Need help in starting mining

[tsaroz]

I have decided to start mining. I have
1. Cheap Electricity.
2. Some space.
3. Some time.
4. Money to spend. ($1k-$5k)

For what I need your help
 1. I don't know what are the hardware and software things. And I don't want to lose my investment.
2. I can buy any powerful computers if needed which may be available in the market. What specifications should I go for?
3. What are those odd looking miners,   I haven't seen those things in my part of world. Are they exclusively for mining, can I get such things in cheap  prices through DHL or other couriers? Are there any other options?
4. Mining pools seems easier then collecting the hardware, is there something I need to know beforehand.

Please suggest me,  and share your experience. But don't share your referral links to the cloud mining sites. Thanks in advance.

[vpasic]

friendly advice, buy some btc and hold on them.
there is no mining equipment worth of buying.
with that money you can buy way more btc than any miner on the market can mine you in his lifetime.
I have certain amount of btc and by trading on bitstamp (sell high, buy low) I am earning in a month more than I was able to mine with 20TH in 6 months.
don't throw your money.
be smart.
 

[Tstar]

yes
at current price bitcoin mining is not profitable specially for new miners
better you buy bitcoins and hold them

with mining it will hard for you get ROI for your investment

[cheekychap]

yes
at current price bitcoin mining is not profitable specially for new miners
better you buy bitcoins and hold them

with mining it will hard for you get ROI for your investment

He will probably profit since he has free electricity and the resources. But it also depends on the price of bitcoin after an year or so,
as that would also determine if you would profit.  Since it isn't too profitable, I would also suggest not starting with it.

[os2sam]

For what I need your help
 1. I don't know what are the hardware and software things.

Start here and *REALLY* research!

https://en.bitcoin.it/wiki/Mining_hardware_comparison

[ChuckBuck]

If you have cheap electricity, get one of these, but make sure your electrical circuit can handle this:

http://www.spondoolies-tech.com/products/sp35-yukon-power-december-batch-1

If you don't have 208V power outlet or higher, just skip mining altogether.

But if you fulfill this requirement, get one of these, mine for like 2 months, then resell the shit out of it...boom profit!


Otherwise, mining is really a zero sum game.  Too many factors involved: delivery not on time if ever, pre orders are mostly scam/long con, electrical hazard leading to home or building fires, electrical and cooling costs to keep equipment from overheating, difficulty too high and pool luck variance, constantly monitoring and maintaining the equipment is a pain...

Alot of things have to bounce right for a miner to even come close to even, or just to minimize loss.

It's basically the opposite of the Hunger Games mantra "May the odds never be in your favor".

[raskul]

i've an SP35 on it's way to me now to add to my rig.
buy bitcoin, buy miners, buy beer.

job done.

[tsaroz]

Thanks everyone. I have made my mind.