Want to start mining need help

[uzair94]

Hi forum members iam new to this I wanna start mining but don't know how to after some research iam ready to buy some hardware. Please suggest I should buy Avalon3 or Antminer S3. I want to also know that How much can I earn from one miner nowadays please need help kindly guide me.

[sgk]

At current Bitcoin prices, mining isn't much profitable, you should try directly buying BTC.

But if you're inclined to mining, use this calculator to calculate your earnings and payback period on your hardware -
https://alloscomp.com/bitcoin/calculator

Considering a Avalon3 800 GH/s miner, you can earn 0.5 BTC per month at current difficulty. This does not take into account the electricity cost.

edit: Here's a nice comparison of available hardware:
http://www.bitcoinx.com/bitcoin-mining-hardware/

[uzair94]

Electricity is not an issue because there is cheap electricity in my country just curious or say want to try it just asking which hardware is good and will I able to cover my hardware price and will able to buy new hard ware from money it generate thanks for reply also I want to expand business not just hobby. ALSO avalon3 is 325gh/s and Antminer s3 is 453gh/s. Both are not 800gh/s. How much I will be able to generate from them

[BitcoinAddicts]

Electricity is not an issue because there is cheap electricity in my country just curious or say want to try it just asking which hardware is good and will I able to cover my hardware price and will able to buy new hard ware from money it generate thanks for reply also I want to expand business not just hobby. ALSO avalon3 is 325gh/s and Antminer s3 is 453gh/s. Both are not 800gh/s. How much I will be able to generate from them

How cheap electricity is cheap? You would be surprised that you can't ROI even with $0.05/kwh.

[sgk]

avalon3 is 325gh/s and Antminer s3 is 453gh/s. Both are not 800gh/s. How much I will be able to generate from them

Did you try the calculator link I posted?

[uzair94]

Yes I have used them. Basically I will mine at home I have other business going on so electricity will be covered

[sgk]

Yes I have used them. Basically I will mine at home I have other business going on so electricity will be covered

OK, so with Antminer S3 (453 GH/s) - purchase cost $350; and modest 10% rise in mining difficulty, you'll be able to break-even in 120 days, at $0.05/kwh electricity cost.

[uzair94]

Yes I have used them. Basically I will mine at home I have other business going on so electricity will be covered

OK, so with Antminer S3 (453 GH/s) - purchase cost $350; and modest 10% rise in mining difficulty, you'll be able to break-even in 120 days, at $0.05/kwh electricity cost.

https://i.imgur.com/QoFTplZ.png

Thanks for you information sir. I am planning to buy two antminers then with revenue I will buy script Asics. Is this idea of business is okay?

[micky123]

Yes I have used them. Basically I will mine at home I have other business going on so electricity will be covered

OK, so with Antminer S3 (453 GH/s) - purchase cost $350; and modest 10% rise in mining difficulty, you'll be able to break-even in 120 days, at $0.05/kwh electricity cost.

Thanks for you information sir. I am planning to buy two antminers then with revenue I will buy script Asics. Is this idea of business is okay?

Mining is a losing proposition, especially with the difficulty rising every 7 days. Have you taken into account import duty in your calculations? I presume you are not living in china? The import duty can cost quite a bit of money. IMHO, it is better to invest the said funds into buying some BTC when it is cheap, this low price will not last forever! Alts are a very risky business.. there are literally 100 alts being released every week, separating the grain from the chaff is difficult and still, there is no guarantee that the alt you choose (after several days of research) will be accepted by the market. There have been many cases of alts which promised a lot, and the market never accepted. Please be very careful in the alts market. Just saying. Good luck with your endeavors!  

[uzair94]

Sir I live very near to china so importing will not be a issue as iam  already in importing goods from china. As to address the issue of electricity I have plans also to use solar panels for electricity.

[MilesJohan]

Sir I live very near to china so importing will not be a issue as iam  already in importing goods from china. As to address the issue of electricity I have plans also to use solar panels for electricity.

Using solar panel is a good idea but it cost a lot to install solar panel. Good luck with that..

[uzair94]

Yea sir many ideas but not know where to start profitabily

[madken7777]

Yea sir many ideas but not know where to start profitabily

There is no profit in mining.

The cost of one bitcoin on the exchange right now is around $510. If you do mining, the cost of one bitcoin is around $600 if you use antminer s3.

Do the comparison and figure out where the price is heading and profit from the price difference.

[crocko]

Hi forum members iam new to this I wanna start mining but don't know how to after some research iam ready to buy some hardware. Please suggest I should buy Avalon3 or Antminer S3. I want to also know that How much can I earn from one miner nowadays please need help kindly guide me.

Hello !

There is a factor called difficulty and this factor will make your Avalons and Ant Miners obsolete.
Try this updated calculator:  https://bitcoinwisdom.com/bitcoin/difficulty
At the current difficulty you will need at least 2 TH/s (or 2600 GH/s) in order to produce 1 BTC / per month
My advice is: better buy BTC or a big mean ASIC (of TH/s magnitude).

[uzair94]

Hi forum members iam new to this I wanna start mining but don't know how to after some research iam ready to buy some hardware. Please suggest I should buy Avalon3 or Antminer S3. I want to also know that How much can I earn from one miner nowadays please need help kindly guide me.

Hello !

There is a factor called difficulty and this factor will make your Avalons and Ant Miners obsolete.
Try this updated calculator:  https://bitcoinwisdom.com/bitcoin/difficulty
At the current difficulty you will need at least 2 TH/s (or 2600 GH/s) in order to produce 1 BTC / per month
My advice is: better buy BTC or a big mean ASIC (of TH/s magnitude).

Sir i dont need to produce every btc per month for start. Half a btc permonth will also be good for me

[desired_username]

If you want btc then buy it directly. I would only consider mining just to support the network with a cheap USB miner, or run a full node instead.

[Stinky_Pete]

Hi forum members iam new to this I wanna start mining but don't know how to after some research iam ready to buy some hardware. Please suggest I should buy Avalon3 or Antminer S3. I want to also know that How much can I earn from one miner nowadays please need help kindly guide me.

Hello !

There is a factor called difficulty and this factor will make your Avalons and Ant Miners obsolete.
Try this updated calculator:  https://bitcoinwisdom.com/bitcoin/difficulty
At the current difficulty you will need at least 2 TH/s (or 2600 GH/s) in order to produce 1 BTC / per month
My advice is: better buy BTC or a big mean ASIC (of TH/s magnitude).

Sir i dont need to produce every btc per month for start. Half a btc permonth will also be good for me

And the next month you will get half of that, and the month after it's half again...

[uzair94]

If you want btc then buy it directly. I would only consider mining just to support the network with a cheap USB miner, or run a full node instead.

How much profit can be in buying bitcoins?

[micky123]

If you want btc then buy it directly. I would only consider mining just to support the network with a cheap USB miner, or run a full node instead.

How much profit can be in buying bitcoins?

hi Uzair,

A sincere request from my side: Please do not see BTC as a profit making gateway as everyone does. Please associate BTC with BTC and not with USD. You are talking about using the currency of the future, lets treat it like one. Many people have started buying stuff with BTC and this is how you should treat it. Not some quick profit making gateway. Since you are a newbie, just wanted to emphasize this point. Just my two satoshi  .

I for one, am going to collect and keep at least 1 BTC till i retire and hoping that it turns into my nest egg! Well.... not really, but if it does that would be great!
Have a nice day!

[uzair94]

sir i like new technologies so thats why i wanna get involve in this industry so please any help in mining would be great its final i wanna do mining just please help me in this