Brand New to Bitcoin Mining - Will $600 cut it?

crazyivan

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Quote from: GigaBit on April 18, 2015, 07:14:40 PM

You can go far ways with $600 in mining... considering you have free power.
No free power? Don't expect profit for a few years.

+1

I would go for some PoS coins. It s also mining in essence but you do not need hardware or cheap power. All you need it to buy coins and keep them in your wallet until they mint new coins.
There are several interesting PoS coins, search for highly acrive dev teams and sufficient value.

GigaBit

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You can go far ways with $600 in mining... considering you have free power.
No free power? Don't expect profit for a few years.

xephyr

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Activity: 285

Merit: 250

Quote from: 2PMintheAM on March 21, 2015, 11:52:51 PM

As you can infer by the title, I am a Bitcoin mining noob... but the concept interests me. I've watched many YouTube videos, and attempted to find beginner help, but I'm at a point where I feel like I need to ask specific questions to learn more! (: I'm very interested in learning more.

To keep this short.. I have $600 I can invest entirely to Bitcoin mining at this moment. I currently don't mine, this is the first day I've really taken a look into what mining even is.

So be honest with me, with $600, can I somehow invest in hardware, or a cloud service, or something else, to profit? Is $600 too low to start profiting, should I bank the $600 and build up to maybe.. $2000 before making my initial purchase in hardware?

If $600 will work, and be profitable for me, where do I go now that I have $600? Very new to all this, all I really know is mining with a GPU in my basic desktop PC will only lose me money, it's all about ASIC's (did I mix the letters up? You know what I mean d:).

So Basically:

If you had $600, and never mined before, what would you do? Buy specific hardware, maybe cloud services, or save it because $600 won't do anything.

Thanks!

If you have cheap power you might consider buying one Antminer S5 from Bitmain and mine at home. If not maybe put half into buying bitcoin and holding and half into contracts at Hashnest. The most profitable contract at Hashnest last week was UMISOO with ROI about 18 weeks.

rollingdice

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Activity: 157

Merit: 10

Trade your money into bitcoin, and do some cloud mining.
Currently the only cloud mining I can trust is hashnest. It is operated by Bitmain (the company who made Antminer series hardware).
With current market price, ROI is about ~230 days. Of course you could sell the hashpower back to the market.

ezeminer

legendary

Activity: 2212

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Lie down. Have a cookie

Quote from: alh on March 22, 2015, 10:58:47 PM

If you want to actually do mining, then try out ONE S3, and put some of your other cash into Bitcoin directly (e.g. via coinbase). You can keep your costs under control with S3, and possibly lose less money by lowering it's speed to improve the efficiency (i.e. more GH per watt). If the price of Bitcoin goes up, you just might make a few bucks. You will NOT get rich by doing anything with Bitcoin.

Unless you are good at business, marketing and flipping items for bitcoin Cheesy

Other great ideas:
Gamble away your Bitcoin!
Invest your Bitcoin in some shady sites!
Not research gambles or investments and just throw bitcoins at it.

NOTE: DO NOT DO THIS.

alh

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Activity: 1846

Merit: 1052

If you want to actually do mining, then try out ONE S3, and put some of your other cash into Bitcoin directly (e.g. via coinbase). You can keep your costs under control with S3, and possibly lose less money by lowering it's speed to improve the efficiency (i.e. more GH per watt). If the price of Bitcoin goes up, you just might make a few bucks. You will NOT get rich by doing anything with Bitcoin.

philipma1957

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Quote from: ezeminer on March 22, 2015, 09:53:08 PM

Quote from: notlist3d on March 22, 2015, 03:15:17 PM

Quote from: 2PMintheAM on March 22, 2015, 03:21:20 AM

Quote from: notlist3d on March 22, 2015, 02:40:33 AM

What price is your electricity? It is one big factor in if your make a profit.

Is there a website that will tell me this based on my Zip-Code? I don't mind sharing my Zip, it's 80130.

It should be in your electricity bill. Make sure to add taxes and things they tax on.

I live in the same area, it should be $0.11 per kwh. If you were to keep two s3's on for a month it would run you $50 roughly, based on my bill, and with a platinum power supply.

@ op at 11 cents you will lose money mining a pair of s-3's

I used 11 cents for power
I used 300 usd for 2 s-3's and a good psu---------not easy to do this price
I used 268 for coin price
I used 1000 gh and 800 watts which is pretty much the best you can do with 2 s-3's.

ezeminer

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Activity: 2212

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Lie down. Have a cookie

Quote from: notlist3d on March 22, 2015, 03:15:17 PM

Quote from: 2PMintheAM on March 22, 2015, 03:21:20 AM

Quote from: notlist3d on March 22, 2015, 02:40:33 AM

What price is your electricity? It is one big factor in if your make a profit.

Is there a website that will tell me this based on my Zip-Code? I don't mind sharing my Zip, it's 80130.

It should be in your electricity bill. Make sure to add taxes and things they tax on.

I live in the same area, it should be $0.11 per kwh. If you were to keep two s3's on for a month it would run you $50 roughly, based on my bill, and with a platinum power supply.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: 2PMintheAM on March 22, 2015, 03:21:20 AM

Quote from: notlist3d on March 22, 2015, 02:40:33 AM

What price is your electricity? It is one big factor in if your make a profit.

Is there a website that will tell me this based on my Zip-Code? I don't mind sharing my Zip, it's 80130.

It should be in your electricity bill. Make sure to add taxes and things they tax on.

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: 2PMintheAM on March 22, 2015, 03:21:20 AM

Quote from: notlist3d on March 22, 2015, 02:40:33 AM

What price is your electricity? It is one big factor in if your make a profit.

Is there a website that will tell me this based on my Zip-Code? I don't mind sharing my Zip, it's 80130.

just look at your bills, then knowing that 1 s3 produce 0.0046 btc, you can do the math pretty fast, and see if it is profitable

Unacceptable

legendary

Activity: 2212

Merit: 1001

Quote from: 2PMintheAM on March 22, 2015, 03:21:20 AM

Quote from: notlist3d on March 22, 2015, 02:40:33 AM

What price is your electricity? It is one big factor in if your make a profit.

Is there a website that will tell me this based on my Zip-Code? I don't mind sharing my Zip, it's 80130.

Take your total electric bill & divide by your kwh used,that will give you your cents per kh Wink

Or the other way around,I forget which way gets .0x or .1x Roll Eyes

2PMintheAM

newbie

Activity: 4

Merit: 0

Quote from: notlist3d on March 22, 2015, 02:40:33 AM

What price is your electricity? It is one big factor in if your make a profit.

Is there a website that will tell me this based on my Zip-Code? I don't mind sharing my Zip, it's 80130.

notlist3d

legendary

Activity: 1456

Merit: 1000

What price is your electricity? It is one big factor in if your make a profit.

Unacceptable

legendary

Activity: 2212

Merit: 1001

Quote from: 2PMintheAM on March 22, 2015, 12:20:21 AM

Quote from: Unacceptable on March 22, 2015, 12:08:14 AM

Quote from: 2PMintheAM on March 22, 2015, 12:05:44 AM

Quote from: Unacceptable on March 22, 2015, 12:03:40 AM

I'm picking up used Antminer S3's on ebay,about $125+ shipping.Most can be underclocked later,be sure to ask about the underclocking,I hear some can't be Wink

So how doe sit work if I invest in several of Antminer S3's?

Do I connect it to my desktop somehow?
Does it have an Operating System?

How do I buy one of those, open the box, and start mining bitcoins?

Just need a router with enough ethernet ports & ethernet cables,or a switch.You connect to them via a browser,IE or firefox,by typeing in the IP of the miner on your network.

Each miner you assign a different IP like: 192.168.1.100-150.

Read this Wink

https://bitcointalksearch.org/topic/antminer-s3-discussion-and-support-thread-671189

I appreciate the reply.. really! I understand questions from noobs can sometimes just be painfully annoying, thank you for taking time out of your day to leave me a response d:

I sent you a PM aswell d:

No problem!! Check your PM Grin

2PMintheAM

newbie

Activity: 4

Merit: 0

Quote from: Unacceptable on March 22, 2015, 12:08:14 AM

Quote from: 2PMintheAM on March 22, 2015, 12:05:44 AM

Quote from: Unacceptable on March 22, 2015, 12:03:40 AM

I'm picking up used Antminer S3's on ebay,about $125+ shipping.Most can be underclocked later,be sure to ask about the underclocking,I hear some can't be Wink

So how doe sit work if I invest in several of Antminer S3's?

Do I connect it to my desktop somehow?
Does it have an Operating System?

How do I buy one of those, open the box, and start mining bitcoins?

Just need a router with enough ethernet ports & ethernet cables,or a switch.You connect to them via a browser,IE or firefox,by typeing in the IP of the miner on your network.

Each miner you assign a different IP like: 192.168.1.100-150.

Read this Wink

https://bitcointalksearch.org/topic/antminer-s3-discussion-and-support-thread-671189

I appreciate the reply.. really! I understand questions from noobs can sometimes just be painfully annoying, thank you for taking time out of your day to leave me a response d:

I sent you a PM aswell d:

Unacceptable

legendary

Activity: 2212

Merit: 1001

Quote from: 2PMintheAM on March 22, 2015, 12:05:44 AM

Quote from: Unacceptable on March 22, 2015, 12:03:40 AM

I'm picking up used Antminer S3's on ebay,about $125+ shipping.Most can be underclocked later,be sure to ask about the underclocking,I hear some can't be Wink

So how doe sit work if I invest in several of Antminer S3's?

Do I connect it to my desktop somehow?
Does it have an Operating System?

How do I buy one of those, open the box, and start mining bitcoins?

Just need a router with enough ethernet ports & ethernet cables,or a switch.You connect to them via a browser,IE or firefox,by typeing in the IP of the miner on your network.

Each miner you assign a different IP like: 192.168.1.100-150.

Read this Wink

https://bitcointalksearch.org/topic/antminer-s3-discussion-and-support-thread-671189

2PMintheAM

newbie

Activity: 4

Merit: 0

Quote from: Unacceptable on March 22, 2015, 12:03:40 AM

I'm picking up used Antminer S3's on ebay,about $125+ shipping.Most can be underclocked later,be sure to ask about the underclocking,I hear some can't be Wink

So how doe sit work if I invest in several of Antminer S3's?

Do I connect it to my desktop somehow?
Does it have an Operating System?

How do I buy one of those, open the box, and start mining bitcoins?

Unacceptable

legendary

Activity: 2212

Merit: 1001

I'm picking up used Antminer S3's on ebay,about $125+ shipping.Most can be underclocked later,be sure to ask about the underclocking,I hear some can't be Wink

DO NOT do cloud mining,most if not all,are ponzie type schemes.

Best bet,buy BTC on an exchange & hold Wink

2PMintheAM

newbie

Activity: 4

Merit: 0

As you can infer by the title, I am a Bitcoin mining noob... but the concept interests me. I've watched many YouTube videos, and attempted to find beginner help, but I'm at a point where I feel like I need to ask specific questions to learn more! (: I'm very interested in learning more.

To keep this short.. I have $600 I can invest entirely to Bitcoin mining at this moment. I currently don't mine, this is the first day I've really taken a look into what mining even is.

So be honest with me, with $600, can I somehow invest in hardware, or a cloud service, or something else, to profit? Is $600 too low to start profiting, should I bank the $600 and build up to maybe.. $2000 before making my initial purchase in hardware?

If $600 will work, and be profitable for me, where do I go now that I have $600? Very new to all this, all I really know is mining with a GPU in my basic desktop PC will only lose me money, it's all about ASIC's (did I mix the letters up? You know what I mean d:).

So Basically:

If you had $600, and never mined before, what would you do? Buy specific hardware, maybe cloud services, or save it because $600 won't do anything.

Thanks!

Topic: Brand New to Bitcoin Mining - Will $600 cut it? (Read 2199 times)