Should I Take Money Out of Savings for a 280x?

[DrVendetta]

I want to get a 280x for litecoin mining, but I don't know if it is a safe enough bet that it would be worth taking 400$ out of my savings (I'm only 15) to get the card. I mean, if it pays off I will have an extra 1000$ in savings  by the end of the year. I could probably resell the card for 300$ in a few months if it fails I guess, but is it a move you guys would make, or would you just hold tight?

[_ASSASSIN_]

lol no

[Coombzy]

Have you tried mining with that 7850 that is sitting in your rig right now? 

[needmorewood]

i wouldnt
whats your current rig?

[AlwaysFSX]

The risk of investment isn't worth it.

[Jogostar]

lol no

[Ryan Leech]

That 7850 should get about 400 KH/s when overclocked.

[dizmo]

Figure it'll take 4 months to break even on your card, depending what power costs in your area.

Don't expect to get $300 for your used card, I'd imagine you'd be lucky to get $225. I've seen new ones listed for $250.

I'd just use the card you have now.

[DrVendetta]

Yeah I am mining with 7850, but I can't be as efficient as I would like due to using it as my main rig. Even so I can make like 40$ a month which I will use to pay for a phone plan. Why all the no's though? Is it because the difficulty will spike in the next few months, or just because of lack of faith in the currency? It's not a huge risk, I can always sell the card.

[Unhelpful]

I want to get a 280x for litecoin mining, but I don't know if it is a safe enough bet that it would be worth taking 400$ out of my savings (I'm only 15) to get the card. I mean, if it pays off I will have an extra 1000$ in savings  by the end of the year. I could probably resell the card for 300$ in a few months if it fails I guess, but is it a move you guys would make, or would you just hold tight?

Uh... I wouldn't even consider it.

[DrVendetta]

Wow so much negative feedback for something relatively low risk. The only thing I would have to buy is the card btw. I understand not taking money out of savings, but with a maximum loss of maybe 100$,  I don't see the overwhelming no. Any reasons people can give?

[DrVendetta]

Figure it'll take 4 months to break even on your card, depending what power costs in your area.

Don't expect to get $300 for your used card, I'd imagine you'd be lucky to get $225. I've seen new ones listed for $250.

I'd just use the card you have now.

The cards are pushing 400$ on amazon atm, I would happily buy one for 250. Especially if it's only been mining for 3 months.

[DrVendetta]

That 7850 should get about 400 KH/s when overclocked.

 

Have you tried mining with that 7850 that is sitting in your rig right now? 

Yep, can make about 30-40$ a month without even mining full time. That's why I was interested.

[dizmo]

The cards are pushing 400$ on amazon atm, I would happily buy one for 250. Especially if it's only been mining for 3 months.

Each to their own I suppose. If mining falls out the cards value may drop as well. It probably won't but no one can tell the future.

Do you have an easy way to transfer the coins you mine into actual money or do you plan to just sit on them and hope they increase in value?

If you sit on them you have to figure you're spending around $40/month.

Do you know how much power costs you?

 

[DrVendetta]

Each to their own I suppose. If mining falls out the cards value may drop as well. It probably won't but no one can tell the future.

Do you have an easy way to transfer the coins you mine into actual money or do you plan to just sit on them and hope they increase in value?

If you sit on them you have to figure you're spending around $40/month.

Do you know how much power costs you?

 

Yeah, about 0.10$ per KwH. Wouldn't cut in to my profits too much. It looks like I can sell fairly easily through BTC-e and coinbase. Shouldn't be to difficult but I would give it a test run before I buy. If mining falls it would probably go back to it's actual gaming value, so about 275 to 325 new.

[algoat]

If you have another pcie slot, then maybe just get another 7850 or r9 270 for $200 or less, and then mine with both cards.

[DrVendetta]

If you have another pcie slot, then maybe just get another 7850 or r9 270 for $200 or less, and then mine with both cards.

I've thought about it. It would probably be a good compromise rather than going balls deep into a 280x.

[dizmo]

I've thought about it. It would probably be a good compromise rather than going balls deep into a 280x.

 

Just check the hash to power consumption to cost for the two set ups and go from there.

0.10/kwh is a nice low figure, so you're good there.

I'm glad there's a Bitcoin ATM where I am and I can cash out from there.

[AK0490]

lol no

 

 

Yeah I am mining with 7850, but I can't be as efficient as I would like due to using it as my main rig. Even so I can make like 40$ a month which I will use to pay for a phone plan. Why all the no's though? Is it because the difficulty will spike in the next few months, or just because of lack of faith in the currency? It's not a huge risk, I can always sell the card.

I love that awkward moment where the people who have already made money meet the people who haven't.

 

Wow so much negative feedback for something relatively low risk. The only thing I would have to buy is the card btw. I understand not taking money out of savings, but with a maximum loss of maybe 100$,  I don't see the overwhelming no. Any reasons people can give?

Reasons? Well I can make some up  Cryptocurrency will die!! It's just a fade!! It's just a bunch of idiots thinking they can get rich!!

 

In all reality, everyone who tells you no would have told you the same thing months ago. Buythe cards then and they would have paid for themselves by now. The bottom may fall out of this someday, but it hasn't happened yet and there is no end in sight.

 

Haters gonna hate.

[DrVendetta]

I love that awkward moment where the people who have already made money meet the people who haven't.

 

Reasons? Well I can make some up  Cryptocurrency will die!! It's just a fade!! It's just a bunch of idiots thinking they can get rich!!

 

In all reality, everyone who tells you no would have told you the same thing months ago. Buythe cards then and they would have paid for themselves by now. The bottom may fall out of this someday, but it hasn't happened yet and there is no end in sight.

 

Haters gonna hate.

I don't have a job sadly, just money from when I was little and birthdays and such. Yeah, I was a little surprised by the reaction out of this section of the forum. I defenitely wouldn't keep much of my money in litecoins as a stable place to keep cash, it fluctuates too much. But as an investment, I can see the benefits.

[needmorewood]

what u CAN do. is get the 280x and mine 24/7 with the 7850

[AK0490]

I don't have a job sadly, just money from when I was little and birthdays and such. Yeah, I was a little surprised by the reaction out of this section of the forum. I defenitely wouldn't keep much of my money in litecoins as a stable place to keep cash, it fluctuates too much. But as an investment, I can see the benefits.

If you aren't holding coins anyway, don't mine Ltc. There are other coins that will make you MUCH more money. It's just as easy to trade doge or other coins to Btc to sell.

[DrVendetta]

what u CAN do. is get the 280x and mine 24/7 with the 7850

That doesn't make sense. I would not buy a 280x to game with/use. I would buy a 770 for 100 dollars less.

 

EDIT: The amd prices are inflated to the point where it doesn't make sense to buy for gaming.

[needmorewood]

That doesn't make sense. I would not buy a 280x to game with/use. I would buy a 770 for 100 dollars less.

 

EDIT: The amd prices are inflated to the point where it doesn't make sense to buy for gaming.

sorry i forgot to add.:

mine with the 7850 24/7

mine the 280x with the 7850 when u arent using the 280x

[CCap]

Tip from your friendly neighborhood CCap:

 

Purchase a 280x from Newegg.com

 

Throw it into your rig and begin mining

 

If satisfied with the Hashrates your getting, then keep the card. Mine some Doge, and rock it out for a while.

 

If the card performs unsatisfactorily, then return it. I did this with an old monitor of mine. I didn't like the stand it had, since it looked ugly compared to my surroundings, and switched to my current monitor. I'd double check their return policies haven't changed, but it should be worth a shot.

 

//CCap

 

@DrVendetta