Best way to start off with Bitcoin mining?

[menagear]

Hey, I am new in the Bitcoin Market, I am wondering how can I start off with mining? I did some research. I found out that That the Bitcoin wallet is one of the best ones, I also heard that "Pool Mining" is a great option? Is this correct? How much does a Antminer S3 441 GH/s make monthly, and can you use that for lite-coin mining and other crypto currency mining? Thanks

[oblivi]

You can use coinwarz.com to calculate coin gains given your hash rate.

[Itun]

Definitely use a bitcoin mining calculator to estimate how much you would mine a month.

Make sure you have a good deal to actually make profit.

[notlist3d]

I also heard that "Pool Mining" is a great option? Is this correct?  Yes solo mining compared to pool is like lotto, use pool mining.
How much does a Antminer S3 441 GH/s make monthly?  Use calculators a lot depends on electricity price
can you use that for lite-coin mining and other crypto currency mining? Other SHA256 coins yes.  But not Scrypt (Most "alts are there").

[odolvlobo]

With only 441 GH/s, you should mine in a pool. The chances of you finding a block on your own are low. It is hard to predict the rise in difficulty, but assuming that it rises 3% every 2 weeks, 441 GH/s should mine about 0.6 BTC (currently worth about $130) over the next 4 months. Subtract your electricity cost ($120?) from that and you know the maximum amount you should spend on the miner.

[MEPHuk]

You really need to be honest with yourself when calculating the electricity costs, and also, try to add a price for "wear and tear" of the pc and its components. I personally think your best option might be to do some research on alt coin mining and try and find a nice coin to mine that is on 1 or more exchanges so you can sell quickly to try and cover the electricity costs.

[Buziss]

How much does a Antminer S3 441 GH/s make monthly, and can you use that for lite-coin mining and other crypto currency mining? Thanks

441 GH/s will you about 0.0053 btc a day now, but it will change roughly every 2 weeks as difficulty changes.
Before buying anything, please check it with a profit calculator such as https://bitcoinwisdom.com/bitcoin/calculator

No. It works with sha256 hashing only, so it can be used to mine bitcoin, peercoin, etc but not ltc (scrypt).

[avatar_kiyoshi]

Hey, I am new in the Bitcoin Market, I am wondering how can I start off with mining? I did some research. I found out that That the Bitcoin wallet is one of the best ones, I also heard that "Pool Mining" is a great option? Is this correct? How much does a Antminer S3 441 GH/s make monthly, and can you use that for lite-coin mining and other crypto currency mining? Thanks

Use mining calculator for calculated your mining.
And yes you can mining other cryptocurrency too.

[Jombrangs]

dont forget about electricity cost
that is important to calculate your mining proccess still profit or not
good luck

[sifter]

Mining for the individual isn't profitable any more.

The block will halve next year, rather you buy bitcoins or you start a large scale farm yourself.

[Nerazzura]

process in Bitcoin mining activity was not like the process that occurs when your computer's display on the screen writing montitor, unlike when you click on an MP3 file and then process the computer to play the audio (sound) - a process that occurs in the Bitcoin mining is the process heavier because his job is to 'open up' the data locked or encrypted data in a computer system is a high level of data security! So as to make Bitcoin mining requires a computer system with high processing power ....

[dothebeats]

Hey, I am new in the Bitcoin Market, I am wondering how can I start off with mining? I did some research. I found out that That the Bitcoin wallet is one of the best ones, I also heard that "Pool Mining" is a great option? Is this correct? How much does a Antminer S3 441 GH/s make monthly, and can you use that for lite-coin mining and other crypto currency mining? Thanks

Mining? Definitely not a good time to mine. If you came up early in this field, maybe you'll get a nice profit. Before you start buying mining equipment, you must first calculate all the expenses you might face when you start mining. And also, decide whether your mining will really help you in making money by means of mining calculator. As for the miners, some miners are designed to "mine" SHA-256 algorithm-based coins and some are for Scrypt algorithm-based coins, so that means an Antminer can't process mining litecoins (a Scrypt-based coin.)

[kwaasteniet]

Mining for a private person is not profitable anymore. You can better buy Bitcoins for the money that's needed for a mining-rig.

[champbronc2]

hehe.. dude.. you don't. you won't make money.

unless you're doing it for educational purposes. in such case, i recommend solo mining. you will learn the most.

if you want to make money, please just go buy some bitcoins.

[Bralex]

Generally talking you wont make much money if any at all unless you have free power. If you are looking to just hobby mine however take a look at various manufacturers of asics. What is your price range?

[Dread Pirate Roberts]

you can start buy cheap miner and learning how mining work and you can calculate later if you use higher miner after you understand risk and opportunity with mining

[ranochigo]

I also heard that "Pool Mining" is a great option? Is this correct?  Yes solo mining compared to pool is like lotto, use pool mining.
How much does a Antminer S3 441 GH/s make monthly?  Use calculators a lot depends on electricity price
can you use that for lite-coin mining and other crypto currency mining? Other SHA256 coins yes.  But not Scrypt (Most "alts are there").

Pooled mining basically distributes the amount by the amount of work that you have solved. Solo Mining is all about luck unless you have more than 10% of the network hashrate. However, if you do hit the lottery, you would have gotten a hefty reward even though the chances are low. Varience does occur based on the pool you use so don't always rely on calculators, allow a small margin for errors.

[tidus1097]

Hey, I am new in the Bitcoin Market, I am wondering how can I start off with mining? I did some research. I found out that That the Bitcoin wallet is one of the best ones, I also heard that "Pool Mining" is a great option? Is this correct? How much does a Antminer S3 441 GH/s make monthly, and can you use that for lite-coin mining and other crypto currency mining? Thanks

You can try this
http://www.coinwarz.com/calculators/bitcoin-mining-calculator

[Bitcoin_Mafia_Me]

There's no profit in direct mining Bitcoin anymore. What you could do is mine some of the more promising altcoins,
trade them for Bitcoin on the exchanges, and then play rises and falls on the Bitcoin market.

[odolvlobo]

You can try this
http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Don't use that calculator.

It will give you very misleading results because it doesn't consider the rising difficulty.