How much do I need to start mining? - page 3.

goldkingcoiner

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Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

You can literally start mining with the computer that you are using to post this topic on the forum. You just would not earn a lot since the computing power is considered nothing special (unless you have a really awesome and expensive hardware setup).

I think the question you want to ask is how much money do I need to invest into mining Bitcoin for it to become profitable by an x amount of percent, in regards to the money that I put in? That might be a bit more difficult to solve since you have to consider the costs of miners, electricity, internet, space and so on...

So the most necessary question to figure out your costs is: how much money, at minimum, do you want to make?

Astanay_D40

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With high setup costs, it may not be feasible to mine BTC with 300$. Try to find other options in this budget

safar1980

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For $300, you can only buy used old ASICs, which are profitable on condition of free electricity.
S9 Asic is very cheap, and you can buy it for 100-200 dollars, but this is for those regions and countries where the state pays citizens the cost of electric heating of a private house in winter in the form of subsidies.

bettercrypto

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Quote from: BitcoinPanther on April 16, 2023, 04:58:59 PM

Quote from: Mate2237 on April 15, 2023, 01:30:32 PM

Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

Mining is one of the profitable investment in the crypto world. But before one can mine, he/she must have the necessary equipment to start the mining. The capital amount to start is just a secondary plan. Once you have the devices to start then you can use the $300 to start the mining. To get ASIC device will cost you more than that amount you have said.

This simply means that $300 is not enough to start mining because @OP still needs money for the mining machine setup, and the capital amount to start isn't considered under the secondary plan, it should be the main focus because any plan you made without enough funding will never realize.

@OP, if your budget is just like that amount, it is not enough to buy a decent mining rig, so I guess you can just use it to buy Bitcoin at least your goal of having Bitcoin is still met even though it isn't from mining activity.

Maybe in 2014 that kind of price is still possible, because in those days the mini rigs were still cheap as far as I know. But now that amount will not really work. This op still lacks knowledge.

But I agree that it's better if he buys it with bitcoin and if he knows something about trading, it's better if he doesn't hold anything for long term or put it in staking like Binance. This is a slightly better option in the amount of 300$ as far as I can see,.

ancafe

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Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

Can I start mining with $300 and grow from there?

The costs that you use are much lower for initial trials in mining, even to meet the needs of standard working tools requires a much larger capital, not to mention talking about the cost of available electricity and maintenance of equipment in the event of damage.

Not the fastest way to generate BTC assuming a capital of $ 300, it's better to buy directly and try to survive in the next period of increase and you can try to raise capital first before being interested in trying to mine. I've seen how many people eventually have to quit because they can't afford to pay for equipment maintenance and so on.

2drive

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When i think i want to mine bitcoin, i immediately think how many tens of thousands i have to spend on equipment, and then how much more i need to spend on preparing the premises, and then spend more time on all sorts of settings and monitorings) 300 bucks - nothing)

Rupok

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It is not possible to buy any profitable Asic miner with 300$. Mining must have huge amount to get good profit. To buy Asic miner you need good amount of money.Not only if you are interested in mining,Must be financially sound to manage both planned and unplanned expenses.Currently there are many sectors of mining but with such a small amount you cannot expect anything good.Not everyone is successful at mining, ASIC - which is currently one of the top-performing hardware on the platform, cannot be afforded by everyone.

Patrol69

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To know how much it will cost you to mine, you first need to know what you might need to mine. And by pricing those things you need to arrive at a baseline of how much it might cost you to mine.
First of all, the basic things required for mining are a good quality computer, a hardware, powerful RAM, computer disk power etc. And some other essentials may be required.
You have to determine a price for all these things and after determining the price of these things you can get your calculation easily by calculating the total price.

cecilia.sw

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Avalon Miners are on sale at Canaan Shop. You can get an A1246 for less than $600.Maybe OP can consider it. Check https://shop.canaan.io/ or contact me at https://t.me/wongsiufong for inquiries. I am from Canaan Official

serveria.com

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Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

Maybe possible if: a) you have free electricity b) know someone who is willing to rent an ASIC miner for a reasonable amount c) you start with obsolete hardware and shitcoin mining, converting shitcoins mined to Bitcoin.

zanezane

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Quote from: darkv0rt3x on April 22, 2023, 01:05:34 PM

Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

I think the first question you need to ask yourself is at what price you will pay for electricity when you start mining. Then you need to run some basic math to understand if it can be profitable or not. Actually, mining operations, big or smal are quite intensive and competition is always around the corner. Mining with profit is hard, requires some initial investment and requires loads of time, availability and anothet shit load of stuff, even in very small scale.

Even if you want to purchase a single miner, put it at your home, you need a spot where you have electricity, internet connectivity, where the miner can scream and nobody bothers or you have to account for soun isolation. A part from that you should also consider proper ventilation! Just to start!

It's also a miner risk to take like the cost of the equipment. Mining requires specialized hardware, ASICs ( Application Specific Integrated Circuits ) or GPUs , which can be expensive to purchase and maintain. You also have to problem energy cost, bitcoin mining requires a significant amount of electricity, which can be costly depending on where you live and the cost of electricity on your area.

Mining a bitcoin involves storing a large amount of cryptocurrency on your computer or in a wallet. This can be a security risk if proper security measure are not taken.

darkv0rt3x

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Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

I think the first question you need to ask yourself is at what price you will pay for electricity when you start mining. Then you need to run some basic math to understand if it can be profitable or not. Actually, mining operations, big or smal are quite intensive and competition is always around the corner. Mining with profit is hard, requires some initial investment and requires loads of time, availability and anothet shit load of stuff, even in very small scale.

Even if you want to purchase a single miner, put it at your home, you need a spot where you have electricity, internet connectivity, where the miner can scream and nobody bothers or you have to account for soun isolation. A part from that you should also consider proper ventilation! Just to start!

kelonmusk

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The minimum volume of income required to start mining cryptocurrency depends on various factors, including the type of cryptocurrency being mined, the hardware being used, and the cost of electricity in the region.

For example, according to NiceHash's profitability calculator, with an ASIC like the Bitmain AntMiner L7, which is currently one of the top-performing hardware on the platform, one can earn 0.00088500 BTC ($25.50) per day.

Regarding the second part of your question, while trading and mining are different activities, some of the same skills and strategies can be applied to both. In terms of starting mining with $300, it may be possible to purchase some basic mining hardware and start mining some cryptocurrencies, such as Ethereum.

According to Hashalot, mining Ethereum requires hardware that uses electricity efficiently and has high computing power. It may also be possible to join a mining pool, which allows miners to combine their resources and increase their chances of earning rewards. I think, it's important to note that mining does not involve the same level of risk as trading, as the rewards are more predictable and steady.

FP91G

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Quote from: hymperion on April 18, 2023, 04:49:38 AM

considering that with only $300 you do little or nothing in the first few months, he should still pay the first bills, trying the lottery would be suicide, he could pay bills for months before seeing (if he's ever lucky enough) any results.
there are small BTC miners from 4/500 dollars, they are efficient but obviously they don't make you a fortune, the ROI is very long but a bullrun could shorten the time.

or you could consider an apollo V1 or similar.convert what you mini to BTC and its the same

There are no effective $300 BTC miners right now. Even if the electricity is free, for this price you can buy 2 old C9 or S9 ASICs, which will bring little profit and can break down without even recouping the investment. With 300 dollars you can only invest in altcoin mining.

hymperion

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considering that with only $300 you do little or nothing in the first few months, he should still pay the first bills, trying the lottery would be suicide, he could pay bills for months before seeing (if he's ever lucky enough) any results.
there are small BTC miners from 4/500 dollars, they are efficient but obviously they don't make you a fortune, the ROI is very long but a bullrun could shorten the time.

or you could consider an apollo V1 or similar.convert what you mini to BTC and its the same

BitcoinPanther

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Quote from: Mate2237 on April 15, 2023, 01:30:32 PM

Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

Mining is one of the profitable investment in the crypto world. But before one can mine, he/she must have the necessary equipment to start the mining. The capital amount to start is just a secondary plan. Once you have the devices to start then you can use the $300 to start the mining. To get ASIC device will cost you more than that amount you have said.

This simply means that $300 is not enough to start mining because @OP still needs money for the mining machine setup, and the capital amount to start isn't considered under the secondary plan, it should be the main focus because any plan you made without enough funding will never realize.

@OP, if your budget is just like that amount, it is not enough to buy a decent mining rig, so I guess you can just use it to buy Bitcoin at least your goal of having Bitcoin is still met even though it isn't from mining activity.

bettercrypto

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Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

If at such an amount in this era you will not see Bitcoin mining like that. That's too low actually. Maybe if it's 2014 it's possible but not this time as the previous commenters said.

Then mining is not just that you just thought it was okay, it's not like that of course. There are some things you should consider in that matter, first your electricity consumption should be low because your mining rigs are open 24/7. Secondly, your electricity consumption should also not increase to 0.04$ KWH as far as I know, because I also planned to mine, so the only problem I had was that my electricity consumption was high here, so the things I planned before mining would not work either. of bitcoins.

Mate2237

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Quote from: JamesBorn on April 11, 2023, 12:55:18 AM

I know huge capital is required to meet up huge financial expectations, what's the minimum volume of income one can use to start mining? In a situations where you trade with different strategies and still hits wrong targets, if you apply or use same trading knowledge for mining won't one still loss in mining too? Because I don't have enough money with me, so am trying to cut losses if mining too will not favor me I will decided to venture into mining too again.

Can I start mining with $300 and grow from there?

Mining is one of the profitable investment in the crypto world. But before one can mine, he/she must have the necessary equipment to start the mining. The capital amount to start is just a secondary plan. Once you have the devices to start then you can use the $300 to start the mining. To get ASIC device will cost you more than that amount you have said.

But you can attached yourself to someone who has everything and follow the person to mine then when you have enough to start on your own, then you can start it with the amount you have gotten.

KiaKia

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Quote from: Bananington on April 14, 2023, 11:35:57 AM

Quote from: BitMaxz on April 11, 2023, 02:58:36 AM

Currently, there are no Bitcoin ASIC units below $300 mostly the price is above $1k but if you want to mine Bitcoin then you can buy 2nd hand S9 units zeusBTC is selling used units you can check it from this link below

Fairly used equipments can save you cost, but in some cases they are not the best to buy if you are not the type that likes to spend money on repairs and fixing. You will be lucky to get a fairly used equipment that will not give you problems shortly after some serious use.

There are many people interested in mining but because they are not financially buoyant to manage the expenses both planned and unplanned, they choose to stick with buying bitcoins and waiting. If you do not have enough capital, do not engage in mining. For successful mining you have to have a good financial commitment to ensure that you make profit from it else you will stop halfway and whatever you have invested becomes lost or hard to recover. 300 bucks is too small.

Fairly used equipment can be unsafe for newbies to buy themselves, the seller must be a well known person and also well trusted, some sellers are generally bad and they will tale advantage of any opportunity available, used Asic miners are not always safe to buy, some works well and some are shipped with fault on them, used asic miners are not always reliable, if OP wants to do this he must find someone who is into buying fairly used Asic miners for a long time, newbies must not do this themselves.

Bananington

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Quote from: BitMaxz on April 11, 2023, 02:58:36 AM

Currently, there are no Bitcoin ASIC units below $300 mostly the price is above $1k but if you want to mine Bitcoin then you can buy 2nd hand S9 units zeusBTC is selling used units you can check it from this link below

Fairly used equipments can save you cost, but in some cases they are not the best to buy if you are not the type that likes to spend money on repairs and fixing. You will be lucky to get a fairly used equipment that will not give you problems shortly after some serious use.

There are many people interested in mining but because they are not financially buoyant to manage the expenses both planned and unplanned, they choose to stick with buying bitcoins and waiting. If you do not have enough capital, do not engage in mining. For successful mining you have to have a good financial commitment to ensure that you make profit from it else you will stop halfway and whatever you have invested becomes lost or hard to recover. 300 bucks is too small.

Topic: How much do I need to start mining? - page 3. (Read 1271 times)