Topic: New to Bitcoin. Should I mine or buy coin with my $6000 (Read 1026 times)
I will advise you to invest it on bitcoin as this is relatively easily to operate.
I would say invest.
Mining will be complicated and will use up ALOT of electricity, driving bills up really high. Not to mention it being more and more difficult to mine bitcoin over time, and you will probably make more from investing then mining overall.
Just my opinion though.
Mining will be complicated and will use up ALOT of electricity, driving bills up really high. Not to mention it being more and more difficult to mine bitcoin over time, and you will probably make more from investing then mining overall.
Just my opinion though.
Hi Everyone,
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*Edit: Would like to inform everyone that electricity costs would not be a problem as I have a way to manage it. Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
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*Edit: Would like to inform everyone that electricity costs would not be a problem as I have a way to manage it. Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
Good for you if you don't mind the electricity cost because you can have more decent profit. However please keep in mind that return of investment ( ROI ) will be more or less than a year but still depends on the coin you'll prefer to mine. It isn't a quick profit thing, by the way.
Though it seems waiting didn't bother you but I think you should reconsider in buying bitcoin now to see how you can profit in trading nor holding it. Just don't diversify too far in altcoins and try to focus more in bitcoin.
1. Should I buy bitcoin with my $6000
Not a bad option but your ROI will be a finite amount based on the rise/fall of bitcoin alone.
2. Use it to buy a 1070 GPU mining rig
Mining offers a longer and higher ROI than direct investing when using some general assumptions. As far as a 1070 rig goes, there are many better options out there based on upfront cost + energy consumption to hash rate.
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).
This may be the best option as far as the new GPU's however you risk losing out on gains in the meantime especially as availability for the new cards will be scarce.
Not a bad option but your ROI will be a finite amount based on the rise/fall of bitcoin alone.
2. Use it to buy a 1070 GPU mining rig
Mining offers a longer and higher ROI than direct investing when using some general assumptions. As far as a 1070 rig goes, there are many better options out there based on upfront cost + energy consumption to hash rate.
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).
This may be the best option as far as the new GPU's however you risk losing out on gains in the meantime especially as availability for the new cards will be scarce.
It is better to buy bitcoin and invest in some money than mining them.
Hi Everyone,
I'm new to cryptocurrencies and would like to know your opinion on what best to do with my $6000.
I was initially planning on purchasing a GPU mining rig with gtx 1070s but then upon further research found that 1070s can only do 600-700 sol/s
Then I found the asicminer equihash which can do 40,000 sol/s and costs $14,800 which will be released on July along with new nvidia generation cards.
I know its a bit late now to start but I am really thinking hard on this but I need opinions from veteran guys.
tl:dr;
1. Should I buy bitcoin with my $6000 or
2. Use it to buy a 1070 GPU mining rig or
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).
Thanks so much for all your feedback.
*Edit: Would like to inform everyone that electricity costs would not be a problem as I have a way to manage it. Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
You are new to cryptocurrencies and you have 6k USD. You are likely to be separated from your money very quickly.I'm new to cryptocurrencies and would like to know your opinion on what best to do with my $6000.
I was initially planning on purchasing a GPU mining rig with gtx 1070s but then upon further research found that 1070s can only do 600-700 sol/s
Then I found the asicminer equihash which can do 40,000 sol/s and costs $14,800 which will be released on July along with new nvidia generation cards.
I know its a bit late now to start but I am really thinking hard on this but I need opinions from veteran guys.
tl:dr;
1. Should I buy bitcoin with my $6000 or
2. Use it to buy a 1070 GPU mining rig or
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).
Thanks so much for all your feedback.
*Edit: Would like to inform everyone that electricity costs would not be a problem as I have a way to manage it. Considering that electricity cost is not an issue, is mining going to be profitable for me right away?
My humble suggestion is to buy BTC and hodl.
Maybe trade with 10%. Not more.
Mining cryptos is very unlikely to be profitable for a newcomer.
RR
I think the best way to do that is by buying whatever you can.
I have a suggestion for you. You better buy BTC, it's easy, and because I'm sure the price will rise soon, maybe unlike last year, maybe approaching. if you want to mine, maybe altcoin can be a solution. but choose an altcoin that has a bright front
You must buy them instead of mining them as that is the best solution.
it depends on your financial situation. nowadays it is pretty difficult to start mining because of all the miners out there, it will take you longer to get into the system. I have a friend that is mining, but he has a partner that takes over when he is busy so they are like tag team partners, this way they are able to mine almost 24/7. or you could do both mine and buy, the market is going down at the moment so it is a buyers market, just pay close attention and try to buy at the cheapest time possible. also good to read more about bitcoin before you start to invest.
Earning bitcoin through mining is very dangerous. First, you have to invest a lot of money in mining machines (because a small number of mining machines can't get too much bitcoin), and secondly, the market downturn keeps bitcoin prices down!
You should use it to buy a 1070 GPU mining rig. With $ 6000 you can not buy BTC.
You Should buy bitcoin with your $6000.Bitcoin is easy ,you can get more profits by buying and trading.
I don't recommend that you do mining now. First, mining requires a lot of money. $6000 is not enough. Second, as the market changes, mining is prone to losses!
In my opinion, buy bitcoin is more simple and efisien than mining.
Mining need more effort to make good miner and lately there are a lot of miner and more miner will be increasingly difficult for mining it self.
Mining need more effort to make good miner and lately there are a lot of miner and more miner will be increasingly difficult for mining it self.
GPU mining is also dead thanks to bitmain ASICing everything (secretly first than selling it for more profits ) .... So better buy coins with 6K but you need do know when buy ^^ . Do some low purchase first if you are a newby . gl
u are new to bitcoin
i suggest you keep your $6000 in bank
study and learn more abt cryptocurrency 1st
i suggest you keep your $6000 in bank
study and learn more abt cryptocurrency 1st
Mining vs buying Bitcoin both link back to the price of Bitcoin increasing for profitability. The only answer here has to be buying Bitcoin.
It would only make sense for an individual to mine Bitcoin (or some other coin) purely for educational purposes.
It would only make sense for an individual to mine Bitcoin (or some other coin) purely for educational purposes.
1. Should I buy bitcoin with my $6000 or
2. Use it to buy a 1070 GPU mining rig or
3. Wait until July for new nvidia graphics card to come out (or the asicminer equihash).
Least effort, least things that can go wrong. Only reasonable behaviour for you.
Two of them are good choice,
but maybe i can suggest you to buy bitcoin and trade it. because it more simple and fast to get the profit than mining because it will cost you time to learn mining. besides mining difficulties have increased due to the increasing number of miners.
but maybe i can suggest you to buy bitcoin and trade it. because it more simple and fast to get the profit than mining because it will cost you time to learn mining. besides mining difficulties have increased due to the increasing number of miners.
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