What is best equipment and way to get into mining?

leowonderful

legendary

Activity: 1624

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Bitcoin FTW!

Quote from: Naoko on October 23, 2016, 02:30:55 AM

Quote from: Rurift on October 23, 2016, 12:50:28 AM

I currently want to join the vast network of bitcoin miners as a hobby. I do not expect to earn much but maybe in the $100 range per month.

What would be the best equipment to use? Would used equipment be better then new?

before thinking of going in to bitcoin mining, you should consider first how much is electricy in your country as needs to be almost free of cost before mining can be profitable for you and even you have free electricity it would take you around a year or so before you can get the money you investment in mining rigs alone.

While it is true that the S9 takes more than a year to ROI even on free electricity, you need to remember that you gain money by selling your miner as well. That can push you into ROI and beyond pretty easily, even after the miner becomes obsolete. As long as the miner you use up is no less than one generation older than the current one, it's a good idea to sell.
This also applies for altcoins like Monero and ether, but because this is the bitcoin forum, I won't go into detail, but GPU mining such coins can give you faster roi and more profit, as well as having the benefit of GPUS keeping their cost well after you buy them. You can even game on them after they become obsolete for mining if you wish

Naoko

hero member

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Quote from: Rurift on October 23, 2016, 12:50:28 AM

I currently want to join the vast network of bitcoin miners as a hobby. I do not expect to earn much but maybe in the $100 range per month.

What would be the best equipment to use? Would used equipment be better then new?

before thinking of going in to bitcoin mining, you should consider first how much is electricy in your country as needs to be almost free of cost before mining can be profitable for you and even you have free electricity it would take you around a year or so before you can get the money you investment in mining rigs alone.

alh

legendary

Activity: 1843

Merit: 1050

Start by reading the half dozen other threads that are similar in nature in this forum. Picking a target income level is probably a poor way to approach this "hobby" (IMHO).

Rurift

newbie

Activity: 3

Merit: 0

I currently want to join the vast network of bitcoin miners as a hobby. I do not expect to earn much but maybe in the $100 range per month.

What would be the best equipment to use? Would used equipment be better then new?

Topic: What is best equipment and way to get into mining? (Read 622 times)