Topic: $5000... invest in different types of cryptocurrency or mining equipment? - page 2. (Read 1957 times)

a friend of mine has a reliable resource from China.  These are some of the first 400gh/s machines coming out of China.

Just be careful with who you buy from in China.......I've read of scams already.  On a chatroom board I read someone lost $10K from sending money to China and never getting anything shipped.  So please be careful.  Hate to see anyone get scammed.  Especially a fellow enthusiast!!

Unfortunately I do not know what company mine are coming from.  I gave the money to my friend and he ordered them for me.  Tracking shows them arriving this week via DHL.  I'll have to post pics and performance once I get them running.

Ken

@digitalmining:

Where did you get them at that price and how quickly are they arriving? I found some online but they ship from China.

@odolvlobo:
As for mining, you're right, I don't know how much I'll make. I'm doing this as a gamble since I have spare time/money at the moment, and to be honest, cryptocurrency seems really interesting to me (as I'm sure it does with most of the community) so I'm coming from all directions -- as a miner, investor, and overall thirst for knowledge & the evolution of 'money'.

I plan on mining all different types of coins to diversify and sit on them to see if they mature in the future (3-5 yrs down the road), and I have the time to do this freely for the next 3-4 months. Please, as I'm in the noob forum and welcome any insight, any advice is appreciated. Does this not sound like a good gamble? Once again, thanks all!

How much do you expect to make from mining? It doesn't seem very smart for someone to invest a lot of time and money into mining without even knowing how much they will make.

this damn forum and newbie restrictions on posting..........BLAH!!!!


I bought 3 Avalon 2 400gh/s machines @ $2600 each

@ Morbid:

Why ignore the miners for now?

forget about scrypt miners for now. if i was you just buy btc now and research and read read read about as much as you can cover. see whats out there. dont rush into conclusions. but buy btc now since its probably gonna be on steady uptrend from now on.

@ digitalminer407

If it's not too much trouble, would you mind sharing the $8000 rig spec?

Thank you for the insight! Here's a follow-up question:

I will most likely buy the mining equipment and have assembled multiple gaming rigs in the past, but just wondering what the best course of action would be:

1. Wait for (Scrypt) ASIC Miner
2. Build the multi-gpu dedicated mining rig
3. Buy the current ASIC Miners (Nanofury) yellowjacket (https://www.hashratestore.com/shop/asic/nanofury-yellowjacket-bitfury-usb-asic/)  

How does this pre-built system look and are there any other reputable rigs you could link to? http://www.cryptohero.com/#!online-store/cuc/!/~/product/category=8364147&id=32515669

I took the plunge myself and bought me a bunch of mining gear.  Originally started and got my feet wet with bitcoin mining by buying mining contracts off Ebay.  This seemed to work well and got me started and helped me to understand things like setting up pools and understanding how to basically setup everything.  I've had good and bad success with mining contracts.  A few were great, but I also encountered a couple scams.......so be careful.  I suggest to anyone reading this and thinking of buying a contract......DO NOT BUY ONE from someone who says they will start they contract more than 3 months after you send payment.  I've already been scammed once.  After 90 days it is very difficult to get your money back, luckily paypal was nice to help me out.

Waiting on my mining equipment to get here.  Most of it should arrive this coming week.  I am super excited.  Will be hashing around 1.2th/s with an investment around $8000

I took the plunge and am super excited about bitcoins.  I see opportunity with mining.  I also see opportunity with selling equipment.  I also see opportunity to sell mining contracts.  3 options to bring in cashflow.  Looking at it as both a hobby but as a business.....if that makes sense.

Good luck on your ventures!! 

Invest it in currency for now and then once the 20nm chip asic miners are open for pre-order than try and get one although of course check the ROI using one of the various calculators online to determine how much you'll make

Hi,

As with any good and well thought of investment portfolio, you would be better off to diversify. 

You could spend half or 3/4 of your money on a mining rig and invest the rest in bitcoin or alternative cryptocurrencies.  This way you get the best of both worlds.

With building a mining rig you will need to understand that the cost of running the machine to what you will get in return (there are calculators for this). With investing in the crypto coin itself, a bit of research on what alternative currencies seem to be the future proof ones will help with overall gains in this department.

With cryptocurrencies still being young, do expect some volatility and try not to rely on them as an income as of yet; however I do believe that cryptocurrencies will be a worthy investment for near future gains.

I hope some of this helped.

As the title says, if I have $5000 that I can afford to gamble, which of these would be the best move?

Here are a few important facts about my situation:

1. Can relocate to an apartment that has free electricity
2. Wouldn't mind playing the 'long game' with cryptocurrency.
3. Tech savvy, worked in the software industry.
4. Late 20's
5. Have one extra computer not being used
6. Can sell some un-wanted items to gain around $2000 more


Notes:
Recently laid off, but have enough experience in my field to get a job should I want to focus my attention on it again (software industry). The job can only offer close to $100k a year max within the next 5 years -- currently $75k (pre-tax) a year. Still have residual income coming in at around $1500 per month. Do not have a house and would really like to buy within the next 5-10 years... current housing here is $575,000 for a decent, non-ghetto house. With that type of income, I will NOT be enough to be semi-comfortable w/ house and 1-2 vacations a year in southern california, as I plan to be, so looking into various options right now. Any ideas in both cryptocurrency and life in general would be appreciated too, especially if you live in southern california!

Anyway, thanks in advance everyone -- trying to decide on next steps here. Want to get into cryptocurrencies (long-term gamble?) before finding another full-time job and now seems like the perfect time to do it. Thanks all!