Bitcoin Forum
December 09, 2016, 05:47:33 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Poll
Question: Should I buy a 5950 for 160 or bitcoins straight up?
Buy bitcoins straight - 13 (76.5%)
Buy the 5950 - 4 (23.5%)
Total Voters: 17

Pages: [1]
  Print  
Author Topic: Buy coins or a card?  (Read 1356 times)
nemo
Sr. Member
****
Offline Offline

Activity: 434


View Profile
June 24, 2011, 05:21:11 AM
 #1

Hey guys, I hate bugging you with things I could research myself, but I'm lazy and I think this might help others. Someone is selling a 5950 for 160 locally on craigslist.

I want to buy the card, mine, then sell the card once I decide to quit. The thing is, I'm a gambler and think bitcoins might hit $100 in the next few years here.

What wold you do?

Edit: Electricity is cheap here .04 - .025 a kwh. I won't start mining until the 1,200,000 difficulty rate hits.
1481305653
Hero Member
*
Offline Offline

Posts: 1481305653

View Profile Personal Message (Offline)

Ignore
1481305653
Reply with quote  #2

1481305653
Report to moderator
1481305653
Hero Member
*
Offline Offline

Posts: 1481305653

View Profile Personal Message (Offline)

Ignore
1481305653
Reply with quote  #2

1481305653
Report to moderator
1481305653
Hero Member
*
Offline Offline

Posts: 1481305653

View Profile Personal Message (Offline)

Ignore
1481305653
Reply with quote  #2

1481305653
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481305653
Hero Member
*
Offline Offline

Posts: 1481305653

View Profile Personal Message (Offline)

Ignore
1481305653
Reply with quote  #2

1481305653
Report to moderator
ableorange
Member
**
Offline Offline

Activity: 100

All things bitcoin


View Profile
June 24, 2011, 05:24:47 AM
 #2

Buy coins.

But mining helps protect the network. Why not do both to see what works out better?
nemo
Sr. Member
****
Offline Offline

Activity: 434


View Profile
June 24, 2011, 05:28:40 AM
 #3

Because I don't shit out stacks of cash. I mine already, but I bought 10 coins @ 17 and I regret it. I should have bought a card back then and just mined 10 coins and sold the card.
jdebunt
Legendary
*
Offline Offline

Activity: 1302

Freelance Bitcoin / Blockchain / FinTech Writer


View Profile WWW
June 24, 2011, 04:24:35 PM
 #4

buy coins, at the current rate
Reikoku
Full Member
***
Offline Offline

Activity: 140


firstbits: 1kwc1p


View Profile
June 24, 2011, 06:04:16 PM
 #5

If you regret losing about $20 on a coin investment short-term, which could turn into a profit long term, I'd suggest maybe doing neither until the market stabilises, or trying to think of a service you can provide for coins to limit your risk.

Rei | 1Kwc1pqv54jCg8jvnm3Gu1dqFQYhS34Bow
Trades So Far: 7
NetTecture
Full Member
***
Offline Offline

Activity: 140


View Profile
June 24, 2011, 08:02:25 PM
 #6

What wold you do?

Scap that card. Get 3-6 servers full with 6990 and put the same amount into bitcoins straight away.
nemo
Sr. Member
****
Offline Offline

Activity: 434


View Profile
June 24, 2011, 08:52:34 PM
 #7

If you regret losing about $20 on a coin investment short-term, which could turn into a profit long term, I'd suggest maybe doing neither until the market stabilises, or trying to think of a service you can provide for coins to limit your risk.

How do you figure only 20? I would have still had the card.
RyNinDaCleM
Legendary
*
Offline Offline

Activity: 2002


Legen -wait for it- dary


View Profile
June 25, 2011, 02:49:46 PM
 #8

I don't know what a 5950 is! If you meant a 5850, think of it this way!
A 5850 at 325Mh/s, or even heavily OC'd at 375Mh/s will bring in about .2 BTC/day (perhaps a little more OC'd). This would be $3.40/day (@ $17/BTC, the current going rate), before electricity cost, Or $102/month assuming difficulty stays the same (which it won't). If you factor in the rise in difficulty (every 10-14 days), in 8-12 days that $3.40 turns in to $1.70 or so (for another 10-14 days. Difficulty will keep rising, and profits will keep dropping, until you are using more power than BTC would pay for. The card might eventually pay itself off  but, there would be very little profit if any!

Now for the electricity! At a modest rate of $.08/Kwh, you would be paying about $.38 per day, turning your daily earnings into $3.02 currently, or $1.32 next re-target.

You need to take these things into consideration, before making a miner purchase! At this point it is not very cost effective to buy GPUs for this sole reason. Even resale of your GPU will be harder to do in another month, when everyone starts to realize they are no longer making money from mining. There will be HUGE amounts of used cards on the market, forcing the price way down! It will truly be a "buyers market" for GPUs!

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!