I have My own power source. Should i mine?

[MovieBTC]

Hello! I have My own power source (solar and wind) should I start mining?
And if so what should my first purchase be?

[1714991396]

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[jonnybravo0311]

Hello! I have My own power source (solar and wind) should I start mining?
And if so what should my first purchase be?

Do you generate excess power?  If you do, take a look at how much you can earn by selling it back to the power company and compare it to profitability of mining.  If you don't, then you don't really have your own power source for mining since you'll need to obtain the excess power needed by the rigs from somewhere.

[MovieBTC]

Hello! I have My own power source (solar and wind) should I start mining?
And if so what should my first purchase be?

Do you generate excess power?  If you do, take a look at how much you can earn by selling it back to the power company and compare it to profitability of mining.  If you don't, then you don't really have your own power source for mining since you'll need to obtain the excess power needed by the rigs from somewhere.

Hello I do generate excess power, I even have 8 panels in my garage that I'm not using.
 I'll take a look at what I would earn by selling power.
But I like to believe that the bitcoins will be worth a lot more one day then selling power.

[os2sam]

Hello! I have My own power source (solar and wind) should I start mining?

Only if you want to.

[os2sam]

I do generate excess power, I even have 8 panels in my garage that I'm not using.
 I'll take a look at what I would earn by selling power.
But I like to believe that the bitcoins will be worth a lot more one day then selling power.

You may be better off to take the earnings from selling excess power and buying Bitcoins.  Run the numbers both ways and see what comes out better for you.

It is good to provide hash rate and a Bitcoin node to the network.  But even with your own power source you could easily end up doing it at a loss.  So that's a decision you have to make for yourself.

[seriouscoin]

Hello! I have My own power source (solar and wind) should I start mining?
And if so what should my first purchase be?

Do you generate excess power?  If you do, take a look at how much you can earn by selling it back to the power company and compare it to profitability of mining.  If you don't, then you don't really have your own power source for mining since you'll need to obtain the excess power needed by the rigs from somewhere.

Hello I do generate excess power, I even have 8 panels in my garage that I'm not using.
 I'll take a look at what I would earn by selling power.
But I like to believe that the bitcoins will be worth a lot more one day then selling power.

It doesnt matter, it comes down to the cost per btc. If mining cost more than buying, what would you do?

I believe if you actually ask these questions, you're clueless about money management. I'm sure thats how mining rig sellers make money, selling gear to clueless ppl.

[RodeoX]

Frankly, it may be more profitable to try selling the electricity you generate for bitcoin.

[OgNasty]

Hello! I have My own power source (solar and wind) should I start mining?
And if so what should my first purchase be?

You could probably get obsolete miners for free.  Might be an interesting hobby to see how much mining power you could get by using free devices and reinvesting the earnings into new equipment purchases.

[Gumbork]

Hello! I have My own power source (solar and wind) should I start mining?
And if so what should my first purchase be?

Selling your power would be more profitable then using it to mine...

[thebfldoctor]

I would mine with some Antminer S3's if I were you.

[MovieBTC]

Do you think that if i do buy some miners, let's say 1-2 TH/s t start off with, will i be able to pay them off with mining ?

[DrG]

Do you think that if i do buy some miners, let's say 1-2 TH/s t start off with, will i be able to pay them off with mining ?

No.  Did you notice that difficulty jumped 20% today?  That's 20% less earnings for the rest of the miners life since difficulty is probably not going down until 2016 when the 1/2ing occurs.  In 12 days there will be another increase.

If you like mining and are willing to lose money to do so then feel free to do it.  Unless you have free power it's not currently viable to make an ROI.

[MovieBTC]

Do you think that if i do buy some miners, let's say 1-2 TH/s t start off with, will i be able to pay them off with mining ?

No.  Did you notice that difficulty jumped 20% today?  That's 20% less earnings for the rest of the miners life since difficulty is probably not going down until 2016 when the 1/2ing occurs.  In 12 days there will be another increase.

If you like mining and are willing to lose money to do so then feel free to do it.  Unless you have free power it's not currently viable to make an ROI.

i have free power, that's why i'm asking if i should mine and if i would earn on it.

[DrG]

Do you think that if i do buy some miners, let's say 1-2 TH/s t start off with, will i be able to pay them off with mining ?

No.  Did you notice that difficulty jumped 20% today?  That's 20% less earnings for the rest of the miners life since difficulty is probably not going down until 2016 when the 1/2ing occurs.  In 12 days there will be another increase.

If you like mining and are willing to lose money to do so then feel free to do it.  Unless you have free power it's not currently viable to make an ROI.

i have free power, that's why i'm asking if i should mine and if i would earn on it.

Free power - check.
Free space - unknown
Free cooling - only if you have fans, AC and venting ready
Free peripherals to support mining - ethernet cables, switches, router
Free miner - to be determined

If you're going to use 1 or 2 devices then you don't need to worry about infrastructure.  If you're going to have a mini farm then you need to spend money on the above unless you already have those items.  Please look at the ahrdware forum and the pics of my mining rigs thread to get ideas on what you need and how to do a setup.

If after than you're interested then go for the lowest priced miner/GH.

[Grownwithbtc]

Try selling power to Power company, also you can buy mining hardware, you will get automated earnings.

[MovieBTC]

Would this be worth it ? http://www.ebay.com/itm/111436947270  as a start

[Microbit001]

Unlimited power means unlimited coins[theory]

Invest in miners, you will never regret it. It will be automated money

[cryptcoin_de]

Would this be worth it ? http://www.ebay.com/itm/111436947270  as a start

Calculate for your self.
With this miners you will mine about 0.8 BTC each month (!!!current difficulty!!! every diff increase will reduce the amount x%) and burn about 3200 Watts (2 Watt for every GH/s)
Maybe you will earn 1.3 BTC or less within the next two month.
When you sale the power you earn more ore less for 3.200 Watts?

Thats the question...
And don't forget your 1,000+ USD invest, you need 8 x PSU about 500 Watts, cables etc...

[seljo]

Put everything on paper not on excel sheet and stare at numbers for few days you'll find the answer yourself...

[RoadStress]

Hello! I have My own power source (solar and wind) should I start mining?
And if so what should my first purchase be?

How much "free" power are you generating? I see that nobody asked you about your power circuit capacity which is strange.