Noob looking into mining - any advice?

[DurbanPoison]

Hi everyone, I have been thinking of getting into mining recently but I am not sure if it is still worth getting a graphic card rig or should I be looking at one of the new scrypt asics such as Fibonnaci or Alpha Tech. I would really appreciate any advice.

[nostradamus]

It's a treacherous time to get involved in mining. Currently, GPUs do not make nearly enough to justify the purchase of new hardware. A ton of Scrypt ASICs will get plugged in this year, dropping the profitability per MH/s dramatically. So, either investment is very risky at this point. An altcoin/bitcoin rally will be necessary to make either one a profitable choice.

[Amph]

you can buy a new machine now for cheaper compared to when the craze was on steroid

i'm thinking that buying a machine now, and waiting for the next big wave isn't that bad of a strategy

you can just make a rig and take it off for now, when the next big wave will start(i can guarantee that it will start with all new algos) you will be ready to mine the new era of scamcoin

[grippy54]

you can buy a new machine now for cheaper compared to when the craze was on steroid

i'm thinking that buying a machine now, and waiting for the next big wave isn't that bad of a strategy

you can just make a rig and take it off for now, when the next big wave will start(i can guarantee that it will start with all new algos) you will be ready to mine the new era of scamcoin

In stock trading, you buy on the way down and sell on the way up. It's a proven strategy over the long term. When everyone bails out and runs for the hills, Warren Buffett buys every decent, high-value thing he can get his hands on. I think it's worked out for him.

[DurbanPoison]

Thanks for the advice guys! My reasoning was exactly what someone mentioned, which is that now that everyone is panicking, this is a perfect time to get in. Sure the price on most alts might be down, but I really believe that the good alts will recover and even exceed their highs.

Is it safe to say that it is better to build a GPU rig since all these new algorithms are coming out that will render the ASICS useless?

[stacksmasher]

Hey dude... go fuck yourself!!  Why would we give you any advice that essentially takes money out of our pocket?

[grippy54]

Hey dude... go fuck yourself!!  Why would we give you any advice that essentially takes money out of our pocket?

Hey, hey... why the hate bro? If you don't want to answer the question, then don't. There's no reason to flame the guy because you're having a bad day.

This is called a community because folks come here to bond, learn, and even teach. I'm not sure you're interested in any of that, except maybe sapping the knowledge of others when it benefits you, then not paying it forward to the next guy coming up.

Too bad... it sounds like you have a lot to offer.   

[Amph]

Hey dude... go fuck yourself!!  Why would we give you any advice that essentially takes money out of our pocket?

lol, this would be the reason why now mining is not profitable anymore, because too many people has received advices and entered in the mining world

imho the buyers are always the same in number, instead the miners are increased too much, thus the dumping

[grippy54]

Thanks for the advice guys! My reasoning was exactly what someone mentioned, which is that now that everyone is panicking, this is a perfect time to get in. Sure the price on most alts might be down, but I really believe that the good alts will recover and even exceed their highs.

Is it safe to say that it is better to build a GPU rig since all these new algorithms are coming out that will render the ASICS useless?

There is no right answer.

GPU rigs will offer more flexibility and that will hopefully help you move to new algos as needed, prolonging profitability as long as possible.

ASIC rigs will let you really hit scrypt coins hard and make some fast cash with low electricity costs, but once you start with ASICs you're in a never-ending cycle where you have to buy your rigs, mine on them for 3 months then sell them to some dope who doesn't understand that they will be worthless in another 3 months.

Either strategy has its benefits. Take your pick.

[picolo]

Hey dude... go fuck yourself!!  Why would we give you any advice that essentially takes money out of our pocket?

lol, this would be the reason why now mining is not profitable anymore, because too many people has received advices and entered in the mining world

imho the buyers are always the same in number, instead the miners are increased too much, thus the dumping

Tensions are running high because the price has been going down. When the price will go up the sentiment on Bitcoin will get better and the atmoshere in the forum will get better as well.

[djm34]

Hey dude... go fuck yourself!!  Why would we give you any advice that essentially takes money out of our pocket?

lol, this would be the reason why now mining is not profitable anymore, because too many people has received advices and entered in the mining world

imho the buyers are always the same in number, instead the miners are increased too much, thus the dumping

Tensions are running high because the price has been going down. When the price will go up the sentiment on Bitcoin will get better and the atmoshere in the forum will get better as well.

I can't imagine what will happen if the btc gets backs to 80usd 

[grippy54]

I can't imagine what will happen if the btc gets backs to 80usd 

We'll all go find something else to do. My wife says I spend too much time at the computer anyway.

[fattypig]

Hi everyone, I have been thinking of getting into mining recently but I am not sure if it is still worth getting a graphic card rig or should I be looking at one of the new scrypt asics such as Fibonnaci or Alpha Tech. I would really appreciate any advice.

Erm, understand more about difficulty first and you will find that, mining is paying to secure the network...