Hello everyone.
I finally decided to join the forums after spending almost a week on it.
I recently got interested in mining crypto-currency, and have been contemplating setting up a mining rig. After doing some extensive reading, I've concluded that its not feasible for me to get into bitcoin mining. I'm now looking to mine scrypt based currencies, and trade them in for bitcoins, or perhaps use an auto-switching pool like middlecoin, and get paid in bitcoins.
I'm currently capable of investing around $1000. In my country, that would basically get me a basic system with one 7950, and a power surge protection unit. I'll then be spending around $50 a month on electricity, if I keep the rig active 24 hours a day. This should give me around 600~700 kH/s.
Using the various mining profitability calculators, and seeing user responses on the rather massive middlecoin thread, I figure that I won't be making much in the initial stages, at least.
I'm not too worried about that. What I am worried about is that since I'll be using my mining profits to purchase additional 7950s for my rig, it might take me a few months to actually bring my system up to a couple of MHashes/sec level. With the announcement of dedicated scrypt mining FPGAs by companies like crypto industries, I'm certain that the difficulty level of alt coins is going to increase as more and more people start purchasing and pointing 10 MH/s devices to the various pools. Which means that my profitability will decrease further, and it will take me even longer to upgrade my rigs, and even then, I wouldn't be making as much as I could.
I really wish I could go out and set up a 2 or 4 MH/s rig tomorrow, but I just can't.
Can some one please advise me on this situation? Is it worth it, in my case, to get into mining? How does everyone plan to deal with the onset of these dedicated devices?
Any general advice, or comments are also welcome.
I look forward to reading your responses.
Thanks!
~ psijic
