Debating on getting into mining

[conteaza]

Hi all,

I became interested in bitcoin mining after my friend told me about it a few years back.  I did some research and found out that I'd have to invest quite a bit of money in order to make a profit on my investment.  I was wondering if you guys could give me some insight on how to get started, what I should buy (I found an antminer s4 2000 gh/s bitcoin miner for roughly $1000 and thought this might be good), how much, when, and if I would make a profit on my investment, the benefits of joining a pool and what I would need to do so, the cheapest option I can buy to still make a good profit on my investment, and if this is overall a good idea or not.
Thanks

You should start mining after your friend told you about bitcoin ,now is useless ,better buy some

[odolvlobo]

Better would be invest BTC in BTC mining services - there are a lot of companies out there  

Not all None of them are legit.
Be careful.

FTFY

Thanks   , what about cex.io ?

cex.io and some others may be legitimate, but they are also unprofitable.

For example, cex.io's maintenance fee for 1 TH/s is about 0.0128 BTC per day, but 1 TH/s generates only about 0.0124 BTC per day (at the current difficulty).

This is not unusual, because the cloud mining business model doesn't make sense. Basically, why would someone mine bitcoins for you at a discount when they could just keep them?

[notlist3d]

Personally I prefer having gear over cloud.   If you have decent electricity I still like mining.   It is something that i love doing at this point.  Started at end of GPU day's and been doing it ever sense.

[ikydesu]

Better would be invest BTC in BTC mining services - there are a lot of companies out there 

Too many mining service like ponzi scheme, who come first they will serve, And who came late they gone

[iqbal14st]

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:



Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

Holy... Do you know who owns this?

mining places where it ??
if you can menshare his link?

[ChuckBuck]

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:



Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

Holy... Do you know who owns this?

mining places where it ??
if you can menshare his link?

If you read the entire thread you'd see I posted that this was Dave Carlson of Megabigpower's mine in Washington.

http://www.coindesk.com/megabigpower-launches-global-franchisee-network-add-50phs-per-month-bitcoin-network/

[MacAndSwiss]

Yeah, if you have a decent amount of money (and free electricity), then go on ahead mining with your equipment.

However, I've been told by many a people that cloud mining might be a little more simple to set up.

[mirjangka]

i stop all my btc miner

since electricity cost is high at my city

impossible to get profit for me

just a suggestion for you : better you buy BTC and keep it until price high

forget about home mining

[Bifta]

Ok thanks guys.  I'm glad I didn't invest all that money in something that might not be profitable. I'm going to take a look at litecoin for now and see if mining that holds any rewards.

stay away from litecoin it's dying lol. you should buy bitcoin(price is low) and hodl...

Agree, stay away Litecoin and Bitcoin they're slowly dying, maybe some altcoin will be good.

[iqbal14st]

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:



Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

Holy... Do you know who owns this?

mining places where it ??
if you can menshare his link?

If you read the entire thread you'd see I posted that this was Dave Carlson of Megabigpower's mine in Washington.

http://www.coindesk.com/megabigpower-launches-global-franchisee-network-add-50phs-per-month-bitcoin-network/

whether cloud mining reliable

[mrhelpful]

Just to give you the harsh reality that most will probably will overlook and face is the maintenance to these miners.

Like how much electricity it costs to keep them on-going, and what do you do when bitcoin prices are this low? these are some of the things you have to consider.

[BitcoinFreak12]

My country sure doesnt support bitcoin mining, we have like 6 taxes on the electricity 

Plus since the problems with Russia and oil, now they are raising the costs.

I think Iceland has the lowest energy prices there, or find one with a good government and small electricity taxes.

[ChuckBuck]

To all the Noobs, there's a saying or proverb or whatever in Bitcoin mining land:

"When the price of Bitcoin is high, you mine, when it's low, you Buy and HODL."

I don't know if that's the exact wording, but the gist of it holds true even to this day.

High and Low are all relative I know, but I'd say relative to the lifetime price history of BTC, maybe anything lower than a $600 Bitcoin is considered low and anything higher than that is considered high.

Mining for $200-$300 Bitcoins is no fun, especially when your Mom finds out you spiked the electric bill and blew a circuit in her basement.

[silvestar]

Ok thanks guys.  I'm glad I didn't invest all that money in something that might not be profitable. I'm going to take a look at litecoin for now and see if mining that holds any rewards.

stay away from litecoin it's dying lol. you should buy bitcoin(price is low) and hodl...

Agree, stay away Litecoin and Bitcoin they're slowly dying, maybe some altcoin will be good.

Not sure about litecoin, but bitcoin isn't slowly dying.
In fact, bitcoin is making improvements continuously, and none of the hundreds of altcoins out there has an acceptance and popularity level similar to bitcoin, not even close.

[Superhitech]

Currently you shouldn't mine at home unless it's a hobby, if you are looking to profit don't expect much, as home mining isn't very profitable currently. Instead, invest in a cloud mining site, but make sure that it's a legit cloud mining site, not a ponzi.

[ViciousPlayer]

I would avoid mining. The trouble is the difficulty can keep going up and you may have a return of 60% - 80% and you keep at the rate seemingly in perpetuity, slowly inching your way back up to under 100%. Then you factor in electricity and the ROI doesn't ever seem to get you back to square one.

[gkv9]

Don't go for mining as after reward halving, and even based on current rewards and current price and difficulty, it's next to impossible in order to make any ROI based on each factor that will needed to get considered when it comes to mining, such as electricity, mining hardware cost, efficiency of your hardware, cost/GH/s, etc...

[GreatWinter]

Does anyone have more numbers on that warehouse guy? I would be interested to know more.

I don't think getting is a good idea now. The electricity bill you run up will make it not worth your while.

[Snorek]

Currently you shouldn't mine at home unless it's a hobby, if you are looking to profit don't expect much, as home mining isn't very profitable currently. Instead, invest in a cloud mining site, but make sure that it's a legit cloud mining site, not a ponzi.

Even legit cloud mining service is not going to necessarily bring you more than a ROI. Be careful with mining in general. In this age and day the best option is to speculate with altcoins and holding bitcoin.

[mirjangka]

Currently you shouldn't mine at home unless it's a hobby, if you are looking to profit don't expect much, as home mining isn't very profitable currently. Instead, invest in a cloud mining site, but make sure that it's a legit cloud mining site, not a ponzi.

Even legit cloud mining service is not going to necessarily bring you more than a ROI. Be careful with mining in general. In this age and day the best option is to speculate with altcoins and holding bitcoin.

agree with you sir

buy btc hlod it until 10 years later