Best Miners for newbies - page 2. | Bitcointalksearch.org

jones31

newbie

Activity: 28

Merit: 0

Quote from: mstang83 on December 11, 2013, 06:48:36 PM

Quote from: keeffy on December 10, 2013, 09:47:07 AM

Hey guys, me and some friends are currently pooling a lot of $ to start accuring machines to start mining crypto currencies.
Researching everything is proving a real headache, one forum may say something is great, yet another site will say its a scam. We have already ordered a Neptune, but does anybody know anything about these Xtreme Miners, allegedly they will have 3 machines coming out in jan/feb? 2 of them look faster, cheaper, and use less power than the neptune, does anyone know what is the catch?
https://en.bitcoin.it/wiki/Mining_hardware_comparison
http://www.xtrememiners.net/#!products/cngp
any advice greatly appreciated.

Every hardware maker is coming out with new faster less power consuming equipment. But everything is a pre-order so you have to buy then wait. The hardware companies are using the pre-order money to do research and development. Sometimes they release on time and sometimes there are delays. I suggest sticking with established companies like KnCMiner or Butterfly Labs. http://mentaso.com/ keeps up with new hardware and has a decent review.

Whats did you say there?
Stick with an established company like........BFL? Huh

?

mstang83

full member

Activity: 171

Merit: 100

Quote from: keeffy on December 10, 2013, 09:47:07 AM

Hey guys, me and some friends are currently pooling a lot of $ to start accuring machines to start mining crypto currencies.
Researching everything is proving a real headache, one forum may say something is great, yet another site will say its a scam. We have already ordered a Neptune, but does anybody know anything about these Xtreme Miners, allegedly they will have 3 machines coming out in jan/feb? 2 of them look faster, cheaper, and use less power than the neptune, does anyone know what is the catch?
https://en.bitcoin.it/wiki/Mining_hardware_comparison
http://www.xtrememiners.net/#!products/cngp
any advice greatly appreciated.

Every hardware maker is coming out with new faster less power consuming equipment. But everything is a pre-order so you have to buy then wait. The hardware companies are using the pre-order money to do research and development. Sometimes they release on time and sometimes there are delays. I suggest sticking with established companies like KnCMiner or Butterfly Labs. http://mentaso.com/ keeps up with new hardware and has a decent review.

aeddan1

member

Activity: 91

Merit: 10

Why not do cloud mining? That way you don't have to pay for electricity.

driver

member

Activity: 60

Merit: 10

Quote from: jones31 on December 10, 2013, 11:34:11 AM

Quote from: bitbox on December 10, 2013, 11:24:06 AM

Quote from: lordoliver on December 10, 2013, 11:07:00 AM

The best thing for a newbe is to mine on new currencies.

Agree with you. One can mine some alt-cryptos with low-end CPU, while even using latest GPU for BTC mining can be just a waste of electricity due to BTC difficulty.

And with this , when all people go and mine that coin , the difficulty will rise and you're in the same predicament once more.
Then people will flock to another alt coin , leaving that coin unprotected , and....
Don't forget the cheapest miner on the market is now a botnet.

yes and with the very light penalty imposed for this crime it will run rampant soon enough . I think the company in Ca that got caught for taking over 10 K or so of computers got a simple fine of 325K I think it was as long as he did not do it again in the next ten years . Should have been 20 years at hard labor .

rrebrick

newbie

Activity: 4

Merit: 0

Are you willing to wait for hardware to ship? Many manufacturers are currently taking pre-orders on "next gen" hardware that has yet to be made. This is kind of a sub-gamble because not only are you betting on bitcoins but you'll also be betting on the manufacturer to deliver in a timely manner. If you aren't willing to wait for hardware and want to start mining immediately, then you are left with trying to buy out existing hardware from other miners... at a time when many other people are also trying to do the same thing. Demand is at an all time high for mining equipment; many people who bought mining equipment months ago are able to easily resell their gear at a huge mark-up. Are you willing to risk being left holding the bag when this bubble pops? Is it a bubble? It's fairly safe to assume that bitcoin is not a bubble, but is that so safe to assume for the equipment values? I think the rising difficulty has a large influence on that.

srilhblsfjhnlsfk

newbie

Activity: 14

Merit: 0

I'd double check that good driver exist if you want a GPU. Some of the OpenCL stuff is a pain.

antgrinder

newbie

Activity: 42

Merit: 0

get whatever is in your budget and do some research on what is more profitable to mine with the hardware you get

cunixion

newbie

Activity: 49

Merit: 0

The Neptune looks good at 12k USD now, the only thing is delivery in 4 to 8 months is too long, many things will happen in that time, such as: latest asic chips becoming more energy efficient, current mine technology becoming more mature and less expensive, new makers with good products, known makers not being able to deliver.

With difficulty going up the hosting costs could become a problem, KNC charges 350 USD per month for the Jupiter, the fact that they haven't published energy consumption for the Neptune makes more probable it'll cost more to host it.

odolvlobo

legendary

Activity: 4578

Merit: 3526

Quote from: driver on December 10, 2013, 10:18:18 AM

the " just buy bitcoins " reply seems to be just a way for miners to try and stop more people from getting in and making the difficulty rise faster .
why do you not explain to all of us why " there is no best miner for newbies " Are all the miners out there only able to be plugged in to the wall by an experienced miner ? Is it like driving a truck over the road where you can not get a job doing unless you already have experience doing it ?

In most cases, newbies pay more for mining equipment than the equipment will ever mine. Most newbies buy equipment and start mining without even determining if they are going to make a profit. I have yet to see a newbie miner actually do the math and then ask an experienced miner to verify it.

The appropriate answer to the question, "should I mine bitcoins?" is no. If you post this question in a forum, then you don't have the knowledge or ability to mine profitably.

smith7800

member

Activity: 112

Merit: 10

You should mine some WTF coins. Grin

jamesstill

newbie

Activity: 19

Merit: 0

I agree that a lot of newbies will be best off mining altcoins. I've been mining quarkcoin with a 6 year old cpu and getting about 8 per day. Not a lot, but still. Also, mining worldcoin with my gpu. Selling about half of what I mine for BTC and holding the rest. Some alternate cryptocurrencies have seen gains much bigger than bitcoin.

jones31

newbie

Activity: 28

Merit: 0

Quote from: bitbox on December 10, 2013, 11:24:06 AM

Quote from: lordoliver on December 10, 2013, 11:07:00 AM

The best thing for a newbe is to mine on new currencies.

Agree with you. One can mine some alt-cryptos with low-end CPU, while even using latest GPU for BTC mining can be just a waste of electricity due to BTC difficulty.

And with this , when all people go and mine that coin , the difficulty will rise and you're in the same predicament once more.
Then people will flock to another alt coin , leaving that coin unprotected , and....
Don't forget the cheapest miner on the market is now a botnet.

jones31

newbie

Activity: 28

Merit: 0

Quote from: driver on December 10, 2013, 10:18:18 AM

the " just buy bitcoins " reply seems to be just a way for miners to try and stop more people from getting in and making the difficulty rise faster .
why do you not explain to all of us why " there is no best miner for newbies " Are all the miners out there only able to be plugged in to the wall by an experienced miner ? Is it like driving a truck over the road where you can not get a job doing unless you already have experience doing it ?

When getting a miner you must be lucky , and i mean lucky for thr company not to:
-run away with the money , deliver after 6 months , deliver something that doesn't match the initial specs.
With bitcoins , you must just hope that the price won't go down. In which case , you're gonna be at a lose even if you own a miner.

So it's safer to go with bitcoins , looking on the profile of the current mining hardware manufacturers.

bitbox

member

Activity: 84

Merit: 10

Quote from: lordoliver on December 10, 2013, 11:07:00 AM

The best thing for a newbe is to mine on new currencies.

Agree with you. One can mine some alt-cryptos with low-end CPU, while even using latest GPU for BTC mining can be just a waste of electricity due to BTC difficulty.

Septimus

newbie

Activity: 51

Merit: 0

I think people say to just stick with trading because there is a lot more to mining than there is to trading. In trading, you simply have to keep an eye on the market fluctuations, buying low and selling high. With mining, you have to keep an eye on the market and also speculate difficulty levels, estimate ROI, set up/maintain hardware, and hope the market stays in your favor for trading later on. You're a full time maintenance tech and stock trader once you purchase a rig or two.

Keep this in mind when deciding how quickly you can make the most money in this game.

lordoliver

legendary

Activity: 1666

Merit: 1020

expect(brain).toHaveBeenUsed()

The best thing for a newbe is to mine on new currencies.
With Bitcoin mining its impossible to make money at the moment, unless you have an uncle, which owns a hashing hardware company.

Litecoin mining is still available but will also be harder the next months, i guess. Maybe we have luck and there will be a nice BTC crash, so that LTC is falling as well. Then there will be maybe decreasing the difficulty there.
If that happens I expect LTC to raise again latest on the next BTC hype next year.

Best thing is, to buy yourself a nice computer with nice GPU(s) like R9 290x and mine currencies like NVC, PPC or YAC.

beatcoin007

newbie

Activity: 14

Merit: 0

Not bad but also not good

kolesozw

legendary

Activity: 1316

Merit: 1004

FRX: Ferocious Alpha

Quote from: Alvara80 on December 10, 2013, 10:43:18 AM

In my opinion. Everyone who owns and uses bitcoins, should have a miner running to support the network.

I have to agree, I running two USB block errupters not because these can pay off, but just to support the network a bit.

franz2

hero member

Activity: 518

Merit: 500

Quote from: Alvara80 on December 10, 2013, 10:43:18 AM

In my opinion. Everyone who owns and uses bitcoins, should have a miner running to support the network.

In case you make mining by GPU it has almost no effect for the network. Just wasting of electricity...

Alvara80

newbie

Activity: 9

Merit: 0

I recommend bitminter.com as an easy to use miner and pool to just jump into.

The reason not to mine and spend your money on btc's rather than mining hardware is straightforward. BTC price will in all likely hood only go up from here. With an occasional sell off dropping the price for a few days.
The reason to mine is a philosophical one if your not going to make much doing so. If a single entity gets more then 50% of the hashing power they effectively control the network. So you mining even a tiny bit helps keep that from not happening.

In my opinion. Everyone who owns and uses bitcoins, should have a miner running to support the network.

Topic: Best Miners for newbies - page 2. (Read 1916 times)