My friend and I are thinking of mining Bitcoins....

veleten

legendary

Activity: 2016

Merit: 1107

Quote from: Shiroslullaby on January 02, 2017, 05:48:44 PM

I'd like to hear peoples opinions about pool mining vs solo mining for someone starting out with a few miners.
I'm sure someone has done the math and can post expected time to hit a block solo vs your average earnings when using a pool.
Is it even worth mining solo these days unless you have a ton of hash power?

no it is totally silly to try and mine solo nowadays
well if you have an odd USB stick or a s1-s3 miner that don't eat much electricity you can try your luck and just keep it mining solo
but if you have some solid ASICS like s7 or s9 one or more,the chances of finding a block solo are still close to 0
but your s9 can make money with pooled mining and not rely on luck

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Quote from: coolcoinz on January 07, 2017, 11:50:32 PM

Quote from: Shiroslullaby on January 02, 2017, 05:48:44 PM

I'd like to hear peoples opinions about pool mining vs solo mining for someone starting out with a few miners.
I'm sure someone has done the math and can post expected time to hit a block solo vs your average earnings when using a pool.
Is it even worth mining solo these days unless you have a ton of hash power?

As far as I know pool mining used to be more profitable in the past and it still it. More hash in a pool = more chances of finding a block = more cash for everyone, but I remember there were some people who found blocks with their USB miners, so you can always solo mine if you're feeling lucky.

Yeah, in the far past. I remember just a while ago someone hit a block with an S3 or S5. Mining was more or less just as profitable as it is today, nothing has really changed except for difficulty and price as new miners came out and things happened.

coolcoinz

legendary

Activity: 2814

Merit: 1192

Quote from: Shiroslullaby on January 02, 2017, 05:48:44 PM

I'd like to hear peoples opinions about pool mining vs solo mining for someone starting out with a few miners.
I'm sure someone has done the math and can post expected time to hit a block solo vs your average earnings when using a pool.
Is it even worth mining solo these days unless you have a ton of hash power?

As far as I know pool mining used to be more profitable in the past and it still it. More hash in a pool = more chances of finding a block = more cash for everyone, but I remember there were some people who found blocks with their USB miners, so you can always solo mine if you're feeling lucky.

Shiroslullaby

sr. member

Activity: 434

Merit: 250

I'd like to hear peoples opinions about pool mining vs solo mining for someone starting out with a few miners.
I'm sure someone has done the math and can post expected time to hit a block solo vs your average earnings when using a pool.
Is it even worth mining solo these days unless you have a ton of hash power?

alh

legendary

Activity: 1846

Merit: 1052

With the increase in BTC price, you can absolutely count on difficulty going up. When BTC price rises, people add hash rate one way or another. When that happens, difficulty will increase. Over the course of 5 months, it will be at least a 20% increase (IMHO).

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: lOvE mE forEvEr on December 27, 2016, 06:50:34 PM

With only 4 cent your electricity cost is very good for mining, I think use S5 is still profitable and return about 5 months if you buy new units. Now the price more than $900, I think now you must start for mining.

better to buy one s9, s5 is cheaper but the profit is very low, and the s9 has a higher resale value when it will be come obsolete

and 5 months assuming that the diff will stay the same...witht he current increase it's improbable

lOvE mE forEvEr

full member

Activity: 238

Merit: 100

With only 4 cent your electricity cost is very good for mining, I think use S5 is still profitable and return about 5 months if you buy new units. Now the price more than $900, I think now you must start for mining.

JANGKRIK BOSS

full member

Activity: 224

Merit: 100

Quote from: IMineByThePHs on November 26, 2016, 12:48:50 PM

Hello,

My friend and I are thinking of mining Bitcoins. I am looking for advice, tips, or anything else that I can use. I have been looking on my local sales site and I found a AntMiner S5 (with PSU and cables) for $150 CAD (Prices are in Canadian Dollars, because.. well.. I live in Canada.) Our energy costs are $0.0571/kWh ($0.04 USD) - Which is quite cheap. Anyway. Can the S5 even make us any kind of profit? I also found a AntMiner S7 for $350 CAD - It doesn't say if there is a PSU and/or cables included. I have sent an email - ill keep you updated.

For now, is it even worth trying to mine?

Really a good thing, the price of electricity in your country 4 cents only. Of course you must trying to mine, with the S5 is still profitable, but I recommend to use the S7 or S9. I think with electricity cost you can get RoI only 6 months with S5.

tbonetony

sr. member

Activity: 441

Merit: 250

No zuo no die why you try, u zuo u die dont be shy

Quote from: IMineByThePHs on November 27, 2016, 09:26:07 AM

Quote from: adaseb on November 26, 2016, 04:34:40 PM

What province are you from? Normally the energy cost is 0.04c/kwh but there is a distrubtion cost and service costs which add up to 0.10c/kwh. Most provinces are like this except maybe Quebec or NWT.

Québec. It would be residential rates. $0.0571/kWh

Good for you. I am in Alberta and it does suck here lol. Just so you know usually there's a cap on residential usage so you may not want to start with too many.

takagari

legendary

Activity: 1050

Merit: 1000

Quote from: HateNATO on December 10, 2016, 02:14:41 PM

Hi I am also interested in mining but not online mining to invest in some sites i am interested how much mining equipment i need to make 1 million $ per year and how much is mining earn money roi % with own equipment.

Lol, not sure if trolling....

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Quote from: HateNATO on December 10, 2016, 02:14:41 PM

Hi I am also interested in mining but not online mining to invest in some sites i am interested how much mining equipment i need to make 1 million $ per year and how much is mining earn money roi % with own equipment.

That's pretty unrealistic and that much hashrate would make the difficulty go up by quite a bit. You'd also need immense electricity regulators and whatnot as well as lots of cooling- in fact, you'd need a facility. The investment cost for this is so high it won't be worth it unless you build a facility with low electricity costs in a place like china.

HateNATO

member

Activity: 92

Merit: 10

Hi I am also interested in mining but not online mining to invest in some sites i am interested how much mining equipment i need to make 1 million $ per year and how much is mining earn money roi % with own equipment.

veleten

legendary

Activity: 2016

Merit: 1107

Quote from: IMineByThePHs on November 26, 2016, 12:48:50 PM

Hello,

My friend and I are thinking of mining Bitcoins. I am looking for advice, tips, or anything else that I can use. I have been looking on my local sales site and I found a AntMiner S5 (with PSU and cables) for $150 CAD (Prices are in Canadian Dollars, because.. well.. I live in Canada.) Our energy costs are $0.0571/kWh ($0.04 USD) - Which is quite cheap. Anyway. Can the S5 even make us any kind of profit? I also found a AntMiner S7 for $350 CAD - It doesn't say if there is a PSU and/or cables included. I have sent an email - ill keep you updated.

For now, is it even worth trying to mine?

s5 is not worth it,at 6 cents kwh you will be making dust profits until the difficulty eats it and makes it unprofitable totally
so if you are making 0.15 USD per week with it at the moment ROI will be over two years i.e. totally unachievable
s7 is a whole different game but I doubt you would be able to find one fully operational that cheap (350 CAD=265 USD)
new one will cost you around 380-400$

wheelz1200

legendary

Activity: 3752

Merit: 1415

Cant judge that per day profit cause it will likely drop with every difficulty jump every 10 days until it becomes unprofitable. If you can get the s9s i would say no dont start unless you just want to for educational purposes. Either way good luck

Crypviser

sr. member

Activity: 710

Merit: 250

Crypviser – the innovative & secured network

Thank you folks. That topic was a useful one.
P.S. The calc webpage is good. Thx

ZedZedNova

sr. member

Activity: 475

Merit: 265

Ooh La La, C'est Zoom!

I replied to a similar thread earlier today:
https://bitcointalksearch.org/topic/m.17004355

Cheers,

- zed

valkir

legendary

Activity: 1484

Merit: 1004

Welcome in the bitcoin community! Do not hesitate if you have some questions, Im in MTL. Wink

Btw the S5 is a old miner. Check for the S7 or even better the Avalon A721. You could also check for the Avalon 6.

And use this : https://bitcoinwisdom.com/bitcoin/calculator
to see the ROI (return on investment)

Cheers!

IMineByThePHs

newbie

Activity: 8

Merit: 0

Quote from: adaseb on November 26, 2016, 04:34:40 PM

What province are you from? Normally the energy cost is 0.04c/kwh but there is a distrubtion cost and service costs which add up to 0.10c/kwh. Most provinces are like this except maybe Quebec or NWT.

Québec. It would be residential rates. $0.0571/kWh

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

The S9 will get you relatively quick roi compared to people with higher electrical costs. It will still take time, so make sure that you handle the miners well and dust them every so often to make sure they're running at their best. Don't cheap out on a PSU, as a bad one can cost you several days of mining or even melt connectors and such. I would recommend GPU mining to most people these days, but if you so choose to, there is still small profit to be found in Bitcoin mining.

adaseb

legendary

Activity: 3808

Merit: 1723

What province are you from? Normally the energy cost is 0.04c/kwh but there is a distrubtion cost and service costs which add up to 0.10c/kwh. Most provinces are like this except maybe Quebec or NWT.

IMineByThePHs

newbie

Activity: 8

Merit: 0

Quote from: takagari on November 26, 2016, 03:42:21 PM

I'd like to point out that the ops Username is clearly misleading. lol

Haha!

takagari

legendary

Activity: 1050

Merit: 1000

I'd like to point out that the ops Username is clearly misleading. lol

S9, maybe S7 as in Canada you can use the heat to supplement your heating, if you can put it away where it won't be heard.
But they are all loud, since the S3 Sad

socks435

legendary

Activity: 2058

Merit: 1030

I'm looking for free spin.

If you really want to earn in mining bitcoin go to the hingest and new release of antminer hardware s9 it can recover your capital in few months and gets profit. but we do not know how long that the difficulty stay the same honestly the difficulty is keep rising so s7 is not enough and i think it will gradually turn into none profitable so if you really want to make profitable investment better to buy s9 or avalon 7..

IMineByThePHs

newbie

Activity: 8

Merit: 0

Quote from: cpfreeplz on November 26, 2016, 12:54:10 PM

The S5 is most likely useless unless you just want to buy it to learn (cheaply). The S7 will be small profits but an s9 or Avalon7 are the way to go right now. Of course that means more money upfront. At that rate it'll be ok most of the time to mine but that would depend on where the difficulty goes over the next months/years.

Check any calculator out. Here's one http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Thanks! We don't have a crazy budget.... thats the issue. With the S7 on the calculator we would be making $2.36 CAD a day in profit - Do I even bother? (Note: I am new to Bitcoins and to me, hey- thats not too bad)

cpfreeplz

legendary

Activity: 966

Merit: 1042

The S5 is most likely useless unless you just want to buy it to learn (cheaply). The S7 will be small profits but an s9 or Avalon7 are the way to go right now. Of course that means more money upfront. At that rate it'll be ok most of the time to mine but that would depend on where the difficulty goes over the next months/years.

Check any calculator out. Here's one http://www.coinwarz.com/calculators/bitcoin-mining-calculator

IMineByThePHs

newbie

Activity: 8

Merit: 0

Hello,

My friend and I are thinking of mining Bitcoins. I am looking for advice, tips, or anything else that I can use. I have been looking on my local sales site and I found a AntMiner S5 (with PSU and cables) for $150 CAD (Prices are in Canadian Dollars, because.. well.. I live in Canada.) Our energy costs are $0.0571/kWh ($0.04 USD) - Which is quite cheap. Anyway. Can the S5 even make us any kind of profit? I also found a AntMiner S7 for $350 CAD - It doesn't say if there is a PSU and/or cables included. I have sent an email - ill keep you updated.

For now, is it even worth trying to mine?

Topic: My friend and I are thinking of mining Bitcoins.... (Read 2004 times)