Topic: I'm New - Need BTC Mining Help (Read 1501 times)

I will give you only one recommendation - do not start with mining.

in the right places in washington it's very cheap! 

You might even get better rates if you run your miners on a commercial line.

The few Bitcoin miners there are in the US seem to congregate in Washington State. Even then the power there seems to cost about 7c commercially. I think they recently jacked up the rates.

If you want to start to mine altcoin you can try this place you can found many thread about mining
https://bitcointalk.org/index.php?board=160.0
Here is for bitcoin mining you can found many threads here
https://bitcointalk.org/index.php?board=42.0

yeah,but the big problem here is the installation costs
be it solar or wind energy,if you DON'T have it already installed,you will have to fork 10-20k usd out
so the KwH cost increases and you have to be mining for a long period period of time to get it evened out

What about tall wind turbines?.. I read about Kitegen. It generates electricity from wind using super long kites attached to strong ropes.

You can contact them to get a customized quotation.
Really cheaper than solar panels.

only issue with that is the fact that solar panels are easily damaged and the fact that they'll need lots of maintenance. Lots of forum members have tried using solar, and it just doesn't work very well at all. THe general rule of thumb is that if you can't mine with your current electrical rate, you probably won't be able to mine anytime in the future. Solar doesn't cut energy costs at all in most cases with mining.

well,people live outside the US too
besides one could use the freshly bought solar panel  http://news.energysage.com/how-much-does-the-average-solar-panel-installation-cost-in-the-u-s/
not sure if the energy price would be as low as stated above,but there are options to cut the energy costs even if you are living in the US

Can you tell me 1 place in the US power is this cheap?

I recommend to listen to any advice from philipma1957, he knows a lot about mining.

As mentioned, your key factor is going to be electricity cost.
Mining is not like it was even three or five years ago.
It's not free money. You aren't going to instantly get rich.
You will invest thousands of dollars and hope to possibly get it back and make some profit in a year or two from now.

You can make just as much, if not more, off other investments.
You might be better off doing some research and trading some coins, although that obviously can be risky, too.
It mostly depends on how much you are paying per killowathour for electricity.

IMHO
CONS:
no point to start with the mining unless you have very low cost electricity(0.01-0.03 cents/kwh) and even then you would have to balance your power consumption
(if you want to mine from home) some houses are not suited for the constant overloads your miners produce and you could face  issues like equipment damage or worse
after that you should estimate the ROI,with the current generation of miners it is very hard to reach ROI in under 12 months
if your equipment goes out of order your ROI starts to approach infinity,if the amount of s9 and s7 sold in the next batches hit some critical mass numbers,you could face difficulty jump(google ROI+infinity)
to have decent income you would want to invest into purchase of at least several s9 antminers and,as there is no alternative at the moment,they are overpriced
no they are OVERPRICED and 10% of them malfunction during the first few months of exploitation,at least that is what I'm reading in the topics created by their happy owners
if they become obsolete their value drops faster than ETH price after the hardfork
PROS:
steady flow of BTC that you can reinvest
BTC price could go through the roof and if it hits 1.000$ + your miners would  suddenly become money printing presses
your house is significantly warmer in winter

you should watch the energy costs in your country and maybe do it on solar power aswell

regards

I'd just skip this generation of miners; it's just not what it was pre -S9. Difficulty's staying at a good level and nothing too big has happened, but there's no 'good' miners for people that can't afford tons and tons of miners; this is the most expensive generation of miners yet, and it's getting more and did more expensive each time. The A7 might be able to compete provided it's cheaper than the S9, but even then roi may not be possible for some.

 Right now, the only miners available to individuals are the Antminer S9 and Antminer R4 - www.bitmaintech.com

 IMO the R4 is badly overpriced, the S9 is somewhat overpriced, due to no competiton - I'd wait a couple months to see what happens, there are other alternatives that have been announced and a couple of them SHOULD become available over the next couple months or so.

 *IF* you have a substantial amount to invest into mining *AND* your power cost is very very cheap (5c/KWH at most, preferably 3c or less) it's entirely possible to make a living from mining - but it is somewhat risky.

Power cost is key.

You will lose money if you don't have cheap power cost.
Next the current gear at the moment is scarce and costly.

You mention you are in the USA www.bitmainwarranty.com sells bitmaintech gear.
You can buy with PayPal .
You can buy an extended warranty.
But if you buy from them cheap power is important.
Like 3 to 6 cents a kilowatt which most people do not have.

So once again what does your power cost?

1. Trade on this forum or buy directly from trusted manufacturers.
2. Up to your needs and budget
3. High enough, but it will scale with your budget
4. You could say miner prices are equivalent to their value. If you pay more, you'll get a better miner.
5. On a very large scale (a few hundreds of thousands invested), it is possible.

The main thing about profitability in the mining world is how much you pay for your electricity.
You also have to take into account all the costs in getting/setting up the miners and what you need to keep them running.

The vast majority of the time, it's not worth to start mining.

Hi All,

I heard about bitcoin mining on YouTube & also watched some movies due to lot of information i am bit confuse & could't understand how to start it. So, i would be grateful if someone help to respond the following queries:

1. How i can buy Miner? (website address or any individual person who can help to buy miner)
2. What kind of miner need to buy?  
3. What should capacity (means th/s) of miner?
4. Price of best miner in USD?
4. can we peruse it as profession?

Looking forward to hearing from all of you.

BR