Im starting out, advice please | Bitcointalksearch.org

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: colenarymagick on February 16, 2014, 11:42:33 PM

Mining is essentially a contribution to the community. Profit is more or less a by-product. And in any scenario the earlier you get in on something like bitcoin the better. Meaning the time to act is now. If you want to invest in mining equipment, do it because you to be apart of the community and watch it grow, not because you are looking for it to be a means to an end; i.e. short term profits.

True, some people are mining for fun, some are mining to support the bitcoin network...

colenarymagick

newbie

Activity: 5

Merit: 0

Mining is essentially a contribution to the community. Profit is more or less a by-product. And in any scenario the earlier you get in on something like bitcoin the better. Meaning the time to act is now. If you want to invest in mining equipment, do it because you to be apart of the community and watch it grow, not because you are looking for it to be a means to an end; i.e. short term profits.

koshgel

legendary

Activity: 1148

Merit: 1001

Better to invest at a lower point in the market and then resell higher.

Mining at this point is going to be very little return of investment if any at all.

fighter

newbie

Activity: 28

Merit: 0

Quote from: MakeBelieve on February 16, 2014, 09:04:34 PM

I don't its worth getting a miner unless you just want help Bitcoin out by mining it and potentially making the rest of Bitcoin more valuable but I don't think there is much profit in mining no more.

What do you do? Buy and sell or you're a miner?

MakeBelieve

hero member

Activity: 602

Merit: 500

I don't its worth getting a miner unless you just want help Bitcoin out by mining it and potentially making the rest of Bitcoin more valuable but I don't think there is much profit in mining no more.

SaveForrest

newbie

Activity: 47

Merit: 0

Quote from: stewmath on February 16, 2014, 07:10:10 PM

Even if i can get a 220gh/s asic miner?? Still not profitable?

unfortuantely it will be even worse

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: stewmath on February 16, 2014, 07:36:46 PM

You think the value per btc will go up again soon??

To me, definitely yes. Cheesy

But I guess you can only get a biased opinion here in bitcointalk lol. Wink

stewmath

newbie

Activity: 23

Merit: 0

Hmm so maybe is better to buy and sell or look into alt coins as they are soon developing the ltc asic miners.

You think the value per btc will go up again soon??

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: stewmath on February 16, 2014, 07:18:08 PM

I can get it for less than 1000, about 800. According to the calculators with the power usage of these units i can make on average £300 a month so could make my roi in 3 months

Have you take the difficulty adjustment (every 2016 blocks) into consideration?
With difficulty going up ~20% every 2016 blocks (around 12 days), you mining revenue will drop by ~17% every 12 days...

odolvlobo

legendary

Activity: 4298

Merit: 3209

Most newbies believe they must mine, but mining is not a requirement. Most people involved with bitcoin do not mine.

If you want to mine, your best bet is to mine alt coins. But if you are not careful, there is a good chance you will not make back your investment, even mining alt coins.

Quote from: stewmath on February 16, 2014, 07:18:08 PM

I can get it for less than 1000, about 800. According to the calculators with the power usage of these units i can make on average £300 a month so could make my roi in 3 months

220 GH/s will mine about 2.42 BTC before it is no longer profitable due to rising difficulty. At the current exchange rate, an £800 miner costs about 2.13 BTC.

So you would make a profit of about 0.29 BTC over the next several months, assuming you can buy 220 GH/s for £800 and start mining immediately.

stewmath

newbie

Activity: 23

Merit: 0

I can get it for less than 1000, about 800. According to the calculators with the power usage of these units i can make on average £300 a month so could make my roi in 3 months

alekfor

newbie

Activity: 23

Merit: 0

Buy and sell.

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: stewmath on February 16, 2014, 07:10:10 PM

Even if i can get a 220gh/s asic miner?? Still not profitable?

Unless you can get it at a cheap price (I mean, really really really very cheap price)...

You can check your profitable with a profit calculator before buying any hardware or hashrate.
http://bitcoinwisdom.com/bitcoin/calculator

stewmath

newbie

Activity: 23

Merit: 0

Even if i can get a 220gh/s asic miner?? Still not profitable?

Sonny

hero member

Activity: 868

Merit: 1000

Quote from: stewmath on February 16, 2014, 06:58:17 PM

I have a max budget of £1000 to get started, any advice whats the best equipment to buy so i can started quicker and earn enough back to buy more equipment.

I guess you should just stay away from bitcoin mining, as it will be very hard to have any profit.
IMHO, You should simply buy some cheap bitcoin directly

rmines

full member

Activity: 140

Merit: 100

With that budget you won't be able to make any money mining BTC.
It might be better to just buy (and sell) BTC at an exchange.

stewmath

newbie

Activity: 23

Merit: 0

Hi all, im new to bitcoin. Think im rather late to jump on the bandwagon so i cant get away with just buying graphics cards anymore.

I have a max budget of £1000 to get started, any advice whats the best equipment to buy so i can started quicker and earn enough back to buy more equipment.

Topic: Im starting out, advice please (Read 758 times)