New to Bitcoin. Should I mine or buy coin with my $6000

[bad_apple]

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?

I think you should invest (buy bitcoin) part of your $6000, take note "just a part", not the entire $6000. If you decide wisely like this you may earn as much as you would if you invest it on one thing. Also, the risks are there, if you may fail on your decision, then the entire $6000 would be put on waste.

[bitfocus]

I would suggest you buy Bitcoin, mining is too time-consuming nowadays.

[Singwala]

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 you are new to bitcoin. It is better to buy first and then study it. So you should study it first and make it better for you to study bitcoin and give it time.

My only advice is you buy when the market is down because of this you will earn more profit.

[Jetakenare]

Buy! I learnt a really serious lesson with mining. My mining has not paid me a dime. Please buy bitcoin withht the money and trade the ups and downs. If you are careful,you will make a ton of money.

[Zaibraid]

My advice, you are mining only. If you buy bitcoin then it is enough to buy one bitcoin. Now the bitcoin price is falling so you can only hold the bitcoin passively because if you trade your bitcoin then it is very dangerous because the price is very volatile. Than you just work passively waiting for bitcoin prices skyrocket then you should use your money to do mining. By mining then you become more active in playing in crypto currency. Of course this mining is more promising big profits if you can apply the right and smart strategy.

[Belec]

You should try booth but listen,if you buy a bitcoin there is always a risk that the price of Bitcoin can drop but it can get higher,and mining you have to have a good computer.So I would say try mining and later if the price of btc gets higher then buy btc.

[BTCW]

1. If you think that BTC will increase in value against USD

Buy BTC now, and sell later for profit.


2. If you think that BTC will decrease in value against USD

Hold on to your money.


Historically, buying mining equipment (or contracts) instead of the crypto directly has very rarely been profitable (why else would anybody sell the equipment?). And during the few unpredictable periods under which mining has been profitable, you could have made s bigger profit by just buying into the crypto rather than to mine it.


3. We can see only one valid reason for investing in mining

You are a tech geek and love maintaining tons of hardware and software around the clock - for a long time to come.


In a wider perspective, there is another reason not to mine - if monetary profit is your personal goal - and that is: the greater the global hashing power, the greater the difficulty.

Think about it. During the 19th century, very few made a fortune on mining gold (crypto), but a bunch of people made fortunes on selling pickaxes (mining equipment).

This boils down to our final advice:

BUY crypto
SELL mining equipment
HOPE that the market doesn't crash

[TheClownSong]

For some peoples, they will choose build their own bitcoin mining because its give bitcoin every month. But before we start build our own mining, we should calculate our cost. Electricity cost is biggest cost and we should compare it with bitcoin price.

[Coffee135]

For some peoples, they will choose build their own bitcoin mining because its give bitcoin every month. But before we start build our own mining, we should calculate our cost. Electricity cost is biggest cost and we should compare it with bitcoin price.

The mining of all cryptocurrencies has been decentralized for a long time. This made it possible to attract new miners. But now the situation is changing. People with large capital entered this business and now they are gradually increasing their capacity and replacing small miners. It seems to me that soon this market will be completely monopolized.

[thirdkiller]

It seems obvious for me and then it would be much more effective and last time expensive if you would buy bitcoin instead of mining it, furthermore that a Bitcoin mining became to be more and more time expensive.

[pyosar]

If the cost of electricity is not a problem for you, then perhaps it will be profitable. But I would advise you to better deal with investing and trading in crypto currency, as this is a more lucrative way.

[Skieleton]

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 you wait a moment, you will buy 1 BTC for 6k $. In 2021, the BTC price increases up to 31k $. You will not lose ...

[kingkonjac]

if I were you I would invest in btc rather than buying a miner because every time those miners get an update while the roi seem to be low hovewer when investing in btc for the same amount of time you may be able to have much more roi.

[PeRo]

Depends on what kind of investment suits you. Trading is a more simpler way of investing, you buy and track the price until it reaches a peak amd then sell, easy as that. While mining is more complicated - assemble a rig, get good cooling and start, but that's not all, you get huge electricity bills so you have to have some money for that every month.

[2beAmillionaire]

Much  better if you buy all your $6,000 a bitcoin,then set it with a long term investment. Just wait for the right time for selling,while keeping a lot of patience. In this strategy,it will help you to be succeed and will be earned more profits.

[DunnDy]

Mining cryptocurrency was once very profitable and simple. Unfortunately, the case now looks different. Mining cryptocurrencies is now quite complicated and often generates more costs than profits, and that's not the point! If I were you, I would sooner buy a cryptocurrency and preferably Bitcoin if you want to avoid the risk of losing the entire fund and wait for the right moment to sell it at a profit. I warn you against hodling because it often turns out to be very unprofitable. Do not be too greedy and sell a cryptocurrency with a slight profit because the situation may get worse at the moment.

[lissandra3612]

You will have more expenses then income. Be sure to never use your wallet on a public wifi. Buying and selling involves a fee that keeps in mind. If Power Group will not be a problem then it may be profitable but still depends on your setup and the cryptocurrency that you will of me if you will go for the GPU then I altcoins. Let me remind you that not only electricity can be a problem in mining cryptocurrenies, maintaining your hardware and the price of the coin you are exploiting can also factor in profits.

[libert19]

I would suggest you to buy promising altcoins and then convert them into btc, returns are great if you are into right ones. Yeah it requires research but it will be less headache than managing a mining farm.

[JMD07]

$6000 is a good amount to start investing in bitcoin and considering that we are in downfall, you can buy it at lower price and hold until the market recovers. If you will invest it to buy a mining rig, it will take time before you can be profitable, considering the cost of your electricity plus your time to maintain the equipment. 

[ys fs]

it all depends on you, if you want to buy bitcoin at that price, if that will benefit you, there is no law forbid....