About Starting in mining | Bitcointalksearch.org

QuintLeo

legendary

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Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

- My electricity price is " 0.1$ for each kilowatt "

10 cents / kwh is VERY marginal for being able to even break even on mining, long term.
IMO consider seriously having whatever mining gear you get hosted, or consider moving to an area with a much lower electric cost, before you start mining.

This is also a very good time to "wait and see" as there have been quite a few announcements of upcomming gear that isn't actually being delivered yet - do some research, and consider that you don't have to mine Bitcoin, you CAN mine "altcoins" and often the altcoins are MORE profitable for months to a year at a time for the same amount of $ investment in mining gear.

abayan

sr. member

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Quote from: Das on August 18, 2016, 10:18:52 AM

Quote from: Shiroslullaby on July 28, 2016, 10:12:04 AM

Oh its ten cents a kilowatt hour. I misread that as one cent for some reason.
Yeah with prices this high I don't think mining is profitable. You need to be at six cents or below from everything I've read to be very profitable.
(Even with the new generations of miners like the S9)

If you really believe in Bitcoin, spend a couple thousand dollars and put a couple coins in cold storage.
Take another couple hundred dollars and try to do some trading.
I would say that is your best bet to make a profit.

Trading requires caution. You need to study the coins on coinmarketcap.com to decide when to buy and when to sell. Start small, don't invest thousands of dollars at first, better start with $50 till you get the hang of it.

Small time to big time

You are right invest small at first because you are just learning in the worldd of bitcoin so in the first you are loosing your money but you learn something just learn from yyour mistakes and dont do it again

Good luck

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Quote from: dmarine on September 03, 2016, 11:45:46 AM

In my opinion, Bitmain is the one of the leading companies providing the mining equipments, I'm not sure if it's worth on these days though.

Bitmain's practically the only one if you have electricity that's not free. Avalon's rumored to be releasing the A7 soon, but who knows how long that'll take... and quality issues with their new owner comapny (i expect it'll be similar to their old quality, but just in case
.). Besides that, Bitmain's done an average job- not as good as I'd like, but they've done some good and some bad.

dmarine

member

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In my opinion, Bitmain is the one of the leading companies providing the mining equipments, I'm not sure if it's worth on these days though.

Das

sr. member

Activity: 308

Merit: 250

Quote from: Shiroslullaby on July 28, 2016, 10:12:04 AM

Oh its ten cents a kilowatt hour. I misread that as one cent for some reason.
Yeah with prices this high I don't think mining is profitable. You need to be at six cents or below from everything I've read to be very profitable.
(Even with the new generations of miners like the S9)

If you really believe in Bitcoin, spend a couple thousand dollars and put a couple coins in cold storage.
Take another couple hundred dollars and try to do some trading.
I would say that is your best bet to make a profit.

Trading requires caution. You need to study the coins on coinmarketcap.com to decide when to buy and when to sell. Start small, don't invest thousands of dollars at first, better start with $50 till you get the hang of it.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: Sontoloyo on August 11, 2016, 02:18:13 AM

Quote from: ethereumhunter on August 06, 2016, 08:19:09 AM

my suggestion is don't buy antminer s9 because the price is so high, better you buy at least 5-10 vga card to mining ethereum. its a good choice for you if you have that budget

yes, i agree, for know to bitcoin mining is not profitable, the price must minimal $ 1000 will be profitable. i suggest to alt mining,

You cannot make blanket statements like this. Keep in mind so many variables it varies greatly on who can do it profitably. And the biggest factor in most cases is electricity. But it is not a 90 day ROI like it once was, it is much longer. But some still do it (including me).

So you can do it your post is really wrong, almost seeming like post was just for sig with size and info in it. And alt mining really focuses on ETH and ETC let's be honest they are what is keeping it profitable. So alt coin mining is really a pretty small of group of coins that are worth mining.

Sontoloyo

member

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Quote from: ethereumhunter on August 06, 2016, 08:19:09 AM

my suggestion is don't buy antminer s9 because the price is so high, better you buy at least 5-10 vga card to mining ethereum. its a good choice for you if you have that budget

yes, i agree, for know to bitcoin mining is not profitable, the price must minimal $ 1000 will be profitable. i suggest to alt mining,

ethereumhunter

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Leading Crypto Sports Betting & Casino Platform

my suggestion is don't buy antminer s9 because the price is so high, better you buy at least 5-10 vga card to mining ethereum. its a good choice for you if you have that budget

dragonmining

newbie

Activity: 19

Merit: 0

The s9 really is the most power efficient hardware you can get your hands on right now. Like any investment I'd urge you to weigh the pros vs the potential risks of course, but bitcoin's future does look to be a bright one.

If you decide to go with the s9 their increasingly hard to get your hands on but our website still has a few left. You can also check out our lower cost investments.

http://www.dragonmining.net/
https://www.facebook.com/dragonminingworldwide

Good Luck!

-Dragon Mining

talks_cheep

legendary

Activity: 1036

Merit: 1000

Don't listen to the naysayers, go right ahead and mine. Better yet, sell your house and use the proceeds to buy more miners, they are money printing machines, soon you will buy a castle like I done. If you have daughters, sell them to rich Arabs, use the proceeds to buy more miners, you will get to your castle faster.

DangerousSausage

newbie

Activity: 14

Merit: 0

Try to fimd mining site with mining proofs.Like example mining field wherr you can see company logo with same name like in internet.

beltsniffer

sr. member

Activity: 277

Merit: 250

Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

Hello Guys ^^,

i am new in BTC Mining world, i've really some important questions by them i will decide what will i do next Cheesy

Now my Budget is about 3000-4000$

- what type of miners do u recommend for me!
- why exactly ?
- is the Mining process is really profitable !
- are the miners need any other equipments to work !
- what the best space for holding them !
- My electricity price is " 0.1$ for each kilowatt "
- any other advises for a Beginner like me ? Cheesy

At .10 kwh your only feasible choice is an antminer s9 by bitmain. You can calculate your earnings from coinwarz or other mining calculator. At the current difficulty your profit will be $175-$190 per s9, per month without a network difficulty increase. At that rate it will take you more than 1 year to make back your initial investment. And this doesn't include the cost for cooling - depending on where in the world you live ( I am assuming USA since you used $ in your post).
The network difficulty is almost always rising (it adjusts every 2016 blocks, so that blocks are not found too quickly and tries to keep that rate 1 block solved every 10 minutes), so that will eat into your profits a little each month.
Unless the price of BTC rises drastically the days of getting rich from mining are over. If you want to gamble on it going up, then give mining a try. You probably won't lose money, and you'll learn a lot. If your goal is purely to make money, then you are better off buying/trading the commodity of your choice.

VirosaGITS

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Quote from: redsun114 on July 28, 2016, 09:59:38 AM

Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

Hello Guys ^^,

i am new in BTC Mining world, i've really some important questions by them i will decide what will i do next Cheesy

Now my Budget is about 3000-4000$

- what type of miners do u recommend for me!
- why exactly ?
- is the Mining process is really profitable !
- are the miners need any other equipments to work !
- what the best space for holding them !
- My electricity price is " 0.1$ for each kilowatt "
- any other advises for a Beginner like me ? Cheesy

You have a pretty good sized budget, I too recommend S9s. However, you probably won't get very much at all with electricity costs that high. S9s are currently the most efficient miners out there as of now, but they're pretty hard to come by these days as Bitmain has sold out all the current batches.

Most people have very cheap electricity (under .05$/kWh), so there's lots of competition. Besides AC, there's really nothing else you need for mining. The best spaces to hold miners are in basements and areas that generally stay cool.

They're top of the line for a while, since technological limits are causing slow downs in ASIC progress, but 0.1$/kWh is pretty bad for mining, OP would do better hosting in any number of trusted data centers.

Personally i'd probably make a contract with Allinvain if i absolutely wanted to go to ASIC way.

Shiroslullaby

sr. member

Activity: 434

Merit: 250

Oh its ten cents a kilowatt hour. I misread that as one cent for some reason.
Yeah with prices this high I don't think mining is profitable. You need to be at six cents or below from everything I've read to be very profitable.
(Even with the new generations of miners like the S9)

If you really believe in Bitcoin, spend a couple thousand dollars and put a couple coins in cold storage.
Take another couple hundred dollars and try to do some trading.
I would say that is your best bet to make a profit.

redsun114

hero member

Activity: 2730

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Leading Crypto Sports Betting & Casino Platform

Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

Hello Guys ^^,

i am new in BTC Mining world, i've really some important questions by them i will decide what will i do next Cheesy

Now my Budget is about 3000-4000$

- what type of miners do u recommend for me!
- why exactly ?
- is the Mining process is really profitable !
- are the miners need any other equipments to work !
- what the best space for holding them !
- My electricity price is " 0.1$ for each kilowatt "
- any other advises for a Beginner like me ? Cheesy

You have a pretty good sized budget, I too recommend S9s. However, you probably won't get very much at all with electricity costs that high. S9s are currently the most efficient miners out there as of now, but they're pretty hard to come by these days as Bitmain has sold out all the current batches.

Most people have very cheap electricity (under .05$/kWh), so there's lots of competition. Besides AC, there's really nothing else you need for mining. The best spaces to hold miners are in basements and areas that generally stay cool.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: Mark02 on July 27, 2016, 03:49:21 PM

Quote from: notlist3d on July 26, 2016, 11:05:25 PM

Quote from: Cuidler on July 25, 2016, 11:30:12 AM

Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

- My electricity price is " 0.1$ for each kilowatt "

That is bit higher price for longterm profitable mining. But with Antminer S9 you should be profitable maybe up to end of this year (based on the future difficulty which noone can predict perfectly half year in advance). Then you need to resell the S9 because you wont be profitable forewer with such high electricity price.

I would not recommending it to you though as it is very risky because your looking for small profit only if all goes well (difficulty go up slowly, resell price of S9 still good after many months) and some loss if things go bad, especially resell price of S9 going too low.

He could mine with a S9 for a while and hope to sell it eventually and ROI that way. But it is in no way a sure bet. I would check electricity though and make sure that all taxes and fee's are included in that. As if you get any higher I would advise finding a good hosting center vs actually mining at your location.

Also keep in mind it is the summer month's in many locations, so add in cooling cost's in there. What type of location are you at as summer is very hard in certain area's. Also I'm assuming no vat/import? Check that as-well as it can kill ROI.

I do not have the knowledge about mining but I think your starting capital was good. Enough to build at least 5 miner I think (that was approximation) and maybe the only thing you should put into is the right altcoin or bitcoin to mine and a good plan to make your project successful.

Right now it's between S9 batches. But you will not get 5 miner S9 setup for 3-4K, just pretty off on that calculation. You need to add up S9's themself, PSU's, PDU, Wiring (depends), Cooling, etc. Just is going to be far different then your suggesting on amount of miner's.

Also the "right altcoin" is really hard as not much is worth mining. Ether is pretty much what most mine on altcoin's, just makes sense when comparing altcoin mining ROI. But this is all completely different gear then BTC mining. If we are focusing on BTC mining as it sounds I bolded what I think OP should look into and check before spending any money.

Mark02

full member

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Quote from: notlist3d on July 26, 2016, 11:05:25 PM

Quote from: Cuidler on July 25, 2016, 11:30:12 AM

Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

- My electricity price is " 0.1$ for each kilowatt "

That is bit higher price for longterm profitable mining. But with Antminer S9 you should be profitable maybe up to end of this year (based on the future difficulty which noone can predict perfectly half year in advance). Then you need to resell the S9 because you wont be profitable forewer with such high electricity price.

I would not recommending it to you though as it is very risky because your looking for small profit only if all goes well (difficulty go up slowly, resell price of S9 still good after many months) and some loss if things go bad, especially resell price of S9 going too low.

He could mine with a S9 for a while and hope to sell it eventually and ROI that way. But it is in no way a sure bet. I would check electricity though and make sure that all taxes and fee's are included in that. As if you get any higher I would advise finding a good hosting center vs actually mining at your location.

Also keep in mind it is the summer month's in many locations, so add in cooling cost's in there. What type of location are you at as summer is very hard in certain area's. Also I'm assuming no vat/import? Check that as-well as it can kill ROI.

I do not have the knowledge about mining but I think your starting capital was good. Enough to build at least 5 miner I think (that was approximation) and maybe the only thing you should put into is the right altcoin or bitcoin to mine and a good plan to make your project successful.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: Cuidler on July 25, 2016, 11:30:12 AM

Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

- My electricity price is " 0.1$ for each kilowatt "

That is bit higher price for longterm profitable mining. But with Antminer S9 you should be profitable maybe up to end of this year (based on the future difficulty which noone can predict perfectly half year in advance). Then you need to resell the S9 because you wont be profitable forewer with such high electricity price.

I would not recommending it to you though as it is very risky because your looking for small profit only if all goes well (difficulty go up slowly, resell price of S9 still good after many months) and some loss if things go bad, especially resell price of S9 going too low.

He could mine with a S9 for a while and hope to sell it eventually and ROI that way. But it is in no way a sure bet. I would check electricity though and make sure that all taxes and fee's are included in that. As if you get any higher I would advise finding a good hosting center vs actually mining at your location.

Also keep in mind it is the summer month's in many locations, so add in cooling cost's in there. What type of location are you at as summer is very hard in certain area's. Also I'm assuming no vat/import? Check that as-well as it can kill ROI.

Goms

sr. member

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A sure way to make profit with your electricity tariff is to mine a good altcoin and then sell it for bitcoins when you see the btc price is down a bit.

Cuidler

sr. member

Activity: 294

Merit: 250

Quote from: Poiu2010 on July 24, 2016, 07:59:58 PM

- My electricity price is " 0.1$ for each kilowatt "

That is bit higher price for longterm profitable mining. But with Antminer S9 you should be profitable maybe up to end of this year (based on the future difficulty which noone can predict perfectly half year in advance). Then you need to resell the S9 because you wont be profitable forewer with such high electricity price.

I would not recommending it to you though as it is very risky because your looking for small profit only if all goes well (difficulty go up slowly, resell price of S9 still good after many months) and some loss if things go bad, especially resell price of S9 going too low.

Topic: About Starting in mining (Read 2679 times)