Topic: Should I start mining? (Read 2523 times)

You will most likely not make a profit from mining unless you have some kind of competitive advantage.

Are you actually advising or advertising ASIC Usb miner?
Know the difference between a MH/s and GH/s
I hope atleast knowing this he didnt came to the forum to ask about starting mining.
Your best bet is to start off slow with something cheap like a ASICminer USB miner. They can be found on ebay for like $50 or something. It might get you .01 BTC a month and a half with it running 24/7.
Why you advise for ASIC usb miner if there are a lot others to get in for new crypto members.
As i suggest is new members lets get out of Bitcoin (Became a big game) lets go to alts and still today we can make .01 with a single 200$-300$ investment in GPU. (Note: I am making)
Good Luck

Jump in, the water is fine.

Don't do it.

Well the best way is to pay attention to the forums and all forums. Look for new coins coming out that have interested parties. You just really have to stay on top of it everyday. 1 day in cryoto equals a week in real life...and a week is a month. Just got to be on top of it all the time

Consider to buy BTC instead to invest in mining gear.
Much safer, more profit.

Hi AmericanBit, i'm new to cryptocurrencies, but i think i would agree with every part of your post (quite remarkable because you really say a lot of things in such a short post). Asic bitcoin mining is probably too competitive now for a noob to have much chance of success. I'm interested in finding niches in up and coming alt currencies and hope to catch some in the sweet spot. Any specific tips you might share on finding and analyzing opportunities would be greatly appreciated.

Start mining yes, start minig Bitcoin: hmmm nah, I personally would point out to alternative scrypt cryptocurrencies that give quite better short term payoffs, given the case that you want to spend some time on research of alternative cryptocurrencies

No.

Good advice. You won't make any money from a singles graphics card, but you can certainly learn how to mine, which as you say, is valuable in itself. Just don't go and spend $20K pre-ordering some amazing sounding ASIC

As a complete noob myself, I would say yes.  To make money, probably not.  I started mining to get a better understanding of how it works.  There is a lot of good info on Reddit about it and around here.  

I opened a wallet at https://blockchain.info/wallet and starting using bitminter on this forum.  I've been mining with my graphics card. I'm really getting nothing in return from mining, but at this point all I've sunk in is time, and I've learned a lot.  Should you sink a lot of money right out of the gate? I would say no, get comfortable with it first, and go from there.

Just my take on it.  

Cheers!

Absolutely not. Experienced miners are finding it very hard at the moment and it will only get more difficult. If you want some coins, much safer to purchase them and watch the value rise

Mine DOGE!

value after all is created by people ascribing it. DOGE has I think the strongest community behind it. That is what'll initially make it worthwhile to start mining, you wont make too much initially, but should be counting/hoping for increases in price like with bitcoin/litecoin. SO if you are a PC gamer it is really easy, just start hacking away! If not, it's probably not worth the investment, although a asic miner might be. As for the rest, I don't think anyone really knows where this cryptocurrency ship's gonna strand - but if it is not, I'm sure you wished you got onboard!

An asic miner can mine a lot of other coins other than bitcoin. Bitcoin isnt even the most profitable...just goes to show you people give out BS advice in this forum all day

One thing to remember; the more people who mine the less profitable it gets as difficulty of mining increases. So when asking on a public forum of complete strangers whether or not you should mine, it would be in my best interest (since i mine) for you and any other noobies out there not to mine. In all seriousness, do some research before going all in on equipment. Know the difference between a MH/s and GH/s.; know what a pool is and what a block is; understand the basic concepts of how bitcoin and other cryptocurrency's work. If you can't even tell me what the point of mining is then I highly recommend you don't do it. Getting a ROI off of mining is extremely difficult and risky. Your best bet is to start off slow with something cheap like a ASICminer USB miner. They can be found on ebay for like $50 or something. It might get you .01 BTC a month and a half with it running 24/7.

You are asking the right question, "Do I get into mining Crypto currencies?"

Now, more questions to ask yourself.  Do I want to do this because I believe it is the future, or I think I can get rich quick?
If get rich quick is your answer, stop know and look for something else!
If your answer is, I believe crytpo currencies are the future then continue to the next step.

How much can you afford to invest and not hurt if you loose it!
$100
$1000
$5000
$10,000
$15,000
more?

I have invested almost $20,000 in ASIC's, networking and computers and additional resources.  I have not yet received all my order equipment and I spent this money over the last two months.  I am currently paying out more than I am bringing in (running at a deficit) until all my equipment arrives.  Then I will be paying off the debt and reinvesting in more equipment to stay ahead of the complexity curve and increase my capacity to mine.  I will have 1.3 th/s from my $20,000 investment, this does include deploying all the support pc's and hardware.  I am a former RF Engineer, CBNT (Certified Broadcast Network Technician) and am doing my own labor and tech support.

Determine what you can afford to spend, look at what hardware ASIC's or GPU's you can buy and take delivery of quickly.  Take these speed numbers and plug them into this website.  http://dustcoin.com/   It will give you an idea of the current return from this equipment would be today.  Consider complexity will increase in all areas as you wait for your chosen hardware to arrive.  Complexity will rise the quickest with bitcoin and slower for the other lesser coins.  But, take this and preorder and deliver wait time into consideration as you make your choices.

If I can help answer more questions or provide you with more details after you make the evaluations, just let me know.

Good Luck
Mtnminer

For bitcoin, the only way to start is to purchase an ASIC miner. (Machines that can only mine bitcoins and nothing else)
People here are keeping their eyes on blackarrow pre-orders. (they ship in feb to march-april)


There are a few places that sell, a heavy number of scams... so a lot of research must be done before purchasing.


For litecoins, this can be done with computers.
You can go with all new parts or used parts.
What matters the most is the ATI videocard and the power supplies.
You need to do a bit of homework, finding the best bang for the buck as what videocard to get, the motherboard needs at least 2 pcie 16x slots (unless you get riser cables 1x to 16x)


I can't say its too late, but it certainly is late to see a quick Return of investment.

No matter what, know that it's high risk, great experience, it's fun, it can be fruitful but you shouldn't depend on it to be.

In other words, don't invest money you don't have... but if you do have 1000$ to kill, you can certainly make something decent that brings 50-100$ a month

Any advice for me to start getting into Bitcoin? Like what are the essentials and how do I start mining and what wallet do I need to use.

In crypto World its never late. Be sure you are still in the starting point.
You could still get in with some small investment
you could start your investment and your work from mining or from trading
Yes it is hard to mine Bitcoin now but there are a lot of alts which are easily minable and are also profitable.
Whenever you want to get in you are welcome.
Good Luck

No, don't start. .. ... until you can buy a 600GH/s machine