How much do I need to start mining? - page 4.

NotFuzzyWarm

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To gain experience, you can buy a small mining farm on 4x Rx470 video cards, but this is only for training.And you need to have at least a little experience with components.

Training? Training in what - how to setup a PC for mining with GPU's? Um, considering this is the Bitcoin area and using GPU's is only viable for mining alt crapcoins, that route is useless.

Aside from knowing how to deal with the heat and noise Bitcoin mining hardware is pretty much plug-n-play.

FP91G

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Quote from: JamesBorn on April 10, 2023, 11:55:18 PM

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 not the fastest and easiest way to make money. You have cheap electricity. If you are paying more than 6 cents, then you don't need to be mining right now. To gain experience, you can buy a small mining farm on 4x Rx470 video cards, but this is only for training.And you need to have at least a little experience with components.

Aikidoka

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Quote from: JamesBorn on April 10, 2023, 11:55:18 PM

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

I don't think that $300 would be sufficient to generate a significant income from mining because you typically need to invest more in hardware to make a decent profit. It's better to save up a bit more money until you can afford a used ASIC Antminer, which can produce a better return on investment. I have tried mining before using my GPUs, and it worked well until the difficulty increased and the value of Bitcoin decreased significantly, which made it unprofitable.

BitMaxz

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Quote from: panganib999 on April 11, 2023, 10:06:31 AM

300 bucks is a really low amount if you're looking to mine bitcoin, at that point you might as well just mine using a Gameboy if you wanna cheap out on the rig.

Are you sure GameBoy? Not worth trying it only hash 0.8H/s meaning in solo mining it takes decades before you can able to solve a block or even if you mine on the pool you can't even make a single Sat it would be better to buy 2nd hand ASIC units than wasting your money buying gameboy to mine BTC.

The Offordscott telegram link above has some s9/t9 units listed for around $135 or even cheaper.

Z390

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300$? Maybe, possibly with promised returns per day from Cloud mining, I hope you aren't looking up to one already. They are all scams no matter how legit they look.

You can't buy any profitable Asic miner with 300$, you should let go of this idea right now and be prepared for the future, there is a good way to get prepared, start buying Bitcoin or ETH before it's too late, we are still in a bear market right now, start accumulating before halving gets here, at that time it might be too late already.

joniboini

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Quote from: JamesBorn on April 10, 2023, 11:55:18 PM

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

Judging from your post history, it looks like you failed to consistently make profits when you trade and are looking to DCA. I think that is a good idea, as long as you have the patience to hold and keep buying even if the market is full of bear sentiment. If you don't like the waiting part and want to grow your capital quickly, even if you find cheap electricity I don't think you'll be able to stick to your mining plan. Whether you mine or not, you'll need to wait for some time before it bears fruit.

If $300 is your only budget, I'd suggest you stick with your DCA plan. Especially since you mentioned you have some responsibilities to your family and can't allocate too much money to high-risk investments. CMIIW.

maksimkrutoy

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Quote from: CryptoHFs on April 11, 2023, 12:04:32 PM

with $300 I'd take the risk on solo mining pool using nicehash

I'm too

Sledge0001

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Quote from: JamesBorn on April 10, 2023, 11:55:18 PM

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?

$300 is not really enough for you to make your money back as in investment in mining hardware.

Unless you are playing the lottery with USB sticks or an Apollo BTC unit and just happen to get very very very lucky. But with the difficulty at an all time high finding a block with smaller ASIC hardware(s) would be much like getting struck by lightning during a sunny day. It's possible but highly improbable.

As others have mentioned if $300 is the limit you would be better off buying BTC and holding it hoping for an increase in value.

CryptoHFs

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with $300 I'd take the risk on solo mining pool using nicehash

LewisMachina

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With 300 better buy spot btc and chill

you need at least couple mil to kickstart a mining biz and im not even including the necessary know-how

panganib999

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300 bucks is a really low amount if you're looking to mine bitcoin, at that point you might as well just mine using a Gameboy if you wanna cheap out on the rig.

Most standard mining rigs right that are efficient enough would range from $2000 to $20000, and that's for ASIC miners too. If you want to get mining rigs for cheap I suggest you look into craigslist or OLX to find secondhand mining rigs, or maybe look for manufacturers that sell their secondhand rigs like zeusBTC to get relatively cheaper prices for bitcoin mining rigs. You also have to consider having to pay for your electricity bill btw, so keep that in mind. if you can't afford to buy a mining rig that's powerful enough, then perhaps you wouldn't be able to pay ridiculous electricity fees too, but that's speaking from experience.

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Quote from: JamesBorn on April 10, 2023, 11:55:18 PM

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

That's a pretty low amount if you are thinking of mining Bitcoin

And also don't just focus on buying mining gear, have you thought about other expenses such as electricity cost in your area and the maintenance cost in case things go wrong?
It would be a shame if you bought a miner and would be able to run it because there are not any more funds to cover other costs

BitMaxz

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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

- https://www.zeusbtc.com/ASIC-Miner-Repair/

Then search s9 or you can try to check available units from here https://t.me/asicMinerChannel/5668 or contact offordscott here https://bitcointalksearch.org/user/offordscott-1449095
He is not so active here unlike on his telegram group above.

There is no problem splitting your investment into mining and trading and you can grow in mining if your electricity rate is pretty cheap.

JamesBorn

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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?

Topic: How much do I need to start mining? - page 4. (Read 1349 times)