2.5K to spend, is buying 65nm 50Gh/s obsolete?

[radi4fun]

Hey guys, I want to get into mining some bitcoin and I have about $2500 to spend on a mining equipment. I was on BFL's website and found this https://products.butterflylabs.com/homepage/50-gh-s-bitcoin-miner.html I was wondering if this is even worth it? I see they have new cards coming out soon with pre-order that are 300 GH/s for just a little more and are 28nm.

Also there are other websites that have other manufactures with pre-orders with 300+ GH/s for about the same price but i would have to wait until end of Feb 2014 to get mine. Is this a better option? http://bitmine.ch/?product=coincraft-desk-january-batch or http://www.blackarrowsoftware.com/store/prospero-x-1.html (100 GH/s for $290 X 10 minimum order= 1000GH/s for less than $2000).

Can you guys give me some advise on what to buy right now so i can start making some extra money on the side?

[KieranJones1]

Disclaimer: I am not a miner myself.

However, to my understanding, $2500 would usually be considered too small an investment to make at this point if you want a competitive miner that will cover its own costs. A thread in the mining board recently quoted $23,000 as the minimum investment for a guaranteed long-term profit making mining rig.

[Wipeout2097]

Stay away from BFL!

Seriously, read a bit more about them on this site.

[radi4fun]

on ebay it mostly BFL's out there. I was thinking of getting a 50-60 GH/s equipment and mine it 24/7 for about 3 month to break even if the prices stay the same, and after that whatever i mine is just a profit. and what ever profit i make, i was thinking of investing into new and updated equipment. I don't know what else to buy other than BFL's. Is there anything else that is available to mine right a way?

[nahtnam]

BFL is know as a scam as they havent shipped to many people. I recommend you stay away from it.

[radi4fun]

Got it.

[vasilev]

BFL is know as a scam as they havent shipped to many people. I recommend you stay away from it.

i would stay away fro BFL as well  

[marcotheminer]

BFL is know as a scam as they havent shipped to many people. I recommend you stay away from it.

Yes and mining overall has lost its monetary reward. ROI will probably never be made, and unless you want to help out throughout the network, mining is useless.

[Wipeout2097]

That said, if you're going to purchase BFL hardware from ebay, or from who has in-hand, I guess the risk is similar to just another ebay purchase or dealing with a stranger. When I said BFL, I mean (pre-)ordering from them directly on their website

[nahtnam]

That said, if you're going to purchase BFL hardware from ebay, or from who has in-hand, I guess the risk is similar to just another ebay purchase or dealing with a stranger. When I said BFL, I mean (pre-)ordering from them directly on their website

Ya, make sure you go through ebay. Dont make a side transaction with bitcoin or something. Use a cc and make sure you have ebay buyer protection. That way you are 100% safe. If you are doing a deal with another forum member, make sure you use escrow.

[radi4fun]

cool, thanks for the heads up guys. I was doing more reading on this forum and I think I found an alternative way to spend less money and get a good ROI and also possible make some money too. I'm thinking of buying a Pair of R9 280x and just do Litecoin mining. I think I can get my investment back in about a month and make a few extra $$ a month afterwards. If the 2x R9 280x work out, I might get 2 more and only spend 1/2 of my budget.

Any idea how hard it is to transfer LTC -> USD or LTC-> BTC->USD?

[INSeed]

I don't think it's worth investing in ASICs with the current difficulty, the best would be to be the first with an Asic in alt coins where there's more and more cash to be made

[PenAndPaper]

cool, thanks for the heads up guys. I was doing more reading on this forum and I think I found an alternative way to spend less money and get a good ROI and also possible make some money too. I'm thinking of buying a Pair of R9 280x and just do Litecoin mining.

Although Litecoin price exploded recently it's still a little early to tell if the price will hold. I wouldn't invest to much for litecoin mining atm.

[radi4fun]

If that is the case then what else is out there to mine? I don't want to just buy straight up btc or ltc. That would be same as investing in stocks. I want to put my PC to a good use. I have been folding for a while and I thought I'd try something different now.

[nahtnam]

cool, thanks for the heads up guys. I was doing more reading on this forum and I think I found an alternative way to spend less money and get a good ROI and also possible make some money too. I'm thinking of buying a Pair of R9 280x and just do Litecoin mining. I think I can get my investment back in about a month and make a few extra $$ a month afterwards. If the 2x R9 280x work out, I might get 2 more and only spend 1/2 of my budget.

Any idea how hard it is to transfer LTC -> USD or LTC-> BTC->USD?

Try Crptsy. I believe that you can convert LTC to BTC, and then use coinbase to convert BTC to USD.

[Sheldor333]

Now, yes it is. At lest 800GH/s or so to make it profitable and it will only get worse. Look at a way to make it yourself that way you can save a lot of money.

[Itun]

Buying mining rigs now, unless you get a really good deal, isn't a good idea.

And.. (again) don't trust BFL!

With that money, either buy some BTC or LTC and sell it later.

That'll give you more profit.

[Cyberminer]

cool, thanks for the heads up guys. I was doing more reading on this forum and I think I found an alternative way to spend less money and get a good ROI and also possible make some money too. I'm thinking of buying a Pair of R9 280x and just do Litecoin mining. I think I can get my investment back in about a month and make a few extra $$ a month afterwards. If the 2x R9 280x work out, I might get 2 more and only spend 1/2 of my budget.

Any idea how hard it is to transfer LTC -> USD or LTC-> BTC->USD?

Couple of things to point out is that you are counting on the value of LTC to remain constant. I'm not saying that it is a bad idea but you have to remember that a couple of weeks ago a LTC was only worth $7 and a couple of days ago it was $50. Your mining rig will eat up a couple dollars of power a day and as more people start to mine LTC you will be getting less and less LTC as well due to the difficulty going up.

Transferring from LTC->BTC and LTC -> USD is easy getting your money is going to be the tricky part. Sure you can get a bank wire but if you are only pulling out a couple hundred dollars at a time it might not be worth the cost.  There are ways to do it but be aware.

[noisia]

Stay far, far away from BFL.

[tarun]

From my limited knowledge, it would be a lot better for you to buy the actual bitcoins themselves and hold on to them to maximize your profit(if you believe the price will keep rising)