Hey everyone! I’m interested in setting up my first miner at home. Trying to spend under $1,000. I’m interested in mining Dogecoin or Helium. Which of the two do you recommend I start off mining and why?
Looking forward to joining the mining community.
Rob @Coffeeforthearts.com
At the moment, it might be a good idea to invest your 1k into buying Doge & Helium, rather than mining it?
I aren’t an expert, but we are in a dip at the moment, and they say “buy the dip”. Crypto could fall more yet, or could fluctuate up, it’s anyones guess, but I know you won’t be mining a pile of Helium or Doge anytime soon.
This is just my opinion, and like I said, I aren’t an expert, so listen to a few other options and do what feels best for you.
For starters, is have you looked on the helium map to see if there is anyone in your hex? If no one is in your hex, then helium mining becomes much more interesting. If there are a bunch of people in your hex and their miners are active, you may want to seek an alternative deployment location.
While ElectricBloke has a good point, I would still be comfortable mining helium.
At the average electric cost of $5/year it’s a good entry point into mining in general. Just understand that it’s going to take even longer to break even on the return on investment.
With a limited starting budget, I would hold off on doge mining or purchase doge outright with your remaining budget. In interest of transparency,
I do have two doge/litecoin box miners that are running which were purchased before the big dip. I’ll keep them running to stack coins for a later date.
In the end, you must do what is best for you.
Thank you for the responses! @Darkroot it looks like there are 3 miners in my hex that are active and 1 that is inactive. I’m assuming that’s pretty good right?
Helium is more profitable by a lot. Doge is so much fun tho
Start bidding on eBay for rakv2! Or whatever . Sometimes u can snipe a mini doge for $500 I’ve seen it!
@coffeeforthearts check out hotspotrf.com, this will give you at least some idea of how a miner will perform at your location
Check asicminervalue.com if you are looking to make money mining as the mining manufacturers only care about their pockets.
You can get a RAK MNTD BLACK. For $419 right now. HNT is way more profitable and actually has use.
Ideally you don’t want anyone in your hex. Any profits in the area or split between you and the other miners.
I would look at the miners individually in your hex and see about how much helium they bring in for about 30 days.
I was alone in my hex for about 3 weeks before another helium miner came online. I believe it was a Mtnd. They pull in about 1 - 2 helium where I pull in much more than that. (Haven’t had time to make the deployment optimal yet.)
If there miner is deployed wrong (lower ground/basement, etc.) they you may still pull in a decent amount of Helium. It’s hard to say really until you do it.
You could also look at it as being that whatever the profit is between the other miners you could potentially be getting a third of that cut when your miner goes online.
Worst case scenario, you could pay about $10 in helium to move the miner to a new location if your current one just doesn’t work out. (Family members, friends house, etc.)
I like the guy that said buy doge and helium rather than equipment right now might not be a bad idea unless you find a good deal cause people are freaking out on the dip so take advantage…. I have 5 helium machine 3 mini doge and a large L7 miner I enjoy it