Bitcoin Forum

Need to know what you suggest for a home mining set up.

I got $8000 to invest.


Cheers! :)

Have a read through all the other posts like this and you'll get your answers.

You mean, "$8000 to flush down the toilet?"

With the current price and hardware available I would buy the coins straight out. You are gambling the price will increase on both scenarios. With mining you are also gambling with the difficulty not increasing.. If BTC can rally up again I can assure you the diff will skyrocket with very little chance of ROI.

Maybe you should put a 1000 into a few rigs for the experience and use the rest to buy some coins.

Yeah its a gamble to put in money for mining. The price might drop or the diffi. might increase causing you losses.

once again

what does your power  cost ?  10 cents a kwatt 15 cents a kwatt 20 cents a kwatt


is it winter where you are right now?

are you in Europe and subject to VAT?

do you have a few quality psu's in your home?

If it is winter
If you are 10 cents a kwatt
If you are not subject to  vat
If you have some good psu's

Buy sp20's from spondoolies-tech
Buy s-5's from bitmaintech

read the reviews on them.

my reviews are here .. I prefer the sp20's

https://bitcointalk.org/index.php?topic=872014.0
https://bitcointalk.org/index.php?topic=907219.0

ask me questions.

I will give some ideas to you.

if you paying over $.06 USD per kw and you plan on buying new HW you will not make money with current price.  Others have suggested $430 price point it starts to begin to roi.  I recommend wait until q3 2015, that when new generation of asic chips will come out.  a huge increase in difficulty will happen afterwards. but 2016 the reward halves, so maybe just wait till next year this time.

Go for it if you have a place where to put them without paying much for electricity.

If you don't have any bitcoins, buy some, try some cloud mining company, invest some bitcoins. Be sure to understand how to secure your bitcoins first.

If you really want to mine at home, do your researchs, do calculations of excepted profit and maintenance costs and pick a miner.

If you have $8000 to invest into Bitcoin, the last thing I'd do is recommend them do any Bitcoin mining.

It's just sunk cost, unable to recover or recoup any of it.  BTC price drops daily now, why would you even consider it?

Until this price/difficulty downward pressure reverses, which it doesn't look like it'll do anytime soon, invest $8000 into a high interest savings account, a CD, your kids college education, classes at the local college for a new skill, upgrades to your house, hair plugs, new teeth....whatever you do DO NOT INVEST INTO BITCOIN MINING.

Not right now, you're guaranteed to lose, PERIOD.

Diversify it,

buy 50% bitcoin, 50% miners. Also watch for deals from other miners selling their rigs cheap.

This is a solid plan for long term.

Lots of ppl think its not great to get miners if all you get is ROI, but they dont know you can get cleaner coins than using localbitcoins where you might get involved with criminals.

Avoid mining completely.  If you really think bitcoin price will recover (questionable at this point imho), you should simply invest straight into BTC and HODL.  Or you could just go to Vegas!

As of right now, BTC is around $200. It would be better for you to buy coins directly (for $8,000, you will get around 40BTC). You will never make that much coins if you invest in mining.

Thanks! And thanks to all of you for info!

And what if BTC goes below $100 and stays there? Or worse, drops to zero? There is no guarantee that the price of BTC will go up.

In both cases (Mining or buying coins), if price goes below $100, he will be at loss. BUT, if he buy coins instead of Mining gear, and price crash, it will be easier(/faster) for him to exit (in case he wanted to). And even if he's planning to HODL it would be much better to buy the coins. If he decide to buy mining gear, it will take him much much longer to acquire the same amount of coins that he could have purchased.

His only chance to mine more than 40BTC (with a $8000 investement in mining) is if network hashrate drops dramatically and wait long period until difficulty adjust.

I think it's important to remember one thing. The usual advice of "Buy Bitcoins directly" being better than mining is usually true. I think the actual more accurate advice is "If you are hell bent on squandering your money on Bitcoins, then buying is a less terrible way to do so." As we have seen in the last few months, and particularly the last 24 hours, "Buy and Hold isn't a winning strategy, it's a less losing one"

I think the old adage remains in full force: Don't spend more on Bitcoin than you are prepared to lose. I didn't confuse "spend" with "invest".

If for some reason I had $8000 burning a hole in my pocket, I most assuredly would NOT spend it all on Bitcoin. To me, $8000 is not money I am willing to lose at this time. Of course maybe you just won the lottery!  :)

Good post and I your last sentence is bang on. If I had $8000 it would stay as $8000. I certainly would not buy bitcoin or mining equipment at this present time.