New to BTC mining | Bitcointalksearch.org

melody82

sr. member

Activity: 378

Merit: 257

Quote from: Finksy on June 19, 2015, 09:24:52 PM

P.S. Disregard what anyone says about cloudmining. If it was profitable to the end-user, the cloud-mining companies would just self-mine themselves.

I got some nice returns that say otherwise. I like hashnest, you wont get rich overnight but the returns are solid, and you can sell back your hash whenever you want to.

That being said be careful because there are many suspected scams in the world of cloud mining.

kenbytes

sr. member

Activity: 392

Merit: 250

don't buy mining hardware until you have learned enough, as you most likely won't ROI on your investment.

Glucose

hero member

Activity: 861

Merit: 1001

Quote from: RamboRex on June 19, 2015, 06:36:24 PM

So I'm super new to this whole Bitcoin and virtual currency thing. I work a decent job and I read something about BTC mining and how you can make money off of it. I'm just curious as to what kind of machines I could purchase to start mining? I have no problem spending a couple thousand on a machine. Does anyone have recommendations on which rigs I could use? Sorry for sounding so unthoughtful, I'm new.

Now is not a time to start mining. Unless you have free or cheap electricity.

You probably better buy some bitcoin instead.

Finksy

legendary

Activity: 1022

Merit: 1003

There are MANY threads like yours on this forum, asking the same thing.

TL;DR

1) No new mining hardware available to home/small farm users in the foreseeable future

2) Many new generations of more efficient hardware being released in the very near future by manufacturers to self-mine in large farms

3) Difficulty is about to start rising again, with each % increase effectively reducing your revenue by same amount for given hashrate (See 2 for reasoning)

4) By the time electricity costs start to exceed revenue (See 3 for reasoning), your hardware has become obsolete, and is essentially worthless.

5) With typical home electricity rates (>$0.10/KwH) you will not break even on used hardware

=

Better off purchasing BTC.

P.S. Disregard what anyone says about cloudmining. If it was profitable to the end-user, the cloud-mining companies would just self-mine themselves.

RamboRex

newbie

Activity: 1

Merit: 0

So I'm super new to this whole Bitcoin and virtual currency thing. I work a decent job and I read something about BTC mining and how you can make money off of it. I'm just curious as to what kind of machines I could purchase to start mining? I have no problem spending a couple thousand on a machine. Does anyone have recommendations on which rigs I could use? Sorry for sounding so unthoughtful, I'm new.

Topic: New to BTC mining (Read 740 times)