New to mining

[ReillyP]

Hey guys I am interested in bit coin mining and am wondering where to start

Should I buy an all in one system from an online retailer or build my own. 
What should I get in terms of hardware and all of that.
 

I am really interested but not 100% sure on any of it yet

thanks so much
reillyp

[_ASSASSIN_]

you can check out the millions of BTC guides, I'd recommend looking at @Vitalius and @megadarkwood 's posts on the subject matter

[Bluejay0]

Mining isn't really worth it nowadays since the money needed to build or buy a system then the rate and worth of bitcoins has gone down since the Silk Road incident. If you miners can be purchase at   butterflylabs

 

 

 

you can check out the millions of BTC guides, I'd recommend looking at @Vitalius and @megadarkwood 's posts on the subject matter

 

They can help you get started on some info and there are some guides too as Assassin has mentioned

[megadarkwood]

you can check out the millions of BTC guides, I'd recommend looking at @Vitalius and @megadarkwood 's posts on the subject matter

Link time! https://linustechtips.com/main/topic/64266-ultimate-bitcoin-guide/

[RuecanOnRails]

Hey guys I am interested in bit coin mining and am wondering where to start

Should I buy an all in one system from an online retailer or build my own. 

What should I get in terms of hardware and all of that.

 

I am really interested but not 100% sure on any of it yet

thanks so much

reillyp

 

Best thing I could suggest would be, if you're already in the market for a gaming computer build one and use two 7950's to mine scrypt based coins such as litecoin.

 

Right now I would not suggest buying ASICS of any kind. Not until the hardware war has slowed and difficulty increase has stabilized a little. 

 

In regards to Bluejay's recommendation butterfly labs, I could not disagree more. BLF has one of the worst $ per G/hash in the ASIC field, they have had and continue to have many issues with meeting shipping deadlines, refusing refunds, and general bad business.

 

 

What is it that you want out of mining? Are you looking to learn about it, contribute to the network, act as a node, or are you looking for profits and profit only? If profit is your only goal, you would be better off buying the coins and exchanging them on the market. Learning the benefits and how to use Crypto-Currencies is just as important as learning how to mine.

[Lumi]

Build your own asic pocket miners.

[AK0490]

Mining isn't really worth it nowadays since the money needed to build or buy a system then the rate and worth of bitcoins has gone down since the Silk Road incident. 

 

 

 

This is just so wrong. Right after the silk road incident the price of Bitcoins dropped slightly to around $80. Since then they have surged to over $200, looks like we don't need drugs for Bitcoin to be successful.

[Bluejay0]

This is just so wrong. Right after the silk road incident the price of Bitcoins dropped slightly to around $80. Since then they have surged to over $200, looks like we don't need drugs for Bitcoin to be successful.

 

I never said that Bit-coins needed drugs for it to be successful. Lets get this straight before anyone gets ideas mixed. The resources for a successful mining operation is quite expensive. Even with a good pool the share will be quantified between miners. It will take a lot of man power to get these coins. I am an advocate but the resources needed to mine them constantly is quite expensive when looking at power cost, miners, etc. If he does have a spare rig, he could probably mine. Not for the use of drugs but more for the use or everyday purchase.  (even though I have heard many using them for drugs.) 

Can you link the price surge for the coins? I wanna take a look at it. I'm quite curious to see how the prices has increased.

[RuecanOnRails]

I never said that Bit-coins needed drugs for it to be successful. Lets get this straight before anyone gets ideas mixed. The resources for a successful mining operation is quite expensive. Even with a good pool the share will be quantified between miners. It will take a lot of man power to get these coins. I am an advocate but the resources needed to mine them constantly is quite expensive when looking at power cost, miners, etc. If he does have a spare rig, he could probably mine. Not for the use of drugs but more for the use or everyday purchase.  (even though I have heard many using them for drugs.) 

Can you link the price surge for the coins? I wanna take a look at it. I'm quite curious to see how the prices has increased.

 

Firstly, It's Bitcoins, not "Bit-coins" http://www.oxforddictionaries.com/definition/english/bitcoin

 

The issues portrayed in setting up a miner, is that an ROI is difficult to obtain when compared to buying directly. The knowledge of Bitcoin is spreading, as is the interest in mining. Which is contributing to the difficulty to jumps beyond what anyone thought. It took 5 years for the network to reach one PetaHash, less than a month after that it hit two PetaHashes, we have passed 3 already and are heading towards 4. Predicting what the difficulty will be by the time your pre-order is filled is what makes it difficult.

You can try to make an educated guess on profitability using the genesis block mining dashboard. http://mining.thegenesisblock.com/

 

 

Interested in watching the price check these links.

 

http://bitcoin.clarkmoody.com/

https://bitcoinaverage.com/#USD

http://bitcoincharts.com/charts/volumepie/

 

 

 

The small price drop from SilkRoad shutdown was recovered within 72 hours. The price went from 140 to 109 then back to 130 hours later and a couple days for 140. Current trading value is $231

 

The use of buying narcotics and illegal substances via bitcoin was a very small number, less than 1%. The reason Silk Road had such high volume, was because they ran a very reliable mixing service to help in keeping transactions anonymous. This service was used by many outside of black market. Example being people who were paid for work in Bitcoins would throw their coins through a mixer to avoid their boss watching exactly what they spend their money on.