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nwbitcoin (OP)
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May 13, 2013, 06:27:29 PM |
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Being a netbook user, I never contemplated mining as a way to get bitcoins and altcoins, but now I am!
However, I can't work out if its not cheaper to trade coins rather than buy the hardware to do the mining.
For instance, a decent graphic card and the motherboard hardware is going to cost a good £500. That is around 200 Litecoins, but its going to take a year to mine that many coins with that sort of hardware.
I can't see how it isn't cheaper to just buy the coins and trade them over a year to make more money than mining!
Am I missing something here?
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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cryptohunter
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Merit: 1167
MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG
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May 13, 2013, 06:31:31 PM |
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Being a netbook user, I never contemplated mining as a way to get bitcoins and altcoins, but now I am!
However, I can't work out if its not cheaper to trade coins rather than buy the hardware to do the mining.
For instance, a decent graphic card and the motherboard hardware is going to cost a good £500. That is around 200 Litecoins, but its going to take a year to mine that many coins with that sort of hardware.
I can't see how it isn't cheaper to just buy the coins and trade them over a year to make more money than mining!
Am I missing something here?
by far trading if you are talking only ltc and btc |
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ThatDGuy
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May 13, 2013, 06:37:29 PM |
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I would say buying and holding or buying and trading are much easier to start and less commitment involved. It's difficult to recommend mining as it requires a considerable amount of work and knowledge to get started and then maintain and also because I am a miner and it's not in my best interests!
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markm
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May 13, 2013, 06:45:00 PM |
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Day 1 money is always hotly contested / fought-over.
The best money is in picking up under the radar coins with your CPU while they are NOT day 1 money, because the day they do become cash-able is the day they will become too hard to mine with your CPU... and the day you'll be off to an exchange to sell several hundred thousand of them...
BBQcoin is the recent exemplar, you had a whole year or so to mine them with even just one core of a CPU and rake in hundreds of thousands of them, but now they are selling so now it is too late to mine them with your CPU and in fact by now you have even missed the best time to get the best prices for the hundreds of thousands your CPU would have picked up during that year of CPU mining.
Now even Tenebrix and Faircoin might not have much longer left to be picked up easy by CPUs before the same thing happens to them as happened to BBQcoin.
-MarkM-
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limbaugh
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May 13, 2013, 06:46:56 PM |
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Mining has always been low profit margin and is getting worse. I would never recommend anyone invest a dime in mining at this point; trading far more profitable.
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fenican
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May 13, 2013, 07:02:20 PM |
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Also you're looking at perhaps $1,200 or so to build a rig that can do 1500 kh/s. Right now that yields about $182 in *monthly* ASICS resistant LTC mining profits after subtracting the cost of power.
That is an unbelievable amount of cash flow per dollar invested
Assuming profit averages at least that much over the next 24 months, it is comparable to you lending out the money at 100%.
You'll quietly accrue wealth while most of the traders on BTER and BTC-E get raked to zero by exchange fees. The end state of traders is that 5% are good and profit the other 95% get raked to zero
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nwbitcoin (OP)
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May 13, 2013, 08:03:20 PM |
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Thanks for the interesting feedback. So, going forward, if I am not interested in just the brand new untested coins, mining isn't for me? My trading over the past few months has been about buying and selling bitcoins and adding a little margin - which, even at only a few % margin seems to bring in more money that mining is going to do. It also seems to me that the hardware investment is also a never ending - making me even more unsure of the total return on investment! The only thing that really worries me is that its getting far harder to buy coins for fiat, but that is really another subject for another thread!  |
*Image Removed* I use Localbitcoins to sell bitcoins for GBP by bank transfer!
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Theraty
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May 14, 2013, 12:09:57 AM |
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Thanks for the interesting feedback. So, going forward, if I am not interested in just the brand new untested coins, mining isn't for me? My trading over the past few months has been about buying and selling bitcoins and adding a little margin - which, even at only a few % margin seems to bring in more money that mining is going to do. It also seems to me that the hardware investment is also a never ending - making me even more unsure of the total return on investment! The only thing that really worries me is that its getting far harder to buy coins for fiat, but that is really another subject for another thread! Do some work or offer some services for cryptocoins, that is how I went from almost no BTC to over 100 in a matter of few months. What type of work/services helped you achieve this? |
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portice
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May 14, 2013, 12:12:23 AM |
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Mining has always been low profit margin and is getting worse. I would never recommend anyone invest a dime in mining at this point; trading far more profitable.
I really do not agree with this, I started with a ghetto setup about 3 weeks ago as a little hobby to pass time. Honestly, I got seriously lucky with my timing I will admit that, but the last couple weeks with all these shit coins, I have made enough to pay off the ghetto rig with 2 7970's and have about half of what I need for another setup. Mine and trade, and be smart with your deals and you will profit. |
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spoid
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May 14, 2013, 12:59:25 AM |
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At this point it depends highly on your electricity cost.
Keep in mind that coins can go to zero over night, whereas your mining hardware will not become completely worthless unless you burn it. Far from completely worthless, actually.
I also found that having a slow and steady stream of coins coming from the miner is much better for my psyche than trading coins and looking at charts all the time. But that is personal preference.
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thaile4ever
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May 14, 2013, 03:55:33 AM |
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Do a little of both. With a low end rig might not make you rich, it will bring in a steady income and cover the fees that comes with trading.
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qiuness
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May 14, 2013, 05:51:15 AM |
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charts are too unpredictable for me, so i do mining.. and very few trading
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willhash4food
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May 15, 2013, 08:56:38 PM |
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Thanks for the interesting feedback. So, going forward, if I am not interested in just the brand new untested coins, mining isn't for me? My trading over the past few months has been about buying and selling bitcoins and adding a little margin - which, even at only a few % margin seems to bring in more money that mining is going to do. It also seems to me that the hardware investment is also a never ending - making me even more unsure of the total return on investment! The only thing that really worries me is that its getting far harder to buy coins for fiat, but that is really another subject for another thread! Do some work or offer some services for cryptocoins, that is how I went from almost no BTC to over 100 in a matter of few months. THIS^^ is the only way altcoins will end up with value. Nice work on the store, man. |
They see me minin'... they hatin'...
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