LongIslandCoin (OP)
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August 21, 2014, 01:06:04 PM |
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Hey guys, I'm new to this forum, and to bitcoin mining. I order an Antminer S1 to set-up just so I can gain some more experience with mining, didn't want to spend a lot of money and end up screwing something up. I paid $117 for the unit. I also bought the WiFi adapter kit because I don't plan on having my unit right next to the router, that cost $10. And finally a Corsair 430x as my PSU for $20. That means I've invested $147, don't worry I'm keeping track of all of this on an Excel spreadsheet. According to my calculations, I should break even in about 3 months based on the current value of bitcoin as well as the cost of electricity. Of course those factors are not fixed and are variable, which is why it is virtually impossible for me to predict a time period to break even. Also if my machine stops functioning that would be a variable factor. The reason I'm posting this is to ask if there's any advice? I plan on joining a mining pool and am not sure which one would be the best for me. Thanks!
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spazzdla
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August 21, 2014, 01:07:58 PM |
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I'm on slushies, I like it.
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bmoscato
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August 21, 2014, 06:25:45 PM |
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Slush " https://mining.bitcoin.cz" is good, I use it as my failover pool now. I pretty much have my miners pointed at CEX.io now. Where on the island are you? I'm in Massapequa.
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LongIslandCoin (OP)
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August 21, 2014, 06:50:31 PM Last edit: August 21, 2014, 07:06:03 PM by LongIslandCoin |
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Slush " https://mining.bitcoin.cz" is good, I use it as my failover pool now. I pretty much have my miners pointed at CEX.io now. Where on the island are you? I'm in Massapequa. I'm on the opposite shore as you, I'm in Huntington. Have you ever been to Zim Zari? They have great food, haha
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bmoscato
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August 21, 2014, 07:02:31 PM |
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Slush " https://mining.bitcoin.cz" is good, I use it as my failover pool now. I pretty much have my miners pointed at CEX.io now. Where on the island are you? I'm in Massapequa. I'm on the opposite shore as you, I'm in Huntington. Have you ever been to Zim Zari? They have great good, haha Yeah, I live right by there.
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LongIslandCoin (OP)
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August 21, 2014, 07:06:38 PM |
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Slush " https://mining.bitcoin.cz" is good, I use it as my failover pool now. I pretty much have my miners pointed at CEX.io now. Where on the island are you? I'm in Massapequa. I'm on the opposite shore as you, I'm in Huntington. Have you ever been to Zim Zari? They have great good, haha Yeah, I live right by there. Whitewood Drive by any chance? Buddy of mine used to live there?
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Weiked
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August 23, 2014, 02:01:05 PM |
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I live in brooklyn . Did you hear about the law they are passing in new york for bit coin?
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LongIslandCoin (OP)
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August 23, 2014, 06:31:43 PM |
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Another New Yorker, no what is the law?
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srgkrgkj
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August 25, 2014, 03:13:08 PM |
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Good luck on your mining ventures
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fr4nkthetank
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Now the money is free, and so the people will be
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August 25, 2014, 03:35:53 PM |
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Hey guys, I'm new to this forum, and to bitcoin mining. I order an Antminer S1 to set-up just so I can gain some more experience with mining, didn't want to spend a lot of money and end up screwing something up. I paid $117 for the unit. I also bought the WiFi adapter kit because I don't plan on having my unit right next to the router, that cost $10. And finally a Corsair 430x as my PSU for $20. That means I've invested $147, don't worry I'm keeping track of all of this on an Excel spreadsheet. According to my calculations, I should break even in about 3 months based on the current value of bitcoin as well as the cost of electricity. Of course those factors are not fixed and are variable, which is why it is virtually impossible for me to predict a time period to break even. Also if my machine stops functioning that would be a variable factor. The reason I'm posting this is to ask if there's any advice? I plan on joining a mining pool and am not sure which one would be the best for me. Thanks! Also you can check out Sha-256 altcoins too! such as DEM, FFC, etc, etc. You can also check out btcguild and maybe rent your rig on betarigs. Much options wow!
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finlof
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August 25, 2014, 04:43:08 PM |
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you definitely want to have at least 1 backup pool. make sure you are regularly withdrawing your btc to a secure wallet (are you using an online wallet now?)
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cointalent
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August 25, 2014, 11:42:19 PM |
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I've heard a lot of ppl complain that they are either breaking even or losing money mining with inexpensive rigs...can you really generate a profit with an Antminer S1 or is it more just mining for the sake of mining?
Hope this doesn't come off as being negative, I'd just be very interested to know given what I've heard from other miners.
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guitarplinker
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August 26, 2014, 02:08:44 AM |
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If you can get miners for a good price and have cheap electricity there's a very good chance of breaking even.
I personally have bought a few S1's in the past few days; a single one and PSU for $110 cash, and then 2 more for 0.25 BTC total. I have to pay for power, but I'm hoping that because I paid lower prices than what they tend to be going for now, that I'll be breaking even in a few months. Worst case, I lose $20-$30 total in the end, but I can afford losing that. Hopefully that doesn't happen though.
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Katarina
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August 26, 2014, 07:59:35 AM |
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Don't buy s1, its efficiently is really bad. Even if you have free electricity you should go with more s3.
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TimeWatch
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August 26, 2014, 08:41:14 AM |
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Don't buy s1, its efficiently is really bad. Even if you have free electricity you should go with more s3.
Startups are always much harder,wish you a luck on mining your first bitcoin.Trust me it's a true happiness when you see BTC coming onto your wallet
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finlof
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August 26, 2014, 02:49:14 PM |
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Don't buy s1, its efficiently is really bad. Even if you have free electricity you should go with more s3.
if you can get it for a 1/3 or 1/4 the price of an S3 then it's probably worth it, as long as you 1) have the electricity and 2) dont mind the extra heat and 3) have cheap PS's. plus you cant get S3's right now so you get to mine for another 3 - 4 weeks before you would get an S3.
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nwfella
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Well hello there!
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August 27, 2014, 08:20:42 AM |
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Antminer S1's great rig's to start off with imho. As far as pools go, ghash.io/cex.io is certainly reliable enough, Slush rocks as well. Perhaps go with some sort of sha-256 multipool for your tertiary pool. multipool.us, or nicehash perhaps. Several other good ones to choose from as well. Welcome to the mining game, be warned it's definitely what you might call "habit forming"
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¯¯̿̿¯̿̿'̿̿̿̿̿̿̿'̿̿'̿̿̿̿̿'̿̿̿)͇̿̿)̿̿̿̿ '̿̿̿̿̿̿\̵͇̿̿\=(•̪̀●́)=o/̵͇̿̿/'̿̿ ̿ ̿̿
Gimme the crypto!!
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LongIslandCoin (OP)
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August 27, 2014, 12:47:59 PM |
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The reason I went with the S1 is just to figure out all of this mining stuff and works out the kinks, after I get familiar I'm going to invest in a very high end machine.
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Radelderth
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August 29, 2014, 07:47:41 AM |
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The reason I went with the S1 is just to figure out all of this mining stuff and works out the kinks, after I get familiar I'm going to invest in a very high end machine.
Make sure you calculate well before investing, none of the asic right now is profitable.
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pokeyjones
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August 30, 2014, 02:18:07 AM |
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The reason I went with the S1 is just to figure out all of this mining stuff and works out the kinks, after I get familiar I'm going to invest in a very high end machine.
You'll get plenty of folks that pop in with shitty grammar partially explaining why you are an idiot and why you should've done ______ and not done _____ and instead do ______. Same boat, got into it to learn. And learn I have! I'm sitting on a ton of gear and tho I've lost money and am losing money, you cannot put a price on what I've learned. I've always wanted to just have computers work. I don't want to log in, configure, find IPs, reset... any of that shit. Just fucking work. And I've now learned quite a bit and gotten deeper into the problems when typically I'd find someone smarter than I with a background and ask for their help. Presently, partially from home, and partially from a friend's, currently running over 2 THs with S1s. Be careful with your PSU choice, yours is on the very low side. Good luck and have fun! After getting things running, spent today setting this up https://i.imgur.com/WCdFOwQ.jpgI think it is somewhat clever, there is a Honeywell TurboForce fan **underneath** the stand blowing up through the miners and PSU's. Enjoyed the work. have fun!
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