Should you get into mining?

[kjakman]

To many newbies, you are probably still an early adopter to others around you - most people have only (if at all) hear about Bitcoin. So should you buy or should you mine? IMO, buying is better from an effort/profit perspective unless you can get a hold of ASIC miners. Mining is better to support the Bitcoin economy (we need miners). Buying GPUs at this point seems a bit pointless, and FPGAs are hard to come by and are probably unprofitable soon. If you want to do GPU mining (or god forbid, CPU mining), pick another Bitcoin derived currency like LTC.

Another 2 cents from me,

  Kjakman

[papageovanni]

I do LTC  mining with a 7950. It makes a few $/day profit - but if it's profit you're after, it's not worth the effort and just takes too bloody long. (it was more of a fascination for me)

If you just want to get your hands on bitcoin then buy it! But buy now, because the price is said to go up again.

[samsung]

what do you guys ment to be mining

[namzycad3]

as a hobby, why not have fun plus some ka ching

[Jerry from Rochester]

No I don't think I should get into mining at all. About the only thing I can afford to mine right now is BBQ coin.  Be careful, BBQ is a scam.  Some people say you can eat BBQ coin, but that is not true.  I don't believe you can eat BBQ coin.  Ya know, that reminds me of that time me and Burtha went all the way to Nashville to eat at  Jed's famous diner.  Turned out that Jed had closed up shop about two years ago.  We never did get to try Jed's famous cornbread. 

[RagnarDanneskjold]

...Should you get into mining?

A: Yes, if you are reading this forum and have any level of interest in BTC, you should devote at least some time and effort into mining virtual currencies.. If new hardware investment is out of the question, check into Litecoin as mentioned above. Even with no experience, there is sufficient online support, faqs and walkthroughs here and elsewhere to get you up and running in days.

There will only be one or two major virtual currency gold rushes - it might be with BTC, or something else, but either way, don't be that guy who looks back in 10 or 15 years when you are still poor and celibate while the rest of us are Scrooge McDucking it.

[jdot007]

...Should you get into mining?

A: Yes, if you are reading this forum and have any level of interest in BTC, you should devote at least some time and effort into mining virtual currencies.. If new hardware investment is out of the question, check into Litecoin as mentioned above. Even with no experience, there is sufficient online support, faqs and walkthroughs here and elsewhere to get you up and running in days.

There will only be one or two major virtual currency gold rushes - it might be with BTC, or something else, but either way, don't be that guy who looks back in 10 or 15 years when you are still poor and celibate while the rest of us are Scrooge McDucking it.

+1

 McDucking it, Classic!

[antimidas]

...Should you get into mining?

A: Yes, if you are reading this forum and have any level of interest in BTC, you should devote at least some time and effort into mining virtual currencies.. If new hardware investment is out of the question, check into Litecoin as mentioned above. Even with no experience, there is sufficient online support, faqs and walkthroughs here and elsewhere to get you up and running in days.

There will only be one or two major virtual currency gold rushes - it might be with BTC, or something else, but either way, don't be that guy who looks back in 10 or 15 years when you are still poor and celibate while the rest of us are Scrooge McDucking it.

awesome

[antimidas]

anyone else mine BTE or feather?

[abxexp]

I mine BTE

[Drezi]

Currently mining FeatherCoin. Probably going to get a few coins with my 5770.

[odolvlobo]

I recommend that everyone try mining at least once. People that think that they will make a lot of money by mining will be disappointed. It is not really worth the time and effort for most people. but it still appeals to some people. If you try mining and you like it, then you should consider buying some ASICs and maybe you will actually make a profit.

[dakez]

I plan to perhaps do some LTC mining on a 7950 or so.

[Atruk]

Mining can be very profitable, but the margins can be a bit unpredictable. In the long term it will probably be a low margin game.

I recommend anyone that wants to try mining to start with a GPU. What coin you mine probably doesn't much matter, LTC may be more profitable at the moment.

WHat does matter is making sure you either have or can learn the technical skills necessary to manage a mining operation. If you can keep a small GPU farm going for a couple weeks, good. Then flip those GPUs for cash and try to find a reliable BTC Asic vendor. Don't buy specialized hardware without having at least a general idea how to use it though.