buying mining rigs I have $1500 cash to spend

[arty00]

I'm a student programmer jumping into the bitcoin mining scene and need to start some where. I have $1500 cash can do PayPal so hmu with offers.

[Jutarul]

I'm a student programmer jumping into the bitcoin mining scene and need to start some where. I have $1500 cash can do PayPal so hmu with offers.

as investment or for fun?

[arty00]

Investor I want to start small get a feel for it, have a huge garage with family paying the bills, I see a an opportunity to utilize all my garage space fully and always add new rigs to increase output and I'd monitor it 24/7.

[Jutarul]

Investor I want to start small get a feel for it, have a huge garage with family paying the bills, I see a an opportunity to utilize all my garage space fully and always add new rigs to increase output and I'd monitor it 24/7.

Then you need to buy ASICs. But it's hard to get them. Avalon (delivered, but sold out), BFL (not confirmed), Asicminer (deployed, but not customer ready...)... probably need to wait 6-8 months.

Alternatively, if you want to get a feel for it, buy some $200 AMD GPU 6990 or 7970 and run a workstation. But you'll make a loss on that.

[vdragon]

I'm a student programmer jumping into the bitcoin mining scene and need to start some where. I have $1500 cash can do PayPal so hmu with offers.

 Better wait for a "trap", but btc at 24 and sell later at 30 something

[SolarSilver]

I'm a student programmer jumping into the bitcoin mining scene and need to start some where. I have $1500 cash can do PayPal so hmu with offers.

If you order from BFL, you'll be that far down the queue it will take until after the summer to take delivery and then difficulty will have risen so profitability will be very low.

You have a chance of ordering a batch #3 machine from Avalon, those will ship from April 5th, expect delivery a month later. Batch #1 and batch #2 have sold out, you might be able to buy up an old machine once they deliver. Avalon does not support the sale of pre-paid machines by changing the shipping address, even though some seller will tell you Avalon does.

http://launch.avalon-asics.com/

You can also buy shares in ASICminer

The last 2 options are mostly BTC only, the only payment they take is in BTC so before you buy, you need to have those BTC funds ready.

And seeing the price of BTC has been going up so much in the last 2 months, a lot of people are filling their wallets with BTC to spend. The only logic thing would be to follow the herd and buy up $1500 in BTC and keep that ready to participate in future orders.

You could speculate that the BTC price will go down but last 2 months track record has proven me wrong, I did buy extra BTC
to pay for my Avalon order and the price was on the 7th of Jan $13.5/BTC. Today it's $30. Yesterday it touched $31.3

Instead of spending the BTC on an Avalon preorder that could pay itself back in 100 days, I would have had much more profit from just selling my BTC when it doubled...

Perhaps that is something you should consider: buy BTC now, keep it until the next preorder round, and if you can't buy a machine, sell the BTC for profit

[massivebitman]

I gotta admit I think the markets on the verge of a collapse. If you want to get into bitcoin and you have $1.5k I'd go the BFL miner. I bought one of those in Oct.. Hopefully it will be coming soon.

Or you can buy in now at $30 and cross your fingers. Who knows we might go up to 40 this time. Interest in bitcoin is at an all time high.

[arty00]

Investor I want to start small get a feel for it, have a huge garage with family paying the bills, I see a an opportunity to utilize all my garage space fully and always add new rigs to increase output and I'd monitor it 24/7.

Then you need to buy ASICs. But it's hard to get them. Avalon (delivered, but sold out), BFL (not confirmed), Asicminer (deployed, but not customer ready...)... probably need to wait 6-8 months.

Alternatively, if you want to get a feel for it, buy some $200 AMD GPU 6990 or 7970 and run a workstation. But you'll make a loss on that.

putting all my money in btc is definitely a good investment don't want to just sit on it though following the market, at this rate there is so much uncertainty, and getting an avalon is pretty tough, with all the patterns going by the time asics units are fully shipping and out to the public I can generate a good amount of btc and constantly invest it if the rates keep rising this high.

[arty00]

I'm a student programmer jumping into the bitcoin mining scene and need to start some where. I have $1500 cash can do PayPal so hmu with offers.

 Better wait for a "trap", but btc at 24 and sell later at 30 something

Can you elaborate more on what that is, I see the point in that that's why I want to start small and climb a ladder I have the resources to make large amounts of btc if I invest into it and monitor it constantly and even by the time avalon Is shipping id have a lot more money to invest into asicd units.

[arty00]

I'm a student programmer jumping into the bitcoin mining scene and need to start some where. I have $1500 cash can do PayPal so hmu with offers.

If you order from BFL, you'll be that far down the queue it will take until after the summer to take delivery and then difficulty will have risen so profitability will be very low.

You have a chance of ordering a batch #3 machine from Avalon, those will ship from April 5th, expect delivery a month later. Batch #1 and batch #2 have sold out, you might be able to buy up an old machine once they deliver. Avalon does not support the sale of pre-paid machines by changing the shipping address, even though some seller will tell you Avalon does.

http://launch.avalon-asics.com/

You can also buy shares in ASICminer

The last 2 options are mostly BTC only, the only payment they take is in BTC so before you buy, you need to have those BTC funds ready.

And seeing the price of BTC has been going up so much in the last 2 months, a lot of people are filling their wallets with BTC to spend. The only logic thing would be to follow the herd and buy up $1500 in BTC and keep that ready to participate in future orders.

You could speculate that the BTC price will go down but last 2 months track record has proven me wrong, I did buy extra BTC
to pay for my Avalon order and the price was on the 7th of Jan $13.5/BTC. Today it's $30. Yesterday it touched $31.3

Instead of spending the BTC on an Avalon preorder that could pay itself back in 100 days, I would have had much more profit from just selling my BTC when it doubled...

Perhaps that is something you should consider: buy BTC now, keep it until the next preorder round, and if you can't buy a machine, sell the BTC for profit

That's the thing though I am going to take my money and invest it into btc cause at this rate even by the time asic units start shipping more and more if btc is still good id already be ahead and have enough to invest into asics I don't want to have btc and just sit on it I want to constantly invest it into mining more, I'd always keep a set amount of btc if inflation keeps going they can potentially be worth $50+ in a couple of months.
Always take your money and invest it into something that will make you more, and have a fail safe ready if the worst comes, in just going by logic+ business.

[akspecs]

You'll be learning your first lesson on markets if you throw all of your eggs in something as undiversified and volatile as BTC.

I'm not saying don't buy BTC.  Just do it wisely.  BTC is due for another pullback. 

[SolarSilver]

Always take your money and invest it into something that will make you more, and have a fail safe ready if the worst comes, in just going by logic+ business.

Yes, but mining is an endless race, there are only BTC 3600 generated per day and you are trying to get your share of the cake with an increasingly larger and larger group of competitors who are all going to buying ASIC equipment.

The equipment they will buy in 6 months or 12 months will be cheaper and consume less power, rendering your equipment less and less profitable.

My GPU setup used to net me 10 BTC / day, yesterday it gave me 0.24 BTC. Partly because the difficulty has gone up and partly because half of the cards has died over the last 19 months.

(edit:

ah and because of block halving in December 2012, a problem you don't need to worry about in the next 4 years, unless they change the bitcoin protocol, but a fundamental change would also render your ASIC investment useless, unless the machine can be updated somehow)

And it still keeps consuming power each day

If only I would have speculated more with BTC, I would have had a far better return

[akspecs]

If only I would have speculated more with BTC, I would have had a far better return

Glad your calling it as it is.  Luckily for us there are far worse speculations.  I'm ordering physical silver with every bitcoin I mine.  Silver's trading at lows while BTC is trading at highs.

[BartKoenders74]

I've ordered 4x Single 'SC' this week.
Hope it will arrive before summer