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Author Topic: Some what of a noob, needs help  (Read 714 times)
jasonz91
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March 30, 2014, 01:57:25 AM
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Hi new here, basically i am some what familiar with the bitcoin mining world but i have come to you guys for some help, soo a relative has unfortunately passed away but i have been left some money and i want to invest it into bitcoins i am able to purchase enough hardware to get me into the 6 th/s hash rate, but what im basically asking is how would i successfully set up everything i need to begin mining. like from buying the hardware to holding the money in my hand or bank account, Sorry if this is a repost please link me to previous post if so, thank you
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cp1
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March 30, 2014, 04:38:54 PM
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Just buy bitcoins with 1/3 of the money and put the rest in your retirement account.

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jollyriffic
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March 30, 2014, 05:11:31 PM
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if you want to become a miner. go the cheapest you can.
buy some pci 1x usb risers
motherboard, cpu, ram, high wattage psu's and LOTS of highend amd graphics cards.
then jump on a multicoin pool like wemineall.com

start banging out that hash power and reap the rewards.
buy low, sell high, never panic sell.

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incognitoworker
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March 30, 2014, 09:10:14 PM
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Hi new here, basically i am some what familiar with the bitcoin mining world but i have come to you guys for some help, soo a relative has unfortunately passed away but i have been left some money and i want to invest it into bitcoins i am able to purchase enough hardware to get me into the 6 th/s hash rate, but what im basically asking is how would i successfully set up everything i need to begin mining. like from buying the hardware to holding the money in my hand or bank account, Sorry if this is a repost please link me to previous post if so, thank you
Going the gpu route i think is the best option atm.
Nvidi 750 ti is a gpu worth checking out when you go big.
Amd option will be R9 270.
It will save electricity, and give you good hashrates.
And when scrypt asics come, you can switch over to scrypt-N or other gpu algos.

Hope this helps a bit,
Regards

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beatljuice
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March 30, 2014, 09:39:27 PM
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I disagree with the GPU mining. ASICs are coming to scrypt and I think it will pretty much eliminate the GPU advantage in a few months. I recommend mining Bitcoin. If you look at cost of equipment, electricity, and stability Bitcoin will win in the long run - in my not-so-humble opinion. Put numbers into CoinWarz and see what happens. If you look at profit to cost you almost always see Bitcoin in the top 5. While other coins do beat it for a few hours/days at a time, nothing else stays consistently near the top of the list.

You could also go with hosted mining, less risk, but less reward. CEX.IO is good if you think you can trade your way to some extra profit while mining at the same time. But my favorite is PBMining where I just buy GHz and the bitcoin rolls in. Just got a payout earlier today, right into my Coinbase account.
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March 31, 2014, 01:28:52 AM
 #6

i would strongly recommend buy bitcoins rather then mining as per current rate is concerned buy with half of your money and give a long hold and i assure you with delight after or at the end of this year Smiley


As of mining i will suggest you to mine litecoins comparing the difficulty and every factor that will be easy for you without much of an investment. Your hashing power is good though.
googlemaster1
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March 31, 2014, 01:34:05 AM
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Don't try and get into mining right now.  There are no cost effective mining gear available as of today.  Antminers are sold out, the other ones are still in this pre-order limbo.  I'd throw 10% of your money into Crypto, but depending on the amount of money you have, I would consider some less volatile investments also.  Aluminum, Developing Markets, some fun tech stocks, would be a good breakup.  My funds are something like this:

35% cash
35% stocks (with at least 20% free at any given time to flip into ETF's when the trends are good)
25% crypto  (70% currency 30% mining)
5% retirement IRA's

Try to spread your money out.  Crypto is great, but I have a lot invested in it because I believe in it, its part of my life in a big way.  For people who are not living and breathing crypto, I wouldn't put that much of your capital forward, because if you get sour in the short term and take a loss, you'll not only hurt your own funds, but you'll hurt crypto as a whole as someone who came into this with the expectation of profit, and maybe got slapped around a little bit and couldn't stick it out through the volatility.  From then on you'll be a disservice to bitcoin, so don't let that happen to you, or our community.

That said, I think right now is a great time to buy the coin itself, and not a good time to mine, so if you were going to dip your toe in, I'd grab an Antminer from a reseller, buy a few bitcoins have just have fun with this!  It'll be a wild ride, but do yourself a favor, and read the Satoshi whitepaper docs a few times.  It'll help iron out any doubts Tongue

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