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adnanabbas (OP)
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September 04, 2013, 02:31:24 AM |
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Hello people,
I have $2500 saved up and would like to get into bitcoin mining, hopefully making some profit along the way.
Could you please advice a brother on how to go about making it worthwhile. Any advice would be really appreciated.
Thank you
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tuckerblane
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September 04, 2013, 02:33:35 AM |
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I've been perusing this forum for a while and the general consensus seems to be that mining no longer gives you a return on investment (ROI). I'd suggest taking half of your stash and buying Bitcoins from Mt. Gox or another trusted source like that.
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adnanabbas (OP)
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September 04, 2013, 02:57:09 AM |
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thank you "tuckerblane" for your reply. I was thinking of buying a hashing contract, but everyone appears to have the miners on pre order. i don't know if they should be trusted or not. have you heard of bitcoinfrenzy.com, if you have what do you think of them?
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tuckerblane
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September 04, 2013, 03:03:37 AM |
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No, I haven't. I've just been looking for the free stuff like faucets (bitcats.net) and giveaway sites like dailybitcoins.org. But then again, I'm broke and can't afford to invest for the time being, so I have to grind.  But yeah, most places are backlogged with orders. Especially the bigger places like Butterfly Labs. As for hashing contracts, I'm not sure how they work and can't comment on them. |
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adnanabbas (OP)
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September 04, 2013, 10:55:17 AM |
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ah okay, maybe some with a little bit more knowledge might fill me in (no disrespect intended tuckerblane)
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gooryheta
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September 04, 2013, 10:57:58 AM |
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I've been perusing this forum for a while and the general consensus seems to be that mining no longer gives you a return on investment (ROI). I'd suggest taking half of your stash and buying Bitcoins from Mt. Gox or another trusted source like that.
at Mt. Gox coins are most expensive |
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favdesu
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Merit: 1000
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September 04, 2013, 10:59:14 AM |
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go to bitstamp/locabitcoins/bitcoin.de and buy coins instead of mining gear. that's what I would do.
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adnanabbas (OP)
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September 04, 2013, 11:29:31 AM |
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its sad to hear that there's no point in buying any H/W  |
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b!z
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September 04, 2013, 01:00:27 PM |
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you should invest in mining shares like Labcoin. labcoin could be worth as much as asic miner if everything is successful
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LiteCoinGuy
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In Satoshi I Trust
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September 04, 2013, 05:03:29 PM |
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Hello people,
I have $2500 saved up and would like to get into bitcoin mining, hopefully making some profit along the way.
Could you please advice a brother on how to go about making it worthwhile. Any advice would be really appreciated.
Thank you
dont buy something to fast. first you should read, wait and learn. mining for a newbie is not a good way to invest. |
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b!z
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September 05, 2013, 11:48:23 AM |
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asicminer blades are not profittable, you will not make ROI. buy labcoin mining shares: https://btct.co/security/LABCOINthe price has only been going up and when they start mining you and me will be rich |
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hayek
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September 05, 2013, 12:04:26 PM |
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Buy Stocks.
Invest in companies that do mine.
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b!z
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September 05, 2013, 03:01:42 PM |
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Buy Stocks.
Invest in companies that do mine.
Yes that is good advice. never buy bfl equipment also :-) |
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bitcoin44me
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MARKETPLACE FOR PAID ADVICE LIVE BROADCASTS
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September 05, 2013, 03:18:28 PM |
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Welcome. You can also buy btc and invest them (like in coinlenders.com or just-dice.com), which is safer than mining I think.
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satriani
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September 05, 2013, 07:59:01 PM |
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no shares. no shitcoin. buy 50% bitcoin. and 10% to NVC,PPC,PrimeCoin,WDC,DGC. You will have x10 in next year by september
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monbux
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September 05, 2013, 08:08:42 PM |
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You'd make a better profit just buying bitcoins. Invest them in projects, gamble them, ETC.
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adnanabbas (OP)
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September 05, 2013, 08:12:33 PM |
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what do you think of the idea, if i was to buy something like the 2TH/s cointerra rig (when they deliver it that is), because my credit is good and i would have no problems getting a loan. i mean i would be happy withing 2 months or so to get my money back and get a little something as profit.
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NineLives
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September 14, 2013, 12:54:02 AM |
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I'm also a Newbie and have the same sort of money to invest. The advice on NOT buying H/W makes sense until all is understood. So, I'm going to first have a look at Labcoin and maybe buy Bitcoin. The shares at Labcoin is confusing the pants out of me What the hell do I do damit!!! |
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shadizzle
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September 14, 2013, 02:15:40 AM |
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So, I'm going to first have a look at Labcoin and maybe buy Bitcoin. The shares at Labcoin is confusing the pants out of me What the hell do I do damit!!! I am with ya, I really dont understand the share buy/bidding aspect :\ |
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mogrith
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Use Coinbase Account almosanywhere with Shift card
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September 30, 2013, 06:30:50 AM |
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you can also take a look at https://cex.io/ buy some hashing let it make back some bitcoin and you can sell the GH/s back hopefully at a profit. fast if you buy at current price you will be mining in minutes I'm not connected with them other that having a very small amount .75GH/s invested there. |
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adnanabbas (OP)
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October 28, 2013, 09:47:11 PM |
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cex.io sounds the most sensible
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honky1492
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October 28, 2013, 10:15:41 PM |
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cex.io sounds the most sensible
Nope, the difficulty grows so fast you cant make profit with it. The cex.io owners know it, so they dont mine but just sell hashpower |
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vrhax
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October 28, 2013, 10:21:22 PM |
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Check out the Genesis Block Mining Calculator. You can select different mining products, and their calculator will do the rest. Now, take a look at KnCminer... which appears to be the market leader at the moment. Select " Mercury" under their product list. Assuming you received the miner today, you could mine ~5.67 BTC. You would be mining zero BTC by next july. Your cumulative BTCs would be under 10. At today's market, that's about $2K. You've just paid for your equipment but will be no longer mining BTC. Or, take that same $2K and sign up with a reputable exchange. Throw your money in that exchange, and wait for a market lull, then buy your BTCs. Sell them when the market peaks. Rinse repeat. If you're a decent investor, you could very well double your investment. And finally, if you're intent on mining. Split your funds between purchasing BTCs and purchasing mining equipment ( or, sign up for cloud mining). Keeping in mind you won't make an ROI from the mining portion of your investment. If you go the equipment route, hook it up, power it up, and point it at a pool, with a minimum payout set, so that you'll automatically receive satoshis every so often. let it crank along, while continuing to play the market with your BTC investment. That said, I opted for the latter route... purchasing BTCs and dabbling in mining. For example, when I purchased my asic miner, it was already obsolete. That is, the big boys were already out the gate. Nonetheless, I still get a little bit from my mining, and it also gives me the opportunity to play with the mining code ( i.e., cgminer, bfgminer, etc). |
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mogrith
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Use Coinbase Account almosanywhere with Shift card
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October 28, 2013, 10:43:55 PM |
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Vrhax is correct. Use most of your funds to just buy BTC. Hold most of them use some for trading.
Use a small amount to buy 1 GH/s on Cex.io or elsewhere to see how it works you can see how your payouts shrink over time as pool grows. Buy 1 USB erupter for less than .05BTC so you can try miner programs.
Write off both of the above as research and education. While both the GH/s and the erupter will pay out very small amounts of BTC you won't make back the full amount even after reselling.
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