GPU Mining for New Alt Currencies

[IceJelly]

Hi.

Im new to mining and looking to invest about $1000 in a mining rig.

I have been closely monitoring alt currencies since the new year, and I must say... they get more and more thrilling each day 

Basically, I want to have a miner that I can use to mine the new pump and dump currencies. After the initial $1000 investment, it would just be me making bets on what currencies I think have a chance of jack potting, and then using my rig to mine them.

I know each alt currency has its own hash algorithm… so I was wondering if investing in a gpu miner would be the best way to go for my plan.


I am also considering buying contracts to use corporate miners for small periods of time



Thanks in advance for the input/help.



~IceJelly

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[Minerist]

I know each alt currency has its own hash algorithm…

You know nothing.

[cozk]

I know each alt currency has its own hash algorithm…

You know nothing.

lol.

[djm34]

Hi.

Im new to mining and looking to invest about $1000 in a mining rig.

I have been closely monitoring alt currencies since the new year, and I must say... they get more and more thrilling each day 

Basically, I want to have a miner that I can use to mine the new pump and dump currencies. After the initial $1000 investment, it would just be me making bets on what currencies I think have a chance of jack potting, and then using my rig to mine them.


I know each alt currency has its own hash algorithm… so I was wondering if investing in a gpu miner would be the best way to go for my plan.


I am also considering buying contracts to use corporate miners for small periods of time



Thanks in advance for the input/help.



~IceJelly

pump and dump currencies (whatever it means) are not for 1000$ rig...

[Equate]

Now there is no jack potting at all with the investment money you have.

[kolikko]

You feel that thrill because you haven't experienced this mining shit at worst when shit literally hits the fan. Because for me it just happened again. Another fan broke from R9 280X. This hardware just ain't going to last full throttle use for years, few months maybe if you're lucky. Then you can wait weeks to get a replacement from warranty. I have one card already returned and now i have to go return this one too. Or you can spend for high-end cooling which by the way will cost money.

If you are beginner then you will probably swear more than once when you find correct settings and other minor things.

But if you really want then go for it. I just think you would have a better chance to invest that 1k directly to bitcoin, convert it to alternate currencies and start trading.

And what about asics then? Well I bet those chips and fans broke down too. And it will be very hard to get replacement parts. I still have a chance to sell my gear to gamers or start to play WoW or internet poker myself. Asic gear will be just junk and worthless.

[Amph]

the chance for you to make a quick roi is with instamine

instamine is still possibile but much harder because now everything is good as dead, but from time to time there is a chance to do it, see whitecoin for example, with just two vga i solved one block(30k coins) in 2 minutes, then i shut down my rig

they were worth 2k satoshi few days ago, do the math

[kolikko]

I hope miners are hooked to this business and they start to pump all that hardware-money to the exchanges. Asic guys can do the dirty work I just want to wear 2k suit and 40k watch like Jordan Belfort.

[JuanHungLo]

OP, whatever you do, don't buy XFX GPUs.  Their lifetime warranty is a total joke.  Don't fall for the advertising.  I started a request for a RMA a month ago and still I have nothing delivered to my home yet.  They take days in between discussions with you and it really seems like they just draw it out so you will give up in despair. 

On second thought, I'd be happy to sell you some used XFX GPUs!  PM me, please!!!

[kolikko]

You feel that thrill because you haven't experienced this mining shit at worst when shit literally hits the fan. Because for me it just happened again. Another fan broke from R9 280X. This hardware just ain't going to last full throttle use for years, few months maybe if you're lucky. Then you can wait weeks to get a replacement from warranty. I have one card already returned and now i have to go return this one too. Or you can spend for high-end cooling which by the way will cost money.

I didn't return the 2nd one and bought Arctic Accelero Xtreme IV 280X package for it. And it works so well and runs so cool now. Only 50C at 75% fan settings, the rig outside and +20C weather and crushing numbers full throttle. Not too hard to assembly but of course you will need some basic tweaking skills like holding a screwdriver and patience. Highly recommended if you can afford it or find one cheap.