Bitcoin Forum

New to cryptocurrencys, am I better off investing in a multiple gpu rig and run on multiple coins or buying ASICs. Will there still be profit in cryptocurrencies still in 2 years with multiple and adding gpu's and to the setup in general or will I have to switch eventually ? I understand this is a "market" if you will that will require my effort and time and I'm not just gonna buy these rigs and expect money to fall at my feet if your thinking that


27 cents aud per unit is my current electricity in Perth
6 solar panels (can't find out what kWh there doing but they save A LOT of current bill)
and let's say $10000 to invest

Cheers

Edit** besides gpu's and power supply, what other components of a rig / computer / setup whatever you want to call it, what else does mining wear down the most that I should be worried about ?

Can't really give you advice wether or not it would be wise to buy an altcoin ASIC (be it scrypt, X11,...). If you're interested, you can just look up each asic's specs, look at whitch coin you can mine with said asic, use a mining calculator and see how long it'll take to break even (given the current diff and altcoin price). Base your purchase habit on the break even time ;)
If it takes to long to break even, you might be better off buying GPU's, since you'll always be able to find a coin to mine with them, and there is a good resale market when you're done mining...

There are 2 things i can tell you for sure:

1) @27 cents, you should stay away from bitcoin mining...
2) i have about 15 solar panels on my roof, and they do not cover our electricity bill completely (just the household's electricity bill, i'm not mining anymore). Using cheap solar power is only profitable if you have overproduction. If you don't produce sufficient energy to cover your family's power usage, you're still mining with 27 cents/Kwu power...

yeah Bitcoin dragged me here from word of mouth but I think I've seen enough to not mine it, might buy.

Thanks heaps !

0.27 AUD is 0.21 USB, which is far from cheap.
I also advise against Bitcoin mining at this price.
Also GPU mining is more versatile, you can always switch to another coin / algo.
Start with altcoin mining, maybe a smaller rig until you get in the business and grow gradually.

yeah Perth tends to rip you off with most things 😂 and thank you that's pretty much what I wanted to hear !

Maybe you can be interested in obelisk ASIC for siacoin: https://obelisk.tech/index.html#info

Seems that it's a pre-order not shipping.
Very risky, difficulty waits for no man.

thanks will look into it. opinions on gpus ? rx480's or 1070's or better than those is what im gathering are decent to stack ? also some of the numbers im getting on calculators with litecoin asics look extremely profitable but i also feel like were against asics from bitmain atm is there a reason ?