Is it worthwhile to buy a Bitcoin Miner for $470 (Antminer S7)? How much could I make a month?

It depends entirely on your power costs. If you are paying $0.10kWh for your power you’ll make about $4.50 a day so would have paid for the miner and would be moving into profit after about 4 months. if your power is $0.25kWh then you’ll spend more on power than you’ll ever make. You can check the exact figures easily, there are lots of “Mining Profitability Calculators” around. NiceHash – Largest Crypto-Mining Marketplace has an easy one where you just tell it what miner you have and how much your power costs and it tells you what you would make.

IMHO I wouldn’t bother if I was you, because there are so many new, large-scale mining operations being set up in countries with very low power costs, all using far more efficient miners (S9’s for example), so as the global hashrate increases mining will become less lucrative for the more inefficient miners, which could well happen within your pay-back period, meaning you never make enough to even pay for your hardware.

If you’re just looking at “dipping your toe” into the crypto mining world, maybe opening a cloud mining account would be a better idea? Chose carefully though, there are a lot of scams around at the moment.

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