[need help] Is it possible to start with low amounts of money ?

szpalata

sr. member

Activity: 686

Merit: 253

Quote from: PokemonFun on January 16, 2017, 05:56:11 PM

Yea it is possible and later just og and upgrade mining field for more and more mining devices to create own mining factory which will give a really good profit without any hardwork.

You're right but it isn't that simple, your initial capital for the hardware investment will be will in itself take a long time to make ROI-a year or over depends on electricity cost and so adding more hardware will in fact take quite a long time before you can start making profits-not until you have redeemed your start up capital.

QuintLeo

legendary

Activity: 1498

Merit: 1030

Quote from: User365 on January 16, 2017, 05:25:19 PM

So my main question is, is there any miner which is not as good (and expensive) as the antminer S9, but has a simmilar profit in comparison to investment rate ?
I thought of spending like 300$ in hardware and get those 300$ back in like ~ a year.

At that kind of investment level, you should be looking into adding a GPU and a good power supply upgrade for an existing computer and look into altcoin mining, or wait a little while for SideHack to get his BitFury pod design up running and up for sale.

Amph

legendary

Activity: 3206

Merit: 1069

if your electricity is very low, you can buy a second hand antminer like s7 or s5 and begin with that they cost far less but very inefficient

so yes it's possible but don't expect to have a good profit with those old miners

wmabern

hero member

Activity: 658

Merit: 500

Visualize whirledps

Quote from: HagssFIN on January 16, 2017, 05:58:30 PM

With that budget, I suppose you could buy either Antminer S7-LN by Bitmain or Avalon6 by Canaan Creative, for example.
Second-hand units of those miner models can be found for example here at the forum.
https://bitcointalk.org/index.php?board=75.0

I recommend to use an escrow for the purchase.

I highly recommend that you calculate your monthly cost for running a miner and use a calculator to estimate if you could make a profit.

Good idea. I didn't really think of lower-speed, used gear in that price range since I've never priced used gear.

A VERY good and prudent recommendation to calculate costs to mine per month vs. estimated profit. Unless electricity is cheap, it could be difficult to make much of a profit. Also need to factor in increasing difficulty as time goes by. What could be slightly profitable now might not be profitable in 6 months.

Free electricity on the other hand is all gravy after the initial costs of buying the hardware.

HagssFIN

legendary

Activity: 2436

Merit: 1706

Electrical engineer. Mining since 2014.

With that budget, I suppose you could buy either Antminer S7-LN by Bitmain or Avalon6 by Canaan Creative, for example.
Second-hand units of those miner models can be found for example here at the forum.
https://bitcointalk.org/index.php?board=75.0

I recommend to use an escrow for the purchase.

I highly recommend that you calculate your monthly cost for running a miner and use a calculator to estimate if you could make a profit.

PokemonFun

full member

Activity: 140

Merit: 100

Yea it is possible and later just og and upgrade mining field for more and more mining devices to create own mining factory which will give a really good profit without any hardwork.

User365

sr. member

Activity: 434

Merit: 251

physics, mathematics and engineering

what would be the minimum amount to start mining bitcoin ? I got VERY cheap Electicity Wink

any hardware you could reccomend ?

wmabern

hero member

Activity: 658

Merit: 500

Visualize whirledps

Quote from: User365 on January 16, 2017, 05:25:19 PM

Hey there,

first of all, sry for my bad english and i did some research so please dont tell me to "google it".

The antminer S9 is with its mining power currently the best hardware wich i found, but it costs about 2200$, which i simly dont want to spend, as i am new to this.

I used online calculators which calculate profit and came to the conclusion (after like 5 other miner hardwares) that if the miner is faster (and more expensive) the better it is (get more money in comparison to investment).

So my main question is, is there any miner which is not as good (and expensive) as the antminer S9, but has a simmilar profit in comparison to investment rate ?
I thought of spending like 300$ in hardware and get those 300$ back in like ~ a year.

Thx for your help!

For that amount of money to invest, you should probably look into GPU mining for alt-coins. Check into the Alt Coin mining threads on this forum and see what they have to say. For $300 in equipment and trying to mine Bitcoins, I don't think there is a route to profit unless you have VERY cheap or free electricity. Just my .02.

User365

sr. member

Activity: 434

Merit: 251

physics, mathematics and engineering

Hey there,

first of all, sry for my bad english and i did some research so please dont tell me to "google it".

The antminer S9 is with its mining power currently the best hardware wich i found, but it costs about 2200$, which i simly dont want to spend, as i am new to this.

I used online calculators which calculate profit and came to the conclusion (after like 5 other miner hardwares) that if the miner is faster (and more expensive) the better it is (get more money in comparison to investment).

So my main question is, is there any miner which is not as good (and expensive) as the antminer S9, but has a simmilar profit in comparison to investment rate ?
I thought of spending like 300$ in hardware and get those 300$ back in like ~ a year.

Thx for your help!

Topic: [need help] Is it possible to start with low amounts of money ? (Read 826 times)