/biz/ - Business & Finance

[Anonymous No.4768374]

I want to get into bitcoin mining. I’ve done a bit of research and am asking for advice.

I found Electrum and Nicehash. But, I haven’t installed anything to get started because I don’t want to fry my computer. I’ve looked at bitcoinmining com and they show you the AntMiner S9. I’m not sure how to set one of these up, but I haven’t reviewed any tutorials yet. Is it easy? Do I need a dedicated machine, or do these simply connect to your existing PC/router and then done?

On the S9, it claims it will earn ~.3603 BTC amonth. This is about $4k at current rates. Is this the MAXIMUM it will make? Is it an average? Is it always going to be utilized or can I end up getting this machine and it only does .0001 BTC transactions in a month? I don’t understand how these transactions occur outside of shared processing power and I get paid for a percentage of it. In other words, how do I ensure I do at least .3 BTC a month?

Does my internet connection speed decide anything here?

[Anonymous No.4768380]

>>4768374

Is it worth getting 2 or 3 of these? According to CryptoCompare, it has a $3.96 cost per day electrical. At 9.65 cents kWh (my area’s charge), I’d be looking at roughly $3.48 a day in operation. $104.40 in a month. Assuming I’m making $4k, this is outstanding. Even if I have to replace this unit every 4 months, I’m looking at a profit of $15,582.40, without any consideration on any of the answers to the questions above on hardware requirements. That’s $46,747.20 a year in income. And I can keep going to my slave job every day. It can’t possibly be this simple. What am I missing? Or is this simply not a well known thing?

Also, I have quite a bit of money saved for this endeavor, but I’d like to minimize my mistakes and really hit the ground running (I have enough money for 10 of these S9’s if I wanted). I’m more than happy reading articles I may have missed in my scrounging around for information. Maybe I just didn’t see what I needed to?

I'd be happy with a $700 monthly profit after all costs. Is this doable if the above math is not?

[Anonymous No.4768591]

>>4768374
> it claims it will earn ~.3603 BTC amonth
It won't, It's pretty much impossible to make a decent profit mining BTC as an individual.
You can still profit with mining shitcoins though if you're lucky
https://tradeblock.com/bitcoin/mining/a/Jp4W6zAfHKGHD9CSXx7siA

[Anonymous No.4768609]

>>4768374
>I want to get into bitcoin mining.

Don't

[Anonymous No.4768769]

>>4768591
So what kind of money do I need to spend to get a $700 profit each month after costs? What hardware would I be looking at?

>shitcoins

Are you talking about Litecon and Ethereum?

[Anonymous No.4769061]

>>4768769
> Are you talking about Litecon and Ethereum?
No sub top10 coins.

It's simply too late now to get into mining. BTC's difficulty has become insanely high, it requires massive dedicated farms to gain profit. Better to spend the money directly into crypto rather then buying the miner.

[Anonymous No.4769175]

>>4768374
electrum is a wallet, nicehash isnt a solo miner but just an easy way to contract out your hardware to mine for others... your research sucked ass. try again.

[Anonymous No.4769212]

>>4769061
>>4769175
Gotcha. Disappointed. Thanks.

[Anonymous No.4769239]

>>4768591

I've done some testing on the Antpool stuff and it will do about $200-$300 or so, but you have to use their pools to be optimized.

I've tried using Nicehashes, but it never works.

That said, I've made more money off Litecoin mining, but I don't pay for electricity and so far no one has complained.

If your a NEET and your parents are dumb its a great way to transfer their money into your pockets without noticing.

[Anonymous No.4769293]

>>4769239

Oh yeah. For Antpool you gotta buy their hardware which is a pain in the ass from Bitmain.

Not only are they always they sold out (and they have 3am sales in China and I get the email but I've fucking asleep) and you got to pay in BTC and then pay for customs and all that shit.

So I just buy it from people off eBay but many of them are over priced.

If you just want to tinker with it just get an R1-LTC off eBay for $170 or so. I got one to play with and it makes maybe $0.15 every 48 hours or so which is basically nothing but its just a good learning tool before you spend $4000 on an S9

[Anonymous No.4769338]

>>4769293

Oh. The thing about pools is that the more people mines the more your payout is oddly enough (you'd think its backwards)

But if the pool gets the block first before other pools or individual miners, then they payout happens more often.

Also the price of LTC has double since I first started.

For a reference the R1-LTC was making $0.05 every 48 hours in LTC when I first tested it.

[Anonymous No.4769362]

>>4769061

>What are pools

[Anonymous No.4769476]

>>4768374

Also almost forgot...

If you have a 2 year old gaming PC with an nVidia card you can mine BTC right now at NiceHash's site.

Its only like $1.00 a day or so but the way it works it mines a pool of shit coins and sells it automatically on the market for BTC.

I mean if you left it on all month and your parents didn't complain you could make $30 a month.

Of course if BTC doubled you'd have $60.