What to buy and what to mine

[nrnogueira]

Hi huys!

I'm willing to invest some ca$h to mine coins but i'm a bit undecided what to buy and what to mine.

Right now, i'm looking at the Antminer S1 (buy 2 or 3)..

Is this a good choice nowadays?

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[Justin00]

I suggest reading for atleast a month, then read again and again... and if you still want to invest... read some more!

seriously.. so many new starters do not make money, it is all just media hype
that said, still money to be made.

[nrnogueira]

My post is because i'm reading and reading, trying some solutions and coinz analises but....
More i read more i get confused :S

[bellgarath1]

I started with a couple of S1 miners, still a little upside down on the cash but. I am having fun with playing the markets with the coin I generate.

[ScaryHash]

S1 Miners are cheap now, and there is a reason for that.

If you go to thegenesisblock.com, click on mining, and enter the S1 stats, you will see that if you buy one now, chances are, by September/October time frame they will not pay for themselves in terms of power cost.

Meaning, that the chips and the miners, while still good now, won't be good for much longer, since they are 55nm technology. Now, you can undervolt them, like people have done here, to get a pretty good watt/Gh ratio, but that's just prolonging the inevitable.

If you're in this long term, you need to get 40nm and under technology.

That being said, getting an S1 now cheap, messing with it, learning about it, would be a good way to get some knowledge.

[DolanDuck]

Mining at home is good only if you want to have fun with generating coins and trading, but if your final purpose is to profit
just buy bitcoins and hold them for a couple of years.

[nrnogueira]

I have free power source so in this matter, power is out of my accounts
Even so, can it profitable?
What can i do till a $1000 budget?

[bellgarath1]

Well if you have free power thank mom and dad I guess.
But for a grand you been get 3xS1 antminers.  That will leave you enough cash to cover the power supplies, cables ect..
With a zero power cost you should have your money back in about 60 days or less.
So yes with free power it is profitable.


Jerry

[Swordsoffreedom]

I think he meant what coins should he try mining and what coins he should use money to buy
In that case I would say buy bitcoin and mine an easier to get coin that has a good value
That said it's hard to determine what is the best deal to mine so I would recommend looking at their market caps and making a decision on what looks like it has potential and what does not.
http://coinmarketcap.com/

[nrnogueira]

Well if you have free power thank mom and dad I guess.
But for a grand you been get 3xS1 antminers.  That will leave you enough cash to cover the power supplies, cables ect..
With a zero power cost you should have your money back in about 60 days or less.
So yes with free power it is profitable.


Jerry

Not mom and dad.... i have to pay my bills
You took me a smile! 

[DrG]

Buy an S1 now for learning purposes, make an excel chart calculating daily or weekly returns, and then after 3 months you'll see it was ultimately a net loss (assuming static BTC price).  During this time keep reading and understanding the concepts of difficulty increases and more efficient miners being released.  Then in a year or 2 when it might actually be worth buying hardware you'll be ready.

[Justin00]

buy bitcoins.. hold them... go out and enjoy life.. come back in a while and sell!