Newbie questions on mining

[zoran_dj]

I just had the opportunity to buy Bitmain Antminer S9 with 14 TH/s used for 3 Months for 400€, and I wanted to have your opinion onto this.

Would you buy used Hardware and if so, which Hardware do you prefer? Is it still worth to start mining in 2019 or not?

Please be so kind as to help someone who is new into cryptocurrency mining, thank you in advance.

[coinpanion]

This depends mainly on your electricity price. There are websites you can calculate your monthly (expected) return, so you can make adequate investment decisions. BE CAUTIOUS: Returns are not guaranteed and fluctuated a lot - Most of the times it's way easier (and a better decision) to just buy cryptocurrencies. Furthermore, is mining a hassle and needs constant work - You may think its plug and play, but I can guarantee you it's not.

Conclusion: Its a good tool for learning more about blockchain and funny if you like messing around with hardware, but its probably not a good investment. There are better options out there.

[zoran_dj]

This depends mainly on your electricity price. There are websites you can calculate your monthly (expected) return, so you can make adequate investment decisions. BE CAUTIOUS: Returns are not guaranteed and fluctuated a lot - Most of the times it's way easier (and a better decision) to just buy cryptocurrencies. Furthermore, is mining a hassle and needs constant work - You may think its plug and play, but I can guarantee you it's not.

Conclusion: Its a good tool for learning more about blockchain and funny if you like messing around with hardware, but its probably not a good investment. There are better options out there.

Could you name some of these options/ways out there to start to work with cryptocurrencies?

[coinpanion]

Could you name some of these options/ways out there to start to work with cryptocurrencies?

Start by buying some. The simplest way is Coinbase. For sure you have a friend using it who could refer you for an extra 10$ for both of you. Now that you have some you have two options: investing or trading. You can either research projects and start investing in them for the longterm (google DCA - simple system to not fall for your emotions) or try to trade them for short-term, fast profits. The best way to start trading is to google A LOT! Otherwise, you can shadow trade other trades to simply trade 1:1 as them. There are several platforms out there. I believe the best and simplest is ours Coinpanion, as we use existing, famous exchanges such as Binance. For more information about our product just google "Coinpanion".

[FascioDiLvce]

I think that now is too late to start mining (with low budget at least)

[Allura]

There is no point in buying mining equipment unless you have thousands and thousands of dollars and cheap electricity. Its almost always better to just buy the coin then mining equipment

[zoran_dj]

Do you guys have any other websites to suggest to buy and sell coins other than coinbase?

[Allura]

Do you guys have any other websites to suggest to buy and sell coins other than coinbase?

I just realised you want to cloud mine. Don't do that. Just buy the coin. Cloud mining is a scam and not worth it.

As for other websites, its all very country specific. You have to do your own research to find the best exhcnage for your country. Coinbase has support for lots of countries thats why its recommended so much

[coinpanion]

I just realised you want to cloud mine. Don't do that. Just buy the coin. Cloud mining is a scam and not worth it.

As for other websites, its all very country specific. You have to do your own research to find the best exhcnage for your country. Coinbase has support for lots of countries thats why its recommended so much

There are legit services which work as sort of cloud mining. You can send your mining gear to them and they handle all the maintenance + you get cheap electricity

[Allura]

There are legit services which work as sort of cloud mining. You can send your mining gear to them and they handle all the maintenance + you get cheap electricity

I dont trust those things... Too many scammy things

[coinpanion]

I dont trust those things... Too many scammy things

I personally know some companies and could vouch for them. Generally speaking, if you work with a company regulated in the EU you don´t have to worry about too much - The law is pretty strict here.

[Xishan]

Do you know of any companies in US that can be reliable? Cuz the mining I have tried they usually rip off for fees. Also, any recommendation for a website based on the coin?

[Glass]

There are legit cloud mining sites out there but ROI takes a freakin huge time like 2-3 years. Not very worth it! If you want physical mining, it is still not too late if you use solar powered (I don't have concrete evidence but that is what people are saying)

If you want to earn money just invest in BITCOIN or other alts and hold for 2-3 years and if all goes well, you will have the same profits in mining.

Just a few cents from a crypto enthusiast