I am new,looking to start mining.

[Coef]

I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

Mining is only viable right now IF you expect the price of BTC to go up. For comparison, I sold a 10ghz miner back in Feb or march for 500 bucks or something like that, right now it is worth about 20 dollars or less. DO NOT BUY mining equipment. IT IS NEVER WORTH IT honestly. even buying mining shares makes you lose money, unless you only hold on to them for a short period then sell then wait for price to go down(which it does) then rebuy.

The future bitcoin price shouldn't be considered in the decision at all.
If you can get more bitcoin by spending your money to buy bitcoin directly than by buying some miners, you should go buy some bitcoin regardless of how much you expect bitcoin to be worth.

[1715258417]

1715258417

[littlewizard]

My suggestion is to directly buy bitcoin, if you want to have the feeling of mining, buy a rig but it may not pay off well.

[notlist3d]

My suggestion is to directly buy bitcoin, if you want to have the feeling of mining, buy a rig but it may not pay off well.

Bitcoin I think will slowly go up as it had a fall.  It seems to be going good.

It all depends on your situation.  It is very nice to buy bitcoin direct when low prices, but if you can take that money and make  more BTC overtime with miner go with mining.  It takes ROI math.  But it depends your situation.

[odolvlobo]

My prediction is that 1TH/s will mine about 3.7 BTC over the next year if you start mining now. So, if you are paying more than 3.7 BTC for hardware and power, then you should just buy (or keep) the bitcoins instead.

[bitcoinminer007]

You have enough money to invest. Solo mining will be best but if you are not so experienced than i will suggest you to start mining with a pool.

[Bulletproof_4101]

So for a newbie to look into buying a miner and start mining would not be a viable idea?

[rdminer7]

So for a newbie to look into buying a miner and start mining would not be a viable idea?

It's a good hobby.. you only invest what you can afford to loose in terms of money and it depends on your location( house/office/warehouse) where you gonna run the miners.

A good miner like the antminer s3 (0.58 btc or $278 direct from manufacturer/ $400-450 in ebay) that with any btc profit calculator makes you around $3.81 per day less $0.75-$1 electric bill/day@0.10 cents/kilowatt plus a decent 750 watt atx powersupply +$79.99 corsair cx 750. With the next jump in difficulty(every few weeks)...that $3.81 will be $3.34 or lower...until the next hike in difficulty.

So if you invested $278 antminer s3 direct buy+$80 powersupply= $358 or bought it from ebay $450+$80 powersupply=$530 .... it will take you 111 days or 164 days to get your money back untill you see any positive income. Yes thats $3 per day @ current $470-480 btc price.

Plus if you live in a 1-2 bedroom apt with only a  100 amp main breaker and you decide to plug 6 of those suckers with 2 1300 watt powersupply with a 15 amp outlet and burned the place up..it would be really bad.

My advice ...do your research, ask more questions and never do an impulse buy...people buy tons of asic stuff and don't even make 1/5 of their investment and it usually loses its value pretty fast. I still mine bec even with the risk I'm around 1/6 of my investment in 2 weeks and if btc goes past $700-800 range it would be even better.

[HarHarHar9965]

Why is it that so many newbies show up here, assuming that the obvious way to go is mining? Bitcoins have a price -- does it not occur to anyone that simply buying may be a better investment strategy than mining?

Mining is very speculative and capital-intensive.

[DrG]

Why is it that so many newbies show up here, assuming that the obvious way to go is mining? Bitcoins have a price -- does it not occur to anyone that simply buying may be a better investment strategy than mining?

Mining is very speculative and capital-intensive.

Because the media has done such a horrible job of explaining Bitcoin.

30 second clips where they name Mark Karpeles as the CEO of BTC
30 second clip showing somebody using 25 PCs to mine BTC (from 2010)
30 second clip stating BTC funds terrorism (as opposed to cash and the banking system which is in bed with terrorists)

People see a short clip of somebody using computers and then everybody with 2 "PCs" in their house wants to come here and ask where to get the free digital money.

[bomb177]

With 3500$ you should buy bitcoins directly and then hold them long term instead of mining.

[shogdite]

Wouldn't bother mining dude, much easier and a lot less hassle to just buy bitcoin with your $$$ right now.

It's just not feasible unless you've got a shitload of money to spend on mining equipment (and electricity).

[sofia26]

I am newbie too, reading. This is Big thread..

[BitCoinNutJob]

I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

Just buy and hold BTC especially at this point in time. Price is low ish mining not that profitable right now and if we hit another bubble phase you are stuck with mining equip not bitcoin. 

[sehnye]

Why mining, it's not profitable anymore for most people, invest the money in some altcoin instead.

[CoinBucks.IO]

So for a newbie to look into buying a miner and start mining would not be a viable idea?

I'd view it as more of like a hobby, if thats something you're interesting in doing and would have fun doing so, why not? get some equipment if it makes you ROI down the road, awesome, if not, well you atleast got into it and did something, and at the end of the day you'll have a stream of coins coming your way anyways.

Buying in now seems like a pretty good idea as well though, the price did just drop.  Thats just my opinion.

[Ayers]

i would suggest to invest in some alt(but be careful) or directly into bitcoin, mining isn't worth it, roi is impossible

[Tammy Chan]

So for a newbie to look into buying a miner and start mining would not be a viable idea?

If you just heard from somewhere else that you can get rich from mining, it is definitely a bad idea.

If you have done enough research and understand how difficulty changes, how much you can get from the miner and how much you need to pay for electricity, you should be able to answer the question yourself.

[Wusolini]

Perhaps you could buy bitcoins and get some Ghs from Cloudmining (PB mining or cloudhashers), it's much easier and faster than running own mining rig. could be

[DrG]

Perhaps you could buy bitcoins and get some Ghs from Cloudmining (PB mining or cloudhashers), it's much easier and faster than running own mining rig. could be

While doing more doesn't necessarily mean more profit, taking shortcuts DOES mean more loss.  Cloud mining is inherently risky unless you can be assured that the company is legitimate.   https://bitcointalk.org/index.php?topic=739510.0


Beyond that the contracts are not competitive compared to buying hardware.

[odolvlobo]

So for a newbie to look into buying a miner and start mining would not be a viable idea?

If you wanted to own some gold, would you mine it or buy it?

As a newbie, mining it would take a lot of time, effort, and money and you would only find a tiny bit. Bitcoin is the same.

On the other hand, an experienced gold miner could probably do ok. Bitcoin is the same.