Best strategy for a newbie with about $10k to invest - page 2.

bitintheghetto

newbie

Activity: 11

Merit: 0

Quote from: Itun on December 06, 2013, 03:18:06 AM

Quote from: vrm86 on December 06, 2013, 03:10:47 AM

IMHO beware of all ASIC preorders with shipping by 3-4 months.
Today it looks like great deal to buy xxx GH/s machine, but in few months it's gonna be unprofitable.

Exactly.

Maybe you can preorder some scrypt ASICs.

If you can get a hold of a few really early in the game by preordering and waiting, you can probably make tons.

From what I understand about the SCRYPT algorithms, they don't lend themselves to ASIC chips.
Isn't that the entire point of the algorithm to keep miners from having significant advantage with specialized hardware?
It is supposed to be more memory intensive than parallelized computations intensive.
Is there an ASIC provider that claims to produce hardware for SCRYPT crypto?

Itun

full member

Activity: 238

Merit: 100

Quote from: vrm86 on December 06, 2013, 03:10:47 AM

IMHO beware of all ASIC preorders with shipping by 3-4 months.
Today it looks like great deal to buy xxx GH/s machine, but in few months it's gonna be unprofitable.

Exactly.

Maybe you can preorder some scrypt ASICs.

If you can get a hold of a few really early in the game by preordering and waiting, you can probably make tons.

vrm86

hero member

Activity: 676

Merit: 500

IMHO beware of all ASIC preorders with shipping by 3-4 months.
Today it looks like great deal to buy xxx GH/s machine, but in few months it's gonna be unprofitable.
Especially if several companies release their 3TH/s devices (e.g. KnC Neptune).
Bitcoin difficulty gonna rise to the moon in the first half of 2014

If you had over 13000$ order 3TH/s ASIC miner, if less build decent GPU miner (not for ASIC-coins ofc).

Itun

full member

Activity: 238

Merit: 100

Quote from: bitintheghetto on December 06, 2013, 02:46:00 AM

Thanks odolvlobo.

I doubt I'm the average noob.
I took one look at the GH/BTC ratio on the cex.io site and left the site as quickly as I could close a browser tab.
If I read cex.io right and taking the current bitcoin price into consideration, they are asking you to cough up ~$1000 for 74MH/s
So even if i dump $10k in there, my numbers show that I'll make about $120 in a year with constant bitcoin difficulty. lol

No Offense Itun but cloud mining isn't for me.
I would rather wait for a heavy duty rig.
Most of my research would be focused on device durability of different ASIC setups.
If cex.io are interested in paying me for some GH/s then we can talk Grin

So let me ask again.
Anyone here have an ASIC miner and can you provide mining numbers and boards problems you might have faced?
What brand and how long did shipping take?

Thanks!

Lol. No offense taken.

I just wanted to give you info I knew of cloud mining.

But I don't get your first question.

The shipping varies. If you buy the rig from ebay or amazon, shipping is fast, but the cost of the rig is expensive.

If you buy it from the manufacturing companies, like the slower-than-snail-up-to-the-point-of-scamming BFL, shipping can take months, but the cost of the rig is much cheaper.

bitintheghetto

newbie

Activity: 11

Merit: 0

Thanks odolvlobo.

I doubt I'm the average noob.
I took one look at the GH/BTC ratio on the cex.io site and left the site as quickly as I could close a browser tab.
It looked to me that 0.074 GH/s costs 1 bitcoin and not the other way around. no?
If I read cex.io right and taking the current bitcoin price into consideration, they are asking you to cough up ~$1000 for 74MH/s
So even if i dump $10k in there, my numbers show that I'll make about $120 in a year with constant bitcoin difficulty. lol

No Offense Itun but cloud mining isn't for me.
I would rather wait for a heavy duty rig.
Most of my research would be focused on device durability of different ASIC setups.
If cex.io are interested in paying me for some GH/s then we can talk Grin

So let me ask again.
Anyone here have an ASIC miner and can you provide mining numbers and boards problems you might have faced?
What brand and how long did shipping take?

Thanks!

maxxoccupancy

member

Activity: 70

Merit: 10

Honestly, I'm looking at a similar scenario. You might consider buying a few bitcoins, but also diversify by buying a few hundred dollars of each of the altcoins (litecoin, namecoin, peercoin, quarkcoin, protoshares). You could also invest in small outfits like Neo Bee, that offer a promising business strategy. For your altcoins, I would just buy the coins and hold them long term.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Please don't invest in mining without first learning how to compute your expected return. Too many newbies blindly invest and end up losing money.

For example, on cex.io, a popular cloud mining site, 1 GH/s costs 0.074 BTC, but 1 GH/s will never mine more than 0.05 BTC. For every GH/s you buy on that site at that price, you will lose up to 0.024 BTC.

Itun

full member

Activity: 238

Merit: 100

Because cloud hashing is immediate and convenient like that, if I were you, I would buy a few GH/s worth of cloud mining first to test it out.

If you like it, you should invest more into it.

If you don't, you can sell your GH and buy some massive mining devices.

In short, don't go all in in either side until you try either or both of them.

Itun

full member

Activity: 238

Merit: 100

It's not risky, but there are Pros and Cons to it.

I think the only two good things of cloud hashing is that

Pros:
- You don't have to manage your mining rig
- You can easily sell off your GH
- It's immediate (you don't have to wait for shipping)

Cons:
- It's more expensive than buying devices.
(If you buy mining devices, you'll probably get it for a lower price, but delivery/shipping wait might be long)

Check both out for yourself and see what you like better.

Here is a popular cloud hashing site: cex.io

viktormarkin

newbie

Activity: 21

Merit: 0

What about cloud hashing?
is it risky?
is it better to buy my own equipment and join pool?

Itun

full member

Activity: 238

Merit: 100

Welcome to the forum.

With that much to invest, I would buy a mining rig with cheap USD/GHs ratio.

If you can't find one low enough, buy some bitcoins.

However, currently, the second way is a bit risky because the prices are fluctuating.

bitintheghetto

newbie

Activity: 11

Merit: 0

Total newbie.

Should i go for ASICS?
Are the advertised hash rates on these ASICS accurate?
Anyone has experience with hardware durability?
What is the expected trend for difficulty projection of the bitcoin protocol?
Should I just buy Bitcoins directly?
How long is the current bubble going to last?

Thanks!

Topic: Best strategy for a newbie with about $10k to invest - page 2. (Read 1475 times)