Topic: Before i start mining (Read 1894 times)

My biggest suggestion is do some ROI math.  Find out what your electricity price is with taxes and such.  If you know this posting it on forum we can give you a idea if mining is good idea or bad.  And ofcourse double check it yourself on a good ROI calculator. My second question is does your country have a vat.   Some of Europes vats are very high.

And those do not mean you cannot mine even if they are horrible.  Just means I would look into data centers.  A data center if you have high vat or electricity can make it much cheaper to mine.

Has that checklist been posted somewhere on the forum?

Hi! We are glad to assist you on getting started with mining. We can provide you a checklist of what are the equipment you may need and at the same time we can provide you quotation of our best offer.

Now adding this movie to the 'to watch list' haha. Massive Pats fan from downunder!

I view passing as a valid investment strategy as far is someone want's to hold BTC vs say mining.   I don't view valid the people who always say " wait a moth or two till the next price drop/new model", in my eyes a lot of these are just talk.  They always say they are waiting on next gen and never pull the trigger on a sell.

The two current ones are S7 and Avalon 6.   OP should do some ROI math before any investment.  And never invest more then he is able to lose.

Really it comes down to you either buy some S7s now, or wait a moth or two till the next price drop/new model. If your going to buy now, do it. If not, wait.

Or you just pass on mining all together.

"Now pick up your skirt, grab your balls, and lets make some money" "Your gonna pass? The only people I see making money passing are NFL quaterbacks and I don't see a number on your back" -From the movie Boiler Room, one of my favorite.

That calculator is not good for anything except current difficulty period. DO not use it for a years income... it's not made for it.

Use one like: https://bitcoinwisdom.com/bitcoin/calculator  But right now we really don't know on a lot it's been much higher then we have been use to.  We just got a 10+ change... that is huge.

So time will tell more, but right now appears a lot of new miners going up.

There is currently a lot of debate around the future difficulty and the block halving which is taking place in July (block reward is changing from 25 to 12.5) so people are unsure about the real returns in a years time. Check that you calculator takes these things into account somehow! I am not too familiar with calculators yet so I'll leave that to someone else to discuss.

In regards to electricity prices if you have a business you can always get cheaper electricity from your retailer. I just remembered this tbh! I'm going to start my own sole trader business to get cheaper electricity at home.

The thing is just be smart and realistic about it, try and get as much info as you possibly can! Then make an informed decision my friend!

1) It's not winning, it's earning and comes at a cost.

2) That calculator does not include electricity costs or which way the exchange price can go (and its affect on monthly electricity costs)

3) That calculator does not incorporate Difficulty changes, which happen every ~14 days.

So i see to many people say start and some say about electricity for this i said i have reseloved problem but why to dont start to win ? were is problem i dont understand if i calculate with link with that person who publish link with 35 TH/s it cost 13,900$ and i made an calculate on this page

https://alloscomp.com/bitcoin/calculator

with 35 / TH/s per month with this calculate i win $2621.96 and for one year it will be 31,452 $ and if this site is correct and problem with electricity is not problem for me also temperature about this why to dont start mining can someone give to me a good reason why to dont start ?? or my calculates are wrong ?

The one problem with mining these days is the diff increase coming. There are a few batches of S7 units that are yet to ship and nobody knows how many Bitmain made or are keeping to mine with. If this keeps up I can see 100B diff in Jan 150B diff by Mar. This will cut current profits in half. If you have dirt cheap electricity then I'd say go for it, but be prepared to loose money. If the diff stabilizes after this round of batches go online than you might ROI in 6-12 months and still have the gear and PSU which will be worth something.

If you don't have anything else to invest your money in and you were just going to sit on it than go ahead and take the risk. But only do it if you have dirt cheap power. That's the main factor that will decide if your even going to stand a chance. And by dirt cheap I mean $0.06 per Kwh or less.

If you want to take part in making someone else rich, start mining.
If you want to pay an exorbitant amount of money for used hardware start mining.

If you do not want to do those things do not start mining.

We are looking at the first double digit diff. increase in a year and with what we know the hardware guys are up to you are probably looking at a difficulty of over 100 billion in January.  If you calculate ROI based on that there is no miner you can buy that will ever break even.

Well I see that people say don't start mining because is waste of money. But I think up to you if you want some experience mining.
But I am kinda agreeing with them, because a good miner is expensive and plus tha electricity. In my condition I can't afford mining.

Look at your electric cost, THEN consider getting into mining.

 NOTHING currently available for Bitcoin mining has a reasonable chance of achieving RoI prior to the block reward halfing in July unless your electric rate is LOW (5c/KWH or under for a fair chance, 3c/KWH or under for a GOOD chance).

 My rate most of the year works out to appx. 7.5c/KWH (with Time of Day rate and a tier structure that drops my "base rate" quite a bit after the first several hundred KWH consumed), which is quite a bit lower than most of the US and a lot of the world, and my calculations keep comming up with ANY CURRENT MINER WILL NEVER MAKE BACK IT'S COST at my electric rate.


 If you have VERY VERY cheap electric, you can still buy some of the used miners out there or ANY of the new ones, and have a chance to make money with them.
 Note that the "If" in that statement should be in letters about 10 Meters tall.



 Like any investment, do your due dilligance before deciding to get into it. Mining CAN in fact be profitable if the conditions are correct.



 No, you don't need a fast net connection - reliable is a LOT more important. I've mined on both a 3G Cell connection (poor bandwidth, so-so latency) and on an Exede connection (good bandwidth most of the time, BAD latency, so-so reliability) and they both get the job done when they're up.



 With the number you plan to buy, going direct to BlockC would make more sense, as you meet their Minimum Order Quantity (MOQ) and would end up saving a fair bit of money.

i think mining is only for etilist and that's it, it's not casual anymor,e but it's not always not-profitable, it simply depend on your zone

but for those with not good electricity there are cloud, or there is always the opportunity to do "trading" with mining, by selling and buying again new asic

Yes, mining is a waste of money.  Online gambling is where the real profits are, looking at your recent trust, right?

And a few things:

1) Those in northern climates don't mind the heat, especially this time of year

2) Selling miners is advisable to maximize profit at some point of owning hardware.  Suckers were not invented over night nor will they disappear, everyone makes decisions for themselves given their own circumstances (maybe these "suckers" have free electricity themselves, justifying high re-sale value?)

3) Mining may not be for everyone, but to assume it's for nobody is a little dramatic.

I seriously can't wait to set up my mining room when I get back to NZ in Jan! It's going to be soo much fun haha

yeah i am pretty much in geek Heaven mining getting back a few bucks and playing with gear.  tweak i must.

Not everyone has the same experience. I have been mining over a year now, and have made profit and expanded mining operations.  IT has been fun, profitable, and a great hobby.

Well if you are only focused on ROI sure BTC isn't a get rich quick scheme.

I'm getting involved because it is the most geek fun I've had in years and am learning a shit tonne about different things. I love learning and want to back BTC into the future that's why I'm here.

This is not really a fair impression of mining.   I have done well with mining, you just have to have the right things in place.  It's no one size fit all.

If you have cheap electricity and no vat, there is a chance.  ROI is in no way guaranteed.  I personally love it and have had good luck.   I do have a mining area so the heat and sound is not a issue.

Can I ask what is last miner you actually mined with?  Curious as to how current.

Both of you guys I have advice for:

DO NOT GET INTO MINING.

It's a waste of god damn money and electricity at this point. Do not be fooled by the guise of money printers.
Mining sucks. I used to mine before the ASIC came into play as well as afterwards with the S1 miners.

Needless to say you will likely never break even unless you either have free electricity or you manage to mine with them for a bit and sell them to some sucker here on the forums for some ridiculious overprice..

I know mining seems like a good idea on paper.. Its not. Its's shitty, hot, loud and basically fruitless. These I learned first hand.

Hey Mate,

I'm a newbie as well and have been looking at Avalon 6s actually really favorably to the s7 as a home hobby miner.

if you are looking at 10 i would contact blocc.co directly they are the world wide distributor and have probably supplied zoomhash. Reason being that they sell a 10 pack at a much cheaper rate - http://www.blockc.co/collections/bitcoin-miners-shop-avalon-blockc-co/products/avalon6-bitcoin-miner

10 for 13,900 and they will throw in the RPi controller for free (zoomhash charge $75 i think)

You will only need one RPi controller for all 10 A6's

You will need PSUs for all your rigs which could be expensive - BlocC has PSUs they can sell you just ask the sales staff (the rate imo is good!) BUT I would wait for the guys on this thread to test the undervolted PSUs if you are considering running these ever at a lower hashrate but higher effency - https://bitcointalksearch.org/topic/review-avalon-6-miner-winter-mining-notlist3d-also-faq-and-help-1257327

I'm waiting on these guys atm! They seem like good people who know their shit and have taught me a bunch in the last couple weeks.

For pools I would go with Kano's pool https://bitcointalksearch.org/topic/kanopool-kanois-lowest-09-fee-since-2014-worldwide-2432-blocks-789369

Pools is a massive debate in itself but read this topic to get an idea of the 'behind the scenes' dealings between pools and the debate about what's good for the BTC network - https://bitcointalksearch.org/topic/empty-blocks-1085800

This topic convinced me to never mine on Eligius or the bigger PPS pools like Antpool and Discus Fish (And I feel dirty for giving them my hash now)

But if you are just after the BTC and making ROI asap you may have different priorities in choosing a pool.

BTC mining from my knowledge doesn't really require a fast internet connection but a reliable one so you should be sweet!

hope this helps! super jealous of your 10 units!

Hi everyone

First i want to know this forum is amazing and second thing is i have some question before i start mining.

So im new here and i had just listen and see tutorials and see people who write on their blogs about mining also i have read to much about mining so before i start mining first i want to buy 10 Avalon 6  which are 3.5THs i think for me is good start but before i buy i wish to know some question from you

so i get this link to buy avalon 6

http://zoomhash.com/collections/bitcoin-asics/products/avalon-6-3-65-ths-shipping-from-stock-in-us

i think they are good with this,  also i need to know what kind of other things need to buy to complete everythink from parts  but i need to know how to i connect 10 avalon 6 with one computer or on same place to start mining cuz i want like everyone want to take all bitcoins on one place so first of this i wish to know which website you recomande for me to register on it and to connect with my avalon's and start mining also what kind of speed of internet need for electricity and for temperature i dont have problem i have reseloved this i hope someone to help me about this thank you very much.