Topic: How & Where do I start in mining ........ (Read 8529 times)

yeah there are cloud service like hashnest or bit-x, but check their maintanance, because with the added fee from it, the roi double basically, which is lame imho...

I started with GPU mining, then bought some cheap 2nd hand ascis. From there I upgraded my farm with better hardware.

This method is perfect, not only do you learn about the different mining software, but also the different mining pool. Setting it up etc.

While learning the mining process, go to the exchanges and learn a bit about trading too.. Give it a few months and you wil be a pro

well. I am interesting to mining bitcoins but i have limited money...
can i do it even without buying hardware?

thank you for the thread anyway, its very useful 

Gotta love someone pushing their service in the guise of help.  If any of your guys need help reading this post try our newest website  All Things Bit

It clearly says January 2014, and the estimated btc price was 930$. Maybe read the whole OP before asking blindly next time?

Asics are truly the only way to go anymore.   Gpus are hard to even get enough to pay electricity in most cases, ROI is not happening.   And I have not heard of FPGA mining for a long time.

Go Asics when picking a miner.

Mining is a Good way for earning bitcoins. Here are the steps you should follow..
(1) First of all, Set up a wallet-- Bitcoin is an internet currency, so you must set up a wallet for transactions, and make sure to have backup, because lost wallet is like burnt cash.....
(2) Decide your category for mining-- GPUs, FPGAs, ASICs
Each category is different than the other, so first decide which one you want to choose in these main categories.
(3) Get sure about your hardware-- Make sure your hardware is sufficient and capable for mining, you don't want to be in loss.
(4) Join a pool-- Working in groups is always better. They increase your experience

Try any miner calculator before you start mining on hardware. You can calculate if its profitable or not... me from our country GPU/CPU is not profitable and youll lose youre money
i was try calculated the antminer s7 my calculate is $60-$70 usd a month. but i dont think so if this is the profit if i buy and use antminer s7 right now and monitor it by me..

 i think i Start mining with older Hardware only to try it then i calculate the price if its rentabel to mine BTC

maybe it can be possible to mine sidechain in the future, therefore gpu can reclaim its small territory again

or in the case bitcoin will fail and we start again with something else, not desirable at all...

Sure, you can still do it .. I mine some Monero/XMR now and again using a few AMD cards I have extra in my rig.

Edit... Bitcoins? No way. LOL.

Gpu mining? 

well this is strange with that electricity anu antminers s5 for example would have roid long time ago and pretty fst too, if you bought it used

an used one was around 1.5 btc even less some time, we have $2 vs $0.42, 1.5 daily of profit, in 8 months you have your roi

Even in my country where the electricity is pretty cheap, $0.03 for kWh(kilowatt-hour), people barely return what they invest with Antminers.

You're right, it does summarize alot, albeit outdated.

This is not good in our country because high electricity rate. maybe its profitable for some people here if there current is jumpered. so electricity is free...
some people from our country buy antminer asic but he sell it again because of high electricity consumption....

true, this is very interesting
maybe some of my friends also want to read this, so I asked for permission to copy and share it 

That is good to know.

Do the math but even with free I dont see you ROI. That is paying for the CPU or GPU and make money over what they cost.

Yes you would make a little bit of money but it would be less then you paid for CPU or GPU in majority of cases.  Only way is if you speculated right and mined right coin and held it.  So slim chance but could happen with free electricity.

Yeah that's right. At the past CPU/GPU mining can be profitable but now if you want to profit with CPU/GPU, you have to get your electricity for free.
Don't think mining or you want to think only by using asics miners.

really good picture and mining tutorial.. 

Really only asic mining is profitable.  GPU and CPU normally are not profitable.  Yes there is X11 and others, but add up electricity of GPU's running most likely you run at a loss.  And you will not pay off the GPU.

I do not suggest CPU/GPU mining.

To mine scrypt coins, you will need specialized hardware called ASICs. If you have a gaming PC with a good GPU, you can mine x11 coins like darkcoin. If you have a laptop, it's not really worth it to mine.

The cost of electricity is depending on where you are living. Furthermore, which miner do you use for mining? The technology is always improving day by day and new miner are producing for low energy consumptions.

are you sure mines are still profitable? I think it's too late to know bitcoin and when I tried to find some information about the current bitcoin mining is not profitable because the cost of electricity is too expensive and low current bitcoin

>$942.63 Current market price of bitcoin

I think that shows how old this image is.

It is an old pc and you can get ver low satoshis but if you want and try to learn about mining, you can mine some altcoins.
https://minergate.com/

look at that site and you can mine some little amounts by using your cpu and gpu. But I say one more time, you will not get profit with your old pc.

Sir how can i start mining with my pc specs core 2 duo, 4gb, inter grapics 1gb and which software to be use on it???

was indeed must require substantial capital 

This is great info, I am copying it out for my bitcoin illiterate friends.

So the question is here.

In these conditions, nowadays, how and where do I start in mining?

damn reading all those comments, i missed that golden times

uhh, are you aware about new 16 Nano KNC chip? http://www.kncminer.com/blog/newsarchive

I agree to start slow and do it as a hobby.

I think it is a great time to mine since the difficulty is not always getting harder like it was before. I have now been mining BTC for over a year and the difficulty has not been increasing constantly. Worst case BTC jumps up in price and all the miners come back online and my miners I am now buying for 85.00 ea are worth much more.

But do the math before you do anything since that's what it all comes down too unless it is a pure hobby for you.

I don't understand the thought of saying it's not worth it to mine now, since the bitcoin price is low.  I'm looking at this as a small investment, like buying small shares of a stock.  Before the "big boom" of bitcoin, it had averaged approx $110 per coin for awhile and then was highly inflated to approx $1120 per coin.  Now it's been sitting around $220 and I expect the price to drop more before somewhat inflating again.

 The way I see it, if bitcoin stays current or deflates a little, then it puts pressure on the mining farms to suspend operations till the price is profitable again...meaning they only farm when they can immidiately flip their rewards for a good (inflated) price.  With my hope and assumption that bitcoin will inflate again (like any volatile stock would, the short past history of bitcoin has demonstrated, and because the dollar value decreasing somewhat because of US debt), then why would you not mine for bitcoin if you can afford it at a temp loss for suspected future gain?  

If I mine now while the price is low, and supposedly so is competition (because we know if bitcoin was $1,000 per coin then EVERYONE would be running full power), and hold till the price inflates somewhat better than what it cost me to mine, then I've made more money by continue to mine now because I have presumedly more bitcoin shares.

Sorry this is so long or if it is in the wrong forum, but saying not to mine now because it is not immediately profitable (whether as a hobby to break even or as an investment), seems to me like saying not to buy Walmart stock because it's at $30 a share when it normally is at $100 a share.  I know it's a lot of assumtions to think bitcoin will rise again and many variables can affect price, but to me if you only mine whenever it is ONLY immediately profitable...then you're shorting yourself on the investment that we all hope and think that bitcoin will rise again.  If you don't think bitcoin will pay off to mine or buy when at a low price, then you probably shouldn't be doing so anyways regardless of price.  The point of investing is to buy low and sell high, buying high and hoping for higher is where investments go bad.

a hobby is probably the best way to go about mining, too much to worry about if you do it for profit; constantly selling and buying miners, the randomness of finding a block, etc.

Best advice is to start of slow. Maybe buy a used miner and make sure your electricity in your area is reasonable. Then just treat it like a hobby and have fun.

You should buy an investment package from cloudthink.io, it is the best option for earning daily bitcoins with interest

I say Learn and have fun.

I look at the miner as another appliance.

Everybody's house is full of large and small appliances that will never realize any ROI. and yet we don't give it a second thought.. We Need them.
In the modern city we go to the coffee shop and pay 5 dollars or more for a cup of coffee. I guess we need them.
We install Pools in the ground and then pay to have them cleaned or heated. I think maybe we need them.
We drive our cars less than 1/4 mile to the local store to buy a loaf of bread or a container of milk.  I am sure we need the car for this.

My point being there are worse things to waste your money on then hashing power.
Hashing power pays for itself over time... and even if it does not and you lose money it really is cheap entertainment. (your probably on this forum 1/2 hour or more per day. if it was not entertaining you would not be here.)
try going to Disney world for what you pay for a miner and a full years worth of electricity.  I doubt you would get the same ROI from them.

Good luck and enjoy your mining experience !

Even with that, actually the Bitcoin price is too low for invest on its mining. Altcoin mining should be more profitable I guess, and even so, you'll need some kind of green energy. I believe is better to accept Bitcoins out there in your business to increase its use, your sales, and maybe the price.

yeah, amazing times, at least I was part of it with my GPU and later FPGA..ohh...at least I start learning linux and because of this, I'm now linux admin..)

I wish mining was still like what it was when the poster was probably made.

we all love mining, but unless you are well fitted, with free electricity big farm, don't bother too much with it, casual mining is done since 2013

if it is for fun, you may try with some cheap usb miner or antminer s3

having a mine is like a dream for me. my interest in mining is like messi playing a freestyle trick. i love mining and would like to have a guide on this. and also i would lile to get details about joining a pool and earn btc with other people.

Ooh did you see that guy?  He totally peed in the pool!

But seriously, I agree (from what I have read so far) Xialla that home mining for profit is dead.  However I will eventually get an outdated miner and put it to work just for fun.  Also one could mine an alt coin and hold on to it on the chance that the price goes up.  The way I understand it you can mine any sha256 coin with an s1 (for example).

The cool thing about home mining being obsolete is that you can buy used equipment for really cheap.  It is a great way to learn more and a reasonably priced hobby.

indeed, that there are some very special conditions and setups, when mining may cover electricity, price of miner in give you something extra in few months. but generally, "home" mining is dead...

It all depends, if he has low electric then good or if he is in a cold climate and uses heaters. You can get an S5 used and be profitable if you have the right use or cost.

Personal miner is not profitable anymore, so i don't recommend people mine bitcoin at home.

It is a ad for them.  And even they put a BFL product in the diagram.  This leads me to believe they are not to up to date as far as their mining information.

Of all the miners... why choose one that is no longer current?

It can be done indirectly...
Mine alts and exchange to Bitcoin.
Many people do that since their GPU mining rigs can't really be useful for anything else - maybe gaming only.

Thanks for sharing but, that is a bit outdated.
Things have changed now a lot.
Also, I don't think the mathematical equations on it have anything to do with it.

January 2014 golden days... You can actually see how fast hashing power of the network was growing by block confirmation rate of just 7.7 min

Mining without investing in ASICs only makes sense for academic purposes. There's no place for GPU mining if you want even the slightest profit.

Really a BFL FPGA? Well they actual sold those on time ...ish

You are correct,R2D221, mining Bitcoin with a GPU is not profitable. But, it is a good starting point for people that are just learning how to mine without investing in an ASIC or cloud hashing. Just a thought! 

Thats right its outdated i share it just coz i found it easy to understand especially for the beginner.

Thank you for your reply.

This information has been outdated because the price indicated per bitcoin is $942, contrary to what is it right now, $237.09. Another infographic could help, but that would be pretty much outdated as well within a span of weeks because the bitcoin economy is a rapid-changing environment.

When was this made? I don't think suggesting a GPU for mining is a good idea.

Seems like an ad for online account degrees ;P

I would like to share with you a picture that I found recement seeking information about bitcoins, it summarizes everything about mining, I hope it can help you .........