Is This worth a try??

[mfosteri]

I'm a complete novice with Bitcoins. I'd like to get started and give it a try. Get my feet wet. Though, I am VERY limited in what I can afford. I was looking at a 10GH/s Bitcoin Miner at $349. This is the smallest listed. It's a lot of expense for me, but if I could get my money back in a reasonable amount of time, it could be a possibility. Is this going to be acceptable, or would it take me years to recoup the start up cost? About how long would it take for me to earn the money back that I spent on the miner/hardware? I was thinking this would be a start up miner and upon making profit I could then upgrade to a more higher production miner. Any thoughts or advice would be appreciated, thanks.

mfosteri
San Diego

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[Remember remember the 5th of November]

I'm a complete novice with Bitcoins. I'd like to get started and give it a try. Get my feet wet. Though, I am VERY limited in what I can afford. I was looking at a 10GH/s Bitcoin Miner at $349. This is the smallest listed. It's a lot of expense for me, but if I could get my money back in a reasonable amount of time, it could be a possibility. Is this going to be acceptable, or would it take me years to recoup the start up cost? About how long would it take for me to earn the money back that I spent on the miner/hardware? I was thinking this would be a start up miner and upon making profit I could then upgrade to a more higher production miner. Any thoughts or advice would be appreciated, thanks.

mfosteri
San Diego

I don't know where you saw that price, but it's outdated. You can find a 7gh/s device for like $25 or less. And 180gh/s cost like 0.893btc or 500 dollars at this point. As for breaking even and profiting, you are looking at several months at best.

[nkocevar]

Mining is now only, in my opinion, for those with a large amount to invest initially. And because there are so many new generations of asics coming out so soon, miners will be obsolete in a matter of months, with no end in sight.

[chandan123]

best is to buy bitcoin of worth 349$ in exchange 

[pedrog]

best is to buy bitcoin of worth 349$ in exchange 

Best option, plus buy also some litecoins.

[mfosteri]

I'm a complete novice with Bitcoins. I'd like to get started and give it a try. Get my feet wet. Though, I am VERY limited in what I can afford. I was looking at a 10GH/s Bitcoin Miner at $349. This is the smallest listed. It's a lot of expense for me, but if I could get my money back in a reasonable amount of time, it could be a possibility. Is this going to be acceptable, or would it take me years to recoup the start up cost? About how long would it take for me to earn the money back that I spent on the miner/hardware? I was thinking this would be a start up miner and upon making profit I could then upgrade to a more higher production miner. Any thoughts or advice would be appreciated, thanks.

mfosteri
San Diego

I don't know where you saw that price, but it's outdated. You can find a 7gh/s device for like $25 or less. And 180gh/s cost like 0.893btc or 500 dollars at this point. As for breaking even and profiting, you are looking at several months at best.

I saw that on the Butterfly site. Where can I pick up one at the price you're talking about?

[halorose]

best is to buy bitcoin of worth 349$ in exchange 

Best option, plus buy also some litecoins.

buy also some litecoins ,It is a chance now.

[beatljuice]

I do cloud mining at PBMining. See link in signature.

[odolvlobo]

If you want to make a profit, don't spend more than about $2.50 per GH/s.

[TrytoHex]

I'm a complete novice with Bitcoins. I'd like to get started and give it a try. Get my feet wet. Though, I am VERY limited in what I can afford. I was looking at a 10GH/s Bitcoin Miner at $349. This is the smallest listed. It's a lot of expense for me, but if I could get my money back in a reasonable amount of time, it could be a possibility. Is this going to be acceptable, or would it take me years to recoup the start up cost? About how long would it take for me to earn the money back that I spent on the miner/hardware? I was thinking this would be a start up miner and upon making profit I could then upgrade to a more higher production miner. Any thoughts or advice would be appreciated, thanks.

mfosteri
San Diego

I don't know where you saw that price, but it's outdated. You can find a 7gh/s device for like $25 or less. And 180gh/s cost like 0.893btc or 500 dollars at this point. As for breaking even and profiting, you are looking at several months at best.

I saw that on the Butterfly site. Where can I pick up one at the price you're talking about?

You haven't done any research, have you? Try searching for BFL for example in the minig>Hardware section of this forum. Butterfly is expensive AND you can probabbly wait about a year for your product...

[crazyivan]

Unless you can invest a lot more, 10k+, dont even try. You will not be able to get your money back for a long time and this is questionable. Buy coins, that is much better option, LTC and BTC. BTC was $1200, now is $490, there is really good chance it ll go back to $1500+ during this year. The same ratio goes for LTC. If you want to triple your money, buy coins.

[Wheelie]

I also wanted to buy some mining rigs, but the friends I have that do some mining themselves told me its better to buy some coins now with $ then to buy some rigs.
But if you have enough money to play with it is still profitable( if the enery cost are not high)

good luck !

[Minerjoe]

I would also consider getting vertcoin or hirocoin. These new algorithms are gonna be hot in a few months.

[rikkie]

So you think it's now a good time to buy some LTC. Yes, you may be right; I'm gonna think about it.

[Chillin_with_beer]

PPC (peercoin) is a nice investment aswell, if you're in it for the long run. Invest what you can afford, I'd go for BTC/LTC/PPC evenly.

[Salmon1989]

You can check the profitability using a profit calculator. This one for example https://bitcoinwisdom.com/bitcoin/calculator

IMO, it is better to buy the coin (BTC or LTC or whatever you like) directly.

[franky1]

I'm a complete novice with Bitcoins. I'd like to get started and give it a try. Get my feet wet. Though, I am VERY limited in what I can afford. I was looking at a 10GH/s Bitcoin Miner at $349. This is the smallest listed

mfosteri
San Diego

my 50ghash unit was making less then a dollar of btc a day, meaning at current difficulty it would take a year. with difficulty rises per 2 weeks that would mean it would take 5 years atleast to break even a 50ghash unit (which is priced around $350).

so 10ghash, as you mentioned would take 25 years to earn $350

you are definitely better off finding a unit under $15 ghash.. and buying 23 units (=230ghash) but even at that price the time to earn it back is months to a year (as oppose to 25 years with the unit you mentioned)

if you simply buy 0.75btc. you have that 0.75btc instantly. and not waiting months-years to earn. or having to cash out bitcoin to pay your electric.

you can hold 0.75btc for a nice price rise. or even trade it to turn the 0.75btc into more

[keithcpaulk]

Right now mining is not not profitable. Purchase directly price is still cheap.

[johnnicholss]

You can make more money in trading then mining.

[nkocevar]

You could also buy BTCs and invest in a bitcoin arbitrage

[david123]

I'm an advocate of GPU mining. Graphics cards are one of the few devices which were able to mine
profitably for a relatively long period of time. Imagine a GPU bought 2 years ago, being switched over to 
LTC and later to Doge at the right point of time. It should have made back 5 or 10 times it's initial
investment (in BTC and after deducting power cost).

GPU mining still makes sense nowadays with X11 or Groestl etc and trading the coins for BTC
afterwards. I'm not sure if it could be called a wise investment to build a big GPU rig
now. But if you have a computer with a free PCIE slot which is running anyway for some part of
the day, it's certainly better for a beginner to get a used graphics card instead of an overpriced
SHA Asic. You should also be able to sell that card later for a relatively good price.

But buying the coins you're interested in is maybe the best decision. But it's also a bit boring
if you get into bitcoins for the first time, no?

[topluto]

how do you do bitcion arbitrage

[Shogen]

As many others pointed out, it is not profitability to buy ASICs. You will be better off with buying bitcoin.

[blackvoice]

I'm a complete novice with Bitcoins. I'd like to get started and give it a try. Get my feet wet. Though, I am VERY limited in what I can afford. I was looking at a 10GH/s Bitcoin Miner at $349. This is the smallest listed. It's a lot of expense for me, but if I could get my money back in a reasonable amount of time, it could be a possibility. Is this going to be acceptable, or would it take me years to recoup the start up cost? About how long would it take for me to earn the money back that I spent on the miner/hardware? I was thinking this would be a start up miner and upon making profit I could then upgrade to a more higher production miner. Any thoughts or advice would be appreciated, thanks.

mfosteri
San Diego

It's worthless

[crocko]

Consider to invest in BTL (BitLeu).
Why ? Look here:

https://bitcointalk.org/index.php?topic=510353.msg6199965#msg6199965