recently came into ~$1200.. should i mine, buy coin or contract them
just a sidenote i have 7 GH worth of power
buy coin
I agree with bcp19 with regards to buying bitcoin vs mining, at least for the next 6 months or so. I would also diversify a bit and not just hold everything in BTC.
Me personally, I would:
1. Probably keep some of the money as BTC in an offline wallet.
2. Keep some fiat in a low order on a BTC/FIAT exchange hoping to pick up on any crash or dump opportunities.
3. Keep some BTC on a bitfunder type exchange, with a low order, waiting for a buy opportunity if/when ASICMINER falls into the 1-1.5 BTC per share area. (I'm guessing/hoping it will drop further until their GEN 2 gear comes out.)
Also, I would probably sell the 7GH worth of gear you have now on ebay. Then if you still want to keep some mining gear for either the sake of the network, or just for fun, I would look into buying some of the newer 55nm or 28nm ASIC gear, or pick up some used or late arriving BFL gear(Some good deals to be found here if you are not afraid to negotiate)
Good luck and have fun
