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Author Topic: New to Bitcoin. Should I mine or buy coin with my $6000  (Read 771 times)
fleetingmind
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May 17, 2018, 03:33:01 AM
 #1

Hi Everyone,

I'm new to cryptocurrencies and would like to know your opinion on what best to do with my $6000.

I was initially planning on purchasing a GPU mining rig with gtx 1070s but then upon further research found that 1070s can only do 600-700 sol/s

Then I found the asicminer equihash which can do 40,000 sol/s and costs $14,800 which will be released on July along with new nvidia generation cards.

I know its a bit late now to start but I am really thinking hard on this but I need opinions from veteran guys.

tl:dr;

1. Should I buy bitcoin with my $6000 or
2. Use it to buy a 1070 GPU mining rig or
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).

Thanks so much for all your feedback.

*Edit: Would like to inform everyone that electricity costs would not be a problem as I have a way to manage it. Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
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May 17, 2018, 03:37:25 AM
 #2

You can pay attention in terms of profit and look for profits that can get great results, and you should wait for July to buy a rig, and before buying a rig better you buy bitcoin first so you can benefit from the purchase of bitcoin.
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May 17, 2018, 03:43:07 AM
 #3

Hi Everyone,

I'm new to cryptocurrencies and would like to know your opinion on what best to do with my $6000.

I was initially planning on purchasing a GPU mining rig with gtx 1070s but then upon further research found that 1070s can only do 600-700 sol/s

Then I found the asicminer equihash which can do 40,000 sol/s and costs $14,800 which will be released on July along with new nvidia generation cards.

I know its a bit late now to start but I am really thinking hard on this but I need opinions from veteran guys.

tl:dr;

Should I buy bitcoin with my $6000 or use it to buy a 1070 GPU mining rig or wait until July for new hardware to come out.

Thanks so much for all your feedback.

I would suggest you to buy Bitcoins rather than mine them, mining is complicated plus your electricity will burn a big hole in your income. You'll have more expenses then income. Now if you consider to buy do not keep your coins in a exchange make a electrum wallet, write down your seed and pin never share this details with anyone. Make sure to never use your wallet on a public wifi. Buy at regular intervals and you'll get a good average. Buying and selling involves a fees keep that in mind. Hodl for the long term for daily rates used preev, trade cautiously and only with trusted people.

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May 17, 2018, 03:47:57 AM
 #4

For a fund of $ 6000 you better buy bitcoin and invest or for you to trade, by buying bitcoin you will not be too busy to take care of your mining tools.

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May 17, 2018, 03:48:41 AM
 #5

I advise you to invest only, can be long-term investment or short. But if you really want to buy mining tools, then you should be prepared for everything, such as maintenance, additional costs (electricity and so on).
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May 17, 2018, 03:49:58 AM
 #6

Mining might even end you up with losses. Mining bitcoin for now isn't worth it in terms of profit if you're using GPUs(unless you're just planning on mining to help the network). Buy the coins instead. Mining can only be worth it as of now if you're going to mine certain altcoins.

fleetingmind
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May 17, 2018, 03:58:21 AM
 #7

Thanks for the quick replies guys!

Would like to add that electricity costs would not be a problem as I have a way to manage it.

Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
duc4487
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May 17, 2018, 03:58:43 AM
 #8

As the high value of bitcoin, it is harder and harder to mine. You might end up spending lots of money and what you can get is a very small value.  It'd better buy not mine.
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May 17, 2018, 04:02:26 AM
 #9

Dude do not get in the complication of mining right now as it is not profitable anymore...you can calculate in some mining output calculator sites and you would know yourself its not worth..rather buying bitcoin is simple and can give you much more profit rather than mining.


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May 17, 2018, 04:35:21 AM
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If you are looking for higher returns, I suggest you invest in altcoin.
The return on altcoin is always amazing.

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May 17, 2018, 04:55:32 AM
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Dude do not get in the complication of mining right now as it is not profitable anymore...you can calculate in some mining output calculator sites and you would know yourself its not worth..rather buying bitcoin is simple and can give you much more profit rather than mining.

Seconded!

It'll take you much more than $6000 to earn your $6000 back by way of mining. It's not profitable any longer for the small time player. Bitcoin mining these days requires one to have the investment that rivals that of establishing a business to do so.

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May 17, 2018, 05:10:58 AM
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You can buy one asic machine to mine something
And all other moneys invest in altcoins

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May 17, 2018, 05:33:09 AM
 #13

Hi Everyone,

I'm new to cryptocurrencies and would like to know your opinion on what best to do with my $6000.

I was initially planning on purchasing a GPU mining rig with gtx 1070s but then upon further research found that 1070s can only do 600-700 sol/s

Then I found the asicminer equihash which can do 40,000 sol/s and costs $14,800 which will be released on July along with new nvidia generation cards.

I know its a bit late now to start but I am really thinking hard on this but I need opinions from veteran guys.

tl:dr;

1. Should I buy bitcoin with my $6000 or
2. Use it to buy a 1070 GPU mining rig or
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).

Thanks so much for all your feedback.

*Edit: Would like to inform everyone that electricity costs would not be a problem as I have a way to manage it. Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
If the electricity will not be an issue then it can be profitable, but still depends on your setup and the cryptocurrency that you will mine, if you will go for gpu then mine altcoins because mining Bitcoin using gpus will not be profitable, you can use mining calculators to know how much profit you can get when you mine a specific coin. But let me remind you that not only electricity can be an issue in mining cryptocurrenies, the maintenance of your hardware and the price of the coin you are mining can also factor the profitability. So for me, you should start by just investing and you are not limited to invest in just one coin like put all of your funds in Bitcoin, because it is also good to divide your money in different types of coins that you think that will have a good future because it can also lessen the potential losses.
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May 17, 2018, 05:38:01 AM
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My best advice to you would be to just buy the bitcoins and wait for the price to increase. There are too many variables and risks associated with Bitcoin and Crypto mining for it to be a better option than just buying those coins. Yes, if you buy the GPUs, you might be able to sell them later to some gamer, but second hand cards does not retain their value for a long time.

Buy the bitcoins and hoard them.

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May 17, 2018, 05:38:55 AM
 #15

Hi Everyone,

I'm new to cryptocurrencies and would like to know your opinion on what best to do with my $6000.

I was initially planning on purchasing a GPU mining rig with gtx 1070s but then upon further research found that 1070s can only do 600-700 sol/s

Then I found the asicminer equihash which can do 40,000 sol/s and costs $14,800 which will be released on July along with new nvidia generation cards.

I know its a bit late now to start but I am really thinking hard on this but I need opinions from veteran guys.

tl:dr;

1. Should I buy bitcoin with my $6000 or
2. Use it to buy a 1070 GPU mining rig or
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).

Thanks so much for all your feedback.

*Edit: Would like to inform everyone that electricity costs would not be a problem as I have a way to manage it. Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
You can buy bitcoin for your money. But buy bitcoin for 50 percent of your amount. For the remaining 50 percent, buy promising, technological altcoins from the top 10-15 for capitalization. It can be coins like: Iota, NEM, Stellar, Ripple or Neo.
fleetingmind
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May 17, 2018, 10:33:26 AM
 #16

Really grateful for everyone's feedback.

I have decided to deeply research more in mining alt coins come this july when new generation graphics cards come out.

I have not yet decided on purchasing BTC right now but I will be thinking more in to it.
cryptohoodz
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May 17, 2018, 10:37:54 AM
 #17

Mining requires a lot of variables to be profitable...future price of BTC is one, but you also have price and expected output of the hardware, electricity prices, risk that hardware doesn't work etc.

Buying BTC has less variables : the only variable is the price of BTC going up/down.
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May 17, 2018, 11:32:51 AM
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I suggest you have to buy some Bitcoin first, then hold it until the value goes high. I read a lot of articles and made a lot of research about Bitcoin Mining. and there's a lot of things that you need to consider before you build a mining rig. so instead of using your $6000 in the rig. just buy some bitcoin or any other cryptocurrency and trade it when the time is right. or you can invest in some bitcoin-related busineses.

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May 17, 2018, 11:45:38 AM
 #19

That's great if electricity cost isn't an issue. Many miners wannabe are wanting that situation but we don't have choice but to do alternative such as trading and buy and holding bitcoin.
Since you have more than $6000 as you mentioned you'll be able to purchase ASIC miner, then it's best for you to do all of it step by step.
Simply do the step 1,2,3.

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May 17, 2018, 11:46:28 AM
 #20

If I had so much money, I think I would do both things. You can spend half of the amount for mining and the rest can be spent on buying coins for the long-term hold. There are a  lot of articles with the tips on what to invest in and how to do this the right way

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