Topic: A new home miner! have a few questions, kindly somebody help/advise??? (Read 931 times)

I think you are confusing revenue and profits, there will be revenue no matter what he mines with it just won't be profitable.

I suggest for OP he either starts with a sidehack stick to get used to mining or picks up an s3 to get used to more standard miners.

Learn to math.

If you spend $10 to get bitcoins that are worth $5 today, then no amount of rising "significantly in value over the years" is going to help.

You could have just used that $10 to get bitcoins that are worth $10 today, and you'd have had twice as many bitcoins as you got from mining.

If that $5 worth of bitcoins is worth $1,000,000 some day, that means that you lost $1,000,000 from mining (since $10 worth of bitcoins would have been worth $2,000,000).

Mining is just a way to buy bitcoins with electricity.  If you have cheap enough electricity and can acquire efficient enough ASICs for a cheap enough price, then it can be possible to "buy" the bitcoins cheaper through mining than through direct purchase with your local currency.  However, if your electricity rates are too expensive or your spend too much on ASICs that aren't efficient enough, then you'll spend much more on mining to buy the bitcoins than you would have spent to acquire the same amount of bitcoin directly.

Maybe start small, with a antminer U3. You don't really need the big mining hardware to get the hang of mining. What do you consider minimum revenue?

It will most probably be profitable in the medium term and most certainly in the long term. If you mine your bitcoins and hold them, then chances are they will rise significantly in value over the years.

To me miners get too caught up in electricity costs and ROIs and dump their mined bitcoin immediately "to pay for electricity" which is what? Like $10 per month, if that?

You don't tell what you will mine but I guess that will be bitcoin. My suggestion it will be: don't mine. Cannot be made any kind of calculation to give answer to your questions. And not only to those but to every kind of question made about mining of bitcoin. Everyone who will give other answer differently from above can consider all the factors but cannot know the most important one of those: the difficulty. No one can know such factor. So cannot be calculated any kind of probable sure or even near sure profit. Can be made only guesses. If we add to this big unknown factor the very high price of every tool or hardware connected with the mining of bitcoin then everyone can understand easy that mining is more an adventure than an well thought investment. Cherry on the cake is the halving which will happen the middle of the next year. Halving mean the half of profit with the same power immediately.

With that money which you want to use for your mining investment is better to search for new or old cryptocurrencies or projects connected with cryptocurrencies who may have good future. Buy such cryptos and follow their value in market. This choice may have risk but cannot be sure loss like it will be the mining of bitcoin in our days. I am an old miner (myself and with cloud) and I can assure you that even before (I am telling for about three years ago), the earnings from mining were very few. Now i am collecting horizon (HZ) with the hope that one day this crypto will have better value than in our days.

You re going to lose money on home mining. It s not possible to reach ROI anymore using home mining, you re at least 2 years late for this.
I suggest you go into PoS coins, it s advanced form of mining and you do not need hardware, electricity or anything else.

I ve been into crypto for a long time and I know what I am talking about. Mining diff s been jumping 10% every 15 days which means you need a lot of cheap power and access to extremely cheap miners just to stay in the game. I assume you ve got none of these.

i guess minimum revenue is 0.01 per day right? then you need 1//3 of the power of the S7, so approximately 1600 giga

it depend on your electricity but usually it's S5(with free electricity) or the S7

with the s5 you can earn around 0.008, with the s7 0.033, minus cost and everything, it will be less

asic run with electricity like everything else, if you have many psu that can sustain their power output, then even 1 computer is enough

At present No Miner equipment is giving you profit, even in long run.  If you are looking to mine for profit, better you think about it again.

But if you are going to mine to learn, go with 1 primary miner and check how it works.

Mining is not profitable at all for individuals.

I would seriously rethink starting to mine. The ROI will take so long that if you would've bought bitcoin with the same amount of cash, you probably end up having more coins in the end.
1 miner can make minimum revenue, as otherwise nobody would be mining and big farms would also earn nothing. But 1x a little is still very little, that's why people usually suggest it is only for big miners.

1. There will not be any revenue... Unless you go full "industrial" scale.
2. You should start with a cheap ASIC to learn more about mining - and then you will decide to give up mining.
3. Same as 1.
4. If you are using USB ASIC, then I think the limit will be (127- number of USB hubs), which should give you about 70-80 devices.

1. Depends on your budget and electricity cost
2. Depends on your budget and electricity cost, S7 is not cheapest/best
3. Maybe 3.5$ per day until the next difficulty round minus your electricity costs.
4. They are not ran on computer anyways, many have internal controller so you just connect them to your network with an ethernet cable and thats it. Otherwise there is not really a limit of how many miners a single computer could run. But the SP for example and the AntMiner's don't run off a computer or a controller you need to supply.

Most noobs in mining does not know that there is a thing called difficulty which leads to making mining more and more unprofitable.

when you want to check if you will get your investment back (when the miners arrive not later) then check out this website: http://mining.thegenesisblock.com/

You should try out the new Bitmain hardware! The S7. It is currently the cheapest Asic for mining Bitcoin in the market. You better  take a look at the bitmain online store and do the math at Coinwarz!

Hi! I am setting up a home mining unit for which i needed advise.

1. How many ASICs should i begin with to generate minimum revenue?
2. Which ASIC is the best to buy?
3. How much approximately can I earn with 1 ASIC (lets say with 1 spoondoolies SP20 jackson)?
4. How many ASIC can I run on 1 computer?

all response are highly appreciated. Thanks