Realistic Expectations? My entry to mining - page 2.

Ritual

member

Activity: 84

Merit: 10

Thanks for replies.

At the moment, I've been primarily looking at Litecoin and Doge. It appears that these may actually have a future, but it is ofc so hard to tell.

So the plan is basically to give both a run initially (I will probably do 1 week on/1 week off with both) to see how they go. If I can then trade prudently to BTC, I'll be happy to keep the BTC against possible future prices.

I'll initially trade what I get until I've reached my goal of 1 BTC, and then I'll try to build a small stock of the three currencies (i.e. BTC, LTC, DOG). Hopefully in several months or a year the pricing will rise to the point where I'll cover my $500 or even make a little profit.

Fingers crossed

yatsey87

hero member

Activity: 840

Merit: 509

Quote from: Ritual on January 15, 2014, 01:02:31 PM

Hi all,

The title may have sealed my fate with this thread Tongue

I have seen a million people say "Don't go into mining!!!!!!". Well, OK, but I'd like an alternative view, because I also like the hobbiest aspect and would still start even if it's a loser...

I've recently managed to secure the parts for (not set up yet) a mining rig which'll comprise 3 x 6990s. I already have all the other parts, apart from the risers. Total outlay (not including what I paid for the bits I have, but I'm not including those anyhow - paid for a long time ago), $500 approx. I also owe a friend a (1) bitcoin (well, actually I owe him cash, but we settled on a bitcoin a long time ago, when he saw the potential more than me Tongue

Still, I'll stick to my end).

So priority 1 is: Cover the $500 + 1 BTC.

Priority 2: Make a little cash if I can. To be specific, accumulate some bitcoin.

I'll do this via alt-coins if I can, scrypt mining and then exchange to BTC. I have no plans to get into the heavy-duty world of SHA256 mining.

Realistic?

Rit.

All depends on what coins you mine. What are you planning on doing?

21solider21

member

Activity: 66

Merit: 10

I was wondering the same question.. Is it possible to earn decent money only with mining and later on speculating with different alt currencies? I also believe that timing is essential. Getting your hands early on some new currency that has a good potential while the diff is low enough is crucial in my opinion. Any thoughts?

virtuexru

member

Activity: 75

Merit: 10

litecoin!

Here's my two cents, mine altcoins. You could at least probably break even. BTC is out of the question. The only way to mine BTC is ASIC chips. GPU mining is still fun and a great hobby, but for scrypt alt-coins.

Ritual

member

Activity: 84

Merit: 10

Hi all,

The title may have sealed my fate with this thread Tongue

I have seen a million people say "Don't go into mining!!!!!!". Well, OK, but I'd like an alternative view, because I also like the hobbiest aspect and would still start even if it's a loser...

I've recently managed to secure the parts for (not set up yet) a mining rig which'll comprise 3 x 6990s. I already have all the other parts, apart from the risers. Total outlay (not including what I paid for the bits I have, but I'm not including those anyhow - paid for a long time ago), $500 approx. I also owe a friend a (1) bitcoin (well, actually I owe him cash, but we settled on a bitcoin a long time ago, when he saw the potential more than me Tongue

Still, I'll stick to my end).

So priority 1 is: Cover the $500 + 1 BTC.

Priority 2: Make a little cash if I can. To be specific, accumulate some bitcoin.

I'll do this via alt-coins if I can, scrypt mining and then exchange to BTC. I have no plans to get into the heavy-duty world of SHA256 mining.

Realistic?

Rit.

Topic: Realistic Expectations? My entry to mining - page 2. (Read 2068 times)