Guys im really new to this mining side of bitcoin.. Beginners Help!

chairoverflow

newbie

Activity: 22

Merit: 0

Quote from: odolvlobo on September 26, 2014, 02:15:37 AM

Quote from: NebulaBxtch on September 25, 2014, 10:58:21 PM

if you can take like 2 minutes out your day and just tell me the basics.. how long does it take to break even? how much money you make/lose, profit off like 130 gh/s ?
and just advice if you have any

I can tell you the basics in less than 2 minutes.

1. You want your mining revenue to exceed the total cost of the power and equipment. Otherwise, you will lose money.
2. The amount of bitcoins that a fixed hash rate will mine drops as the difficulty increases.
3. The difficulty will probably rise fast enough so that your power costs will exceed your mining revenue in 9 months, and you will have to stop mining (or buy new equipment).
4. 130 GH/s will probably earn no more than 0.37 BTC if you start mining now. If you pay more than 0.37 BTC for 130 GH/s, you will never break even.

I agree with you. I think if any one could mange electricity in low price, it increase the chance of making profit.

notlist3d

legendary

Activity: 1456

Merit: 1000

It's a lot of individual items. Hard to be same for everyone. Having some spare PSU's and low electricity price will help.

The 100ish ghz is small now in SHA. I would say you need a bit more to really see much profit

M8

newbie

Activity: 57

Merit: 0

Quote from: orsotheysaid on September 28, 2014, 07:38:13 AM

Mining is game over unless you can somehow get really cheap electricity. I have no idea big miner guys are making profits. If they save Bitcoins and it goes to the moon in the future, they'll be rich for sure tho.

IT's not even just about free electriicty, but you've got to invest a lot of money in mining equipment too to get anything decent. I'd leave mining alone.

fathur01

full member

Activity: 700

Merit: 100

Try to look at some threads in the mining section or buy ghs on cex.io

orsotheysaid

full member

Activity: 153

Merit: 100

Mining is game over unless you can somehow get really cheap electricity. I have no idea big miner guys are making profits. If they save Bitcoins and it goes to the moon in the future, they'll be rich for sure tho.

Undefeatable

sr. member

Activity: 286

Merit: 250

Quote from: NebulaBxtch on September 25, 2014, 10:58:21 PM

if you can take like 2 minutes out your day and just tell me the basics.. how long does it take to break even? how much money you make/lose, profit off like 130 gh/s ?
and just advice if you have any

If you are buying mining gear, time to break-even is never... So buy bitcoin directly since its really cheap now.

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: NebulaBxtch on September 25, 2014, 10:58:21 PM

if you can take like 2 minutes out your day and just tell me the basics.. how long does it take to break even? how much money you make/lose, profit off like 130 gh/s ?
and just advice if you have any

It depends on the miner cost, the electricity cost and the future mining difficulty increasing rate.

My advice: Before you buy the miner, please check the profitability yourself with a mining calculator like https://bitcoinwisdom.com/bitcoin/calculator

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: BitCoinDream on September 26, 2014, 10:24:15 AM

Quote from: NebulaBxtch on September 25, 2014, 10:58:21 PM

if you can take like 2 minutes out your day and just tell me the basics.. how long does it take to break even? how much money you make/lose, profit off like 130 gh/s ?
and just advice if you have any

The following 2 sites might help u in calculating Bitcoin Mining Profit...
i. https://alloscomp.com/bitcoin/calculator
ii. http://www.bitcoinx.com/profit/

Do not use either of those calculators. They will give you incorrect results. The first does not account for an increasing difficulty. The second uses misleading default values.

This is a better calculator: https://tradeblock.com/mining/

BitCoinDream

legendary

Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: NebulaBxtch on September 25, 2014, 10:58:21 PM

if you can take like 2 minutes out your day and just tell me the basics.. how long does it take to break even? how much money you make/lose, profit off like 130 gh/s ?
and just advice if you have any

The following 2 sites might help u in calculating Bitcoin Mining Profit...

i. https://alloscomp.com/bitcoin/calculator

ii. http://www.bitcoinx.com/profit/

BeginToMine

full member

Activity: 434

Merit: 101

https://www.payaccept.net/

you need to get free or cheap electricity to earn something.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Quote from: NebulaBxtch on September 25, 2014, 10:58:21 PM

if you can take like 2 minutes out your day and just tell me the basics.. how long does it take to break even? how much money you make/lose, profit off like 130 gh/s ?
and just advice if you have any

I can tell you the basics in less than 2 minutes.

1. You want your mining revenue to exceed the total cost of the power and equipment. Otherwise, you will lose money.
2. The amount of bitcoins that a fixed hash rate will mine drops as the difficulty increases.
3. The difficulty will probably rise fast enough so that your power costs will exceed your mining revenue in 9 months, and you will have to stop mining (or buy new equipment).
4. 130 GH/s will probably earn no more than 0.37 BTC if you start mining now. If you pay more than 0.37 BTC for 130 GH/s, you will never break even.

MichaelBliss

hero member

Activity: 526

Merit: 500

Nobody can tell you for sure since the variables (difficulty and btc price to name two) are unpredictable. Unless you have fairly cheap energy, it's safe to say ROI is not an easy thing to attain. Try googling "bitcoin mining calculator" there are a few tools, try them with various values and you'll have an idea.

NebulaBxtch

member

Activity: 69

Merit: 10

if you can take like 2 minutes out your day and just tell me the basics.. how long does it take to break even? how much money you make/lose, profit off like 130 gh/s ?
and just advice if you have any

Topic: Guys im really new to this mining side of bitcoin.. Beginners Help! (Read 1148 times)