Bitcoin Forum

Hi!

I'm currently mining with my computer's GPU (GTX 660) and want to invest in some dedicated hardware.

As a total newbie, here are my thoughts:

- BTC: no longer profitable. Requires expensive mining rigs to break even plus difficulty is still exponentially increasing. What about other SHA-256 coins?

- Scrypt: new generation of ASIC chips is coming soon and will be more cost efficient than current Gridseeds (MH/$). However, if we consider the massive amount of alts, difficulty increase (due to new technologies flooding the market) migth be less of a problem...

I have 5k. What will you do with it? Buying some Gridseeds? Waiting for ZeusMiner/KnCMiner/others to be released? Forgetting about mining for now? Checking out cex.io (http://cex.io)?

Thanks!

Just invested 6800 on the KNC MINI TITAN,
I missed out on the Bitcoin bandwagon. I am also a newbie to this, crossing my fingers.
 :-[
There are many alt scrypt currencies so i am counting on them.
 8)

If you have to invest $5k...

You can buy Gridseeds or Antminers S2..


both worth money. I would choose Gridseeds as you can mine different types of coins in a same time.

You could also invest in http://scrypt.cc?ref=babLE (http://scrypt.cc?ref=babLE) a little bit at a time to get more and more khs. That's what I'm doing right now. Using mining profits from dedicated hardware into virtual mining using various services. ScryptCC just has the lowest cost/khs and if you're careful you can do quite well there.

I bought a couply of Gridseeds @ $150 each a month ago and I'm still expecting to make my money back in a few months, but the way things are currently I'm very reluctant to invest in more mining hardware. Yes, the secret to making the best mining profits with ASICs is to get the hashpower ahead of the crowd, but I think too many people are looking for a repeat of the BTC mining rush and we're just going to see the network hashrate for the big Scrypt coins go up 10x whilst the return per MH goes down 10x leaving everyone poorer. Remember how much the price per BTC went up to help fund all those new ASICS - do you think Scrypt coins can rise the same?

People with GPUs will have the opportunity to migrate to other algos, which could be interesting but again the future is so unclear its hard to make an argument for purchasing GPUs.

I've been looking into cloud mining, thinking at least several of those services allow you to sell back your investment if a better opportunity comes along. Having said that, the depreciation in price per GHS on CEX.io has far outweighed any return from mining, their maintenance fees are too high. Scrypt based cloud mining seems best atm,I've reinvested some of my mining profits into Scrypt.cc and am happy with that so far, someone else suggested scryptmining.com as a similar alternative.

The safest place I've found to put some btc and still get a return is Bitfinex return swaps, but the yield on those has dropped a lot recently too :( I suspect if we checked back in 3 months time it will turn out that the best investment for your money is buying btc and keeping them in cold storage, but thats not very exciting.

Personally, I would buy LTC and hold it, the market is going to be saturated beyond belief with Scrypt miners very soon and I wouldn't want to be trying to make my money back when the coins difficulties are through the roof.

Buy 2-3 BTC.....invest in some GOOD POS coins, enjoy.... ;) Don't buy any hardware.....
"The only people who make money on the gold rush are the shovel sellers".

Such bullshit I don't even know where to start.

Sorry, I know this is gonna sound retarded,but why don't you read up a little on trading and do that instead? Better profit potential and save the environment by not wasting electricity.

Who are you quoting?

Definitely not KnC.

+1 Agreed.

Lol, scryptCC is FAR from the lowest. They're actually the most expensive. Nice referral attempt though.

Yes, I still rate scrypt.cc but they're certainly not the cheapest way to get cloud KH/s, gawminers.com were offering the Gridseed Blade 5.5MH/s for $1500 with a year free hosting recently. That's not a like for like comparison though, really you have to split them up into (a) pure cloud hosting where you are basically buying your own hardware and hosting it in a datacentre, and (b) managed cloud KH/s exchange services where you are buying into someone else's mining operation.

The option (a) services tend to require a much higher initial investment and longterm committment as its harder to sell out, but you get a lower cost per KHS. The option (b) services cost more per KH/s but require as little as $5 of btc to get started and you can sell out when you want, albeit probably at less than you bought in for, but when you take mining rewards into account you'll be really unlucky to have lost more than 10% based on recent figures.

To sum up, you have to take a lot of factors into account when comparing different services, not just the cost per KHS

i would pay directly bitcoin if i was you, i don't think it will go lower, the price is stabilized right now, and i've already saw this scenario many times

pump-->dump-->stabilized--->pump

Buy yourself some 250k NXT and keep it for 2 years.  :)

At this point I would buy bitcoin... The value is going to go higher in the future... but its going to take some time.