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Author Topic: What would you do with ~$10,000?  (Read 2384 times)
PASUK8
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February 19, 2014, 03:03:28 PM
 #1

Hi all:

A group of friends and I have been talking about BTC for a while now and we think we could raise about $10k startup investment and some ongoing running costs.

We've been thinking about mining, like the whole idea of BTC is very interesting and wondered what you would do if you had $10k how you would invest it into mining.

We've been thinking about getting something like the KnC Neptune and going for it.
https://www.kncminer.com/categories/miners

Some of the group think we should start small, build a cheaper rig using 6 x Radeon R9 290X cards. The guys that want to go this route refer the lower initial cost and like the idea that you can use it on other currencies other than bitcoin.

And then the last few guys are also asking why we don't just buy bitcoins and hold them until they appreciate.

Personally I think the gfx route is naturally going to be limited in performance and the power consumption vs performance is going to be poor.

I like the idea of going for a big machine like the KnC but unsure if the hardware will live up to expectations, if not then that's a  lot of cash out of the window.

What would you do with this cash?

Happy mining
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ChuckBuck
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February 19, 2014, 03:10:29 PM
 #2

You should hedge your bets.

Half in a GPU mining rig and half into buying BTC.  You'd be mining for Middlecoin which automatically converts to BTC.

After mining is unprofitable, you can sell your GPU's at pretty much the same costs you got it at.

If the price of BTC goes above pre Gox levels, boom PROFIT BTCBTCBTC   Cool

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Gopher09
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February 19, 2014, 04:35:22 PM
 #3

Find someone to fund that is a brilliant innovator. Look for projects looking for funding that will innovate applications and services on the blockchain that will provide real utility value on the network, look for the killer apps that will be the Facebook or the instagrams of the blockchain protocol. That is how to truly become wealthy. Bitcoins may or may not last, but the concept of the blockchain / decentralized concensus network is not going anywhere , and there WILL be multibillion dollar companies grown from that technology.


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February 19, 2014, 07:39:27 PM
 #4

I'd go to Disney World.  Cheesy
PASUK8
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February 19, 2014, 07:56:29 PM
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Look for projects looking for funding that will innovate applications and services on the blockchain

Very interesting
joae1975
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February 20, 2014, 10:17:40 AM
 #6

Save your money.  Just buy bitcoin.

1CTRG2ozX9ugneLeGjwDWDSNimpghTdLJm
jamesc760
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February 20, 2014, 11:35:48 AM
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video cards require computers to run. With only $10k, you are looking at maybe 10 computers, with about 7 MHs total. That will get you about 0.07 BTC ($30 at today's rate) a day, maybe.

No way you all are going to be happy.

But, you know what? Knock yourselves out, go for it. You get to see who your true friends are. You get to see the good and the bad in your friends, when it comes to money and profit/loss.

KNC miners are sold out which is a good thing for you anyway--there's no way you will break even there. People who pre-ordered are going to lose their shirts.

If I had $10k, I'd buy BTC directly and put it in cold storage, hold for a year or two.

It's your (and your friends') money, do what you will. Buy the video cards and computer equipment; who's going to host them and pay for the massive increase in electricity?
PASUK8
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February 20, 2014, 01:15:41 PM
 #8

Thanks all for the advice.

It has made us think about a lot. Certainly I have changed my opinion from this thread and reading around.

As with most people on the forum the key driver is to make a bit of money in a relatively short period of time but another big driver is that we are all really interested in the idea of crypto currencies and the nature of how it is supported.

Anyhow we reckon we will do mining with GPU on altcoins, covert some back to $$ to cover costs and hold some in bitcoin.

So off to do more reading on how best to set this up!

Thanks again
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February 20, 2014, 03:02:10 PM
 #9

ASIC Mining gear is the best option. But I am biased. I have purchased a few KNC Neptunes myself.

Storing BTC for long term is also a good option. But you dont need $10 000 for that. Each of your friends can buy and store the BTC by themselves.

I mine and store the mined BTC long term (or reinvest for buying more asic miners). So far its working well, but nobody knows the future. Still I have put most of my coins in buying Neptunes. If you decide to get into mining, you are welcome to use the rebate from my signature.

Mod note: removed affiliate link

fatnlovelyfred
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February 20, 2014, 03:52:23 PM
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I'd go to Disney World.  Cheesy
I will join ! Go to Disneyland and ride on all attractions there. When go to another Disney Land!)
smoothie
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February 22, 2014, 10:46:00 PM
 #11

I'd buy some Bitcoin, litecoin, silver, and save some cash.

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George_Welsh
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Now an ltc miner!


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February 22, 2014, 10:48:12 PM
 #12

Either buy a KNC miner or build a scrypt mining rig. With 10 grand you probably can build a good one.

Check out my rigs for rent
TrollboxChamp
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February 22, 2014, 11:22:07 PM
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Scrypt farm. Go from there
the joint
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February 22, 2014, 11:33:06 PM
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Scrypt farm. Go from there

+1

If you have $10,000 to invest and can afford to sacrifice the liquidity, scrypt rigs are, in my opinion, one of the safest ways to invest in digital currency right now.  The components act as a solid hedge on your investment, and ROI times are ridiculously appealing at present.  Basically, as long as the current value of scrypt coins remains relatively stable for 1-2+ months, you should be able to meet 100% ROI when taking into account the resale value of your hardware.  If prices remain stable for ~4-6 months, you'll have recouped your investment solely through mining profits and would have the option to continue mining and potentially scale-up your mining operation, or sell your hardware for profit.


PASUK8
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February 22, 2014, 11:35:00 PM
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Either buy a KNC miner or build a scrypt mining rig. With 10 grand you probably can build a good one.

Thanks. Yes we decided to build a scrypt mining rig. Parts ordered and should arrive soon.

To get started our first rig will cost about £1,100 ($1,800). That'll  get us to about 2.7Mh/s and energy usage of about 990watts.
Hope to do a 2 week test and then invest the rest into more rigs. (farm)

Out of interest what sort of £/$/btc/ltc per day per Mh/s would you aim for?

So far I am seeing references to about 5.5USD per day per Mh/s but hoping to hit about 8.
the joint
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February 23, 2014, 02:31:52 AM
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Either buy a KNC miner or build a scrypt mining rig. With 10 grand you probably can build a good one.

Thanks. Yes we decided to build a scrypt mining rig. Parts ordered and should arrive soon.

To get started our first rig will cost about £1,100 ($1,800). That'll  get us to about 2.7Mh/s and energy usage of about 990watts.
Hope to do a 2 week test and then invest the rest into more rigs. (farm)

Out of interest what sort of £/$/btc/ltc per day per Mh/s would you aim for?

So far I am seeing references to about 5.5USD per day per Mh/s but hoping to hit about 8.

$1800 USD for 2.7 mh/s at 990W?

Please direct me to your supplier!

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February 23, 2014, 08:27:56 AM
 #17

I would use 50-70% to buy BTC, the rest to buy miners

Check out the MINING stuff I'm selling on ebay! (http://www.ebay.com/sch/busyomma/m.html?_nkw=&_armrs=1&_ipg=&_from=)
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February 23, 2014, 02:51:23 PM
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Either buy a KNC miner or build a scrypt mining rig. With 10 grand you probably can build a good one.

Thanks. Yes we decided to build a scrypt mining rig. Parts ordered and should arrive soon.

To get started our first rig will cost about £1,100 ($1,800). That'll  get us to about 2.7Mh/s and energy usage of about 990watts.
Hope to do a 2 week test and then invest the rest into more rigs. (farm)

Out of interest what sort of £/$/btc/ltc per day per Mh/s would you aim for?

So far I am seeing references to about 5.5USD per day per Mh/s but hoping to hit about 8.

$1800 USD for 2.7 mh/s at 990W?

Please direct me to your supplier!

Your talking 2k in gpus alone? I want your supplier too! Only way to get close to this would be 3 heavily OC'd R9 290x's. It will use closer to 1300 watts and you still have to buy the rest of the components to build the rig.
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February 23, 2014, 08:09:11 PM
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Either buy a KNC miner or build a scrypt mining rig. With 10 grand you probably can build a good one.

Thanks. Yes we decided to build a scrypt mining rig. Parts ordered and should arrive soon.

To get started our first rig will cost about £1,100 ($1,800). That'll  get us to about 2.7Mh/s and energy usage of about 990watts.
Hope to do a 2 week test and then invest the rest into more rigs. (farm)

Out of interest what sort of £/$/btc/ltc per day per Mh/s would you aim for?

So far I am seeing references to about 5.5USD per day per Mh/s but hoping to hit about 8.

$1800 USD for 2.7 mh/s at 990W?

Please direct me to your supplier!

Your talking 2k in gpus alone? I want your supplier too! Only way to get close to this would be 3 heavily OC'd R9 290x's. It will use closer to 1300 watts and you still have to buy the rest of the components to build the rig.

Exactly.  I priced out a 2.9 mh/s scrypt rig with a 4-year square trade warranty through Tiger Direct (IMO, this warranty is absolutely essential for minimizing risk) for $3600, though this includes installation costs which I could save on by building it myself.  This is one of the most cost-efficient solutions I know of.  And, I repeat, that warranty is essential!!

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February 23, 2014, 09:48:56 PM
 #20

I built my 6x R9 270 Last week for $1762.91 exactly. And its pushing 2.68 MH/s
I also picked up 4x ASUS 280x @ $320/ea for my new rig to keep at work. If you are patient you can find the deals. I just have to wait another 2 weeks before they arrive.

When they are in stock 270(non-X) go for $190-210. That's only $1200 for a 420-460 KH/s card.. Just sayin...
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