Topic: Some questions about mining - (Read 121 times)

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The first question you should answer yourself is what's the electricity price on your side and what other restrictions you have (eg. capacity installed).
Another point is the noise and temperature. If you go for actual Bitcoin ASIC miners, those are usually very noisy and also produce heat.


As said, there's the option to mine with high end GPUs (maybe new CPUs) too, but that's mining altcoins you or the mining pool may sell for Bitcoin, however, since it's altcoin mining you'll have to ask in the altcoins section.
Bitcoin mining is done with Bitcoin ASIC miners. I don't know the prices, but they vary from USB miners (search for Gekkoscience, for example) to actual bigger, more expensive miners.


It depends. What you mean by "not legalized"? If it's not prohibited by law, then it's allowed. So "not legalized" can be actually fine.
Of course, you have to pay for the electricity and stay in the range allowed for your consumption.
If it's disallowed, then you should not go farther than small home mining.

The barrier to entry can be as low as $400 if you buy a single RTX 3060 video card for altcoin mining. Avoid 'cloud mining' contracts, since they will either be a scam or you'll be locked into hardware that can become unprofitable. The cloud provider, even if they're honest, can't adapt to market conditions.

Another alternative if you're in the U.S. is to buy stock market shares of mining farms, like Riot Blockchain. But the problem is double taxation, since the company has to pay 21% if it makes profit, then you have to pay 15 or 20% on top of that.

The cheapest price for a brand new ASIC is probably $3000-6000. The higher your power cost is, the newer the model of ASIC you should get. Be wary of sellers that offer a price cheap enough that the payback period is < 300 days. It's probably a scam.

Use this site to see which ASIC models are the best deal at your energy cost. Older, less efficient miners are higher risk if coin prices go down, but higher reward if coin prices go up.


If you have a gaming PC, you can use your existing video card, or add another video card. But I recommend building a dedicated mining rig with 3 to 10 GPUs.

When it comes to ASIC miners, you just need to connect an Ethernet cable and power cord. The ASIC usually has its own onboard computer

The smaller your mining operation, the less likely you are to get caught. What do you mean by 'not yet legalized'? Most countries either do not regulate crypto mining, and a few outright forbid it (like Communist China). Most nations treat mining as a regular business with regular tax laws. Here in the U.S., the IRS treats coins as regular income that is taxable the moment it's deposited into a wallet.

I had some common questions about mining-

• What is the minimum cost to start mining in a brand new condition?  
• And can I do mining on my personal computer or do I have to have a separate mining station for this?  
• How reasonable would it be to mine in countries where mining has not yet been legalized?

I would be happy to hear your advice , thank you