Bitcoin Forum

If i want to start mining rig by taking loan. If i take loan of 3000 usd for 2 year will it help . I am worrying about network hash rate as it increasing day by day. Will this deal help?

Your asking about an altcoin in the Bitcoin section.  Post in the altcoin section.

Yes maybe its a good idea, but how much fee you need to pay for 3000 usd?
You can try to mine monero, i think its a good alternative
Or you can buy 3000 usd bitcoin and maybe after 2 year you can resell it for 10k, because what i see is that bitcoin grow and grow up

The only answer applicable in this section is: https://bitcointalk.org/index.php?topic=401897.0

Etherum now is pow but when switch pos ?

This is what I did, however I did this about 4 months ago. I took out nearly $20,000 in loans and built myself a small farm - I got my ROI and now I basically pay off power each month and invest the rest. I was in "early" before the massive rush and the astronomical increase in difficulty. Now I think it would be pretty difficult to get into and safely get an ROI - you would be looking at 0.75-1 year easy. Also $3000 is not that much even if you can find GPUs.. this is probably not a great idea.

holy shit man...google some damn mining calculators, calculate your expected hashrate, account for the increasing difficulty/decreasing profitability, do the math and see what youre projected to make. its not that hard damn does nobody do their own research anymore?

... or you can blindly go into debt off the recommendations of people on a forum lmao your choice bro

Don't take a loan for mining.

Rule number 1 of investing.
Never invest more that you are willing to lose.

Taking a loan to build a rig is like taking a loan to bet on a football game.

I'd say it's too risky to take a loan for mining.
Well, first of all profitability isn't stable. Profits for mining ether a few months ago was much higher than they're now.
So basically no one knows what's gonna happen next.

Another thing is the fact that Ethereum might turn to Proof of Stake any time.
That means mining ether will end and no one as well knows if other coins will give any profits.

In my opinion this is wrong and shouldn't be done. Try saving up money and buying the parts. Maybe not instantly but don't borrow.

Good luck

I wouldn't do it either. It is just to risky with those difficulties skyrocketing and declining rewards. If you still want to mine better putting up a system bit by bit with the cash you have laying around. As said above... Don't take a loan for mining!

right !

Not exactly, since you have the hardware that can be resold. Unless you already know what you are getting in to and have a plan, I would not do it.

you can sell hardware for ~%60 cost

It depends on the condition of your loan, how much a year will it cost you?

If the you can calculate how much per month you're going to pay and then calculate how much you're going to earn and the earning side is over 10-15% i'd say do it.

WHAT!

I've seen this behaviour in my line of work. People take out loans because they think it's a bull market and they have very low interest rate on their houses and they can keep paying the mortgage at slow rate and make a lot more on interest via stocks and then market crashes.

I am not saying that's what will happen but I'd suggest only invest if you don't mind losing.

Yes, you'd have the cards to sell to recuperate the cost- but all hell breaks lose don't you think others might be off loading at the same time?

$3000 or $500- just take risk that won't handicap you. That's my theory.

It's pretty hard to tell.  I was thinking buying them directly is safe but it fall to $1800 once then mining was pretty good $15 per card but now its $4-5 for the 1080 ti and that will not last.  My friend who doesn't mine he just buy when its around $1800-2500 while I getting stuff for mining.   I'm still under to this day while my friend's profit almost tripled.

Only invest what you can afford to lose. If you cant even afford to buy your own rig dont do it.

Ethereum is slowly entering "ice age" territory meaning mining is becoming more difficult everyday. This also affects other GPU mineable coins.
IMHO, too much risk to start altcoin mining right now.

This is the reason why the difficulty is sky-rocketing so much.

People with no experience, no money taking out loans on their credit cards and then paying 20% APR interest.

I would not recommend taking out a loan right now. If you cannot afford the cost of the entire rig, you could still get in more slowly with starting with a single GPU. A Nvidia 1060 6BG can be found new for under $300 and will earn around $1.50 per day depending on your electrical rate. This will take a little over 6 months to ROI at current earnings, but it allows you time to experience mining and get to know its ups and downs.

If in say 4 months time everything is looking good and your ROI is still on track, you could look to adding a second card. Since your first one will be close to being paid for, your second card will take a little less time to ROI if you dedicate both the first and second cards profits to this effort.

In effect you would be investing your mining income into new hardware at that point. So the second card would take less time to ROI since you would have two cards working to pay it back. Then when your second card gets close to ROI, probably 9-10 months from when you first started, you could add a third if everything is on-track. Doing this by next year if everything is still profitable, you would have a 4-5 card rig going. Since this process would start to accelerate as you have more cards working to add to your investment income, after 2 years you would probably be up to 12-15 GPUs spread over three rigs.

While this may sound boring as I know most people want the get rich quick scheme, it exposes you to the least amount of risk as either mining will continue to be profitable or it won't. If it does you can scale in over time for basically the investment into your first card, occasionally you will need to add components for rigs, but even old PCs can be put to use if they have adequate number of PCIe slots.

When starting out you do not need fancy motherboards that support 8 GPUs right off, you can make do with some old motherboards that may only support 2-3 cards. The side benefit of these small rigs is the PSU requirements are also small. Save the big rig (6+ GPU) hardware recommendations found here for later after you have a somewhat decent farm going of 12+ GPUs.

If you can afford to swing two GPUs at first and run them out of a desktop you already own, so much the better and the process above would basically move along a bit faster. Also you could get by with AMD cards too, but at the moment they are overpriced new, used ones are hard to find, and from an overall mining efficiency standpoint the Nvidia 1060 is hard to beat.

If you take out a loan for 3k I'd say just buy bitcoin and a bunch of altcoins.

Its like gambling game.No one can tell if it gonna be profitable or not.Difficulty is rising day by day and also you have to pay for your electricity & net bill.

And that is the reason why eth is not going up, noobs are selling to pay loans, I remember this happened to btc and ltc in 2013. They sold btc for $30, look where btc is at now hehe

lol everyone that paid so much for hardware is trying to ROI and pay back the money they borrowed lol

I mine and invest heavily. Here is my 2c - Buy the coins directly rather than mining. You won't have the hassles of mining and you will see a better ROI. I haven't invested in mining in the past 3-4 months, just been investing. Good luck!

I like mining, it's a lot of fun! I like supporting the network. My 2 cents --> Definitely DO NOT take a loan to get in on mining, it's financially irresponsible. Always pay off the debts and get yourself out of the red. Then with your profits decide what you're next move will be.