Topic: guidance needed Thanks! (Read 986 times)

Agree that mining profitability should be calculated in bitcoin rather than USD, as it would tell you whether you would be better off buying bitcoin directly.

I have access to about 20KW of free power.  I was running only 5 BFL singles until 4 weeks ago when I shut them off.  I don't live in the place where I have the free power so the heat doesn't even bother me. I have been mining since 2011.

If an old miner like me can't see a profit in buying ASIC hardware and running it on free electricity then how can anybody else who has to pay for electricity.  With the exception of people using electrical heating systems almost every miner is projected to be a losing proposition.  If you're waiting on BTC to go up in price, why even get involved with mining in the first place?

One could do it for economic reasons, if he has access to cheap electricity. And more so if the miner also replaces a space heater
But of course, to profit from this, Bitcoin's price would have to go up considerably and hodling is necessary.

Before you jump onto the mining train, please consider this advice from a veteran miner:
https://bitcointalksearch.org/topic/m.7514953

Basically do it for fun, for stealthiness (which you won't get unless you plop down at least $500K), or to help support the network at your pocket's expense.  Don't do it for economic reasons.

To be honest, I don't think it is a good idea to buy new bitcoin ASICs, as it will be unlikely for you to get your investment back after considering the uprising difficulty.

Maybe you should ask questions about mining here...
https://bitcointalk.org/index.php?board=14.0

or here
http://www.reddit.com/r/bitcoinmining

Hello guru's!

I'm new to mining but I have been introduced to bitcoin a long time now. Now, me and my buddies agreed to pool our funds then start mining. We are willing to invest probably around $15,000 ++. Initially, I was looking at Cointerra 1.6th/s but stumbled upon the Knc neptune miner but it seems Knc has issues. Finally, I saw the Spoondoolies sp30 rated at 6TH/S at around 2500watts.  I'm open to suggestions if any...I'm just new so please bear with me.


To get us started would it be worth it to invest in 3 SP30's? We already have an existing location we could use. Our electricity rate here is around 0.126 US $ , and we use 220v current. Would there be an issue if we draw power straight from the wall? What else do I need to get us started? Do I need avr's? high speed internet? Are the SP30's standalone rigs? Do I need a constant laptop connected? What laptops could you recommend? Server racks? 

Since this will be shared mining how do we settle splitting the mined coins fairly? there are 3 of us. Also, I have $5000 to spare on top of that so I was thinking of getting another sp30 to be setup at home or should I just include in our setup that'll make it a total of 4 units. But How do we go about splitting coins and expenses?

Please let me know your thoughts regarding this. Again, I do apologize for my lack of knowledge since I'm fairly new to mining.
I'm open to suggestions.Thanks everyone!