Author

Topic: Beginner miner need advice please (Read 1826 times)

legendary
Activity: 1260
Merit: 1008
April 15, 2015, 03:29:28 PM
#32
don't cloudmine. Get your own miner. Decentralization woot woot.



you mean solo mining(that i find it pointless unless you control something like 1% of the net) because mining in a pool is the same thing as cloud but without the physical HW, so you are still "centralized"


It's going to be very few I would agree who can solo mine.  Mostly asic hardware makers,and a few big operations.

For us hobby miners we really need a pool.  If it was not for pools, most of us would never get an BTC and lose lots of money.

Yeah, my actual advice for a noob might get me booed from the stage, but you can figure it out from my signature. Smiley

Also, you can still find bitcoin pools small enough where you don't feel "centralized". I was on btcdig for a while, but I've moved to one of the solo mining pools. Might as well play the lottery instead of waiting months for a 0.00 whatever payout.

Yea I wont touch you sig.  I think personally BTC price is so low I would go for it.  Monero is a lot more risky.

But on doing a "lottery" how much hash are you throwing twords it?

110 gh/s. Yeah, laughable Smiley
legendary
Activity: 1456
Merit: 1000
April 15, 2015, 03:21:01 PM
#31
don't cloudmine. Get your own miner. Decentralization woot woot.



you mean solo mining(that i find it pointless unless you control something like 1% of the net) because mining in a pool is the same thing as cloud but without the physical HW, so you are still "centralized"


It's going to be very few I would agree who can solo mine.  Mostly asic hardware makers,and a few big operations.

For us hobby miners we really need a pool.  If it was not for pools, most of us would never get an BTC and lose lots of money.

Yeah, my actual advice for a noob might get me booed from the stage, but you can figure it out from my signature. Smiley

Also, you can still find bitcoin pools small enough where you don't feel "centralized". I was on btcdig for a while, but I've moved to one of the solo mining pools. Might as well play the lottery instead of waiting months for a 0.00 whatever payout.

Yea I wont touch you sig.  I think personally BTC price is so low I would go for it.  Monero is a lot more risky.

But on doing a "lottery" how much hash are you throwing twords it?
legendary
Activity: 1260
Merit: 1008
April 15, 2015, 03:03:40 PM
#30
don't cloudmine. Get your own miner. Decentralization woot woot.



you mean solo mining(that i find it pointless unless you control something like 1% of the net) because mining in a pool is the same thing as cloud but without the physical HW, so you are still "centralized"


It's going to be very few I would agree who can solo mine.  Mostly asic hardware makers,and a few big operations.

For us hobby miners we really need a pool.  If it was not for pools, most of us would never get an BTC and lose lots of money.

Yeah, my actual advice for a noob might get me booed from the stage, but you can figure it out from my signature. Smiley

Also, you can still find bitcoin pools small enough where you don't feel "centralized". I was on btcdig for a while, but I've moved to one of the solo mining pools. Might as well play the lottery instead of waiting months for a 0.00 whatever payout.
legendary
Activity: 1456
Merit: 1000
April 15, 2015, 02:26:36 PM
#29
don't cloudmine. Get your own miner. Decentralization woot woot.



you mean solo mining(that i find it pointless unless you control something like 1% of the net) because mining in a pool is the same thing as cloud but without the physical HW, so you are still "centralized"


It's going to be very few I would agree who can solo mine.  Mostly asic hardware makers,and a few big operations.

For us hobby miners we really need a pool.  If it was not for pools, most of us would never get an BTC and lose lots of money.
legendary
Activity: 3248
Merit: 1070
April 15, 2015, 02:13:17 PM
#28
don't cloudmine. Get your own miner. Decentralization woot woot.



you mean solo mining(that i find it pointless unless you control something like 1% of the net) because mining in a pool is the same thing as cloud but without the physical HW, so you are still "centralized"
legendary
Activity: 1260
Merit: 1008
April 15, 2015, 12:05:10 PM
#27
don't cloudmine. Get your own miner. Decentralization woot woot.

legendary
Activity: 1456
Merit: 1000
April 15, 2015, 11:50:11 AM
#26
I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.

The best option one has right now is www.CloudMining.website which is verified by third party to deliver ROI within 114 days...



Source: http://www.cmmonitor.com/24-cloudmining-website.html

They provide payment proof of last five month as well: www.cloudmining.website/payments.php

Can you show some proof of the 3rd party.   I just find it hard to believe a legit site would guarantee it within a certain amount of days.   So much could happen it seems like a promise they cant guarantee.

I have magnified the 3rd party proof in my quote.

If you add up the price you get 1T for 1 BTC.  And it does not mention electricity, or fees.  They show the length is a year long.

1T for 1BTC with no fees or electricity is ponzi/scam level payment.  No one can run this cheap.
hero member
Activity: 616
Merit: 500
I AM A SCAMMER
April 15, 2015, 04:29:37 AM
#25
I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.

The best option one has right now is www.CloudMining.website which is verified by third party to deliver ROI within 114 days...



Source: http://www.cmmonitor.com/24-cloudmining-website.html

They provide payment proof of last five month as well: www.cloudmining.website/payments.php

Can you show some proof of the 3rd party.   I just find it hard to believe a legit site would guarantee it within a certain amount of days.   So much could happen it seems like a promise they cant guarantee.

I have magnified the 3rd party proof in my quote.
legendary
Activity: 1456
Merit: 1000
April 14, 2015, 10:31:11 AM
#24
You take the $6k, and hold it in cash. Put it into a money market account or something similar that has a established a 1% yield, then come back with the profit to buy bitcoin.

You never want to spend a huge principal just for a gamble, hoping to go up cause what if it doesnt? can you read the future? despite the bitcoin events etc.


What bank offers a annual yield at 1%?

It definitely is not my savings account I know that.  I think there are some legit web banks that offer higher savings accounts though.

And always make sure you pick one that is FDIC insured.   That is VERY important.
newbie
Activity: 7
Merit: 0
April 14, 2015, 06:07:00 AM
#23
You take the $6k, and hold it in cash. Put it into a money market account or something similar that has a established a 1% yield, then come back with the profit to buy bitcoin.

You never want to spend a huge principal just for a gamble, hoping to go up cause what if it doesnt? can you read the future? despite the bitcoin events etc.


What bank offers a annual yield at 1%?
legendary
Activity: 1022
Merit: 1010
April 14, 2015, 12:24:04 AM
#22
You also can leave your setup in place, all your PSUs PDUs, etc - and just swap out the boxes.

This is really good advice.  It really cut's down on cost of new miners when you have PSU especially.  

Also makes it easy to put in new gear.

Its what we did. Honestly- for a new setup; Time really needs to be considered as well. Time is money. And it will take more time than one thinks getting a farm or even simple setup up and running.

Once the basic infrastucture is in place; the boxes them selves are pretty much plug and play. But the CAT5, Power Considerations, Heat Exhaust/Cooling Considerations, Noise, PSUs, PSU Cables; Shelving; Your Proxy Server (which you really should run - not running your own Stratum Proxy Server is cutting yourself short); all of that, takes so much time.

So timing your ins and outs of hardware - even if it means there are periods of vacancy... is very important.  Treat it as a house you rent. Factor 10% Vacancy - where you are out of the old and waiting on the new. It will improve your ROI considerably.

Strato
legendary
Activity: 1456
Merit: 1000
April 14, 2015, 12:08:30 AM
#21
You also can leave your setup in place, all your PSUs PDUs, etc - and just swap out the boxes.

This is really good advice.  It really cut's down on cost of new miners when you have PSU especially.   

Also makes it easy to put in new gear.
legendary
Activity: 1022
Merit: 1010
April 13, 2015, 11:53:41 PM
#20
I would recommend hardware. If you time your purchase / and sale of your equipment (always staying current generation; selling off current gen at the right time) - ROI is certainly possible.

You also can leave your setup in place, all your PSUs PDUs, etc - and just swap out the boxes.

Keep the original packaging.

Miners are pretty easy to sell. As for what I would buy now if I was in the mining game (currently out for a while) - I'd grab some S5s. I just sold my 24 units - they were great.

Strato
legendary
Activity: 1456
Merit: 1000
April 13, 2015, 11:12:03 PM
#19
I normally would say mine and get miners.

But with BTC so low I would slowly start buying a little BTC practice cold storage.  Wait till it goes up some then buy the miners with btc after the price rises again.
legendary
Activity: 1456
Merit: 1002
April 13, 2015, 10:43:18 PM
#18
You take the $6k, and hold it in cash. Put it into a money market account or something similar that has a established a 1% yield, then come back with the profit to buy bitcoin.

You never want to spend a huge principal just for a gamble, hoping to go up cause what if it doesnt? can you read the future? despite the bitcoin events etc.
legendary
Activity: 1456
Merit: 1000
April 13, 2015, 04:08:24 PM
#17
If I had the money I would like to set up a solar panel rig.

solar pannels need a very long time to roi, they need maintanance too and they have cost, they aren't free like many think

I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.

You can buy from this guy in China.  buy 1 to start


https://bitcointalksearch.org/topic/lee-group1980-the-sales-of-first-batch-hosted-antminer-s7psu-included-934581

https://bitcointalksearch.org/topic/m.10789950

that's interisting, since i'm interested as well at some cloud mining with a relatively big investement

I would go with Mr. Lee all day verse a cloud mining service.   

It meats the requirement for me of owning the hardware.  I really think hosting is much better then cloud mining.
sr. member
Activity: 756
Merit: 250
Infleum
April 13, 2015, 03:52:36 PM
#16
The guy said he has $6k and you're already trying to drag him into cloud mining. Maybe before he decides somebody should show him the list of cloud offers that went bankrupt in the last 12 months or turned out to be scams. Even the ones like PB that was running for a year without problems was a scam.
legendary
Activity: 1456
Merit: 1000
April 13, 2015, 02:05:49 PM
#15
I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.

The best option one has right now is www.CloudMining.website which is verified by third party to deliver ROI within 114 days...



Source: http://www.cmmonitor.com/24-cloudmining-website.html

They provide payment proof of last five month as well: www.cloudmining.website/payments.php

Can you show some proof of the 3rd party.   I just find it hard to believe a legit site would guarantee it within a certain amount of days.   So much could happen it seems like a promise they cant guarantee.
hero member
Activity: 616
Merit: 500
I AM A SCAMMER
April 13, 2015, 01:52:35 PM
#14
I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.

The best option one has right now is www.CloudMining.website which is verified by third party to deliver ROI within 114 days...



Source: http://www.cmmonitor.com/24-cloudmining-website.html

They provide payment proof of last five month as well: www.cloudmining.website/payments.php
newbie
Activity: 7
Merit: 0
April 13, 2015, 01:47:47 PM
#13
Hmmm very interesting I might check this guy out for hosting.
legendary
Activity: 3248
Merit: 1070
April 13, 2015, 01:28:14 PM
#12
If I had the money I would like to set up a solar panel rig.

solar pannels need a very long time to roi, they need maintanance too and they have cost, they aren't free like many think

I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.

You can buy from this guy in China.  buy 1 to start


https://bitcointalksearch.org/topic/lee-group1980-the-sales-of-first-batch-hosted-antminer-s7psu-included-934581

https://bitcointalksearch.org/topic/m.10789950

that's interisting, since i'm interested as well at some cloud mining with a relatively big investement
legendary
Activity: 4326
Merit: 8950
'The right to privacy matters'
April 13, 2015, 01:26:07 PM
#11
I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.

You can buy from this guy in China.  buy 1 to start


https://bitcointalksearch.org/topic/lee-group1980-the-sales-of-first-batch-hosted-antminer-s7psu-included-934581


he has been pretty honest guy for more then 1 year (1 year is very long in the world of  crypto-coins)


at the end of the thread there are a few selling the gear.


https://bitcointalksearch.org/topic/m.11043565

I had 4 and sold them off.

https://bitcointalksearch.org/topic/m.10789950
newbie
Activity: 7
Merit: 0
April 13, 2015, 01:08:44 PM
#10
Well I got ASIC Block Erupter just to start off and work my way up.
legendary
Activity: 1456
Merit: 1000
April 13, 2015, 01:05:12 PM
#9
If I had the money I would like to set up a solar panel rig.

The thing is cheap electricity beats solar.   To pay off solar is going to take a while.  It's not a short time period ROI item.

So as far as mining your better off with cheap electricity, unless you are really really long term.
newbie
Activity: 7
Merit: 0
April 13, 2015, 12:46:06 PM
#8
If I had the money I would like to set up a solar panel rig.
legendary
Activity: 1344
Merit: 1024
Mine at Jonny's Pool
April 13, 2015, 12:27:29 PM
#7
Spondoolies partners with Genesis Mining, so there's at least known hardware there.  Their prices are a bit higher than others, though.
HashNest/Umisoo are Bitmain.  Like SP-Tech, you know there's actual hardware behind the cloud.

Purchasing your own hardware and having it hosted in a professional datacenter is an option as well.  You buy the hardware and have it shipped to the datacenter.  They usually charge you based upon a rate of electricity consumption (i.e. something like $90/kWh/month - I made that number up, each provider has their own rates).

Do some looking around and see what appeals to you the most.  As has been mentioned, be very careful with cloud mining operations that seem too good to be true, because chances are exceptionally good that they are Smiley.
newbie
Activity: 7
Merit: 0
April 13, 2015, 11:33:03 AM
#6
I understand the risk and the possibilities but due to me being busy at work it would be harder for me to maintain the hardware causing me to lose out money if something goes wrong and has anyone heard of Genesis Mining?
legendary
Activity: 1456
Merit: 1000
April 13, 2015, 11:08:46 AM
#5
Ok this is very useful and I just might go with cloud mining considering electric cost/maintenance. how much hash power would be needed to start out? since I would like to take the advice of starting low.

Cloud mining is risky.  Only one I have done is hashnest (just a small amount).  Be very careful with cloud mining as a lot are ponzi, or just shutdown one day and run with money.

I could be jaded but I personally like hardware and get it hosted compared to cloud option.
newbie
Activity: 7
Merit: 0
April 13, 2015, 10:55:11 AM
#4
Ok this is very useful and I just might go with cloud mining considering electric cost/maintenance. how much hash power would be needed to start out? since I would like to take the advice of starting low.
legendary
Activity: 1456
Merit: 1000
April 13, 2015, 10:35:08 AM
#3
I personally like to by hardware, but summer is coming so you need to be prepared for heat.  What is your electricity price? We can tell a lot with this.

Also my advice on buying or mining, is start slow and build up.   Don't throw all your money at once to one thing.
legendary
Activity: 3248
Merit: 1070
April 13, 2015, 10:29:27 AM
#2
with cloud mining roi is 5 months, best one are now bit-x and hashnest because you can resell your power(don't know about hashnest), the only problem is that there is no enough volume for 6500 to be invested

with physical HW you need to buy s5 antimer, the on the market right now, or wait for the new model with a 1.45 more in efficiency(s6 and s7)

their are both equivalent, the main difference is the electricity cost for physical HW and its maintenance
newbie
Activity: 7
Merit: 0
April 13, 2015, 09:55:06 AM
#1
I wanted to know if investing in cloud mining at about 15th would be profitable in a year's time? or if not what hardware could I use as far as efficiency with lots of hashing power to start mining i'm estimating using maybe $6,500 if I were to buy hardware or go with cloud mining. Thanks for reading and all replies are welcome.
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