Topic: Getting Started with small Budget (Read 1553 times)

I agree, your best bet is to purchase $100 worth of bitcoin or look into mining some altcoins and then exchange them for bitcoins, it is just too difficult right now to mine bitcoin at that level.

If you start today with a laptop, it would not make sense to do GPU mining.
You will end up crashing your GPU.

Try to get your hands on a Antminer S3  + a cheap PSU for it.

Is that mexican pesos? 0.61 would be 0.04$~/kWh but the site is confusion and hint to other charges. So it could be more. If you have 0.04~/kWh then you'll have problem ROI a S3 as you would have a good electricity rate, but not that good.

You should probably call and ask them to explain. But note that the cost raise with consumption, so if you get a couples of S3, you would pay nearly double the kWh at which point you would be running these at loss.

I am little slow in Mathematics. So please check the link given given below:
Category: Domestic Consumer
http://www.qesco.com.pk/htmls/tariffs.html
And suggest me, it will be profitable for me to run S3. And one thing I forget to mention, I live in a region, great source of solar energy for my country (hot region).

Um, no, you can't.

If you do have electricity that cheap, then a cheap ASIC is still the way to go. You still haven't said what your electricity rate is, did you?

What king of GPU? mean dedicated graphics cards in laptops? or I have also seen people running linux on Play Station 4 for mining? So how i could get my hand dirty with GPU? in which way, which kind?

maybe in the past, this is not true anymore, even the best one is on par with bitcoin, the only good thing about mining them is the fact that you can use your gpu, and be profitable like with an asic in bitcoin

Mining is costly these days, it requires a lot of investment to make something and even then it is not sure that you'd make ROI, why don't you buy $100 worth of Bitcoins instead and try day trading them to make some profit. Or just hodl them and wait for the price to go more up.

But if you just want to do this as an experience then you can give it a shot. Maybe you'll be able to mine some altcoins and make something if they go up miraculously.

DO NOT mine with laptop or something under 40 Ghs. An Antminer U2 is an ok start with ALTCOINS to get your feet wet

if you insist on mining. I wouldn't mine Btc with it tho. Mine the altcoin and turn it in at an exchange to sell what you mined.

At worst, there are little odd jobs you could do and earn a hundred a month or two, like shoveling sidewalks and general

yardwork. Thid depends where you live. That is one idea.

Do you want to mine Bitcoin or altcoin? I suggest you to mine altcoins because there is more possibilities that you can earn profit from it.

I second this.  I'm no expert on mining, but from all that I've read it's now a game only for the big boys.  You would be so much better off if you just buy $100 worth of bitcoin and take the suggestion I quoted here and look into ways of earning btc.  The days of solo miners are long gone I think, but good luck to you whatever you do.

With a single laptop I don't think you can earn a lot from that. I bet you can earn more in buying and selling digital goods in the Marketplace section.

Mining nowadays is not as profitable as before. You have to take into consideration the cost of electricity, manpower and location (rent/lease). The cost of electricity alone will take a way a lot of potential earnings from your pocket unless you can use renewable electricity such as solar or have your own run off river type electricity.

ok in short
to get 25 bitcoins you need 750petahash(~200million avalon nano's)
so
750,000,000 gigahash=25btc
375,000,000 gigahash=12.5 (halved for easy maths comparison to 100million the avaon nano's
37,500,000 gigahash=1.25 (for 10million nano's)
3,750,000 gigahash=0.125 (for 1 million nano's)
375,000 gigahash=0.0125
37,500 gigahash=0.00125
3,750 gigahash=0.000125
375 gigahash=0.0000125
37.5 gigahash=0.00000125
3.75 gigahash=0.00000012 (one avalon nano is 12satoshi per block)

=0.00001728 per single avalon nano per day
=0.00012096 per single avalon nano per week = (~$0.05c per week)

remember after 2 weeks the difficulty jumps so expect less then 5 cents a week after 2 weeks EG 4cents

meaning
2x5c
2x4c
2x3c

in 6 weeks you have made....... drum roll........ 12cents

so now you know its not worth buying a nano for bitcoin mining, maybe worth trying it on a crappy pump and dump altcoin that has less competition.. then atleast you will not be fighting the equivalent to 200million times your size

as for antminer s3
=0.00001467 per block
=0.00211248 per day ($0.93cents)
=0.01478736 per week ($6.54cents)

but remember difficulty will make the reward smaller every 2 weeks
estimated
2x$6.54
2x$6.00
2x$5.50

after 6 weeks you have mad... drum roll.... $18.04
as for electric
average price per kwh is 12c
an antminer s3 is sucking up 4c an hour
=$0.96c a day
=$6.72 a week

what you dont realise is that while antminer is selling the s3 to consumers for $300. they are making it for less than $80
so when you buy an antminer.. they deliver you 1 and thy keep 3
which means no upfront cost from them as you gave them 3 free units..
and now you know why the chinese are taking over the mining race and selling units that will never break even.. to kill off their competition while that same competition is funding their free equipment

Its a bit more, 355 watts at decent efficiency. But thats not the point, even if its not much, it would still cost money to run. If the electricity you're using is at 0.1$/kWh, then you would not generate any profit at all, therefore simply buying BTC is much better.

If your electricity is truly free, then it is going to take 4 months to generate the BTC you could outright buy with the 100$. Also finding a PSU AND S3 for 100$ is going to be hard.

100$ minig hardware is nowhere near lucrative as buying 100$ worth of Bitcoins. An antminer s3 will cost you at rhe rate of approx 0.77W/GH. You could multiply that with the cost of electricity in your area. Would recommend buying Bitcoins instead of mining hardware

@VirosaGITS How much electricity PSU for S3 will consume, if equal to a simple desktop computer than nearly no issue. and as compared to buying bitcoin of $100 which option would be best for me?

You'd never get anywhere near returning the cost of a USB miner, let alone actually make any dollars. You're a few years too late. There might be some other coins you could mine but I wouldn't know what they are.

If your electricity is near free, try to get a single S3, but you will need a PSU. Otherwise maybe Two S1. If your electricity is not near free, then no mining for you.

True, you are not going to get far with 100.00 and mining.  Little late to the party on that.  Why not simply buy 100.00 worth of Bitcoin and build from there?  You can look into faucets and signature campaigns.

You aren't going to be able to mine very much with a laptop, and in order to make anything substantial with mining you need to have very very cheap electricity and around $1000 to get mining equipment. Instead of trying to mine with only $100, I think it would be much more effective to use that $100 and buy some Bitcoin. Then you could try your hand at trading to increase that or just hold onto it and do some other work to earn Bitcoin.

Hello guys

What I know, getting started with Bitcoin is difficult, specially with small budget. I have maximum $100 to buy mining hardware. I searched, i found many options like Avalon Nano 3 etc.. But i am not sure in 2016 this will be enough for mining. I would appreciate if you could explain how i could setup mining environment with one i3 laptop + $100 money. I would prefer USB type mining hardware  .