I am new,looking to start mining. - page 3.

DubFX

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Quote from: Beatoftheearth on August 14, 2014, 12:50:27 AM

I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

It isn't worth if you're talking about bitcoin as the prices go down atm and difficulty goes up anyway.
On the other hand you may try mining altcoins but it's always an gamble.

lynn_402

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Quote from: kodeon.CEO on August 14, 2014, 01:33:41 PM

If you are investing anything small I would buy Bitcoin and hold from a financial standpoint. Small miners might make ROI if price goes up but you can still profit from a buy and hold model. Right now I think the small players are fighting a losing battle with difficulty, only the big players or early pre-orders that actually receive their equipment on time have mining power to make a significant impact.

If you are looking at it as a hobby to help the Bitcoin network and learn about how it works I would say go ahead and invest as it might be fun to be in the business.

That's right. Because big mining farms can do orders 100x bigger than those of small users, they can get their equipment at ridiculously lower price. Even more so if it's the ASIC manufacturer mining with their own equipment, like KNC and many other do.

This leaves virtually no margin of profit for small users.

Chicowash

newbie

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It may be god to mine with s3 units, but consider to invest some part in btc directly.

kodeon.CEO

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If you are investing anything small I would buy Bitcoin and hold from a financial standpoint. Small miners might make ROI if price goes up but you can still profit from a buy and hold model. Right now I think the small players are fighting a losing battle with difficulty, only the big players or early pre-orders that actually receive their equipment on time have mining power to make a significant impact.

If you are looking at it as a hobby to help the Bitcoin network and learn about how it works I would say go ahead and invest as it might be fun to be in the business.

iluvpie60

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Quote from: Beatoftheearth on August 14, 2014, 12:50:27 AM

I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

Mining is only viable right now IF you expect the price of BTC to go up. For comparison, I sold a 10ghz miner back in Feb or march for 500 bucks or something like that, right now it is worth about 20 dollars or less. DO NOT BUY mining equipment. IT IS NEVER WORTH IT honestly. even buying mining shares makes you lose money, unless you only hold on to them for a short period then sell then wait for price to go down(which it does) then rebuy.

DeboraMeeks

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Take a look at gaw miners (signature) they are great and recently bought the domain btc.com!

lynn_402

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Quote from: Vortex20000 on August 14, 2014, 08:58:16 AM

Quote from: Beatoftheearth

I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

Invest in bitcoin cloud mining on cex.io. You earn about 20¢ a month per GH/s, each of which cost around $4. With $3500, that's 875 GH/s. After using them for a while, you can also resell.

That's not a good idea. Cex is overpriced, buying gh/s on their site cost considerably more than if you bought your own machine.

But the worst is how it encourages centralization of mining. Cex is affiliated with ghash.io, which is the largest Bitcoin pool and is a constant threat for 51% attacks.

Vortex20000

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sucker got hacked and screwed --Toad

Quote from: Beatoftheearth

I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

Invest in bitcoin cloud mining on cex.io. You earn about 20¢ a month per GH/s, each of which cost around $4. With $3500, that's 875 GH/s. After using them for a while, you can also resell.

lynn_402

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Activity: 462

Merit: 253

Quote from: whitefly on August 14, 2014, 06:16:51 AM

If I would start mining now, I won't choose bitcoins. Check some other cryptocurrencies. Bitcoin might not be profitable right now.

Altcoin mining is even more risky though. Scrypt's difficulty is increasing faster than Bitcoin's, which means the ASIC one could buy now may very well become obsolete in two months or less.

Hash Master

newbie

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Invest in some Altcoins, Litecoin for example. Wink

whitefly

newbie

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If I would start mining now, I won't choose bitcoins. Check some other cryptocurrencies. Bitcoin might not be profitable right now.

g4143

newbie

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A good miner to get right now would be the Avalon Bitcoin Miner "THUNDER II".
It has 1TH in performance and uses ASIC.

Coef

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Exhausted

Quote from: Beatoftheearth on August 14, 2014, 12:50:27 AM

I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

Welcome to bitcointalk.
I would suggest you to buy some cheap bitcoin now, as the price now is at $510.
It is not easy to get profit in bitcoin mining, so please make sure you have done some calculation before purchasing any products, and please don't invest more than you can lose.

Beatoftheearth

newbie

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Thanks for your answer. For how much can i get ~ now used S1, S2, S3 miners ? Thanks.

Omikifuse

legendary

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I recommend start slow, learn, and grab some cheap stuff while Bitcoin is cheap. Maybe a s1 to start?

Also take a look in the mining section of this forum, guess more likely to get answers.

Beatoftheearth

newbie

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I am new in this forum. What mining equipment would you suggest. I have about 3500$ to invest.

Topic: I am new,looking to start mining. - page 3. (Read 2991 times)