Timothy Coles is Selling His $2 Million Gold Mine for Bitcoin

[bryant.coleman]

Mining for gold is a great HOBBY, but very rarely do any commercial mining operations produce a profit.

Well... gold mining can be profitable, but that depends a lot on the ore quality and the concentration of gold in it. Other factors, such as taxes, road / electricity access, labor costs.etc can also weigh in.

[leex1528]

I would rather have $2million in Gold than 2 million in Bitcoin personally:0 

But I suppose if I had 2 million I would mostly be covered from worrying about money so would it really matter?

[Lorenzo]

If the mine is profitable and "any new buyer could recoup their initial investment in as little as two mining seasons" then why does he even want to sell it? Does he think that the gains from hodling Bitcoin will earn him an even greater profit? For him to sell a profit-producing asset, that's the only reason I can think of.

[Bit_Happy]

I would rather have $2million in Gold than 2 million in Bitcoin personally:0 

But I suppose if I had 2 million I would mostly be covered from worrying about money so would it really matter?

$2 million USD will not last very long in some parts of the USA, but away from the cities & most expensive suburbs you can be good for a while. In many 3rd world countries you would be set for life (or murdered the first day)

[Lorenzo]

I would rather have $2million in Gold than 2 million in Bitcoin personally:0 

But I suppose if I had 2 million I would mostly be covered from worrying about money so would it really matter?

$2 million USD will not last very long in some parts of the USA, but away from the cities & most expensive suburbs you can be good for a while. In many 3rd world countries you would be set for life (or murdered the first day)

Are you kidding? With $2 million, you could buy 10 rental properties and live off the rental income. Or put it all in mutual funds and live off the gains (even only 2 percent per year after inflation would get you $40,000 per year). I think the average person (such as a teacher or a nurse) living in a first world country earns less than $2 million over their entire lifetime.

Of course, if you live in somewhere like Palo Alto and blow your $2 million on a Learjet, a private yacht, Ferraris, Lambos, and a private island then your money would quickly disappear but that's stupid.

[Bit_Happy]

I would rather have $2million in Gold than 2 million in Bitcoin personally:0  

But I suppose if I had 2 million I would mostly be covered from worrying about money so would it really matter?

$2 million USD will not last very long in some parts of the USA, but away from the cities & most expensive suburbs you can be good for a while. In many 3rd world countries you would be set for life (or murdered the first day)

Are you kidding? With $2 million, you could buy 10 rental properties and live off the rental income. Or put it all in mutual funds and live off the gains (even only 2 percent per year after inflation would get you $40,000 per year). I think the average person (such as a teacher or a nurse) living in a first world country earns less than $2 million over their entire lifetime.

Of course, if you live in somewhere like Palo Alto and blow your $2 million on a Learjet, a private yacht, Ferraris, Lambos, and a private island then your money would quickly disappear but that's stupid.

Actually I was serious.
Medical expenses, property taxes, repairs, auto costs, more repairs, insurance, more insurance, taxes, more taxes, high food costs. I will admit $2 million is a pretty good amount, but if you think $1 million is a lot of money in America, then you are not living in a medium to high(ish) cost area.

ps. "10 rental properties" for only $200,000 each....where?
Are you kidding?
In the "decent" suburbs of many cities "normal" single family homes cost $400K to $600,000 and the really nice houses are much higher.

[NattyLiteCoin]

So is he basically putting everything he owns into Bitcoins?  That doesn't seem like the smartest idea...Never put all your eggs in one basket.

He aways could always buy some scrypt and some PoS coins to diversify his portfolio. Plus, it said he as a million dollars equipment. That's a lot of Titans and Neptunes on the Market.

[fairglu]

If the mine is profitable and "any new buyer could recoup their initial investment in as little as two mining seasons" then why does he even want to sell it? Does he think that the gains from hodling Bitcoin will earn him an even greater profit? For him to sell a profit-producing asset, that's the only reason I can think of.

Looking at the age of the guy selling it, retirement seems to be a logical explanation.
However given the location of the mine and the nature of gold mining work, this is going to be a tough sell, even if it's 100% profitable as stated. That million dollar revenue a year won't be easy money

[bryant.coleman]

$2 million USD will not last very long in some parts of the USA, but away from the cities & most expensive suburbs you can be good for a while. In many 3rd world countries you would be set for life (or murdered the first day)

Average living expenses for a normal family can range anywhere from $3,000 to $4,000 in the US. In the developing world, it can be $1,500 to $2,000. But taking inflation, wealth tax.etc in to account, the $2 million amount will not last as much as you would like to expect.

[leex1528]

If I got 2 million dollars I wouldn't be quitting my job.. I would simply invest it all, keep working and retire 10 years early.  My point was all my bills would be paid, house, loans, car etc. 

I would have all that extra income each month to invest in whatever I wanted to, I would be set for life (while keeping my job) and be able to retire years early...

[ensurance982]

$2 million USD will not last very long in some parts of the USA, but away from the cities & most expensive suburbs you can be good for a while. In many 3rd world countries you would be set for life (or murdered the first day)

Average living expenses for a normal family can range anywhere from $3,000 to $4,000 in the US. In the developing world, it can be $1,500 to $2,000. But taking inflation, wealth tax.etc in to account, the $2 million amount will not last as much as you would like to expect.

Doing a quick calculation that could be enough for 40 years, given your upper threshold for living in the US. Of course one would have to account for inflation, but you could also receive some interest on your money if you invest it safely.

[cozk]

Bitcoin is more valuable than gold in the future IMO.

You are either 12 years old or plain retarded.

Gold is historically the most valuable thing and will remain.
Does not need electricity let alone the internet. Gold needs nothing...  No internet no BTC.
Take a serious SHTF situation and your BTC are vaporized. Gold will always remains.

Conclusion; you are retarded.