Want to start bitmining

Lars01

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Hey, i am a 14 year old boy that Want to start bitmining. I am not going to buy in the near future, but maybe in the summer. I dont need to pay electric bills ( i think)

I have seen a little bit on the Antminer s3, is it a good miner to use in a pool or whatever it is called? I need a powersupply, what about a Evga g2 650? And then i dont know more, do i need a pc to be on too? A hard drive? I dont understand:) Please explain what i need and a good setup to make a little bit of money. I will mostly do it because of interest, but i want to earn in my money to you know. I cant afford bitmining now since i am soon Building a beast of a gaming pc, for gaming.

Thanks :)
 

USAFRet

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1. Unless you have your own solar array or wind farm, someone is paying the electric bill.
2. You are so far behind the power curve....if you spend more than $5 on hardware, you will never make your money back. Without even counting the electric bill that someone is paying.

There are many, many online resources to investigate what you need. And you can't afford it.

If coin mining were cheap and easy, everyone would be doing it. Then it wouldn't be cheap and easy anymore.
 

Lars01

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I dont understand, i dont pay the electrisity bill and i cant get my money back? Many people with setups around 500$ mine bitcoins with them, what if i buy a Antminer s5, is that good?

Btw, can i make kt in to real money so that i get it right in the bank?

So you mean that i shouldn't do it? It seems damn cool
 

cdabc123

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you will get a extraordinarily small amount of bitcoin from mining. you will never get enough or close to enough to pay for the hardware you bought. it is way to late to start mining it was only profitable in the early days due to how bitcoin gets more difficult to get as time passes.
 

USAFRet

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As said...someone.
If my electric bill suddenly went up, I'm going to figure out why.

Oh...your PC is running at 100% 24/7? Not for long, it won't be.
 

Lars01

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So If i had a Miner with a powersupply, my pc would be on full load 24/7? I thought the pc would only be on load If i used the pc to mine bit coins
 

USAFRet

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If you're only running it a few hours a day, your theoretical earnings of 'almost zero' will be even closer to 'actual zero'.
 

Lars01

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Ok. Btw, i am not getting a antminer s3, im getting a small cheap antminer u3 and a raspberry pi 2 instead. I am going slowly but secure, if it will go bad, it doesnt matter, it's a cheap setup. I will earn ca 5 bucks per month, so in 13/14 months, i have earned in my money, haha:)

Btw, i am also doing this because of a hobby and interest. Im going to learn much about bitcoin if i buy a setup, and maybe i will get bigger setup later, you never know.

Btw, in mid 2016, they are going to change 25 bitcoins per 10 minutes to 12,5? wtf, why would they do that? wouldnt many people stop mining?
 

USAFRet

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Or, you could put that same effort into something worthwhile. Cancer research, maybe.
http://www.tomshardware.com/forum/id-1580785/folding-home-thgc-team-40051.html
 

cdabc123

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yup in the summer your profits will cut in half. and yes many people will stop (if they are still doing it) do some googling on it. if your extremely interested and determined to get bitcoin. buy some. maybe their value will increase and you could sell them for a bit more then you paid for them.
 

USAFRet

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If you actually do this, please report back here in 6 months.

Hardware cost
Electric bill increase
How many 'coins earned
Exchange rate

Stuff like that.

For me, $5/month (it won't be) is not worth my time, even if the electricity were free (which it isn't).
 

USAFRet

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Want an easier way to earn 5x that money?
Come cut my grass once a month. Want 10x? Cut it every two weeks.

Want 20x? Cut my yard and the neighbors.

A maybe theoretical $5/month (soon to be $2.50/month)
Or...a guaranteed $100/month for two Saturday afternoons a month.
 

synphul

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They're probably cutting the mining amount per minute to keep the production under control. It's currency and it's backed by some sort of value or system that represents value. If you have 100 $1 bills all worth $1 and suddenly print off another 100 $1 bills, the value of each $1 just dropped to 50 cents. A bitcoin is a type of currency and if you just 'print' (or mine) a ton of them it will drive down their worth due to extreme inflation.

They likely have it under fixed control where they will only allow x amount total per month to be created. The more people mining the more they will drop the rate at which they can be mined to counter balance the influx of people producing them.

I can't say as I don't know the current status of mining but if I recall the big mining 'craze' came and went already. People were using an array of gpu's, many using the radeon gpu's which is what drove up the price of them since everyone was buying them several at a time for mining. Even several years ago mining was hardly worth the time once factoring in the cost of hardware. Running them 24/7 burnt the gpu's out much quicker than if they'd been used as a gaming device. Hard to say how worth it it would be to attempt it now.

I think I'd side with USAFRet, many other ways to make money and if you're still interested in the process of mining go small at first since the investment likely won't pay out. For $100/mo I'm tempted to go mow USAFRet's grass lol.
 

Inachu

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The cheapest way to mine for bitcoin would be to buy the Raspberry Pi computer which is $25 and comes with free OS and then you can download the bitcoin os from it. This can be done very cheaply indeed when using raspberry pie.
 

cdabc123

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a raspberry pi would be terrible for mining bitcoin. you would get less then 1$ a year mining on it. a brand new 6700k would be terrible. all mining is done on the gpu of the system or more recently ASIC miners designed specifically for bitcoin.
 

synphul

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I doubt the raspberry pi would be worth it and it just serves as a pc head if I'm not mistaken. Regarding mining, here's an article from 13mo ago talking about the cost of energy, miners and returns on investment. Basically pointless and they mention buying bitcoins and waiting for the value to increase if that's what you're looking to do. An easier way to make money off it. It's just not profitable and I doubt it's gotten better the past year. Probably only worse.

http://www.coindesk.com/can-hobbyist-bitcoin-miners-still-make-buck/
 

cdabc123

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its gotten much worse. the difficulty has increased farther making it impossible to mine on anything but a ASIC and the amount of coins you get will split in half soon.

 

roydub83

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$100 dollars for a couple hours a month... Ill take that deal ;)

 

USAFRet

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My yard and the neighbors yard, twice a month.
Or just mine, $50/month.

Sadly, this type of 'work' is beyond the mindset of many.
 

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