Mining advice for an eager learner

[elianite]

I have ignored mining for a long time, but I think that I now have the opportunity to start. If anyone is willing to help out a fellow forum member, thatd be just awesome. Im a newb to mining, so any comments are welcome.

Heres the deal:
- I am ready to spend up to $1200 on mining equipment.
- I would like to be relatively certain of at least breaking even in 3-4 months. This seems very possible to do so, given my calculations with http://www.bitcoinx.com/profit/
- Electricity is included in my rent; it is not a factor.
- I plan to put the equipment in the furnace room, where there is a normal north american electric socket and internet access. There is not much ventilation, however. Noise is not a significant concern.
- My 'technical' expertise is not extensive. I have a normal business-style understanding of computers. I'm not a programmer.
- For example, I can buy a 'Spondoolies SP10 Dawson(1.4 THS)' on Kijiji locally for $1000 CAD. I think it is looking like a good bet. Would like to hear other suggestions also.
- the simpler to set up and understand, the better.

I would be pleased to learn any knowledge and advice you can impart upon me.

[notlist3d]

Well since electricity is included in rent i would look at SP20 or S4.   Either one solid miner.

[xstr8guy]

A used SP10 for $1000 is not a good investment. Bitmain S3s are $200 each for 450GHs (plus shipping). And they're much quieter although you will need to get a PSU or two. SP10s sound like a jet engine and are not suitable for mining in a normal residence.

Btw, you will earn about $200 per month with 1.4THs at this current difficulty with "free electricity". But difficulty will rise again and your mining income will decrease...
https://alloscomp.com/bitcoin/calculator

And how long will it be before your landlord starts complaining about your excessive electrical usage? Believe me, they monitor these things closely.

[elianite]

A used SP10 for $1000 is not a good investment. Bitmain S3s are $200 each for 450GHs (plus shipping). And they're much quieter although you will need to get a PSU or two. SP10s sound like a jet engine and are not suitable for mining in a normal residence.

And how long will it be before your landlord starts complaining about your excessive electrical usage? Believe me, they monitor these things closely.

How much electricity costs on average (per day) would a, say 1.4THs miner generate? Im pretty much clueless in that regard. I do think it would go unnoticed however (I live in a student apartment with a couple roommates)

As per sound, yeah, I wouldn't want a jet engine, but noise in itself is ok.

Basically, I want to get into mining, But only if it will actually be worth it. $ wise (not taking into account possible drops in btc price)

[jonnybravo0311]

A used SP10 for $1000 is not a good investment. Bitmain S3s are $200 each for 450GHs (plus shipping). And they're much quieter although you will need to get a PSU or two. SP10s sound like a jet engine and are not suitable for mining in a normal residence.

And how long will it be before your landlord starts complaining about your excessive electrical usage? Believe me, they monitor these things closely.

How much electricity costs on average (per day) would a, say 1.4THs miner generate? Im pretty much clueless in that regard. I do think it would go unnoticed however (I live in a student apartment with a couple roommates)

As per sound, yeah, I wouldn't want a jet engine, but noise in itself is ok.

Basically, I want to get into mining, But only if it will actually be worth it. $ wise (not taking into account possible drops in btc price)

Your electricity costs depend on the efficiency of the chips in the miner.  The SP10 on standard US 120V power can get you about 1.4TH/s by overriding the default power limits.  It will use about 1250W to do so.  The SP20 will get you 1.7TH/s and costs $795 USD.  You will need to supply a good efficient PSU (I recommend the EVGA 1300 G2) to power it - another $150 - $200 USD or so.  It uses 1150W.  So, if your electricity costs you $0.10 per kWh, then your power costs would be 1.15 * 24 * 0.10 = $2.76 per day, or $83.95 a month.  You might get away unnoticed by your landlord.

As of right now, that 1.7TH/s will expect to mine about 0.02121BTC per day.

You could also go with the Antminer S4.  2TH/s for $1200 USD.  There are a ton of $400 off coupons floating around that expire the end of this month, and it has a PSU included.  Uses about 1400W.  Same formula as above, power would cost 1.4 * 24 * 0.10 = $3.36 a day or $102.20 a month.  Expect to mine 0.02496BTC a day right now.

As has been mentioned, when difficulty changes, so do your expected earnings.

Even though the S4 uses more electricity, the extra 300GH/s it offers would make up the cost difference and then some - at $375 per BTC, as of right now, you'd make about $280 a month with it, vs $240 a month with the SP20.

So... forget the SP10 and consider the SP20 or the S4.

[gingpark]

Not as familiar with the SP10 and SP20 as I mainly mined with S1 S2 and S3 but based on the experience of Antminer I think the S4 is a good solid choice at the moment and since it seems like there has been a lot of coupons going around as well.