Which mining is good to start? | Bitcointalksearch.org

FP91G

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Quote from: KiaKia on July 16, 2023, 01:53:14 AM

Quote from: bettercrypto on February 05, 2023, 11:19:10 AM

I am planning to buy a mining rig here in bitcoin, but this is my first time.
What would you suggest to me?
what should be done first? Also, what type of mining rigs should I buy, there is no problem with the capital,
I just really want to try, and at least before the Bitcoin halving comes, I have already started this kind of thing.

Your help is much appreciated Wink

I was once where you are today, trying to find the best asic miner that I can get for Bitcoin mining, but it's not about the capital only, I know you are in haste but do not underestimate the importance of electricity consumption, this was where I messed up some time ago and I ended up selling an Asic miner back, you need to first figure out how you are going to pay for the electricity bill if your grid bill is cheap then you can buy and run any Asic miners you want, you only have to go with Asic miners that are profitable, if your electricity is not cheap, find something else to do with your money, or you will end up regretting your decision.

Do some calculations on your electricity bill first, how much you are paying per KW then you can continue your mission of acquiring an Asic miner or more.

A new ASIC for 100-110 terahash and a good noise box can be bought within 2200-2500 dollars. Some of the profit can be spent on electricity to buy more ASICs, and not save money to pay electricity bills. But if electricity is expensive, then it is better to buy coins.

KiaKia

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Quote from: bettercrypto on February 05, 2023, 11:19:10 AM

I am planning to buy a mining rig here in bitcoin, but this is my first time.
What would you suggest to me?
what should be done first? Also, what type of mining rigs should I buy, there is no problem with the capital,
I just really want to try, and at least before the Bitcoin halving comes, I have already started this kind of thing.

Your help is much appreciated Wink

I was once where you are today, trying to find the best asic miner that I can get for Bitcoin mining, but it's not about the capital only, I know you are in haste but do not underestimate the importance of electricity consumption, this was where I messed up some time ago and I ended up selling an Asic miner back, you need to first figure out how you are going to pay for the electricity bill if your grid bill is cheap then you can buy and run any Asic miners you want, you only have to go with Asic miners that are profitable, if your electricity is not cheap, find something else to do with your money, or you will end up regretting your decision.

Do some calculations on your electricity bill first, how much you are paying per KW then you can continue your mission of acquiring an Asic miner or more.

anthonyhill

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Application-Specific Integrated Circuit (ASIC) mining involves using specialized hardware designed specifically for mining cryptocurrencies. ASIC miners offer high hash rates and energy efficiency, making them ideal for mining cryptocurrencies such as Bitcoin (BTC) and Litecoin (LTC). ASIC miners are more expensive than GPU rigs and are typically designed for specific algorithms, limiting their versatility.
If you want your own miner, go get it from 5700LLC.
Here's the link:
https://shop.5700llc.com/index.php?route=product/product&product_id=68

Chris03

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my advice to OP is to ensure proper preparation before diving into mining. It is crucial to consider both the choice of cryptocurrency to mine and the selection of mining equipment. I recommend exploring prices on major platforms like Bitmain to get familiarized. Starting with used mining rigs could be a good idea, and I personally find great deals on Chinese used equipment through ASIC Finder. It's cost-effective, especially if you plan to make a larger purchase at once.

FP91G

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Quote from: bettercrypto on June 07, 2023, 05:34:39 AM

Quote from: FP91G on May 13, 2023, 12:35:11 PM

Quote from: Litzki1990 on May 11, 2023, 04:36:28 AM

A miner usually decides to mine by considering several aspects before starting mining, such as safety considerations, health considerations, environmental impact, legal complications, etc. Since you don't have any financial complications, you can set up your mining project far away from residential areas. And above all the security aspects of mining should be prioritized. You should start mining after fully following all the mining restrictions. Most mining projects usually don't get permission from the government so it's better for you if you can start mining after getting permission from the government.

Mining requires a lot of electricity and if you do not have green electricity, then your mining will be banned or not allowed. You can mine like in Russia, buying a private house inexpensively in the village and using 5-10 kilowatts for mining, but you need to be prepared for the problems and checks of power engineers. 5 years ago it was good, and the power engineers were not interested in consumption in my house if I pay my bills on time. Now mining is much more difficult to organize.

So here in the country where I am located, I did not pursue the plan to do Bitcoin mining. The problem here is that our kwh is very expensive in around 0.17$-0.2$ then he is open 24hrs. So it turns out that this is no longer practical if I continue, it seems that what will happen is that I will just waste money and the worst is that I will subscribe too much.

So it's a good thing I followed the advice of one of the members here on the forum and I realized that he was right so I didn't continue it was more practical to just buy Bitcoin and hold it compared to mining Bitcoin here.

It has already been said 100 times that at such electricity prices it is unprofitable to participate in mining, because you will receive a huge electricity bill and sell all your coins. If bitcoin is again worth more than $50,000, then you will make a profit. But the number of miners will also grow.

safar1980

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Quote from: bettercrypto on June 07, 2023, 05:34:39 AM

So here in the country where I am located, I did not pursue the plan to do Bitcoin mining. The problem here is that our kwh is very expensive in around 0.17$-0.2$ then he is open 24hrs. So it turns out that this is no longer practical if I continue, it seems that what will happen is that I will just waste money and the worst is that I will subscribe too much.

So it's a good thing I followed the advice of one of the members here on the forum and I realized that he was right so I didn't continue it was more practical to just buy Bitcoin and hold it compared to mining Bitcoin here.

From the article: "Once the halving happens, these costs will double, bringing miners’ breakeven point to $20,000-$30,000."
https://bitcointalksearch.org/topic/the-cost-of-mining-bitcoin-from-large-miners-5455754
Buying Bitcoin now at $25,000 will give you an edge over many miners after the halving.
Perhaps even the best miners will have a cost price not much lower than $25,000.

wahyuagung26

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Quote from: Rupok on March 27, 2023, 01:12:07 AM

Mining can't be done with other's advice, you need to have enough knowledge to mining. For example, you must know what kind of hardware you need, what kind of software you need and how much these tools cost, what kind of return you can expect.Mining is a free way to earn money, but the machine costs are very expensive, as well as electricity.

The hardware that will be used triggers for balance in carrying out mining, and the energy needed must be suitable for smooth access to the tools used for mining, and the important point is the basic knowledge that must be present on it, and all this requires major costs or the initial capital that must be issued to buy or get everything needed.

Apart from hardware or software, electricity and costs play an important role here, because to be honest we have to be able to calculate it for profit. especially we say about the cost of electricity in your place because this has a big effect on the size or small of the profit that will be obtained, and however if the cost of electricity in your area is low, we recommend that you continue with the plan to mine.

bettercrypto

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Quote from: FP91G on May 13, 2023, 12:35:11 PM

Quote from: Litzki1990 on May 11, 2023, 04:36:28 AM

A miner usually decides to mine by considering several aspects before starting mining, such as safety considerations, health considerations, environmental impact, legal complications, etc. Since you don't have any financial complications, you can set up your mining project far away from residential areas. And above all the security aspects of mining should be prioritized. You should start mining after fully following all the mining restrictions. Most mining projects usually don't get permission from the government so it's better for you if you can start mining after getting permission from the government.

Mining requires a lot of electricity and if you do not have green electricity, then your mining will be banned or not allowed. You can mine like in Russia, buying a private house inexpensively in the village and using 5-10 kilowatts for mining, but you need to be prepared for the problems and checks of power engineers. 5 years ago it was good, and the power engineers were not interested in consumption in my house if I pay my bills on time. Now mining is much more difficult to organize.

So here in the country where I am located, I did not pursue the plan to do Bitcoin mining. The problem here is that our kwh is very expensive in around 0.17$-0.2$ then he is open 24hrs. So it turns out that this is no longer practical if I continue, it seems that what will happen is that I will just waste money and the worst is that I will subscribe too much.

So it's a good thing I followed the advice of one of the members here on the forum and I realized that he was right so I didn't continue it was more practical to just buy Bitcoin and hold it compared to mining Bitcoin here.

FP91G

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Quote from: Litzki1990 on May 11, 2023, 04:36:28 AM

A miner usually decides to mine by considering several aspects before starting mining, such as safety considerations, health considerations, environmental impact, legal complications, etc. Since you don't have any financial complications, you can set up your mining project far away from residential areas. And above all the security aspects of mining should be prioritized. You should start mining after fully following all the mining restrictions. Most mining projects usually don't get permission from the government so it's better for you if you can start mining after getting permission from the government.

Mining requires a lot of electricity and if you do not have green electricity, then your mining will be banned or not allowed. You can mine like in Russia, buying a private house inexpensively in the village and using 5-10 kilowatts for mining, but you need to be prepared for the problems and checks of power engineers. 5 years ago it was good, and the power engineers were not interested in consumption in my house if I pay my bills on time. Now mining is much more difficult to organize.

Litzki1990

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A miner usually decides to mine by considering several aspects before starting mining, such as safety considerations, health considerations, environmental impact, legal complications, etc. Since you don't have any financial complications, you can set up your mining project far away from residential areas. And above all the security aspects of mining should be prioritized. You should start mining after fully following all the mining restrictions. Most mining projects usually don't get permission from the government so it's better for you if you can start mining after getting permission from the government.

cecilia.sw

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Quote from: BitMaxz on February 05, 2023, 01:57:32 PM

Take note you can only mine Bitcoin with ASIC based machine so CPU and GPU are no longer supported. Even if it is supported it's not profitable due to difficulty.

If I were you better start reading this "First time/Small miner reference for getting started."

If you still decided to mine bitcoin then for cheap units Canaan.io units are cheap but power-hungry Antminer units is also a great option their latest units is the highest profitability due to efficiency.

Thank you for recommending the Avalon Miners. I'm from Canaan Official. Avalon Miners in Texas are on sale. A1246 are $7-$7.5/T rn. You can check on https://shop.canaan.io/ or contact me at https://t.me/wongsiufong for inquiries.

Happy mining everyone

Greggry

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Quote from: Stalker22 on February 05, 2023, 12:43:20 PM

Quote from: bettercrypto on February 05, 2023, 11:19:10 AM

I am planning to buy a mining rig here in bitcoin, but this is my first time.
What would you suggest to me?
~

Looks like you have got some homework to do before buying a Bitcoin mining rig! Asking these questions is like trying to bake a cake without knowing the ingredients. Trust me, you do not want to bite into that!

My advice is to do your research and make sure you fully understand what you are getting into. Mining Bitcoin has its ups and downs, and it is important to know all the ins and outs, including how it works, what kind of hardware you need, and what kind of returns you can expect. And don't just rely on advice from unverified sources, such as random individuals on online forums – take your time and gather all the facts before diving in.

Lol. Is funny but that's the hard truth. Is not just buying the mining rig but stages your severe get the mining rig. Bro since is your first time advance your knowledge first to know you can withstood the process.

Rupok

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Before mining the advice of others, do your own due diligence. Mining can't be done with other's advice, you need to have enough knowledge to mining. For example, you must know what kind of hardware you need, what kind of software you need and how much these tools cost, what kind of return you can expect.Mining is a free way to earn money, but the machine costs are very expensive, as well as electricity. If you are confident about mining then you must consider these things. Because I have seen many people struggling to get returns on their spending.

MIner1448

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The first step in buying a bitcoin mining rig, I would recommend that you do your research and become familiar with the various mining rigs that are available on the market. It is important to choose a plant that is suitable for your purposes, has a good reputation and suits your budget.

Some important factors to consider when choosing a mining rig include:
1.Installation cost
2.Energy efficiency
3.Hashrate (data processing speed)
4.Installation dimensions
6.Performance
In addition, I would recommend that you learn the basics of cryptocurrency mining, such as the basic principles of the blockchain, hashing algorithms, the functioning of mining pools, etc. It is also necessary to familiarize yourself with the rules and regulation of mining in your country in order to avoid possible legal problems.

Also, don't forget about the cost of electricity and a cool place to set up your equipment, as mining can consume a lot of energy and generate a significant amount of heat.

FP91G

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Quote from: ?? on ??

Investing in hardware mining is not quite profitable compared to how it seems to appear to most persons
This is due to electricity cost and other maintenance cost nevertheless I am not discouraging you from investing in hardware mining but I strongly suggest you carry out research and analyze it's profitability

What mining do you recommend?
If you advise POS mining, which is called staking, then the profit there is 6-15% per annum. A graphics card has a shorter payback period and you own the hardware.But I think there will still be a time when the payback of a video card will be less than 6 months, but it is better to buy a video card or asic when its cheap.

bettercrypto

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Quote from: stompix on February 15, 2023, 11:52:51 AM

Quote from: ABCbits on February 15, 2023, 06:10:38 AM

Quote from: bettercrypto on February 15, 2023, 05:34:23 AM

Do you think 0.18$ kWh will be good to say that I can break even for this things If ever I begin to mine Bitcoin?

$0.18/kWh is definitely bad electricity rate for mining. Even if you use Antminer S19 XP Hyd (255Th) which have best energy efficiency[1], your profit is very small[2] and you'll not reach break even before more efficient ASIC comes out.

18 cents per kWh is a way to lose money for sure, you will never break even, it's barely profitable in cents a day compared to cost now, and with difficulty may be going up again I'm not sure even the most efficient miner will be able to mine and not be in red, and the S19XP Hyd is on preorder so you might get it when the difficulty is already 20% up if not more.

Even if we assume sky-high bitcoin prices in the future will make it profitable, at current rates it mines 0.00080579 BTC a day, you could simply spend those $8000 to buy 0.35 BTC now, more than the miner will bring you in 440 days without extra cost, so clearly it's way better to just buy the coins directly and not buy an overpriced piece of equipment that earns pennies and might break even before that.

OP, stick to buying bitcoins and be careful of cloud mining scams, don't fall those as you seek to enter mining.

Well, to tell the truth, one of my close friends in the crypto space told him about this plan of mine and he immediately told me that my plan would not work because it would be me in the end. said the loser, and he also said that it is certain that the money I earn will only go to what I will pay for the electricity consumption of the mining rigs that I will use.

And he also told me that the 0.18$ kilowatt is also not practical if I do bitcoin mining. So he told me that it would be better if I just use my purchase to invest in bitcoin, especially since we are about to enter the bitcoin halving again.

Because of what he said like this and what I read in your story @stompix suddenly made me think. It looks like my plan and timing are wrong regarding the thing I'm thinking about.

CryptoBeast1984

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I would recommend GMT. The project’s core goal is to provide simple and clear access to bitcoin mining for participants with different expertise levels: from beginners to professionals. The bedrock of the project is its own data centers and a constantly replenished fleet of computing devices for mining.

FP91G

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Quote from: bettercrypto on February 15, 2023, 05:34:23 AM

Quote from: ?? on ??

Quote from: bettercrypto on February 07, 2023, 10:56:32 AM

Quote from: Daltonik on February 07, 2023, 03:03:17 AM

--snip--
But this is your choice if you decide to go this way, you can use the recommendations from NiceHash https://www.nicehash.com/blog/post/how-to-start-mining-bitcoin-in-2022

I'm sorry that I'm a little late in the responses here because I'm reviewing the plan I'm going to make, I'm a little wrong at this point about what I'm planning to buy. But here at nicehash, It seems to be okay and I got interested in this matter. And I think the NVIDIA Tesla A100 mining hardware is the best based on my review on the website you provided.

I hope you've read the disclaimer which state you actually don't mine Bitcoin. Additionally the article is slighty outdated since newer GPU type (such as RTX 4000 series) exist.

Quote from: bettercrypto on February 07, 2023, 10:56:32 AM

Quote

Check electricity price on your area and reserve location (e.g. your basement) to host your mining

I have a small stock room and I will put an aircon before I begin to host mining here.

Sounds good. Many miner use such room. I hope your electricity price is rather low ($0.06/kWh or lower).

Do you think 0.18$ kWh will be good to say that I can break even for this things If ever I begin to mine Bitcoin?

Honestly, this is what I consume here in my home according to per hour based on kWh. So I think, I supposed to
expect a high cost for the electricity for the first month I guess. But I will observe it for the first trial as of the moment.

If the price of electricity is more than 10 cents, then it is better not to start mining. And do not forget that there will be a halving soon, and the cost of mining will increase greatly, and if the price of bitcoin is cheaper than $30,000, then you will not pay back the equipment.

stompix

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Quote from: ABCbits on February 15, 2023, 06:10:38 AM

Quote from: bettercrypto on February 15, 2023, 05:34:23 AM

Do you think 0.18$ kWh will be good to say that I can break even for this things If ever I begin to mine Bitcoin?

$0.18/kWh is definitely bad electricity rate for mining. Even if you use Antminer S19 XP Hyd (255Th) which have best energy efficiency[1], your profit is very small[2] and you'll not reach break even before more efficient ASIC comes out.

18 cents per kWh is a way to lose money for sure, you will never break even, it's barely profitable in cents a day compared to cost now, and with difficulty may be going up again I'm not sure even the most efficient miner will be able to mine and not be in red, and the S19XP Hyd is on preorder so you might get it when the difficulty is already 20% up if not more.

Even if we assume sky-high bitcoin prices in the future will make it profitable, at current rates it mines 0.00080579 BTC a day, you could simply spend those $8000 to buy 0.35 BTC now, more than the miner will bring you in 440 days without extra cost, so clearly it's way better to just buy the coins directly and not buy an overpriced piece of equipment that earns pennies and might break even before that.

OP, stick to buying bitcoins and be careful of cloud mining scams, don't fall those as you seek to enter mining.

kano

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Also be aware that any site that tell you how much you are going to earn and says any time more than 1 month is pulling numbers out of their ass.
No one knows what the bitcoin difficulty will be 1 month from now and clearly no chance of even guessing what it will be one year from now.

Topic: Which mining is good to start? (Read 736 times)