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Title: Im starting out, advice please Post by: stewmath on February 16, 2014, 10:58:17 PM Hi all, im new to bitcoin. Think im rather late to jump on the bandwagon so i cant get away with just buying graphics cards anymore.
I have a max budget of £1000 to get started, any advice whats the best equipment to buy so i can started quicker and earn enough back to buy more equipment. Title: Re: Im starting out, advice please Post by: rmines on February 16, 2014, 11:00:00 PM With that budget you won't be able to make any money mining BTC.
It might be better to just buy (and sell) BTC at an exchange. Title: Re: Im starting out, advice please Post by: Sonny on February 16, 2014, 11:06:19 PM I have a max budget of £1000 to get started, any advice whats the best equipment to buy so i can started quicker and earn enough back to buy more equipment. I guess you should just stay away from bitcoin mining, as it will be very hard to have any profit. IMHO, You should simply buy some cheap bitcoin directly :) Title: Re: Im starting out, advice please Post by: stewmath on February 16, 2014, 11:10:10 PM Even if i can get a 220gh/s asic miner?? Still not profitable?
Title: Re: Im starting out, advice please Post by: Sonny on February 16, 2014, 11:15:00 PM Even if i can get a 220gh/s asic miner?? Still not profitable? Unless you can get it at a cheap price (I mean, really really really very cheap price)... You can check your profitable with a profit calculator before buying any hardware or hashrate. http://bitcoinwisdom.com/bitcoin/calculator Title: Re: Im starting out, advice please Post by: alekfor on February 16, 2014, 11:15:15 PM Buy and sell.
Title: Re: Im starting out, advice please Post by: stewmath on February 16, 2014, 11:18:08 PM I can get it for less than 1000, about 800. According to the calculators with the power usage of these units i can make on average £300 a month so could make my roi in 3 months
Title: Re: Im starting out, advice please Post by: odolvlobo on February 16, 2014, 11:21:52 PM Most newbies believe they must mine, but mining is not a requirement. Most people involved with bitcoin do not mine.
If you want to mine, your best bet is to mine alt coins. But if you are not careful, there is a good chance you will not make back your investment, even mining alt coins. I can get it for less than 1000, about 800. According to the calculators with the power usage of these units i can make on average £300 a month so could make my roi in 3 months 220 GH/s will mine about 2.42 BTC before it is no longer profitable due to rising difficulty. At the current exchange rate, an £800 miner costs about 2.13 BTC. So you would make a profit of about 0.29 BTC over the next several months, assuming you can buy 220 GH/s for £800 and start mining immediately. Title: Re: Im starting out, advice please Post by: Sonny on February 16, 2014, 11:24:15 PM I can get it for less than 1000, about 800. According to the calculators with the power usage of these units i can make on average £300 a month so could make my roi in 3 months Have you take the difficulty adjustment (every 2016 blocks) into consideration? With difficulty going up ~20% every 2016 blocks (around 12 days), you mining revenue will drop by ~17% every 12 days... Title: Re: Im starting out, advice please Post by: stewmath on February 16, 2014, 11:36:46 PM Hmm so maybe is better to buy and sell or look into alt coins as they are soon developing the ltc asic miners.
You think the value per btc will go up again soon?? Title: Re: Im starting out, advice please Post by: Sonny on February 16, 2014, 11:59:08 PM You think the value per btc will go up again soon?? To me, definitely yes. :D But I guess you can only get a biased opinion here in bitcointalk lol. ;) Title: Re: Im starting out, advice please Post by: SaveForrest on February 17, 2014, 12:47:13 AM Even if i can get a 220gh/s asic miner?? Still not profitable? unfortuantely it will be even worseTitle: Re: Im starting out, advice please Post by: MakeBelieve on February 17, 2014, 01:04:34 AM I don't its worth getting a miner unless you just want help Bitcoin out by mining it and potentially making the rest of Bitcoin more valuable but I don't think there is much profit in mining no more.
Title: Re: Im starting out, advice please Post by: fighter on February 17, 2014, 01:10:53 AM I don't its worth getting a miner unless you just want help Bitcoin out by mining it and potentially making the rest of Bitcoin more valuable but I don't think there is much profit in mining no more. What do you do? Buy and sell or you're a miner? Title: Re: Im starting out, advice please Post by: koshgel on February 17, 2014, 01:52:04 AM Better to invest at a lower point in the market and then resell higher.
Mining at this point is going to be very little return of investment if any at all. Title: Re: Im starting out, advice please Post by: colenarymagick on February 17, 2014, 03:42:33 AM Mining is essentially a contribution to the community. Profit is more or less a by-product. And in any scenario the earlier you get in on something like bitcoin the better. Meaning the time to act is now. If you want to invest in mining equipment, do it because you to be apart of the community and watch it grow, not because you are looking for it to be a means to an end; i.e. short term profits.
Title: Re: Im starting out, advice please Post by: Sonny on February 17, 2014, 04:14:51 AM Mining is essentially a contribution to the community. Profit is more or less a by-product. And in any scenario the earlier you get in on something like bitcoin the better. Meaning the time to act is now. If you want to invest in mining equipment, do it because you to be apart of the community and watch it grow, not because you are looking for it to be a means to an end; i.e. short term profits. True, some people are mining for fun, some are mining to support the bitcoin network... |