I'm no expert, so I can't rightly say, but btc is probably gonna cost you more electricity than it's worth.

Http://www.coinwarz.com

I have considered other coins, like litecoins, but none of the other coins are as widely accepted as bitcoins are, nor have as much value. Besides the cost of electricity in China is dirt cheap. I think if you choose your mining hardware correctly you really can minimise on the cost of electricity, as I have come across a list online of all the various mining hardware available, their voltage, amperage, as well as mining capacity. There are some that really have low power usage.

Let us know how it goes when you start mining

Btc is definitely the most commonly accepted one, but you could mine an easier coin then just exchange to btc regularly.

I am also getting interested in this. Been reading quite a lot about it.

@jopasny

What are some of the easier coins to mine? I've only been focused on bitcoin and have not explored further.

some of the scrypt mining based coins might be easier, although they're now making ASICS for those as well, which will increase the competitiveness. The link I post above had some good comparisons of mining difficulties for other coins. You just want to make sure whatever you're mining can be quickly converted, or is something that is sticking around (LTC) and not just a pump and dump scheme.

Been reading more and more about Bitcoin and it all sounds interesting, until you stumble upon a story like this one:

www.theverge.com/[...]

If anything that's good news since it's weeding out the bad from the good. Anyone who left their btc in that exchange was asking for trouble. The signs were clear for a long time that Mt Gox was a questionable exchange, and an exchange is certainly not a long term storage solution. That's what blockchain.info or an encrypted offline wallet. I think most regular bitcoin users recognized this already.

In any case, there will be a lot of stories in the media in which people who have no idea what they're talking about will say this means that bitcoin is inherently flawed, not secure, regulation is needed, etc. Some will probably make it seem like Mt Gox = Bitcoin, but this isn't true at all. There are other trustworthy exchanges out there, and transparency of liquidity is the key.

Anyway, just be careful when weeding through the news these days.

So I know some of us were discussing bitcoins earlier. I came across this site, which allows mining of coins without hardware through cloud mining. Here is a link cex.io/r/2/Mandrake/0/.

I would be interested in some feedback and opinions on whether you think this may be an worthwhile option instead of buying hardware, from those that were interested in mining.

You're renting hardware from the company. Its in no way profitable, you will lose money. They are ghash mining.