Saying hello and have a question

[djbrooks111]

Hello all,

My name is David and I have been viewing the forums for a while and just recently registered.  I do have a question regarding "cloud mining."  I have been reading a couple of topics here about it and was wondering if it is worth it at all.  I like the idea of not paying for electricity or dealing with a miner in my house, but is it worth the $?

In addition, what would be the best approach for someone looking to get into mining/Bitcoins with a budget of about $5,000?

Any help is appreciated!

Nice to meet you all,
David

[lassdas]

is it worth the $?

No!

In addition, what would be the best approach for someone looking to get into mining/ Bitcoins with a budget of about $5,000?

Just buy some Bitcoins.

[e521]

I agree with ^^^^
Don't get into mining, you need much more than 5k to be competitive now and things will get even worse in the future.
Buy coins is much better in the long run as you don't take difficult increase into consideration and you can set stop loss to limit your losses.
Buy a few coins now and wait to see where this is going and buy more to balance you entry point
Spend your 5k wisely and consider them lost forever
Good luck! 

[Stunna]

I wouldn't bother with cloudmining, mining certain altcoins could be profitable but I'd run all proper calculations accounting for difficulty increases/price drops.


http://www.coinwarz.com/cryptocurrency   Has some useful calculators for mining profit

[spartan82]

if you must cloud mine, use these guys: https://cex.io/r/0/spartan82/0/
they are reputable, its instant mining with ghash.io pool, you buy whatever amount you want and you sell it instantly too. plus theres a not so bad referral program too! thats the only cloud mining group ive found worth its value. its not cheap, but the price doesnt fluctuate too much so resale value doesnt change much at all depending on the time frame you mine for

[Itun]

If you want to buy cloud mining shares just for mining, they're not profitable.

However, many have made much from trading those hashing power.

[r4square]

Agreed, ppl running the cloud mining operation need to make money and that would come out of your pocket using their service.

Trading hashing power works like the commodities trade and future pricing correct?

[%ooo:ooo%]

Use money to buy BTC.

[WiseOne]

You could always try mining LTC. The cost of entry is lower and the difficulty has not gone to insane levels... yet.

[keviiinl]

With the prices dropping its hard to say. I bought around a grand of equipment and its paying for itself but VERY slowly. I wouldn't recommend it for profit but more for entertainment. I find myself going crazy watching the exchanges. Start out mining with like a cheap AMD 7850 and see how it goes from there. If the prices go up it'll be worth it though. I am mining for LTC and WDC. Possibly quarkcoin.

The cloud mining isn't worth it from what i've seen. But if you get a free $100s from Amazon it will be. I forgot the link but google search ec2 and mining and you'll find a link for it.

[djbrooks111]

I agree with ^^^^
Don't get into mining, you need much more than 5k to be competitive now and things will get even worse in the future.
Buy coins is much better in the long run as you don't take difficult increase into consideration and you can set stop loss to limit your losses.
Buy a few coins now and wait to see where this is going and buy more to balance you entry point
Spend your 5k wisely and consider them lost forever
Good luck! 

So if I had about $10k to invest into mining, is that sufficient?  If yes, what would you recommend?

David

[black_swan]

To Mine BTC (sha):
check if there is any ASIC ready to ship, I can't advise as I don't follow that market

To Mine LTC (scrypt):
With $10k you can probably get 4 miners with 4 good gpus (16 in total)

You can plug hash power into the calculator and it tells you how long it take at the current difficulty to ROI and how many you can mine per day

..but are you sure you prefer buy hardware rather than buy BTC directly?
It's a lot of work and it might be challenging if you don't have much experience with hardware and stuff

[Mystery-Man]

If you want to mine I recommend mining any scrypt coin. If you have the capital to start might I point you to the following link:

http://www.coinminingrigs.com/how-to-build-a-6-gpu-mining-rig/

Here is a very effective mining rig (computer) that costs under $3000 and has a respectable hashrate. Please note that not all the parts will be easily available so you may need to do some research on replacements.

I started mining last year, for a short duration, and acquired enough BTC to buy into cloud mining on CEX and so far it's been profitable enough for me. I certainly can't retire but I still make more than I spend.

A huge part of all of this, at least for me, is playing around with hardware performance, watching as new coins pop up and fade away. If you go into it looking to cash out millions you may not have as much fun as you could.

 

[sumfingwong]

To Mine BTC (sha):
check if there is any ASIC ready to ship, I can't advise as I don't follow that market

To Mine LTC (scrypt):
With $10k you can probably get 4 miners with 4 good gpus (16 in total)

You can plug hash power into the calculator and it tells you how long it take at the current difficulty to ROI and how many you can mine per day

..but are you sure you prefer buy hardware rather than buy BTC directly?
It's a lot of work and it might be challenging if you don't have much experience with hardware and stuff

He said it the best. Mining bit coins just isn't worth it. I would not advise buying the ASIC miners. With the difficulty increasing quickly, the ROI on the ASIC miners isn't worth it.

If you have a lot of time during the day, I would just day trade BTC or LTC.

With that said, for fun.. I am mining LTC. Since I have the hardware already, it covers my electricity cost and I turn off the miners when I want to play some vids (XFX R9 290), but my 5870 is constantly running hashing at about 450 kH/s