Topic: Starting out (Read 230 times)

Hello everyone,

I'm completely new to bitcoin/altcoin mining/investing, so I've no affiliation to any coin and all thoughts (however bad) are my own. I posted this as part of a longer message in the beginners section but no replies so thought I'd ask here as well.

I've read a fair bit about it over the last few months/years and think it's time to get involved. I'm from Scotland and realistically could afford to put a 4 figure sum into this project. I could afford to lose every penny of that money and it wouldn't affect my ability to pay bills or such (obviously I'd be absolutely gutted to lose it though, it's not like I have so much can give it away) but I'd be looking at this as something to slowly grow over a sustained period of time. I'll be honest I'm not the sort that's going to be trading or spending hours with these coins every day, certainly not while I'm still finding my feet (I've never invested in the stock market or anything like that). Maybe in time.

To that effect I've I've specced out a mining rig here: http://uk.pcpartpicker.com/list/mTQRGf (for reference the 7950s can be had off eBay for this amount). Is it still worth my time to mine? This rig (or possibly 2 RX470s instead when they're released) I believe should give me something like 60MH. Now I know that I've probably missed the boat on mining Bitcoin but I could use it to mine altcoins and spend the rest of the money buying bitcoins at (hopefully) a point where the value has fallen slightly. Or would you recommend leaving the mining PC and spending the full amount on bitcoins which can then be traded for altcoins in the hope they appreciate in value?

I'm aware that a lot of newer coins like ETH are switching to or are created with Proof of Stake which makes them unmineable so has the time for mining past?