Deadwood

[Tobe]

Hey all,

Finally decided to register, figure since I'm spending so much time reading here anyway might as well put it towards the min time needed. Let me tell ya, the more I read the more lost I feel. It's like a virtual version of deadwood, where everything's new, wild and transitory. I'm wondering if anyone knows where I might find quality videos about the ins and outs of Bitcoins and the various tools? Due to serious health issues I have to be in positions that aren't reading friendly but I can still listen. I'm also looking to build a Mining Rig but the more I read about the coming ASIC products the more I think it may be a waste of money. There's no way I can afford the $1.5k, will there be cheaper models worth the investment?

Thanks in advance,

T

[QuestForContent]

Hi T,

I've been following cryptocurrency for years although I just started mining last night (and just finally stopped lurking here only moments ago), so I can maybe help you.

Basically, if you're looking to make money, you're going to have to spend some money.  ASICs will make mining Bitcoin next to impossible for the casual miner who relies on using CPU or GPU to hash through the equations.  So that means you're going to have to have an ASIC or FPGA unit to be a realistic miner.

You may be interested in looking at Litecoin.  The premise of Litecoin is that it uses a different hash than Bitcoin, which is designed for GPU's to process more efficiently.  While FPGA units are supposedly coming for Litecoins, they aren't here yet, and ASIC systems are even further out.

One of the advantages of Litecoin is that you can mine using your normal computer (I'm doing it right now), and that the 'little guy' will be competitive for a while yet in that market, without needing to spend money on a specialized mining rig.

Regarding the idea that cheaper models may be more worth the investment, the problem is that you're competing against other people and pools that spent the money on the equipment.  So while the cost of mining rigs will continue to drop, the effectiveness of each unit will also continue to drop over time. 

Long story short; gotta pay to play if you're looking to purchase actual equipment.

[I__Know__Things]

if you are coming in this late to the game, mining is not really practical.  look at trading or starting a bitcoin business if you want to generate more coins. 

Can you do it, sure, should you do it.... meh yes and no.    But at this point mining is going to take a significant investment.

[BitshireHashaway]

If you are interested in building a mining rig it is not something you can start for like $200. You'd be better of just buying the currency. Your other choice would be to buy your computer parts and one basic GPU and uprade as you get more money.

[Tobe]

Thanks a lot for the candid responses. Guess its on to more research.