Topic: Help For a Beginner (Read 1419 times)

Since you got already an answer from someone its better to lock this thread.
Back to topic,that member already said the possible things regarding on mining and if i were you i will invest to put my money to buy s9 miners rather than on s7 since the hashes do really differs and also mining difficulty is already high now and i dont think that s7 could be profitable unless if you have free electricity.

Be carefull there... It looks like you have half a plan, don't do this without having a full plan and after examining everything that could potentially go wrong.

I've never understood people that are really into solar mining. I have solar panels at home to, but after a deduct the initial price, and the extra taxation my governement issues on solar panel owners, the power is cheaper, but certainly not free... Maybe that differs from country to country, but you will have to agree solar panels are rather expensive, and you'll need to use power from the grid to mine at night, or you'll need to invest in battries.

You can use http://www.coinwarz.com/calculators/bitcoin-mining-calculator to calculate if you can make a profit with your power and any ASIC you buy, but keep in mind it calculates the current profit. When prices drop, diff increases or blocks halve, your profit goes down.

To answer the rest of your questions:
- a PSU is a power supply, plenty of topics on this forum that discuss this
- shipping costs and import duty depends on where you live and where the sender lives. bitmain is chinese, both transport and import will be expensive. But maybe you can buy one second hand, or from a local reseller?
- an S9 has a much better power/hash ratio (it can deliver far more hashes per Kwu), but it's harder to get them second hand
- shelves in a closed clauset might not be an ideal place to store S7/S9's... What about the heat, what about the noise, how will you get power there?

You should check out some calculators too see the profitability of your setup.
Just google ¨bitcoin mining profitability calculator¨.

I have solar panels that I planned on using for power, I have an empty and unused clothing closet with 3 shelves in it, off in a corner of my house, I have no past mining experience, if there is somewhere easier to start I will gladly try that if this is too hard for me. I live in the US and i am not sure where this item would ship from, and is a PSU a power supply? And if that is what it is can I purchase that? If it is something else please let me know.



If an S9 is a better deal than I might go with that, I just saw the S7 on an article and it said that it was decent.


What other methods are there that I can try to use

I am here to learn whatever I can, if there is an article or two that you think I should read just send a link or name it and I'll look it up and read it so that I can have some knowledge about this.

Are S7's even still worth it? This site claims you have to go for the S9 route to get returns.

https://www.cryptocompare.com/mining/bitmain/antminer-s7-miner/
VS
https://www.cryptocompare.com/mining/bitmain/antminer-s9-miner/

Whatever the electricity charge might be, gaining good profit in a short time is really a difficult task. Because at the beginning to learn about mining itself takes more than expected. For this reason its better to buy bitcoin from traders and try multiplying it with different other methods.

Buying an S7 does not mean you can "quickly generate some profit".
Could you tell us a couple of things:
- what's your electricity rate.
- do you have a suitable place for the S7 (racks, cooling,... in a dry place where the noise won't bother you or your neighbors)
- do you have suitable PSU's
- do you have mining experience?
- did you figure out the customs charges and shipping charges to your country?

I would like to buy an Antminer S7 so that I can quickly generate some profit. What is everything I need to know, everything that will help, and everything that I will need to set this up. If one of these is successful I might end up buying more than one and having those running at the same time would I be able to set this up just like the first one?

If you would like more information just ask and whenever I am back online I will do my best to respond.


Thanks-JustAnotherUser420