Bitcoin Forum

Hey All,

Just wondering if anyone has maxed their cards on mining gear?

I'm near it.  I'm generating a pretty good profit though that's earning me more than my credit card interest rate.

I'm wondering how everyone else is approaching it.  Do you continue to borrow and pay the interest?  Or do you cut down on the CC's?

*A part of me wonders if it's a good idea to pay off all the cards to get a higher credit limit... anyone else wonder this too?

I would be surprised if you are the only one. Like you said it's a simple case of return vs expenses

Its a fun hobby! Easy to get addicted ;) Gotta watch out for difficulty and price drops tho  ;)

Use credit card co-branded with airlines, so will get miles for free ticket

Pay off your credit card balance straight away, you fool(s).
Don't use credit cards to borrow money, the interest rate is way too high. You're throwing money away. Credit cards should be used as a normal mean of payment. Not to spend more than you have!

Listen to him!
He is more clever than you think.

Oh Really, is 0.5% per month way too high to you?that's the offer for most of my cards, OP has already stated he is generating a pretty good profit from it, I agree with paying it straight if you have the chance to, however , using cards with returns is also a wise investment.

I did it once on a low balance card.

As long as you and confident you can get everything up and running, and you have enough discipline to direct all profits to paying off the card, It's not as risky as people think.

But then again, Cryptos are unpredictable, so if you need the money for something else, use it for something else.

A good "trick"... get an AMAZON store card and then get 12-months 0% financing on GPUs purchased on AMAZON =)

I bought a good chunk of mine that way.

For any interest bearing money I used I sell 1/2 of my mined coins per month to cover and save the other half for investment.

I don’t get it - you mean you just buy your mining gear with a credit card? What credit card are we talking about? One where you pay the balance every month? Is it more of a loan thing?

You are living my dream

Only use credit if you get no fees 0% apr for 6months+

I always advise to never borrow funds or take out loans to run any business. But thats me, and i always tell my associates or family the same. Especially when it comes to mining or bitcoin. I find it just way to risky to be taking loans for crypto. But doesnt mean you wont make profits and be able to pay back. My point is its just too risky. But hope you dont put yourself in a situation.

The thing is it isn't a hobby I started with a singular 1070 slowly worked my way up I have over 30 rigs now after using my earnings and invested into a right thing at the right time. Now me and my buddy who has about 20 rigs are about to rent out a small place really soon as he's expanding another 20 rigs. No longer a hobby buddy however I do not advice borrowing money for a business you can get messed up especially for cryptos.

I wouldn't recommend maxing it out.
What I would recommend is getting a new card with 0 apr offer for 12 to 15 months.

Spend enough money u can pay off before your offer is up.

That way ur not paying anything out of pocket and still borrowing money and paying it off in time.

Well you are not the only one. I did the same thing but only because bank transfer would've taken a lot longer and I didn't have the patience. I paid my credit card the next day. Now I am selling coins to get my investment back. Hopefully I will be able to get my initial investment in a month.

Oh wow. I just hope you have a good (low) interest rate in that credit card.

I would say I am on the side that says to start small and grow with your profits. It is bad enough with increasing difficulty, electricity costs, and miner and pool fees eating into your profits, but having to pay off a high interest rate loan on top of it makes it seems very risky. Just because the profit today is good doesn't mean the same thing will be true in 6 months.

Mind sharing what coin you are mining to get a 30 day ROI? Seems overly optimistic since the average coin seems to be closer to 90-100 days and that is only because of the recent run-up in price.

Buying mining hardware on credit is basically like going long on margin, some things to consider:

Not so much upside, black hole downside.

Hard to "close" your "position" when things start going south.

To sum it up, NO NO NO.

I will add my 2 cents too thinking it is not such a great idea to use credit cards to finance your mining operation.

As long as the math works though I guess it is one way to get into mining, although I would think the interest rate would eat a large part of your profits.

Sorry I meant to say that hopefully I will be able to get my investment back by the end of next month. I've been mining for a while. Yup 30 day ROI is too optimistic.

If you have some rigs built from before, you can hit ROI for new investment in 30 days :) But you have to put together all Hashes :)

Nope - I don't have a credit card at all.

 My Bitcoin wallet keeps getting near-emptied via purchases from NewEgg though....



 30 day RoI is a completely unrealistic FANTASY at that point - even the Vega 56 *IF YOU CAN FIND ONE UNDER $500 ANYWHERE* is still in the 80-90 day range mining Monero - when you can find one at all.

I did way back in the day, but now it's all returning investments and passive income. Debt paid, profits go into buying more assets to make more money.  Circle of life.  Get out of debt first, make profits, invest more. Make more profits. EZ.

My paypal  credit is 6 months interest free.

I got it up to 9100 of 9500 but that was a few year ago.

Here in Europe you don't get that kind of credit card unless you explicitly ask for it, and the limites are usually much lower than the US, but I get it, I totally understand that it is easy to go for it when it is available, I have a line o credit that I can use anytime and on a click and I'm always tempted to do so and I do from time to time and it's hard to hold out, but to be honest I don't think it's a good idea considering the volatility of crypto, it's a business and taking credit is not that good, UNLESS it is with low interest or 0 Rate then go for it, mine the gear for a couple of month resell it pay off your debt and the mining income would be in most part a net profit

If you can buy btc with your cc, what's the point going through all that annoying mining phase?

I mean, what could possibly go wrong?

Hit me baby one more time...

Well I guess buying GPUs on a credit card is better than those 16 year old kid who buy Chrome rims and wheels on credit.

Since the GPUs at least hold their value and have a good chance at ROI'ing.

Right now you can use and sell your gpus at about the same price as new if you use them for 1Q of a year, I saw 570 and 580 selling at the price of brand new or a little less, but the risk is and I'm sure you are aware of it, if the stock of of altcoin crush, the market will be flooded with GPUs and there won't be much of an ROI, but I guess it depends on the personne and how they act according to the situation.

Well   amazon has an extended return policy  Jan 31 2018
So you could return  the ones that broke on Jan 30th 2018

Now if you purchased 50 cards and return 50 cards I think they would not take them back.
But if you purchased 10 cards and return  2 or 3 cards that broke they would take them back.

This lowers risk just a bit.

Instead of using credit card, approach people with money to invest with you. People with money would love to get into crypto. If you’ve built mining rigs, you can put together a simple business case.

It’s always dumb to use your own money, it’s even dumber to use money you don’t have (credit). Use someone else’s money and give them a nice ROI while you get a decent returns as well. Spread the risk and increase your profit.

There's no difference from your perspective using a credit card vs borrowing money from an investor.  The investor is the credit card in your scenario, and depending on the deal you made, they could have a perpetual stake in your mining profits.

This is horrible advice.

If you make money,  you will need to split your profits.

If you lose money, depending on who these people are you will either have to give them a refund or risk losing a family member/friend.

Oh Yeah, this is some kind of a scammers do, Lol

when all things gets F*cked up, then what? try to run out of the people you scammed.

On the other part, I've seen people with their friends and relatives getting unto group and doing crypto business, the downside of it is that when things get too difficult decisions take place, you can't simply decide on yourself as there are others that you may want to consider.


You eat your own words dude, someone else money is not also your money to use of, you are more likely increase the risk by using people around.

This is not a good idea in my opinion, we are not talking about shark tank type of investement on campany that need growth and guidance, an investor added value is only his paycheck, so that means that you have nothing to win from it, you get his money to buy stuff, you mine he gets a huge proportion out of it, you lose he gets all the gear to pay himself and you have nothing left.

The best is always to start small and expend, unless there are credit with 0 % or low interest rate  and you are sure to pay them back

I got close to maxing a credit line early in the year, but it's nearly paid off now.  Since it was 0% for 12 months and i'll have it covered by then I feel pretty good.  I've already turned over some cards online for almost 1:1 return too, working towards best power density because i'm limited on how many amps I can pull.