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Author Topic: New to Bitcoin. Should I mine or buy coin with my $6000  (Read 771 times)
vokokawev658
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August 12, 2018, 08:08:07 AM
 #201

You should use it to buy a 1070 GPU mining rig. With $ 6000 you can not buy BTC.
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BlackSociety
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August 12, 2018, 08:52:58 AM
 #202

Earning bitcoin through mining is very dangerous. First, you have to invest a lot of money in mining machines (because a small number of mining machines can't get too much bitcoin), and secondly, the market downturn keeps bitcoin prices down!

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August 16, 2018, 03:37:09 AM
 #203

it depends on your financial situation. nowadays it is pretty difficult to start mining because of all the miners out there, it will take you longer to get into the system. I have a friend that is mining, but he has a partner that takes over when he is busy so they are like tag  team partners, this way they are able to mine almost 24/7. or you could do both mine and buy, the market is going down at the moment so it is a buyers market, just pay close attention and try to buy at the cheapest time possible. also good to read more about bitcoin before you start to invest.
1978lover
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August 19, 2018, 11:27:57 AM
 #204

You must buy them instead of mining them as that is the best solution.
Yahdz
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August 19, 2018, 12:31:49 PM
 #205

I have a suggestion for you. You better buy BTC, it's easy, and because I'm sure the price will rise soon, maybe unlike last year, maybe approaching. if you want to mine, maybe altcoin can be a solution. but choose an altcoin that has a bright front
Chipsermans
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August 19, 2018, 08:00:31 PM
 #206

I think the best way to do  that is by buying whatever you can.
rattle_rattle
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August 19, 2018, 09:25:25 PM
 #207

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 are new to cryptocurrencies and you have 6k USD. You are likely to be separated from your money very quickly.
My humble suggestion is to buy BTC and hodl.
Maybe trade with 10%. Not more.
Mining cryptos is very unlikely to be profitable for a newcomer.
RR
matutana10
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August 21, 2018, 07:43:56 PM
 #208

It is better to buy bitcoin and invest in some money than mining them.
Midcrypto
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August 21, 2018, 11:14:57 PM
 #209

1. Should I buy bitcoin with my $6000

Not a bad option but your ROI will be a finite amount based on the rise/fall of bitcoin alone.

2. Use it to buy a 1070 GPU mining rig

Mining offers a longer and higher ROI than direct investing when using some general assumptions. As far as a 1070 rig goes, there are many better options out there based on upfront cost + energy consumption to hash rate.

3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).

This may be the best option as far as the new GPU's however you risk losing out on gains in the meantime especially as availability for the new cards will be scarce.
Crypto Girl
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August 22, 2018, 11:09:43 AM
 #210

Hi Everyone,

~

*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?

Good for you if you don't mind the electricity cost because you can have more decent profit. However please keep in mind that return of investment ( ROI ) will be more or less than a year but still depends on the coin you'll prefer to mine. It isn't a quick profit thing, by the way.

Though it seems waiting didn't bother you but I think you should reconsider in buying bitcoin now to see how you can profit in trading nor holding it. Just don't diversify too far in altcoins and try to focus more in bitcoin.


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bitsnack
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August 22, 2018, 06:35:15 PM
 #211

I would say invest.

Mining will be complicated and will use up ALOT of electricity, driving bills up really high. Not to mention it being more and more difficult to mine bitcoin over time, and you will probably make more from investing then mining overall.

Just my opinion though.  Cheesy

If you don't have enemies, it means you haven't stood your ground.
Xcelol
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August 22, 2018, 08:26:54 PM
 #212

I will advise you to invest it on bitcoin as this is relatively easily to operate.
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