Introduction to Bit Mining

[FMSFOX]

Hey,

does anyone have a good, in-depth tutorial to mining for bit coins, including system requirements etc?

 

as always there is a billion online and each one contradicts the previous one, so i need a good, reliable one.

 

Thanks

[Fred Castellum]

Are you planning on entering the bitcoin market?

[ZetZet]

You don't mine bitcoins with systems anymore.

You need an ASCI miner. http://products.butterflylabs.com/

 

but it's not worth the time or the money.

[Atomicnerd64]

Hey,

does anyone have a good, in-depth tutorial to mining for bit coins, including system requirements etc?

 

as always there is a billion online and each one contradicts the previous one, so i need a good, reliable one.

 

Thanks

don't. it's not worth it.

[12andCounting]

All I have to say is get ready to invest a lot of money and get like 2 cents of it back. There are people who have like hundreds of ASIC sets ups to mine a ton so if you want profit you'll need to do that

[12andCounting]

And remember to follow your topic so you know when someone replies

[JWMutant]

As posted, you basically mine with ASIC machines now. Or buy mining contracts.

 

https://bitmaintech.com/product.htm is a good place to start with ASIC's.

 

Setting up is dead easy.

[DoubleUx2]

Here is an example if you were to buy an Antminer

You buy this:

https://bitmaintech.com/productDetail.htm?pid=00020150921111108071J5Y5yOdO0670

and

https://bitmaintech.com/productDetail.htm?pid=000201505040743496917U7kGsCm0694

Total : $1740 (Depending in which country you live you also have to pay import taxes, for example:

I live in The Netherlands so I have to pay 21% taxes which would make the total price: 2105.40)

Then we have electricity costs, I placed them at $0,25 per KWH (Might be more or less depending on where you live)

 

You fill in the information in a calculator and you get this:

http://www.coinwarz.com/calculators/bitcoin-mining-calculator/?h=4660.00&p=1180.00&pc=0.25&pf=0.00&d=60813224039.44040000&r=25.00000000&er=240.47190000&hc=1585.00

 

It would take you 2 years to break even and after that you might be able to start making money.

IMPORTANT:

The Bitcoin price may rise or go down even further and the difficulty level could go up again (For example, in around 12 days it will become over 3% harder to mine. source: https://bitcoinwisdom.com/bitcoin/difficulty )

 

Clear enough or do you need more info?

[Guest]

Bitcoins aren't really worth it to mine anymore

On a standard system your just burning through power.

[1823alex]

Don't mine, not worth it at all. I made more money selling the hardware I bought than actually mining for a whole year even though I didn't pay for electrical.

You don't mine bitcoins with systems anymore.

You need an ASCI miner. http://products.butterflylabs.com/

 

but it's not worth the time or the money.

^ Last time I was in the market for some miners those guys were pretty deep in lawsuits and they didn't deliver on any of the pre-orders and aftermarket value was so high, it wasn't worth buying them.