Topic: Is worth to start with the low budget? (Read 816 times)

certainly doesn't seem worth it from what im reading.  sounds like the whole mining game is basically dead for the 'common man'

I am a student too,
when I start it a couple month ago,I have a limited budget too,
but,beside a cloud mining,I try trading too in Bittrex,
maybe u can try trading,just to increase ROI,

You're in denial. Do the math.

What can you buy for $6000 today and start hashing tomorrow? So you maybe buy 3 AntMiner S2s for 3THs. That earns you about 0.15 BTC per day or $90 (less electricity costs). You can maybe double that before you've maxed out the electricity in your home. And then in 8 hours from now, your income drops by 15% when the difficulty adjusts. Then 11 days from now it drops another 10-20%.

Yes, home mining is indeed on it's last leg.

I know the reality of the situation, I've been doing this since the first days of the AM USB Block Erupters (and a few months before with a several GPUs). I doubled my hashrate probably nearly every month and currently hash with ~7.5THs. I've tripped my main breaker three times! And my house is extremely hot (well over 80f during the day) despite adding auxiliary A/C to my central A/C. My electric bill last month was over $1300. And I'm not running any inefficient gear. I long ago retired my BFL Singles and ASICMiner Blades. I have about 2 more months of mining before it no longer makes financial sense to run my gear. And to tell the truth, I'm looking forward to that day!

Oh but super efficient ASICs are coming soon! Sure, but by the time they finally arrive, a new massive investment will only extend my mining by another 3 months before it's over again. And I will surely never recoup that investment.

Mining for profit with a low budget is nil or negative, even with free electricity.

If you want to mine as a hobby, to learn the technology, or just to say you're "Bitcoin mining", be my guest.

The hobby or for fun approach is best for a low budget.  If you think you're trying to get rich without a few TH/s farm, cheap or free electricity, in a colo data center facility with extra cooling, keep dreaming...

I agree that bitcoin mining isn't profitable with a small budget, but you might try altcoins. If you really want to mine bitcoins, try renting a miner for a while and check whether you make profit.

I dont think you can make that much money anymore. I started in december(that was absolutely crazy!)
Then ive seen the profits go down since then. More and more hashes coming in and difficulty's keep rising.

If you manage to grab a cheap miner somewhere u might be able to make some money.

I'd disagree, you can spend 4000£ (or whatever in dollars) into some wise choices of hardware and make your money back and more still. You're making the world sound a lot more bleak than it actually is...

Btcgardens new asic is about $440 for 310gh. (including shipping and psu)

Very competitive pricing for low budget miners.

It's not worth it. You'd literally earn less in bitcoin (pennies per day) than it would cost you in electricity. You're about 18 months too late where a small investment might earn a few bitcoins. Even if you were to invest tens of thousands of dollars, you'd still be very lucky to break even after a year.

It's literally become a money-making endeavor for very, very few people except for the massive mining operations. There are many of us home miners who have been doing this for a relatively long time and some of us have done pretty well by making well-timed investments in mining equipment. But even for us, our days are numbered. By the end of summer, a lot of us will be shutting our gear down because we won't be able to earn enough from mining to cover our electricity costs.

Not worth it and as everyone on here will tell you avoid butterfly labs at all costs

If I was starting today then I'd start with earning money on faucet websites landofbitcoin and bitvisitor are 2 of the best places to start then send the money you earn to a cex.io account and buy virtual mining power there

Its a good price per GH/s and no downtime of fiddling with pools as soon as you buy it its there mining for you

Its very very hard making bitcoin pay these days as you need to put huge capital into hardware to be even remotely competitive

Hello everyone, I would like to ask if it is worth to start to mining bitcoin these days? I am student and also computer geek, additional profit from mining would be nice to increase my student´s revenue and I think printing money becomes my true hobby also.  I am messing around: https://products.butterflylabs.com/homepage/10-gh-s-bitcoin-miner.html Is it worth to start with something like that? I saw scary pictures of mining halls and asic machine which was around 2 500 $ and it is something that I can´t afford. How much bitcoins, dollars, crownes whatever is possible to made per month by machine mentioned above participating in your pool? Does it even pay for its electrical consumption? Thank you very much for any advice.