Bitcoin Forum

Hi,

I have between $500 - $1000 to invest in bitcoin and was thinking to go with two Bitmain S5.   I did gpu mining for a while and it was fun and interesting but it takes too much of my time so I'm looking for a simpler solution.

Does anyone have any suggestions?  I'm okay with any ideas.  I do prefer to have my own equipment so that's why I like the idea of having a bimain or asic on hand.  But, if there were a decent cloud mining solution that was close to profit of having your own equipment I'd be okay with that.

I know about electricity costs and such.

Thanks for any inputs.

Why are you buying miners with this money?
I would advice you to buy bitcoin itself, the prices are low at this time so go go go.

Yup same for me here. I would rather buy considering you can get it cheap right now with the drop. However, if your aim is purely for fun or to learn or experience the mining process, then go for miners. If cost is your concern, then it's more economical to just buy it.

Do not buy miners. It is as you said thugster op would be better in investing in bitcoin. Now or never. Price is so low. In the next 6 month it can skyrocket.

If you do invest in miners I don't think you will ROI easily.

Block halving starts next year July. 

Rather buy bitcoin now.

It's about this the perfect time.

Buy coins, it low price now. Just wait it up.
Ez money  :D

Now is good time for buy I think and more profitable than buy bit main :P

Rather just invest the full amount in buying BTC when it's this low.

December / January will be a slow month and the BTC price will be low for a while. Later in 2015 the price will pick up, and you can take your profits from that.

It will be more than the interest in a bank. {Even if there is no guarantees, I will still go for this option}

Just buy some bitcoin, and hold it.

BTC is so cheap now. Buy BTC with it and hold.
Mining now would be costlier than buying BTC directly. You need to act fast otherwise the price may go up again.

Yes buy and HODL. With mining you will never get the same amount of Bitcoins as you can buy now with the money.

Don't invest into mining, as others mentioned buy bitcoins or invest into some altcoin (this one looks really promising for this year http://cannabiscoin.net/ )

If the price was higher i think buying miners makes more sense, with the price this low (which it clearly is) its better just to buy and go long.

Save your ass and buy US Treasury. Bitcoin be dead.

I like Eobot (https://www.eobot.com/user/38110) for my cloud mining. The payout is about equal to 50% of what you would make if you pointed your own equipment there. So what my tests have proven is if I point 1 THS of mining equipment at Eobot (https://www.eobot.com/user/38110) you would need 2THS of thier cloud to get what your machines could provide. For 1000 USD right now you can get 3225.81 GHS there. The income from that would be roughly:

0.01357325 BTC A day
0.09501275 BTC A week
0.40719750 BTC A month

Which is not bad since you have no electric that is pure profit in your wallet. If you have nice affordable Energy or solar power get hardware.

Bad advice dude, don't invest into mining...

Do NOT buy BTC until is is $183 - $195 range. It is testing its lows and does not have any support right now. It could easily drop to this level within the next week unless something positive happens.

Although I would like to buy more at such a nice price.

I would also like to start spending again.


 I hope that doesn't happen.

Thanks for all the advice.  I just have one point of contention regarding miners.  Miners also become more expensive when btc goes up.  That's it, just wanted to make that point.

But for the most part, I agree and will probably buy some btc.  Or maybe I'll follow Wu Tang's advice and diversify my portfolio!  hmmm Could pick up a miner and like BTC2.

But really, if the btc price goes up, I win either way.  The difference with actually having the mining equipment is the btc can be accumulated over a loner period of time.  I'd argue that a miner can produce more than btc sitting in an account.

Now if I could just find a free source of electricity. 

Don't buy a miner. That is a complete waste because by the time btc goes up the only profit you will be making is for the electric company as the difficulty will be too high for your little 3000 gh miner.

Just remember the old saying "If my Aunt had balls, she would be my Uncle" but she doesn't so the "if's" in life usually don't happen unless there is some intense intervention.

Put that money in coins, it willbring you back your money faster.

Smart money says nowadays to just put that $1000 in a high interest savings account or CD.

If you're feeling froggy and believe in Bitcoin, then purchase about 5 BTC at this roughly $200 pricetag, transfer them in cold storage on a paper wallet or hardware wallet, then put them in a fire proof safe, wait 10 years, then pull them out to see if they're still worth anything once the technology matures.

Right now, BTC price swings in only one direction (down), so speaking as of right now, in 2015, BTC isn't a wise investment until the dust from all the growing pains settles...

You should have listened.............once this level breaks, here comes $127

This is probably the most accurate response. I know it's a downer to "not do anything with Bitcoin", but the present climate just doesn't support much else. The "Buy X coins and see what happens" is strictly a gamble. You could look before 10 years is up. but it might all be worth zero, or nearly zero, at the 10 year mark. Quite frankly I expect that it will be an easy decision in 10 years. If Bitcoin isn't well above $200, it will be closer to zero (IMHO).

Go to a Las Vegas, find a nice casino, take your grand out, find a craps table and bet on black red.

Hope your 50% bet wins... if you lose at the casino at least, you're only down a grand.

So, pick your poison.

Bitcoin mining's the same thing, except you have to pay the slot machine's electricity price.

You just have to hope your slot machines makes enough to pay for its power use by the time the bill comes in.

If anything, just buy coin.

You need to take into consideration the cost of your electricity. If you are buying miners then unless you plan on selling some of the bitcoin you mine to pay for your electric costs then you need to put aside additional amounts to cover these costs.

You also need to take into consideration the fact that S5s tend to be very loud, so you would want to put them in a place away from where you spend much of your day.

Mining is generally considered to be very competitive and margins are paper thin. I would not expect to be able to profit easily if you are considering investing in miners