Topic: New to Bitcoin. Should I mine or buy coin with my $6000 - page 4. (Read 1026 times)
You should just probably buy bitcoin. Mining is much more complicated plus the cost of electricity can get a big chunk off you possible profit.
I think it's best to use a mining rig so that the lifetime of the money can be spent because you put your money in cryptocurrency or bitcoin because you earn more per month.
Now if you look to buy not keeping your coins in an exchange make an electronic wallet, write down your seeds and never share this battery with anyone. Buying and selling involves a fee that keeps in mind. But let me remind you that not only power can be a problem in exploiting cryptocurrenies, maintaining your hardware and the price of the coin you are exploiting can also be a profitable factor.
I think it's a good time to buy bitcoin because it's getting cheaper, by buying bitcoin now you'll make a profit in July and can sell it so you can buy the most recent rig, that's a good strategy.
On the off chance that I had so much cash, I figure I would do the two things. You can spend half of the sum for mining and the rest can be spent on purchasing coins for the long haul hold. There are a great deal of articles with the tips on what to put resources into and how to do this the correct way
Lets analyze your advice here, the total budget he got is six thousand dollars and if he spent half the amount to purchase an ASIC machine and he will get one Antminer S9 or Dragonmint 16T at that price and how much time will it take to recover that much amount, he needs to mine for more than three years to get the amount of coins mining with the price and according to the current price and these calculations happens only if you are lucky as the difficulty keeps on increasing and it is not worth to mine with a single machine, the best bet is to purchase the coins. If I had so much money, I think I would do both things. You can spend half of the amount for mining and the rest can be spent on buying coins for the long-term hold. There are a lot of articles with the tips on what to invest in and how to do this the right way
If we have not too much money it's better to to buy coin right now because the price of the market is affordable. We want to hold that coin for long term and wait a right time to sale that coin so that we can have earn more profit that we can used it for another investment.
Buying bitcoin directly from the market is a better option for now, mining difficulty has gone up significantly and as such profitability. Also mining for a new comer can be a lot tasking.
On the off chance that I had so much cash, I figure I would do the two things. You can spend half of the sum for mining and the rest can be spent on purchasing coins for the long haul hold. There are a great deal of articles with the tips on what to put resources into and how to do this the correct way
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?
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?
First of all you must about all the requirements..Yes you can invest to buy a miner...But have you noticed the cost of electricity in your area ..What will you do if the profit you are making is less than the bucks needed to give the electricity bill...If you are having enough solar power then you can use that instead of direct electricity...And now comig to trading...Yes in trading you must be careful...You have to keep watch on all the price chart and get an assume of the price change...You will gain experience when you will trade...even there are many apps which will notify you when there will be any price change in cryptocurrency which will help you a lot.
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?
if you can advise me, I would advise you to buy bitcoin with $ 6000 instead of buying a bitcoin miner.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?
and if I were you I would do that. but all options are in your hands...
Well my advice is you should buy bitcoin instead of mining. because when looking at the current market, bitcoin price is quite cheap
such small mines for 6000, do not produce anything, buy a cue ball and forget until better times, if there is a desire to get into the crypt, and so to study and study, so that the questions become answers.
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?
If I became you, I will use the funds for buy mining rig, and then use the result from mining to trading. Beside that, I will looking for another job such as bounty hunter to increase my profit. But with this case, I do that because I have a lot of passion in he world of cryptocurrency. How about you? what's your passion in this? 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?
it all depends on you, if you want to buy bitcoin at that price, if that will benefit you, there is no law forbid.... 
$6000 is a good amount to start investing in bitcoin and considering that we are in downfall, you can buy it at lower price and hold until the market recovers. If you will invest it to buy a mining rig, it will take time before you can be profitable, considering the cost of your electricity plus your time to maintain the equipment.
I would suggest you to buy promising altcoins and then convert them into btc, returns are great if you are into right ones. Yeah it requires research but it will be less headache than managing a mining farm.
You will have more expenses then income. Be sure to never use your wallet on a public wifi. Buying and selling involves a fee that keeps in mind. If Power Group will not be a problem then it may be profitable but still depends on your setup and the cryptocurrency that you will of me if you will go for the GPU then I altcoins. Let me remind you that not only electricity can be a problem in mining cryptocurrenies, maintaining your hardware and the price of the coin you are exploiting can also factor in profits.
Mining cryptocurrency was once very profitable and simple. Unfortunately, the case now looks different. Mining cryptocurrencies is now quite complicated and often generates more costs than profits, and that's not the point! If I were you, I would sooner buy a cryptocurrency and preferably Bitcoin if you want to avoid the risk of losing the entire fund and wait for the right moment to sell it at a profit. I warn you against hodling because it often turns out to be very unprofitable. Do not be too greedy and sell a cryptocurrency with a slight profit because the situation may get worse at the moment.
Much better if you buy all your $6,000 a bitcoin,then set it with a long term investment. Just wait for the right time for selling,while keeping a lot of patience. In this strategy,it will help you to be succeed and will be earned more profits.
Depends on what kind of investment suits you. Trading is a more simpler way of investing, you buy and track the price until it reaches a peak amd then sell, easy as that. While mining is more complicated - assemble a rig, get good cooling and start, but that's not all, you get huge electricity bills so you have to have some money for that every month.
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