by Dave Carlson
Updated Aug 4
In this article we’ve considered the question of whether you should get involved in mining Bitcoin. We sincerely hope you learned the basics of what Bitcoin is, how it is produced and what you can do with it. There are many ways to be a part of this movement and many levels at which you can involve yourself. Whether you see it as an interesting hobby, a science fiction adventure, or a potentially serious business, we hope this guide helped you figure it out.
The primary message we intend to get across is this: if you are interested in mining, do some experimentation and lots of study. Spend time on forums to learn and to introduce yourself to the community – there are many there who are very helpful and will answer your questions or point you in a direction to get the answers for yourself, which is always the best way to learn.
Stick with it – keep your miners running 24×7. Make a plan to pay off your initial investment and get closer to a pure profit. Know your mining operation’s ROI calculation and be prepared to shut down if you become unprofitable. Have some contingency plans in place if you should be forced to liquidate your hardware.
There are a lot of considerations if you want to approach Bitcoin as a profitable activity, or an opportunity to just have a lot of fun with it as a hobby. Whichever you decide, we hope your Bitcoin mining is fun and profitable and we wish you the best of luck!
Bitcoin – the site: http://bitcoin.org/
The Bitcoin Forum: https://bitcointalk.org
Bitcoin Wiki: https://en.bitcoin.it/wiki/Main_Page
Mt. Gox (currently the largest BTC exchange) https://mtgox.com/
Stats, Charts & Analysis http://bitcoincharts.com
ROI Calculator (simple) http://allchains.info/calc.html