Topic: Hello world, newbie here (Read 585 times)

HELLO FELLOW NOOB!!! 

I took the plunge just about a month ago.  Started by testing the waters with buying mining contracts for 24hours from Ebay.  Expensive way to mine, but it got me started and I learned the ropes about bitcoin and how it all functions.  Pool setup, wallet setup, exchange setup, etc etc........

Now I understand the basics so I bought some mining gear that will be here this week.  From what I read and researched from the difficulty in mining going up.......I'm just trying to break even on all the gear I just got.  After that, it's all gravy and I got equipment that is paid in full.  There are several bitcoin mining calculators that can help give you an idea on what kind of money you can make from mining.

I am actually moving more into litecoins(LTC) since the difficulty is lower. Plus....asic mining hasn't spoiled the difficulty yet (not yet anyways, that I know of) with having these super powerful mining chips that are out now for ASIC mining.  Seems like to even be worthwhile mining bitcoin, you now have to spend quite a bit on gear that seems to get outdated in a very short time span.

Good luck on your mining ventures!!!

$$Happy Mining$$

Tried to only quote my fellow newb. Accidently got both quotes.

I am also new to the forum and had the same questions about mining. Perhaps relating my experience will help you out.

Set up a wallet over a year ago, nibbled at some faucets then drifted away.
Around Sept-Oct last year I noticed some USB ASIC .333 miners on amazon for $10-$25. Reading the amazon comments and more in depth stuff here on the forum the usual 'never make money back' nearly scared me away. But I got a USB hub, cooling fan and nine of them for under $200. With the rise of btc I have easily made my money back. Mining was simple with bitminter, had them going the day I received them.

Doing even more research I debated getting a Saturn or Jupiter. After deciding to go for it, they were sold out. So for the past few months I have been kicking myself for not purchasing it. If some of the retroactive calculators are true, I have missed out on over 50 btc the Jupiter would have yielded. With no KNC products to be had I started researching what was soon to be released. Narrowed it down to cointerra or hashfast. The cointerra team sealed the deal on a preorder. Given the hashfast problems looks like a good choice. Made the mistake of waiting a weekend and they were filled on Jan preorders. Got in on Feb and missed out on a month of mining that would have gotten around 5 btc. By most of the calculations I've seen, my $6300 cointerra investment will get around 15 or so btc in 6 months before it is nearly obsolete.

You will be the one to reap any profits or absorb loses. So do your research. This forum is a great resource. There are some trolls but also great people who have taken the time to walk others through their difficulties. Also quite a few people who really want to protect you from wasting money on mining or keep you away depending on how you look at it....

Ultimately it comes down to if you believe btc will continue to appreciate or stay stable. My view is that btc = freedom. Investments in btc are as much a bet on the continued fascism of all governments as btc itself.

Start here! https://bitcointalksearch.org/topic/--9430

Ask any questions you need in the mining section, there are plenty of experienced people that can help you out.

Hi OICU812. I'm have recently registered as well and am interested in how to get started mining? Can anyone point me in the right direction?

Welcome!

Be sure to share the results of your mining with us here at Bitcointalk. I'm not a miner myself, though I have thought about the prospects. I toil over the markets daily, making the occasional win and fool myself into the occasional loss too

Enjoy!

Hi all, I've finally gotten around to registering after lurking here for some time. It seems there is much to learn here and one could spend countless hours reading and still find themselves quite 'in the dark'. (Ask me how I know this.) I've attempted cpu mining a couple different altcoins and got the expected small results. Recently, however, the missus gave me the green-light to buy a gpu so an upgraded psu and gpu are in the mail. I'm super excited for them to arrive so I can stop watching from the sidelines!