Topic: $5,000 budget (Read 2763 times)
I believe it would be too much of a gamble to buy an ASIC miner. Everyone is doing it, and by the time you actually receive the rig, the difficulty could have shot up so much! I posted this calculator, that kind of put me off https://bitcointalksearch.org/topic/excel-mining-profit-calculator-396078
Scrypt mining:
8MHs Rig will return ~$65 if you mine LTC. But if you mine DOGE ~$95
Rates according to http://www.coinwarz.com/
test profitability here http://switchercoin.com/
Thank you all for your answers. I will probably go with a 80/20 route(Invest 4K to a rig, 1K to investments). My plan to to try to get a hold of some 290's(unless someone has better suggestions) and might invest in a small ASIC mining machine to run parallel with it.
Another noobish question, is there a way to make a wallet on an offline computer and have the mining machine sync with it through my home network?
Another noobish question, is there a way to make a wallet on an offline computer and have the mining machine sync with it through my home network?
Not taking power into consideration.
ASIC mining (Available units at the moment)
5 x 50GHs ButterFlyLabs Miner $5,056.00 Will return ~$86 per day
1 x 230GHs Rack ButterFlyLabs Miner $4,603.00 Will return ~$79 per day
Scrypt mining:
8MHs Rig will return ~$65 if you mine LTC. But if you mine DOGE ~$95
Rates according to http://www.coinwarz.com/
ASIC mining (Available units at the moment)
5 x 50GHs ButterFlyLabs Miner $5,056.00 Will return ~$86 per day
1 x 230GHs Rack ButterFlyLabs Miner $4,603.00 Will return ~$79 per day
Scrypt mining:
8MHs Rig will return ~$65 if you mine LTC. But if you mine DOGE ~$95
Rates according to http://www.coinwarz.com/
In my first week I have learned how to make my MacBook Pro get really hot with Asteroid, decided to load Xubuntu on an old unused laptop, worked out what a hash rate was and that 8kh/s is not fast enough! How to get cgminer to not work on a laptop with no GPU and how to get minerd doing the job very slowly instead. I earned so far almost 20,000 mooncoins and some DOGE and MNC (by accident) and have also enjoyed the process too!
You can't put a price on experience and for any newbie it's simply part of the necessary process.
I've invested today for scrypt mining hardware (it'll be here within 48 hours - can't wait!) and might dabble with BTC sometime but for now, my focus is on altcoins and trading mined coins to make further profits.
Whats the worst that can happen? Those R9's are still going to be needed by gamers, maybe I will suffer a 33% loss on the hardware? I'm 100% that I spend more down the pub over the course of a year than I have already on hardware
Enjoying crypto - Happy new year!
You can't put a price on experience and for any newbie it's simply part of the necessary process.
I've invested today for scrypt mining hardware (it'll be here within 48 hours - can't wait!) and might dabble with BTC sometime but for now, my focus is on altcoins and trading mined coins to make further profits.
Whats the worst that can happen? Those R9's are still going to be needed by gamers, maybe I will suffer a 33% loss on the hardware? I'm 100% that I spend more down the pub over the course of a year than I have already on hardware
Enjoying crypto - Happy new year!
What did you buy?
Scrypt mining will be profitable until Q3 2014 since scrypt ASICs will probably be launched.
So soon!? Do you really ASIC manufacturers are going to be on time? Probably not, look what happened with butterfly labs. 
i would just wait until the price goes back up again.
1. Prices can fall and newer going back. See tiscali history.2. Trees don't grow to the sky.
But i mean NMC has been 10 dollars before. Its unlikely it will not reach at least 10 dollars again.
i would just wait until the price goes back up again.
1. Prices can fall and newer going back. See tiscali history.2. Trees don't grow to the sky.
Yeah but lets say i want do make short term profits. I buy at a price and hope it goes up but it doesnt, it drops a few dollars.
I wouldnt sell i would just wait until the price goes back up again.
So i havent really lost anything. The only way to lose there is if the drop is consistent and doenst really recover but how likely is that?
I wouldnt sell i would just wait until the price goes back up again.
So i havent really lost anything. The only way to lose there is if the drop is consistent and doenst really recover but how likely is that?
How do you riskt to lose everything?
"Ways to Lose Money Trading
Trading before you're ready (not taking the time to learn).
Trading based on news and emotions (or hope).
Trading with money you can't afford to lose.
Trading with insufficient capital (too small of an account size)
Trading based on "can't lose" tips, message boards and forum board "hot stocks", TV show "best buys", friends advice, gurus, junk email picks; Basically trading based on any info from someone else that doesn't have any real basis.
Using any "Green light = BUY, Red Light = SELL" simple, can't lose box trading system. These auto-mated "can't lose", made for TV, systems do not work. Nuff said.
Thinking that some magic technical indicator is the way to trade. Technical indicators provide information, but are not crystal balls.
Picking and choosing any strategy that you come across. Then using the next one you come across. Then...
Trading a system that is not right for your personality.
Over complicating trading. Really, simple works.
Ignoring money management (trade size, stop/losses, targets, etc.).
#1 reason how to lose money trading: Trading without a well thought out, thoroughly researched, thoroughly tested, rule based, trading plan. Without a plan, plan to fail."
What happends if BTC goes to $10k? Does that change things?? What about $50k?
And if Bitcoin go to $1.00 and SexCoin to $150K?
How do you riskt to lose everything?
to buy low and try sell high each day?
in that mode you risk to lose all your moneyminer rig you lose newer.
It's a good question, I think much depends on your objectives.
Mine (sorry about the pun) are as follows:
1) Have fun playing with hardware + software
2) Possible make some money
3) Maybe make a lot of money
I looked at some threads from 2011 and it is amazing how many people simply didn't start because of the perceived difficulty at the time. How wrong was that advice at that time! So now, how does anyone KNOW it's too difficult? What happends if BTC goes to $10k? Does that change things?? What about $50k? ANYTHING is possible. There's only 21m possible coins and some organisations are spending masses of cash on this - they MUST be expecting a return right?
This is not mainstream stuff yet. I can't speak to anyone that I know as they think i'm speaking a different language. Once my wife starts talking to me about bitcoins I will know it has hit the mainstream and returns from there may be limited!!!
Mine for enjoyment and if this is just the beginning in crypto then you are still in at 'the beginning'.
Cfx.
Mine (sorry about the pun) are as follows:
1) Have fun playing with hardware + software
2) Possible make some money
3) Maybe make a lot of money
I looked at some threads from 2011 and it is amazing how many people simply didn't start because of the perceived difficulty at the time. How wrong was that advice at that time! So now, how does anyone KNOW it's too difficult? What happends if BTC goes to $10k? Does that change things?? What about $50k? ANYTHING is possible. There's only 21m possible coins and some organisations are spending masses of cash on this - they MUST be expecting a return right?
This is not mainstream stuff yet. I can't speak to anyone that I know as they think i'm speaking a different language. Once my wife starts talking to me about bitcoins I will know it has hit the mainstream and returns from there may be limited!!!
Mine for enjoyment and if this is just the beginning in crypto then you are still in at 'the beginning'.
Cfx.
buy BTC and trade it around to profit!
Like others have said, buy BTC, nest it through LTC, XPM, etc, and then close spreads (market making) to get 10% per trade, 1 trade every 2-3 hours (if you're paying attention) then multiply 5% for each nesting level. If you know what you're doing, you can quant trade altcoins short-term and get 30% per day pretty easily.
With $5000 you might incur slippage, especially on heavily divided currencies, so you could diversify and just run 5 $1000 campaigns.
With $5000 you might incur slippage, especially on heavily divided currencies, so you could diversify and just run 5 $1000 campaigns.
How exactly? i plan on investing 3000 dollars. Do you mean by more trades, to buy low and try sell high each day?
Doing this isn't easy or simple. You really need to have reserves in many different sites, and then still low volumes at certain prices limit the profitability of arbitrage.
Cryptocurrencies offers big volatility.
That sounds interesting but could you please clarify it for people like me with no background in trading or at least point us in the right direction?
Best to use https://en.wikipedia.org/wiki/Arbitrage
Doing this isn't easy or simple. You really need to have reserves in many different sites, and then still low volumes at certain prices limit the profitability of arbitrage.
That sounds interesting but could you please clarify it for people like me with no background in trading or at least point us in the right direction?
Best to use https://en.wikipedia.org/wiki/Arbitrage
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