thanks for the responses guys!
i went the 50/50 route however dropped the total amount spent to $30K.
thanks again,
S
Topic: What would you do? Mine with $40k or purchase Bitcoin? (Read 2928 times)
I had a similar choice about a month ago and looked into mining vs buying BTC (I also live in WA). With the incremental increase in difficulty, it's hard to ROI as an individual. If you're interested in mining, I say buy BTC and mine altcoin for fun.
You know it's scarry when people in WA state are contemplating buying over mining. My family in WA is paying 1/10th of what I pay here in Southern California. What a difference 1000 miles and 2 states makes.
I had a similar choice about a month ago and looked into mining vs buying BTC (I also live in WA). With the incremental increase in difficulty, it's hard to ROI as an individual. If you're interested in mining, I say buy BTC and mine altcoin for fun.
Glad it's not just me! I've become an RMA/store exchange expert these days. Tip: even if the store says they only make returns for 30 days you can always play dumb and bring something in later hoping to get that clerk that just doesn't care (saved me the hassle on a motherboard & 2 video cards once).
p.s. it is too fun.
p.s. it is too fun.
It is fun until you awake at 2:47AM to the smell of fried PSU with your smoke detector going off and the lights in the house are out. yeah good times
tell me more. how did you do it?
did you break the number one rule of psu?
run that mofo psu 24/7/365 at 90 percent capacity = why did my psu die?
Seasonic X750 Gold running 24/7 at about 60% of capacity (2x7950 Litecoin mining). PSU made it made it 3 months from date of purchase. Surprised my Seasonic went when the Enermax Lepa and ChannelWell stuff never failed.
That is surprising . Should not have happened.
Glad it's not just me! I've become an RMA/store exchange expert these days. Tip: even if the store says they only make returns for 30 days you can always play dumb and bring something in later hoping to get that clerk that just doesn't care (saved me the hassle on a motherboard & 2 video cards once).
p.s. it is too fun.
p.s. it is too fun.
It is fun until you awake at 2:47AM to the smell of fried PSU with your smoke detector going off and the lights in the house are out. yeah good times
tell me more. how did you do it?
did you break the number one rule of psu?
run that mofo psu 24/7/365 at 90 percent capacity = why did my psu die?
Seasonic X750 Gold running 24/7 at about 60% of capacity (2x7950 Litecoin mining). PSU made it made it 3 months from date of purchase. Surprised my Seasonic went when the Enermax Lepa and ChannelWell stuff never failed.
Glad it's not just me! I've become an RMA/store exchange expert these days. Tip: even if the store says they only make returns for 30 days you can always play dumb and bring something in later hoping to get that clerk that just doesn't care (saved me the hassle on a motherboard & 2 video cards once).
p.s. it is too fun.
p.s. it is too fun.
It is fun until you awake at 2:47AM to the smell of fried PSU with your smoke detector going off and the lights in the house are out. yeah good times
tell me more. how did you do it?
did you break the number one rule of psu?
run that mofo psu 24/7/365 at 90 percent capacity = why did my psu die?
Glad it's not just me! I've become an RMA/store exchange expert these days. Tip: even if the store says they only make returns for 30 days you can always play dumb and bring something in later hoping to get that clerk that just doesn't care (saved me the hassle on a motherboard & 2 video cards once).
p.s. it is too fun.
p.s. it is too fun.
It is fun until you awake at 2:47AM to the smell of fried PSU with your smoke detector going off and the lights in the house are out. yeah good times
Ahh I remember sitting next to my BFL SC Single and 5 days after I got it the damn thing went POP and smoke came out as the fans spun down. Then it started to crackle a little, I yanked the cord out of my UPS. Good times indeed
Glad it's not just me! I've become an RMA/store exchange expert these days. Tip: even if the store says they only make returns for 30 days you can always play dumb and bring something in later hoping to get that clerk that just doesn't care (saved me the hassle on a motherboard & 2 video cards once).
p.s. it is too fun.
p.s. it is too fun.
It is fun until you awake at 2:47AM to the smell of fried PSU with your smoke detector going off and the lights in the house are out. yeah good times
Glad it's not just me! I've become an RMA/store exchange expert these days. Tip: even if the store says they only make returns for 30 days you can always play dumb and bring something in later hoping to get that clerk that just doesn't care (saved me the hassle on a motherboard & 2 video cards once).
p.s. it is too fun.
p.s. it is too fun.
okay I recommend a multi prong attack.
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
But if you could sell 30th for 30-35k, why not just resell 60th for 60-70k and use the 20 to 30K profit to just buy Bitcoins. This would not take more than 1 total day of your time and you could move onto the next venture instead of having to babysit 60TH for 9 months
yeah but mining is such fun. Or As my wife says the fans are too loud it is too hot in the garage.
Frankly I am drifting into holding btc and ltc more then mining right now.
I think I have more in coins then in gear right now. Not sure .
[/quote]
Yes I know it's fun. I'm coming up on my 3 year mining anniversary for my original 6870s that go me started. But it's also a pain in the ass sometimes. I have 3 cards I need to RMA and 1 fan to replace. I've been meaning to RMA those cards for 3 months now.
With summer here in full force on my end I won't be missing the heat that's for sure.
okay I recommend a multi prong attack.
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
But if you could sell 30th for 30-35k, why not just resell 60th for 60-70k and use the 20 to 30K profit to just buy Bitcoins. This would not take more than 1 total day of your time and you could move onto the next venture instead of having to babysit 60TH for 9 months
[/quote]
yeah but mining is such fun. Or As my wife says the fans are too loud it is too hot in the garage.
Frankly I am drifting into holding btc and ltc more then mining right now.
I think I have more in coins then in gear right now. Not sure .
It is an arms race and will be very difficult to ROI.
I would buy bit coin outright.
I would buy bit coin outright.
I used the arms race remark in a conversation with a friend the other day. Buying outright means working at market value hoping for an increase in price. Mining direct means losing money at market value hoping for either a ROI or price increase. I somewhat see them as one & the same except they both have additional benefits. Buying outright also stimulates price exchange rates and liquidity of the coin, however, mining secures the network and introduces new coins to the overall amount distributed (not to mention distributes network hashrate). They're both good options, but mining can't be completely eliminated from the equation either.
I used to post the 5 main reasons to mine. It has really dwindled down to 3 now since most veteran miners agree unless you get an insane deal no miner will + ROI in BTC terms. The only reasons to mine are:
1) you just have too much fun doing it. Well than hats off to you and enjoy your shiny new toys
2) you want to support the network and help keep it distributed. Make sure you don't mine on a near 51% then
3) you want to solo mine to get untainted coins which you use to make physical coins or just want untainted coins
So mining has its purpose, but it's just an economically losing venture at present. Having kids means losing money too since you could earn so much more and not have to "waste" money on them but I still chose to have mine
It is an arms race and will be very difficult to ROI.
I would buy bit coin outright.
I would buy bit coin outright.
I used the arms race remark in a conversation with a friend the other day. Buying outright means working at market value hoping for an increase in price. Mining direct means losing money at market value hoping for either a ROI or price increase. I somewhat see them as one & the same except they both have additional benefits. Buying outright also stimulates price exchange rates and liquidity of the coin, however, mining secures the network and introduces new coins to the overall amount distributed (not to mention distributes network hashrate). They're both good options, but mining can't be completely eliminated from the equation either.
okay I recommend a multi prong attack.
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
[/quote]
But if you could sell 30th for 30-35k, why not just resell 60th for 60-70k and use the 20 to 30K profit to just buy Bitcoins. This would not take more than 1 total day of your time and you could move onto the next venture instead of having to babysit 60TH for 9 months
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
[/quote]
But if you could sell 30th for 30-35k, why not just resell 60th for 60-70k and use the 20 to 30K profit to just buy Bitcoins. This would not take more than 1 total day of your time and you could move onto the next venture instead of having to babysit 60TH for 9 months
If you can buy so cheap mining hardware, do it and sell it and then buy again BTC for gained value.
I say you diversify and go 50% mining and 50% bitcoins. This way you are making money whether the exchange rate increases or it stays flat.
If you have 40K in Bitcoin, I would certainly keep it in Bitcoin rather than put it in miners, but that's just me.
hey all
i am new to the forum and have a question as it seems there are much brighter people on this forum than myself.
would you purchase mining hardware (60TH total) and mine or invest that money and just purchase Bitcoin?
i can get the hardware hosted near me in Wa State at a rate of $290 per 6th.
i just paid off my debt and have roughly $40k leftover to invest in this type of endeavor.
appreciate your input,
S
i am new to the forum and have a question as it seems there are much brighter people on this forum than myself.
would you purchase mining hardware (60TH total) and mine or invest that money and just purchase Bitcoin?
i can get the hardware hosted near me in Wa State at a rate of $290 per 6th.
i just paid off my debt and have roughly $40k leftover to invest in this type of endeavor.
appreciate your input,
S
okay I recommend a multi prong attack.
40k for 60th is a monster amazing stone cold bargain .
Buy the gear sell half and host the other half.
You could sell 30th for 30 to 35 k no worries. this means you have 30th for under 10k. just mine the 30th. and pay the 290 x 5 = 1500 a month to host. you roi in under 30days.
hold those mined coins for 1 year and then decide if you want to sell them.
It seems the only way mining is profitable is if the BTC price rises in the future, so your coins are worth more later than when mined.
So, it's easier and more profitable just to buy the coins and hold.
It's be better for the network if you buy miners and point to a p2pool, but honestly I think it's better for you to just buy BTC.
So, it's easier and more profitable just to buy the coins and hold.
It's be better for the network if you buy miners and point to a p2pool, but honestly I think it's better for you to just buy BTC.
Seems like everyone is recommending to just buy Bitcoin outright.
So does this mean that mining will truly become centralized eventually and only done by companies with very deep pockets? If so, Satoshi cannot be happy with this outcome wherever he or she is
So does this mean that mining will truly become centralized eventually and only done by companies with very deep pockets? If so, Satoshi cannot be happy with this outcome wherever he or she is
There's no reason that every home user cannot run a small device (say the equivalent of 500GH/s currently). If 1 million people ran this in their homes no company short of a government backed takeover (I consider the banksters part of government since they are in bed with them) would be able to centralize the network. You don't need to go crazy and have a 25TH farm at home.
We just need to get rid of vendors like BFL who promise a device in November of 2013 and by the end of June 2014 still don't have a working prototype. A little prudence would go a long way.
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