Topic: Want to start mining - page 2. (Read 1804 times)
Basically, I agree with the others that you should buy bitcoin rather than bitcoin miner.
You don't need to trust us blindly and you can check some profit calculators yourself.
Mining is only for the wealthy and people who have enough cash to keep Bitcoin generating more.
Not true at all. Anyone can buy an ASIC and mine in their garage, if they have cheap/free electricity. Right now, you can get Block Erupter USBs for like $5 or something, and if you consider someone that has a spare $5 "rich", then I really wonder how you get access to the internet.
Mining is only for the wealthy and people who have enough cash to keep Bitcoin generating more.
The key thing to keep in mind is that mining is just buying bitcoin in a different way. Especially now that you can't just set up a few old PCs and expect to earn coins using their GPUs. So research a lot.
If you just want to see what you can get in a real environment, I found bitminter to be great for just getting started with mining.
Good Luck!
If you just want to see what you can get in a real environment, I found bitminter to be great for just getting started with mining.
Good Luck!
As others have said, the best option for you is to buy some bitcoin and sit with it. Right now it's an amazing opportunity to do so. You should read more about mining in general, and then buy some mining hardware if your electricity price is really low. (Less than $0.07/kWh) But you still need to do your own calculations properly.
I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it?
Hi Kieran,
I was exactly like you a couple months back. Try what i did in order and see what works for you. I don't think mining is for everyone.
1) Buy BTC from an exchange, the prices are very tempting right now, you can get a good deal.
2) Stay away from cloud mining sites, their maintenance costs are very high and will burn a hole in your pocket, especially with difficulty rising.
3) If you really want to mine, get yourself some BTC from an exchange and rent a rig for a day or so and see how that works out for you - Try Betarigs / leaserigs for more information.
Do not waste your money on buying a miner and setting it up, this is my humble opinion. Sooner or later, with difficulty rising, your returns will keep coming down and operating costs will feel like they are rising. If you are still hell bent on buying a miner, buy one from Bitmain... i recommend the S3 antminer to start off with.
I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it?
Just dont. Like it was said before, mining has become oversaturated, and profits are marginal at best.
You have much more chance of increasing your capital by buying coins you would normaly mine, than you have when you buy mining gear.
Most of us old miners are selling our gear, and its not because we dont like making profit, its because its not worth it anymore.
Good luck whatever u decide to do.
cheers
Unless you have very cheap electricity, I would suggest you to buy bitcoin directly.
It is not easy to get profit in mining and buying miners is a very risky investment as the difficulty could go up very rapidly when newer generation of ASICs are shipped.
It is not easy to get profit in mining and buying miners is a very risky investment as the difficulty could go up very rapidly when newer generation of ASICs are shipped.
1) understand this : https://bitcoinwisdom.com/bitcoin/difficulty
2) buy on this : https://www.bitmaintech.com/product.htm
3) do maths ...
4) buy bitcoin on exchange ... and trade.
2) buy on this : https://www.bitmaintech.com/product.htm
3) do maths ...
4) buy bitcoin on exchange ... and trade.
Do lots of research before spending any money. Most newbie miners lose money because they don't have a complete understanding of the mining industry and the economics of mining. If you are new to Bitcoin, I recommend you buy the bitcoins rather than mine them.
I would much rather buy miners from reputable companies. Don't buy from cloudmining services since most people lose on those.
I want to start mining and have enough money to invest in the new technology what do you guys suggest before going ahead with it?
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