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Author Topic: Newbie Wanting Questions 5k to spend blah blah blah  (Read 467 times)
meathelix
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April 21, 2013, 11:04:45 AM
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Hello. All

So I am new too bit coin market and am wanting to start mining now I have $5000 to spend on a machine or the bitcoin machines. I was thinking of going 3 x 7970's and 2 CPU's on water cooling.

Now I see a lot of people saying its a waste of investment blah blah blah and the new bitcoin machines are coming out around the corner blah blah....Now with the bitcoin machines I dont wanna be waiting 6-12 months to get one. I haven't even see anyone with one yet. All Ive seen is people reselling there pre order's because its taking way to long to get them.

Now I do pay for electricity but with a machine with 7970's make a income after a few months or no?

Thank You.  Grin
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timuckun
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April 21, 2013, 11:06:52 AM
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I think GPU mining is probably unprofitable for bitcoins right now. ASICs are where it's at. Try one of the other coins.
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April 21, 2013, 11:10:13 AM
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I would say it would, at least for a little while. I wouldn't bother using your CPU's there would be no noticeable difference to speed but your PC will be unresponsive-ish.

K.
meathelix
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April 21, 2013, 11:16:26 AM
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So would litecoin be the go now? I know the bitcoin machines would be the go but there would be a HUGE list and it would take forever to get one. Since there is only 1 company selling them with a 3 month wait on the first buys.
eghoff
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April 21, 2013, 11:18:07 AM
 #5

Hello. All

So I am new too bit coin market and am wanting to start mining now I have $5000 to spend on a machine or the bitcoin machines. I was thinking of going 3 x 7970's and 2 CPU's on water cooling.

Now I see a lot of people saying its a waste of investment blah blah blah and the new bitcoin machines are coming out around the corner blah blah....Now with the bitcoin machines I dont wanna be waiting 6-12 months to get one. I haven't even see anyone with one yet. All Ive seen is people reselling there pre order's because its taking way to long to get them.

Now I do pay for electricity but with a machine with 7970's make a income after a few months or no?

Thank You.  Grin

Some of the first ASIC units have started to ship, and this summer more are sure to come as avalon are starting to sell their chips.
If one wanted to have a profitable miningrig asap, i would order some chips (https://bitcointalk.org/index.php?topic=177994.160) and assemble it myself. This would take some technical knowledge, and not be ready before summer, but if you have the knowledge, this would by far be the best route to take.
I know people have been saying that gpu mining would become obsolete very long, but i think the time has finally come.

Or you could just mine litecoins instead.

Sharecoin: SXXEsuAg1rzbcRKfE4qYmb1R593FsPpPAz
meathelix
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April 21, 2013, 11:23:22 AM
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By reading a bit about Litecoins it says it is 2x's faster then bitcoin mining and what not. So some are getting shipped already ay? and I wish I had to knowledge to create them myself with the chips Sad
Kruncha
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April 21, 2013, 11:32:45 AM
 #7

I would GPU mine Bitcoins in a pool, and if Butterfly Labs do start shipping and people are happy with them, I'd order one with the Bitcoin i'd mined.

K.
meathelix
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April 21, 2013, 12:34:32 PM
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With the bitcoin I had mined would I have made enuf to afford one of the ASCI machines? I am hoping I would have.
Kruncha
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April 21, 2013, 12:39:16 PM
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It depends on difficulty increase but i'm hoping to, and I only get a little under 200mhash/s.

K.
meathelix
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April 21, 2013, 01:56:49 PM
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Should I invest 5k into a machine and run litecoin along with bitcoin. But would I make money on top of my bills of the machine running.
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April 21, 2013, 02:02:12 PM
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It's a gamble, there's no getting away from that. I wouldn't spend 5k on a mining PC unless your a hardcore gamer and/or have money to burn.

As it stands now, you would profit, but who knows for how long.

K.
meathelix
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April 22, 2013, 10:55:08 AM
 #12

bump.

What does everyone else think of this? Should I invest into a machine with 5k or just wait it out.
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