Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions.In the early days of Bitcoin, mining was performed by individual computers running the Bitcoin nodes as they compete to solve algorithmic problems while confirming transactions on the Bitcoin Blockchain.The fastest computer to solve a particular problem is rewarded with a specific amount of Bitcoin, and that is how new coins are introduced into the ecosystem, hence the term “Bitcoin Mining.” As time passed, “Bitcoin halving” factors in, technology improves and more efficient mining equipment developed.This gave rise to increased mining difficulty as the rate of competition skyrocketed.Instead of having millions of individual computers independently mining Bitcoins across the globe as is assumed to have been the original intention of Bitcoin’s creator, Satoshi Nakamoto, what is obtainable nowadays is the installation of massive mining farms.A Bitcoin mining farm is usually comprised of a huge number of processors, known as mining pools.

These pools are interconnected to compete as a single unit in the transaction processing competition on the Bitcoin Blockchain.This, in essence, automatically makes it extremely difficult for small independent miners to carry out mining profitably.One major factor that determines the viability of Bitcoin mining is the return on investment (ROI).Jure Pirc sees Bitcoin mining in 2017 as a very challenging adventure.He notes that every person or company that decides to invest in Bitcoin mining must understand that the current ROI time for the most efficient miner on the market "Antminer T9" is between 9-11 months.However, ROI time varies with energy and cooling costs.Therefore, countries with affordable electricity and a cooler climate hold a big advantage when it comes to mining profitability.Another important factor to mention is that the ROI calculation is also based on the prevailing network difficulty which keeps increasing as time goes on.Concerning mining hardware equipment, Pirc says: “I get quite a lot of requests to assist and advise with setting up Bitcoin mining operations and almost always the end result is that it makes more sense to set up a GPU mining rig where a user/miner has a lot more choice.” “When it comes to choosing the currency one wishes to mine, while with Bitcoin ASIC devices the only choice is to mine SHA256 based cryptocurrencies.

There are a few of these out there that are still in the proof of work phase,” Pirc adds.For newcomers to the Bitcoin ecosystem, Pirc thinks that the individual mining process could be a very complex adventure.bitcoin usi techBlockchain Research Specialist Sean Brizendine describes the profitability of Bitcoin mining in 2017 as an unpredictable phenomenon considering the parameters involved in it.buy litecoin with coinbase“Bitmain sells an Antminer T9-12.5TH/s for $1,205 beginning April 10 (pre-paid).bitcoin tagesvolumenSo you’re looking at $204.84 a month, with electricity costing $93.60, meaning that the profit after electricity is around $111.24 a month.” In Brizendine’s opinion, Bitcoin mining is not a particularly great investment but for the purpose of maintaining the network, he advises holders of a lot of Bitcoins to run at least one miner, regardless of the little profit.bitcoin api wiki

“Right now I would personally buy and run one Bitcoin miner to support decentralization and contribute to the strength of the Bitcoin network and also invest heavily into buying the Bitcoins and holding them in a cold storage hardware wallet like a Trezor or KeepKey,” he concludes.ethereum project ideasAaron Foster, co-founder and CEO of TheBitPoint, explains that Bitcoin mining profitability depends on Bitcoin price.bitcoin-qt usageGiven the scaling situation, if not resolved one way or the other he thinks that returns will be in the negative.bitcoin for ransomEven worse, a hard fork with two chains, giving rise to the mining of either BTU or BTC.bitcoin rate graph in indiaFoster also notes that the lifespan of the hardware must be put into consideration, figuring out how long before a mining device becomes obsolete: “The best way to profit from Bitcoin for the smaller investor is with the buy and hold strategy for now.bitcoin price drop march 2014

Unless you can get some ant miners cheaply and have really cheap or free electricity.” Fred Gondzar, president/CEO of Healthy Wealth, LLC, is of the opinion that being part of a mining club is the best approach for anyone who wants to earn rewards from the complex environment of Bitcoin mining.He speaks from the standpoint of a participant of such arrangements and claims to receive his dividends on a daily basis.“From my perspective, it is a good idea to be involved in Bitcoin mining, however, not as an individual but as a member of a Bitcoin mining club that is mining on a large scale.I am in a couple of groups that are mining like that, and it is paying me daily, so I am in favor of it.” Clearly, Bitcoin mining in 2017 could be a complex adventure which depends on several factors.However, with proper planning and a conducive environment, individuals can still benefit from the Bitcoin ecosystem through mining.deanclkclk Posts: 1 Joined: Wed Sep 23, 2015 7:02 pm What's the cheapest mining hardware with efficient hash rate/power Chris Global Moderator Posts: 161 Joined: Tue Sep 22, 2015 10:57 am Re: What's the cheapest mining hardware with efficient hash rate/power /calculators/bit ... calculator 1732$ per month * 6 months = 10395.72 $The first 6 months of mining you will get the invested money back after 6 month who will now have get your invested back you can tell i mine bitcoins but don't forget the difficulty and the power cost.. [ [Buy bitcoin] tarsua Posts: 3 Joined: Wed Sep 23, 2015 2:13 am Re: What's the cheapest mining hardware with efficient hash rate/power Myagui Global Moderator Posts: 18 Joined: Sun Sep 20, 2015 12:53 am Re: What's the cheapest mining hardware with efficient hash rate/power For efficiency, I understand that Bitmain is one of the popular choices.

There's certainly others, just that I have not had much experience other ASIC vendors myself.I had an S5 for a while, and it was ok, just very noisy for a domestic setting.The title asks about the cheapest also.I think it is a tall order to expect cheap and efficient though.On the other hand, knowing that mining is a race to the bottom, all that matters is reaching ROI.This is true for 1K worth of mining gear, just as it is for 100K worth.You'll need to make a very fine selection of supplier/equipment, and unless your electrical costs are null, there's always a factor of risk, since difficulty might raise to a point where mining is not profitable for you, much like Bitcoin price can drop and cause the same effect.It is a tough call.If you're at all considering venturing in the world of altcoins, GPUs are still quite popular, and Nvidia looks to hold the crown of efficiency.Personally, and as mining is just a hobby for me, I find that GPU mining for altcoins provides the most fun.Good luck & Happy Mining ERt1F2Wvyr Nickel Bitcoiner Posts: 10 Joined: Sat Sep 26, 2015 3:30 pm Re: What's the cheapest mining hardware with efficient hash rate/power GQM Posts: 5 Joined: Sun Sep 27, 2015 6:15 pm Location: Toronto Re: What's the cheapest mining hardware with efficient hash rate/power btc Global Moderator Posts: 166 Joined: Tue Sep 22, 2015 3:00 am Location: satoshi's comet Re: What's the cheapest mining hardware with efficient hash rate/power /bitmain/spondoolies/ and for scrypt (not btc) those terminators are nice!

(scrypt has been more profitable than sha for awhile now)ask for chris with BITCOIN BitVentura Posts: 4 Joined: Fri Nov 06, 2015 8:42 pm Re: What's the cheapest mining hardware with efficient hash rate/power One of the most important considerations is your power cost.If you live somewhere with cheap power you can mine from home but otherwise you should find a company to host your miners.Profitability will vary with Bitcoin price and difficulty so it might not seem so important now but once the halving comes it will be that much more important to make sure your power costs are low.I am putting together a hosting directory here:mining-support/hosting-directory-bitcoin-miners-t2187.html Hosting Directory - Bitcoin Miners Marshall AMA Posts: 22 Joined: Mon Nov 02, 2015 3:23 pm Re: What's the cheapest mining hardware with efficient hash rate/power thefix Posts: 4 Joined: Sun Nov 08, 2015 4:29 am Re: What's the cheapest mining hardware with efficient hash rate/power BitTore Posts: 2 Joined: Sun Nov 08, 2015 1:49 pm Re: What's the cheapest mining hardware with efficient hash rate/power Hi mate, the most efficient miner you can buy today is Bitmaintech's Antminer S7.

Or at least it was.///watch?v=ICS22_VVlSg (They do make some noise, ~70dB.)Don't bother with GPU mining, it's way too late.Personally I would wait until next year before buying mining hardware.Probably after the halving of the block reward.If you order S7's, they will probably not ship before 27.dec.We might see miners based on 16nm tech next year.Bitfury has announced the tape-out of a new chip, but there is a chance that they won't sell to the "public".If you have free or really cheap power, I'd say go for it, if not, buy bitcoins.For every investment I've made in mining hardware, it would have been better to just buy the coins.If you just want something to play with, wait for Bitmain to release a new batch of their AntRouter's.Accesspoints with 5GH/s mining power.Or get a 21.co computer.Good luck.thefix Posts: 4 Joined: Sun Nov 08, 2015 4:29 am Re: What's the cheapest mining hardware with efficient hash rate/power Hi mate, the most efficient miner you can buy today is Bitmaintech's Antminer S7.

Or get a 21.co computer.Good luck.I agree that GPU mining for bitcoin is out for sure, but GPU mining alts or renting your hash for a popular algo like quark or skein can be a very easy and profitable way to earn bitcoin.The main thing is to have options as markets change BitTore Posts: 2 Joined: Sun Nov 08, 2015 1:49 pm Re: What's the cheapest mining hardware with efficient hash rate/power Hi mate, the most efficient miner you can buy today is Bitmaintech's Antminer S7.The main thing is to have options as markets changeI must admit I know nothing about quark or skein.I've had my GPU's on the shelves for years now.(280x).Could you give an example of an alt-coin that is profitable to mine with a GPU?I guess AMD GPU's are still the way to go?thefix Posts: 4 Joined: Sun Nov 08, 2015 4:29 am Re: What's the cheapest mining hardware with efficient hash rate/power I must admit I know nothing about quark or skein./cryptocurrency for a list of conversions to Bitcoin and profitability guideWhen Nvidia released its 28 nm Maxwell it pretty much destroyed AMDs dominance in the crypto mining realmAMD is better for a couple algos, but for the most part new Nvidia cards dominate with very low power usage and high hash ratesHope that helps nuker Posts: 2 Joined: Fri Oct 09, 2015 6:53 pm Re: What's the cheapest mining hardware with efficient hash rate/power Last edited by nuker on Sat Nov 14, 2015 10:49 pm, edited 8 times in total.

CryptAxe Nickel Bitcoiner Posts: 193 Joined: Sat Nov 14, 2015 7:02 am Re: What's the cheapest mining hardware with efficient hash rate/power nuker Posts: 2 Joined: Fri Oct 09, 2015 6:53 pm Re: What's the cheapest mining hardware with efficient hash rate/power actually in my case that's not it and the S5 is still good depending on power even with the S7 it depends on power cost .and as for difficulty why did it go up because of bitmain it didn't have to .sigh not like it's heading now .bitconis will go up either way .but were getting off topic now .In any case it all depends on your Electricity cost no mater what miner you have .for the OP S3, S5, are your best bet for maybe two to four more months depending on the cost of your Electricity then look into buying a S7 or whatever is out there, The A6 by Avalon cost to much, the antminer is cheaper.the A6 from whats been posted it going to cost a big 1600 USD @ 3.6 th they claim it's better then the S7 but the stats they posted so far show it a lot worse then the S7 in power usages and it cost more .and next year there maybe three company's selling to the public, and why I'm holding off buying to much of anything but deals till next year .