanted to get in on it but buying Bitcoin was out of the question because of all the personal information requested by trade websites (at least if you wanted to buy more than say 0.1 BTC) and difficulty of paying for those BTC (no CCs, no Paysafe Cards, etc.) and of course because it isn´t nearly as thrilling to a supernerd like me as having a 5.000$ ASIC doing 60dB on my nightstand (how cool is that? it´s as loud as a idle Boeing! Nerdgasm!) providing warmth (and noise) to my family

However I am not yet ready to give up on the idea and was hoping some of the more experienced miners could give me more insight and maybe even provide a silver lining to cling on to... I just so badly want a realy loud and warm machine churning out money in my basement without going to jail for... is that too much to ask?  

Please dear community, raise my hopes or crush them utterly, this limbo of greed is eating up what little is left of my brain!

Much love from Vienna,
Lucas

PS: I have heard that ASIC´s can be used to mine alt-currency as well, would that be a option once bitcoins aren´t worth beeing mined anymore or are they just a passing fad wich users will never be able to cash out on/get ROI from?

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[Newkid]

Because of my inpatience and the lack of replies ( ) I have kept on searching for answers myself and have come up with a solution to keep profitability high. 

This thread can be closed now.

[Korbman]

After some deliberation I came to the conclusion that if one was going to start mining the only way of turning a profit was to go for the overkill equipment-wise and hope the price of Bitcoins will stay constant...

This is false. The only way to turn a profit is to generate revenue that more than covers expenses and equipment depreciation. This can be done on just about any hardware under the right circumstances, not necessarily the latest, greatest, mining machine.

Please dear community, raise my hopes or crush them utterly, this limbo of greed is eating up what little is left of my brain!

Greed will skew the reality of any situation. Unless you're working with cheap (or free) energy costs, you'll find mining isn't nearly as profitable as you think it is.

PS: I have heard that ASIC´s can be used to mine alt-currency as well, would that be a option once bitcoins aren´t worth beeing mined anymore or are they just a passing fad wich users will never be able to cash out on/get ROI from?

True, ASICs developed for Bitcoin will also be able to mine other coins based on the same protocol (SHA-256). So far as I've been aware, none of these coins will ever come close to taking Bitcoin's place (or any Scrypt-based coin for that matter).

[Newkid]

Hello Korbman and thank you for your reply!

Of course you are correct that this can be done with most hardware, however I am not proficient enough on the "tinkering and tweaking" part of work to be able to get viable results with what little skill/knowledge I posses with equipment that isn´t great already coming out of the factory.

My energy cost however is relatively low (about 6 to 8 euro cent per KW/H) so that I believe making a steady profit should be possible... of course there is no way to make sure except for trying it out but according to different calculators I should be able to recap my initial investment within 3 to 4 months (i don´t believe this is correct however... it just seems too good to be true and when it seems too good to be true it usually isn´t )

These altcoins are still confusing me quite a bit but since it is possible to exchange them for bitcoins I figured I could at least give them a try should difficulty go up too much with bitcoins...

Do you know why some altcoins are worth so much? I realy don´t understand that part because it seems there are some coins around that are worth 3000$ a pop?! Why aren´t more people mining those if the payoff is so good? Or is it hard to sell them and that´s the reason why not many people mine them?

[crashoveride54902]

well since ya missed the gpu boat on btc...you still could hop on the gpu boat for X11...no idea what profits would be on there, but it would get you started somewhere...

you sure you want 5kw heater in your basement? really gets the whole house nice n toasty in the summer unless you find a way to vent the heat...then in winter it is nice having a toasty house w/o running a furnace hehe...I've sweated dearly for every bitcent i've mined...until recently...i paid bout 130 bucks n bought some plywood n huge ass fan to get said heat out of the basement and trust me, think family will be happy with the noise generated? if ya did get a SP30...even in basement...i'm pretty sure the noise would come thur the vents and tempers would flair hehe...I know i've pissed off my wife a few times with my loud fans...

well good luck to ya, ya can always just start small and just keep reinvesting what ya mine into new hardware...thou that will probably be slow n time consuming

[Newkid]

well since ya missed the gpu boat on btc...you still could hop on the gpu boat for X11...no idea what profits would be on there, but it would get you started somewhere...

you sure you want 5kw heater in your basement? really gets the whole house nice n toasty in the summer unless you find a way to vent the heat...then in winter it is nice having a toasty house w/o running a furnace hehe...I've sweated dearly for every bitcent i've mined...until recently...i paid bout 130 bucks n bought some plywood n huge ass fan to get said heat out of the basement and trust me, think family will be happy with the noise generated? if ya did get a SP30...even in basement...i'm pretty sure the noise would come thur the vents and tempers would flair hehe...I know i've pissed off my wife a few times with my loud fans...

well good luck to ya, ya can always just start small and just keep reinvesting what ya mine into new hardware...thou that will probably be slow n time consuming

Haha yes this worries me a bit too tbh, the idea of summertime and massive heaters in the basement running 24/7 But these heaters produce money as a biproduct so I guess it will be just like working in a realy hot gold mine (maybe near a volcanoe? haha)
Luckily I have a AC unit upstairs so when it gets realy bad ill just go to my bedroom and turn on the AC for a bit until I am no longer in danger of death from overheating hahaha...
I dont know about the noise yet because the basement is pretty massive and has huge steel and concrete structure (think bombshelter)... I just think I will need some soundproofing for the doors and it should be alright...

The X11 is actually a realy good idea, thank you for that! I will give it a try overnight and see what my GPU (Nvidia unfortunately) can pull out... who knows? Maybe i´ll be able to get my first ever cryptocoin?!
Is there any specific X11 altcoin you can recommend?

[crashoveride54902]

well since ya missed the gpu boat on btc...you still could hop on the gpu boat for X11...no idea what profits would be on there, but it would get you started somewhere...

you sure you want 5kw heater in your basement? really gets the whole house nice n toasty in the summer unless you find a way to vent the heat...then in winter it is nice having a toasty house w/o running a furnace hehe...I've sweated dearly for every bitcent i've mined...until recently...i paid bout 130 bucks n bought some plywood n huge ass fan to get said heat out of the basement and trust me, think family will be happy with the noise generated? if ya did get a SP30...even in basement...i'm pretty sure the noise would come thur the vents and tempers would flair hehe...I know i've pissed off my wife a few times with my loud fans...

well good luck to ya, ya can always just start small and just keep reinvesting what ya mine into new hardware...thou that will probably be slow n time consuming

Haha yes this worries me a bit too tbh, the idea of summertime and massive heaters in the basement running 24/7 But these heaters produce money as a biproduct so I guess it will be just like working in a realy hot gold mine (maybe near a volcanoe? haha)
Luckily I have a AC unit upstairs so when it gets realy bad ill just go to my bedroom and turn on the AC for a bit until I am no longer in danger of death from overheating hahaha...
I dont know about the noise yet because the basement is pretty massive and has huge steel and concrete structure (think bombshelter)... I just think I will need some soundproofing for the doors and it should be alright...

The X11 is actually a realy good idea, thank you for that! I will give it a try overnight and see what my GPU (Nvidia unfortunately) can pull out... who knows? Maybe i´ll be able to get my first ever cryptocoin?!
Is there any specific X11 altcoin you can recommend?

nope, I haven't tryed X11 yet...sold off all my gpus...now wishing i hadn't done that..oh well they paid for themselves and then some