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Author Topic: Mining still worth it? Should I get in now? Here is my situation.  (Read 2572 times)
Dabs
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August 10, 2014, 12:42:17 AM
 #21

Buy and hold. Fire and forget. Easiest method. May not be the best, but you don't have to think about it for awhile, you have no equipment to maintain, no additional electricity, no head ache. The risk is about the same or even less. You could still lose everything.

If you bought at $200 USD last year, you're up 300% now.

It's still fun to mine though, so when I move to a colder climate with lower electricity cost, I just might get back into it.

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August 10, 2014, 04:51:59 AM
 #22

Thank you for that candid honesty.  Everybody talks about how they wish they got into Bitcoin in 2011 without realizing how bleak it was in Jan 2012.  People were talking about the coin going to 0.  I had invested several thousand into hardware and I held until it recovered to $7.  It's easy for people in hindsight.

Looking back it is clear to me the best strategy would have been to just buy coin every month and set up a BTC accepting business.
You were smarter (and braver) than me, i thought the crash was the end.
And it doesn't matter if you mined it early or you bought it you just needed to hold into them. it's always gonna be tricky knowing where/if to sell.

If held into the last cash out (6 coins -i think-) which was nothing in $$ if i just kept it i would be in a different place today Tongue

But i actually have no remorse or regret it was a great experience.
I still have a 1 gram silver coin (i bought for 1BTC) that kept reminding me of it, and how revolutionary the idea is.

Only god can judge me.
petersiddle98
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August 10, 2014, 10:38:25 AM
 #23

Many people regret buying mining gear as it would never ROI. Just buy cheap mining gear off ebay and you should be fine...

Dabs
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August 10, 2014, 02:04:31 PM
 #24

I actually bought 5 BTC back in 2011, when the price was about 20 USD. I think it was 20 USD for 5 BTC so that would have been 4 USD per BTC.

I sold them all the next month when the price doubled.

I bought some again, and bought and sold and bought and sold from then until today.

If I had a crystal ball then, (or even if I didn't, and I just kept those original coins) and just bought and bought and bought what I could afford ... and only sold now, even after seeing it go to 1200 then back down to 600....

I'm actually waiting for a 20,000 USD loan to get approved, then I'm buying about 33 BTC or whatever the rate is then. (The bank thinks I'm going to use it for "home improvement". hehehehe)

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August 10, 2014, 02:35:52 PM
 #25

So about mining *Sips coffee* went to bed a day ago looking at 140 Peta hash rate...

*Sips coffee*  you had a look today to see what it is? lol... you must think we are making this shit up...   *Stares at warehouse full of soon to be useless hardware*

Well... living under a bridge it is then.. lol jk

For what shall it profit a man, if he shall gain the world, and lose his own soul?
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August 11, 2014, 01:54:20 AM
 #26

You have to get more power to play the game of mining.  Mining at home is going away soon.

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