Topic: My investments and planning with bitcoin (Read 994 times)

The reason is there are people that want to buy in super cheap and hold, and get massive profit's.  They think it has possibility of being next bitcoin or even just become a decent altcoin.  That being said most are pump/dump, with a new logo and utter crap.

I loved my GPU day's was fun always something to tinker with, but it was time consuming compared to modern asics on amount of time I spent on rigs.  And a lot more babysitting.

The price of a great GPU is just expensive you could get a S7 for less then some of the top of line cards, so you are right about could be big debt.

Why even bother with the pump and dump alt coins.

At the end of the day, lets say we did take that route to mine whatever name coin, then hope people buy in. We can cash out - but the day it doesnt then we got a ton of GPU plus debt overhead and a sad story to tell.

And not all rigs are equal.  I know the cards I kept where from a while back and I sold most of mine off and sold the better ones.  And there have been even more generations since my GPU day's.   It can get quite pricey on a 6 gpu machine even on one.   Say 300-400 each (you can spend more or less) but that could be 1800 - 2400 on just GPU's.

Also today companies have lowered GPU RMA terms.  I can remember some did lifetime and 5 year, but a lot are much less on warranty now.

I have to say I agree with that statement to a big degree, the GPU mining has some fun about it, not investing too much into one, but keeping a single rig for GPU mining, this is also great that when I want to render video which I do a lot of for a few hours a week in batches, I just pause mining and use that superb GPU set up to do the rendering for me, which is very quick then it resumes mining, so it  does have a practical application for me as well on a small scale.

I am converting most ETH I mine into bitcoin as fast as possible, but going to hold a couple of ETH incase the price rises further. Feels good to watch bitcoin appear in my wallet in sizeable amounts at the moment where it is sourced from GPU mining ETH, knowing the power cost is much lower than a bitcoin ASIC to produce the same amount (at the moment). The couple of cards are great for my rendering too as I shoot a lot of video on a freelance basis. If it becomes unprofitable I just  switch the GPU rigs off and use them for my rendering, if it then becomes profitable I fire them up.

Pump and dump scares me though.  I still am not convinced to build any GPU rigs (been a while since I sold most of mine off).  I have a little GPU's left from my day's of mining... but not new.  Just to build a 6 card system again like i use to.... is a decent amount in GPU's.   I need to be pretty sure before i jump into GPU's again as a nice 6 card system gets pricy.

But I would love to see GPU mining come back.  I'm not holding my breath long term right now.   But if it comes back.... that would be something fun.

That's why its good to have a GPU, its versatile and you don't loose much as you still have a GPU that's worth something, I will enjoy it while it lasts if its a pump and dump! As for BTC, I will wait on new miners before investing in any others sometimes it makes sense to mine some of these  and convert them to bitcoin quickly

Jacob

Altcoins can change fast is one bad thing.  So even if profitable today... long term is much harder to say then bitcoin.  I will say ETH has gained some fan's.  But I'm still not sure longterm.

We have seen many great altcoins go up and eventually down.  Dogecoin was one of my favorite's it had a unique userbase that was fun.  But long term... turned out not to be a great bet.  But really took off for a while.  So invest carefully in alts.

I will drop johnny a message sometime soon. I forgot to mention I have a GPU setup on ETH pumping 30 MH/S, ETH seems more profitable for me at the moment, as I already had this GPU set up from when I first dabbled in altcoin mining.

The average time isn't always correct, so you could possibly hit a block within 49 hours or less. Of course if you're REALLY unlucky, you might only hit a block after the halving. Now or never, as S7 prices are dropping rapidly and after the halving your miners will be worth nil, maybe 200 or so. Best to do something now, buy tons of coupons and buy out s7s or HODL and hope to make a profit, of which the second option will not earn you much most likely.

Okay you need to find a trustworthy Host in USA.

I ran this group buy

https://bitcointalksearch.org/topic/m.14156833

jonnybravo0311   purchased 2 machines and hosts them in Oregon, USA

you could ask him about the service.  This way your gear never goes in to the UK = 0 vat + customs.


As for solo mining I would suggest a 6 pool mine and 4 solo mine concept or a 7 to 3 ratio

UK your VAT is really going to hurt your bottom line.  Also only being able to mine 1/3 of day is not really that good.  UK is hard to due import taxes and electricity prices (in most cases).

I think you would be better off buying a S7 sending it to a hosting center with no vat and can run 24 hours a day.  That being said I cannot take away your concerns on new NM gear... it's hard to speculate but we can't say anything solid.  Just a lot of speculation.

It is hosting with hash the planet, I am looking at for what I would like 0.08 - 0.09 cents (USD) / kWh. I can also mine for 8 hours a day at a similar price on the UK off peak electricity in my home, which is the Economy 7 tariff. It also means ordering a miner from the US to be shipped to them I can avoid any customs duty until I want the miners shipped to me. They seem a good company based on my research, but has anyone else used them here? Mining litecoins is more for fun, the bitcoin difficulty is way too high for me to consider investing in mining equipment apart from my solo mining S3 as a lotto machine, so I just bought some coin.

Jacob

You need t check to see how much it's going to cost for that hosting first.  Once you have that you can plug the cost of the miner and the cost of hosting + power into a calculator and see if it's worth it.  As someone already said 50th isn't anything for solo mining:

This is why i wanted to hang fire on throwing good money after bad, in the case of the current rigs. Power supplies I have. 6 months was a guideline, but would seek advice before selling in any case

First, if you are planning to HODL for only 6 months past July 2016, your timeline is TOO short. Past two Januarys have been brutal in terms of price, so don't plan on selling in January, EVER.

Second, 50 TH isn't what it used to be, especially for solo mining. You can 11 S7's to hash at 50 TH, will cost you about $5K, plus power supplies. The Halving is fast approaching and your window of ROI is fast closing. Diff will definitely jump UP as most fools, I mean people, knock each other over "cheap" S7 miners. Bitmain is clearly trying to clear out their last inventories of S7's, why? Because they know ignorant will buy them and they have new S9 miners in the pipeline.

Most people are stupid, use your brains.

I have decided to put some of my savings into bitcoin, I am keeping very little of it in fait, the rest being kept in the form of silver bullion in safe deposit boxes, and a third in cash.

I have bought £1,000 worth (at present its worth 1k) of bitcoin over time, and want to hold this until 6 months or so to a year after the halving, currently its worth around £1,000 I have kept it in a coinbase vault but have done the part where I print out the vault information so they themselves cannot decrypt the vault without my passcode (in theory they could keep it I know) and that I could  recover the private keys if they go bust.

I am thinking of investing in 30TH/s - 50 TH/s of mining equipment to solo mine, keeping it at a host for cheaper power. I worry though that buying Avalon or S7 rigs now is not a good idea as if the new 16nm stuff comes out and makes it practically worthless. I also have a 500GH/S solo mining experiment going on at home. I am not really into pool mining, but want to do a year of intense solo mining with around 30 - 50 TH/S and   then sell my hardware  when done, swallowing a loss if I do not hit blocks but if I hit blocks pocketing the block and selling the equipment. If a block is hit before 1 year has elapsed, switch to pool mining for the remainder then sell the hardware when finished. According t

I have not invested more than I can afford to loose, and thus am keeping a third of my savings in fait. I would rather do this than rent hash as at least I still have physical hardware to show for it.

My concern is with the new 16 nm miners, and the upcoming halving. Should I hang fire? I will hold what I bought which I will keep until after the halving, I am concerned that after the halving there may be a minor drop when everyone 'dumps' but then after the 'dump' and the supply isn't being replenished as fast as before, then that would be the time to sell. I have bought some litecoin and have some peercoin (I pointed 1pH to a solo mine for a few minutes for lol and hit 4 blocks, although one was an orphan), currently I earned roughly 0.16 BTC from those solves, hold or sell the peercoin?

I am looking for good advice, thanks in advance!

Jacob