Bitcoin Forum

I recently moved into a space that provides electricity at $0.03 a kw/h. Id like to start a bitcoin mining farm but have limited resources (college student) and would like to get a short term loan to get me started on the right foot.

I have 4000.00 dollars of my own money (Winter quarter student loan) but would like to begin with 10 rigs. Ive got a ventilated room with 120 amps of 220v power and a server rack. My planned system will have a (very) conservative estimated hashrate of <13,000 Mhash/s.

Ive spent considerable time pricing equipment and would be happy to provide you with my order information and frequent updates as to the status of the operation.

Im very comfortable with my ability to manage this type of system. Im able to run a linux box and received my Network+ certification in 2007.

Id like to repay the loan with 60 daily payments of 10 bitcoins per day beginning 30 days after initiation of the loan.

Although I am new to the forum I do have an ebay account with lots of positive feedback. I am a Junior in college with a near perfect GPA.

I have a very good condition 2003 Buell Firebolt that I could put up as collateral. We can draw up an agreement and Ill have it notarized and sent to you.

Please PM me with any further requirements, suggestions, or questions. Thanks!

You'll need more certification and authentication before anyone would borrow that kind of money (e.g.:ID's, your physical location and stuff, otc ratings...).

Sure thing. I live in Mountlake Terrace, WA. Ive got plenty of ID. I could also put up my 2003 Buell Firebolt as collateral.

Well, I guess your what they would call an entrepreneur. However, your student loan is for your school. You wouldn't want to become another drop-out billionaire, would you?  ;D

But if I may, start out requesting a little less. Don't go for the whole 10 rigs at once. Start with 1 or 2 and build from there. Use some of that education and post a plan on your repayment method. (i.e. At current difficulty with the proposed rigs, it is expected that an income of X BTC per day at Y MH/s using Pool Z.

Basically, Sell it man, Sell it.

Or slowly build up some decent reputation on here and the -otc before asking for about $3000.00


BTW: Was any of that student loan tax payer backed ?  If so, I want some of those MH/s back.  ;D


Best Regards,

The Bear

Why not try the GLBSE, float your mining operation there and see if the market supports your credentials enough to fund this for you.

BTW there seems to be a few miners getting out and wanting to sell there entire setups at a discount here and there on the forum.  If I were to want to increase my mining operation or start a new one I would look seriously at some of those dumping there stuff.  You might be able to pick up some rigs very cheap.  Just check around the forums here.

PM'd

Id also like to add that I have a very good condition 2003 Buell Firebolt that I could put up as collateral. We can draw up an agreement and Ill have it notarized and sent to you.

Dunno what Chung offered, but I would consider splitting this loan with him. I'd want a scan of state ID, at least two people I can call for references (preferably family members -- don't worry, I won't be asking any penetrating questions or trying to explain Bitcoins to them), and a scan of your electricity bill. The loan is also below typical lending rates for this board, but for a longer duration, which means lenders like me will have our money tied up longer, and losing out on interest which should otherwise be compounding. I'd like to know what you're studying for, if you don't mind.

I can also do this loan in PPUSD or DwollaUSD, so long as we agree on a USD/BTC exchange rate and you know you'd pay back in BTC.

Pm'd, Thanks!

Kluge has fulfilled half of the loan. I'm still seeking another 250 so if you are interested please get back to me. Thanks, Patrick

Sorting a couple of things - I'll be back to you.

Bump. Payments should start today.

Receiving payment address:
1HvefMM9aLrWZwaw45BduEzZRpmzoLzMR3

Edit: payment received~

Edit 3/7/2012 - Paying as agreed.

This post confirms rotrot paid back the portion of loan due to me in full and early. Great lending to him!  :)

Paid in full 5/9/12

Refinanced a small portion towards end of term. Then paid refinanced portion in full earlier than agreed. Good communication throughout.

+1 rotrot