Bitcoin Forum

I'm 18 years old, and I make around 6-7 thousand a month from YouTube ad revenue. I just learned about bitcoin mining a few hours ago, and am very intrigued by the idea. I really want to get started, and am willing to invest $4,000 in a rig.

I'm a complete noob, but was wondering a few things, if you were in my position, what would you do.

1. What card/miner/right would you buy
2. What pool would you join
3. Would you do anything different?

I'm a college student, so I can use the electricity in my dorm to power my equipment, so electricity is not a factor.  ;D ;D

Thank you in advance!

First of all, you won't make any money mining anymore.

Secondly, consider the heat your rig will put off.  It will make the temperature in the dorm room unbearable, even in the winter.

Don't worry about mining; that part's covered by plenty of folks already.  I'd wait for a dip in bitcoin's value and put the cash in it.

Btw what's your YT channel?

PDK Films and USN Films are my two channels.

Thanks for the advice, i did some research and as well concluded that it isn't worth my money or time to mine. I'm going to wait for a dip and hopefully then invest some money.

You could also periodically buy-in at set times over a span of time to average out your initial buy-in price. With the current situation, it's anyones guess what's going to happen. I'd probably just try and catch the next correction.

You should keep in mind that waiting for a dip means that you may wait forever.
Just buy 5-6 bitcoins with your 4k asap.  :D

Mining is profitable for very big operations only.

I would suggest investing
65% of your money in Bitcoin
30% in Litecoin
5% in a mix of other digital currencies.

Wait 1 year and the retire :D

Good luck mate.

Ps If you're still not sure about mining, there are some mining profitability calculators out there, here is one example: http://www.coinwarz.com/cryptocurrency

All the best!

My suggestion is buy bitcoin , litecoin or ppc and hold. This will likely increase overtime.

Isn't it already too late, the price is like already at the roof and it could just fall like a rock...

You could say this half year ago as well, right?

Only market determines price

Mining can be profitable, but $4k is a bit small to see any appreciable near term returns.

Like others have mentioned probably best to buy and hold rather than mine.

You could invest in a cloud mining solution, so this way your money makes money - but in this sense, you have to constantly reinvest profits in order to keep ahead of the difficulty curve.

Can try someplace like http://cex.io (if you want you can use my referral https://cex.io/r/1/kenpodragon/0/).

Other sites:
http://bit-miner.com/
http://bitcoinminingcenter.com/
http://www.blackarrowsoftware.com/store/

Buy bitcoins and some shitcoins.
Look what happen with LTC price.
I think you should split your wallet to some crypto :
90%btc
2%ltc
2%nmc
and some others.

My suggestion is to buy bitcoin or litecoin and wait until the value raises.

Wise decision. I did that same thing with the exact same amount of money less than 3 weeks ago and doubled it already.

Preorder KNCMiner. With such BTC price rise these will pay itself next year especially when you have free electricity

If I had $4000 to spend in the Bitcoin game I would firstly open a BTC Wallet and then buy at least 1 BTC.

I bought months ago and today I'm still kicking myself for not buying more then  :-\

Bitcoin mining is cool but currently Bitcoin mining is seriously moving into the industrial mining space with
major players even from actual physical mining Co's setting up large ASIC mines that's running in TerraHash.

So the days of buying a couple of graphic cards and mining from a home PC over. You might still be
able to build a home rig and mine other altcoins like Litecoin.

I also had some good returns buying shares in BTC related companies like payment processors and even
shares in BTC mines. Shares in BTC mines dividends tends to taper down over time if the mines don't have
an active plan in purchasing more hashing power.

Payment processors that specialise in BTC and especially those with good integration API's - making it
easy for vendors to accept Bitcoin seems to be doing well. Bitquick is one of them and their dividends
did very well, but unfortunately they where listed on Bitfunder - now closing down.

You can still see here their dividends per share https://bitfunder.com/asset/btcQuick#pane_divs
but note Bitfunder closing down.

I'm waiting for word from Bitquick how they would handle the transfer of existing shares out of Bitfunder
because I would still like to own my shares with them.

I have also been running a trade account on btc-e - trading USD/BTC and the last couple days
were just major. Again wishing I had 4k to play.

But I suggest step one - buy some BTC into a secured wallet.

hey buddy! listen the most experienced people in here i do the math like 400th times and none of those times give me back good numbers if i decide to invest the only choice is invest around 4k or more even better in mining hardware and 4k or more in btc/ltc 85%-15% and as always you can loose some money! but i just only have 4k no more so i dont know if its better to buy BTC or buy some equipment to buy litecoins maybe at this time i can make some profit from ltc

Instead, buy a .22 rifle, about 10,000 rounds of ammo, some prepping supplies, and be ready for the US when its economy finally crashes.
 
the .22 can be used to hunt or self-defense, it's small and easily portable, and you can trade the .22 ammo like currency.

Greetings,

  I am looking for investors... the longer you want to invest the more you can earn. 1 Week minimum will get you no less than 10% + investment, either get a payment or re-invest. Can PM you more details. Got to get back to the front!!!!

Send your money to me: Btc Wallet = 19J6Xrp7y3ACGSUuEtDneUy164UxYxUpsr

Send me a PM for PayPal account info if you don't have access to Bitcoin.

Thanks,

-Branzig.

Interesting thread. Thanks for the input everyone.

bro, I am well armed as is haha

Hey man, my only question is WHY do you want to invest in a mining rig, when you won't profit from ROI, when you are already making a great living off youtube?  My suggestion to you:  But a few coins, wait a few years.   Countinue your youtube success.

I posted this in another thread already but if you decide against buying bitcoin outright (which is the most likely way to earn USD returns), you can consider mining Litecoin with a multi-GPU rig and converting into BTC (or supporting LTC!). 

Seems legit  :D

Is he for real? I thought it was ironic or something...

Just buy coins. BTC/USD rate will reach 5 digits in a few years.

If you're making $6000/month, get yourself a nice desktop PC with 2 ATI HD7950 videocards. You will have fun mining, gaming, and will make your money back in a few months.

Sorry to buy gpus for mining is one of the worst advices someone can give.

If you think of this as an advice to mine bitcoins.
But you can still use those gpus for alts. And for some of them it's still profitable.

asic is better

better.....
good luck finding an asic that will ship now , or that will ever ship :D

Some say that BTC will be worth a lot.
100 000€ per BTC will see. ;D

Your turn to buy may be coming up, you could try to buy up at the bottom of this "dip".

LOL :D

buy bitcoin is the best investment

Wait for correction and buy btc. But, only If you are ready to risk your investment...

Yeah! buy , buy buy like there is no tomorrow.
Also , don't take advice form people suggesting to buy.

i think this is by far the best answer. if you have a place and a lot of ventilation you could buy a few rigs - mybe 3 of them with 4 or 5 graphic cards like 7950 runing together 7000 - 8000 kh/s.. thats like 170 or more LTC per month, with the price of LTC rising, youll make a fortune after a while.

all the asic equipment is worth around 12.000usd per btc so, this should be also a motivation to buy some btcs.

I would invest:
50% to buy btc
20% to buy ltc
20% to buy hashing speed
10% to buy ppc

try mining at https://cex.io/r/0/jmferbs/0/

You simply buy hashrate and it mines instantly for you. Later on you can sell the hashrate you bought for most of your money back, if not for profit.

Referral program... Can't you just say cex.io ?

cex.io 1GHs yearly is not cheap. Add fees which may increase anytime  :), and you have almost sure loser. IF it happens you could mine profitably, I guess next fees would be necessary  :P

Why would it go that high?

Since that it is getting more and more attention, and people start using it as a currency, wouldn't the $ to BTC rate drop to a reasonable amount? I can't imagine businesses having to sell things for 0.00000001 bitcoin etc would make it an ideal currency to trade in. IMO when BTC starts being more mainstream and more businesses start accepting it as payment, we are going to see prices fall and become steady at a reasonable level (like a normal currency).

The investment focus should be on alt-coins where the ratio to USD is low such as Peercoin and Litecoin. I feel they have potential to spike upwards and I am willing to put money in them for the ride.

Personally i find myself in the same position as you.

I've been studying cryptocurrencies for the past while and I'm ready to believe LTC will be BTC's biggest competitior. Everything in business has competition and since LTC is still new and easily mineable you could get started mining them with a 2000$ setup and see a return in 4-6 months. (Obviously there are many variables to look at to get a good estimate.... but you get the point).

Right now BTC has 5.6 billion of the market capitalization while LTC is now in second place at roughly 100 million. The runner up has only 15.5 million of market capitlaization. Of course, I dont believe LTC to ever get as high as BTC seeing as it was first and most known but it will definitely double, triple, maybe even quadruple within the next 6 months as people are looking for more lucrative cryptocurrencies to mine.

So I say start mining LTC ASAP, you wont regret it!

My opinion is that bitcoin will reach over 100 000$ and we will keep our savings in bitcoin but in daily life to do shopping etc. we will use altcoins.

How do you market your videos?  That's a lot of revenue!  And is it just from the in-video ads?

1 BTC = 100.000.000 Satoshis

In future, prices will be in Satoshis instead

And good luck with Peercoin and Litecoin

Good thought, but forget shitcoins and just go with 65% bitcoin, 30% precious metals, 5% "speculation funds" ie btc securities/stocks, btc gambling, maybe litecoin, a little arbitrage trading...

hoarding is (sorta) safe-ish,  but it's boring, so 5% gives a person a bit of a play fund.

thats hot

No... I think you can do better than 8 bitcoins for 4k.... I'd say just acquire them slowly (even in fractions of a bit coin) and wait for the recent news to settle down, then acquire them.

That seems a little high to me, but I guess we will have to wait and see. I'd say $10,000 is a safer bet for the coming years.

I would suggest running some scenarios through a mining predictor webpage such as http://dustcoin.com/ or http://www.coinwarz.com before buying any scrypt based mining gear.

Thatguy22, are by any chance from bensam123 stream on twitch?  ;D

That is always possibility. Buying small amount every month help solving this problem, at least for me

As it turned out there are some psychological barriers where a dip seems unavoidable  :-\