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Author Topic: First time investment  (Read 6020 times)
Mineboi
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February 08, 2017, 09:20:26 PM
 #1

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?
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February 09, 2017, 01:26:14 AM
 #2

Maybe you can look at altcoin section on this forum. Try to find perspective altcoin or reliable ICO crowdsale. you must first have a lot to read and only then to decide where to invest.
There are no clear investment situation, because it is so easy everyone would be rich here

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February 09, 2017, 01:49:33 AM
 #3

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?

I don't want to discourage you but investing in bitcoin mining nowadays are hard enough because of the halving. And you need to save at least a year or even more months in able to make mining profitable. But examplens gave you a good suggestion that you can still mine but not with bitcoin, try with other alt coins or you can just buy bitcoins and wait for the price increase, that's effortless and no cost in monitoring + no electricity consumption.

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February 09, 2017, 02:55:03 AM
 #4

It totally depends on where you are because you have to take into consideration the price of electricity. The power consumption of these miners are really heavy. It would eat up a lot of your earnings just paying for electricity. Then you have to buy miners which is a lot of money too! I don't really think it's a good investment nowadays.
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February 09, 2017, 03:01:11 AM
 #5

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?

Investing in Bitcoin is always a great idea.  Investing in Bitcoin mining as others have stated, largely depends on the price you pay for electricity.

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February 09, 2017, 03:05:42 AM
 #6

It totally depends on where you are because you have to take into consideration the price of electricity. The power consumption of these miners are really heavy. It would eat up a lot of your earnings just paying for electricity. Then you have to buy miners which is a lot of money too! I don't really think it's a good investment nowadays.
hope OP recognized those opinion and if he still wanted to proceed with mining i think its much better to try with alts first because its still more easy and profitable mining alts with a good build mining system than trying your luck to mine btc, its just a matter of location and OP needs to review every resources that he can be found here before proceeding.

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February 09, 2017, 03:51:24 AM
 #7

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?

Investing in Bitcoin is always a great idea.  Investing in Bitcoin mining as others have stated, largely depends on the price you pay for electricity.

i think he can invest his money in bitcoin before he decide to bitcoin mining, with only 80$, i think its difficult to get big hashrate and in a month, we can only get less and we need long time before we can get ROI. i think its better to use 80$ to buy bitcoin when the trend is down, hold it in his wallet and sell it when its up. do it over and over until you can buy the hardware you want to mining bitcoin.

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February 09, 2017, 03:56:14 AM
 #8

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?

Investing in Bitcoin is always a great idea.  Investing in Bitcoin mining as others have stated, largely depends on the price you pay for electricity.

i think he can invest his money in bitcoin before he decide to bitcoin mining, with only 80$, i think its difficult to get big hashrate and in a month, we can only get less and we need long time before we can get ROI. i think its better to use 80$ to buy bitcoin when the trend is down, hold it in his wallet and sell it when its up. do it over and over until you can buy the hardware you want to mining bitcoin.

Yeah, it might be even better to just buy hashrate from reputable cloud mining operators. It would remove the hassle of setting up and maintaining it. You'd just have to wait for it to profit. Also, you can buy only a fraction of the hashing power and not really have to spend a lot of money as your initial investments.
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February 09, 2017, 03:57:56 AM
 #9

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?
Investing in a mining operation at this point in time is a very complex decision not to be made by a newbie and not with 80 bucks a month, but buying some bitcoin or some well established altcoin is a good decision although any earnings are going to be low.
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February 09, 2017, 04:25:11 AM
 #10

OP, why not invest in a different venture? For example, $80 a month invested into a bitcoin gambling site's bankroll can potentially bring a good profit. Cloud mining sites are sometimes unreliable, and physical mining isn't that easy.

Alternatively, you could use your savings to start a bitcoin related business, or invest in fiat stocks.
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February 09, 2017, 04:26:45 AM
 #11

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?

Investing in Bitcoin is always a great idea.  Investing in Bitcoin mining as others have stated, largely depends on the price you pay for electricity.

This! You really to include and mention here if your country does only have cheap price when it comes to electricity consumption.

But if it is not that cheap, better to look for some other investments in bitcoin, mining is not the only investment that you can invest.

Trading is also good depending on your capability.

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February 09, 2017, 05:03:38 AM
 #12

That depends on mining you want to invest. Bitcoin mining needs to buy necessary tools in able to build a miner. Its a bit expensive. Profits can be good. But the expenses will cut the profit. Electricity cost and internet. Make sure these two are cheap in your location before jumping into mining.
The other one is cloudmining. You dont need to buy mining equipments. Its like renting their mining equipments. But its not profitable anymore. You should try trading. You can make good profits from there.

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February 09, 2017, 07:16:50 AM
 #13

Mining separately as an individual has become very rare these days especially because of the huge mining pools now a days also for the fact that if you dont have free electricity, the roi is very very less. You have to be very optimistic to have your returns in a year or two if you dont have free electricity. It's just not worth it.

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February 09, 2017, 08:05:53 AM
 #14

For only 80 bucks every month you would have a better chance to make big money by investing them in long shot altcoins. But dont make the mistake of thinking that cryptocurrency investments are like real investments. Theyre like the slot machine in the casino. Sometimes you hit the jackpot but most of the time you dont. What can you expect from 80 bucks anyway these days.


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February 09, 2017, 08:46:46 AM
 #15

I just opened my eyes to Bitcoin mining, I save up 80$ every month and was thinking maybe investing them in bitcoins wouldn't be that bad an idea? Whats your thoughts on this, what should a first timer know?
Investing is a serious thing cause a lot of investment sites went to scam. Be wise in dealing with them ,if you want to invest ,do a research  about that investing site you want to join.

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February 09, 2017, 10:28:30 AM
 #16

Individual bitcoin miners this days are not making efficient returned on mining investment; because companies and big investors are dominating the bitcoin mining this days. You can only make returned on investment as an individual with little capital, mining altcoin and other up come cryptocurrencies. Another option for you is trading, though very risky you can develop your skills and make a very huge return on your investment.

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February 09, 2017, 12:10:42 PM
 #17

investing your money for bitcoin this is good idea but most people says bitcoin mining isn't profitable anymore especially for solo mining and maybe rather than investing for bitcoin mining why not just mining for altcoins and collect them and for your reference there are tons of thread altcoins at altcoin board
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February 09, 2017, 12:26:13 PM
 #18

I would rather hold that $80 worth of BTC and don't invest this in a bitcoin mining. You don't really have much options:
1. Would you be able to buy mining equipment and cover expenses of mining for that $80?
2. Investing in Bitcoin CloudMining is risky, not to mention to get ROI from legit CM service you will have to wait  quite a bit.
3. I would rather invest in bitcoin casino's bankrolls at this point.

Bitcoin Mining Calculator and Profitability Calculator: http://www.coinwarz.com/calculators/bitcoin-mining-calculator
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February 09, 2017, 02:58:11 PM
 #19

I would rather hold that $80 worth of BTC and don't invest this in a bitcoin mining. You don't really have much options:
1. Would you be able to buy mining equipment and cover expenses of mining for that $80?
2. Investing in Bitcoin CloudMining is risky, not to mention to get ROI from legit CM service you will have to wait  quite a bit.
3. I would rather invest in bitcoin casino's bankrolls at this point.

Bitcoin Mining Calculator and Profitability Calculator: http://www.coinwarz.com/calculators/bitcoin-mining-calculator

He said he is saving $80 a month as savings and want to invest it in miners. But saving that for miners would take you months to buy even one. Then you also have to buy some other equipment required to run that miner. Also try to compute your potential income like what snorek said. You're really taking a lot of risk by mining. I think it is even less riskier if you just invest it in bitcoin casinos or just do some trading.
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February 09, 2017, 07:28:39 PM
 #20

I would rather hold that $80 worth of BTC and don't invest this in a bitcoin mining. You don't really have much options:
1. Would you be able to buy mining equipment and cover expenses of mining for that $80?
2. Investing in Bitcoin CloudMining is risky, not to mention to get ROI from legit CM service you will have to wait  quite a bit.
3. I would rather invest in bitcoin casino's bankrolls at this point.

Bitcoin Mining Calculator and Profitability Calculator: http://www.coinwarz.com/calculators/bitcoin-mining-calculator

He said he is saving $80 a month as savings and want to invest it in miners. But saving that for miners would take you months to buy even one. Then you also have to buy some other equipment required to run that miner. Also try to compute your potential income like what snorek said. You're really taking a lot of risk by mining. I think it is even less riskier if you just invest it in bitcoin casinos or just do some trading.

Try to invest in hashflare or genesismining rather than buy hardware. I want to know about bitcoin casino's bankrolls, what is the best and trusted website to do that? Should we play btc casino or just deposit/invest in their bag?
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