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Author Topic: Way to build up a savings account...  (Read 936 times)
jacobmayes94
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November 22, 2015, 08:59:45 PM
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I decided that I would like to build up a savings cushion while I am in college still. As well as my solo miners I am putting some miners in a pool. I am looking to purchase 15 - 20 TH worth of equipment as I have a free power opportunity with a few friends. Put them in a pool (my choice will be MM pool with failovers at a couple of others)

And have the pool payout address mine to a wallet which I printed out the private key and passed to my aunt and partner in Malaysia and then deleted. Neither know really how to use bitcoin but it stops me spending the coins. If bitcoin value increases sharply in a bubble they will give me it so I can sell them. I want to get the other equipment before the halving. Then when the time comes to move to Singapore, cash them out and then I will have built up a reserve. This will be for the two years I am studying along with my solo mining experiment : )

I think this is a great idea! Especially with the opportunity for 'free' power.

Jacob
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November 23, 2015, 07:37:55 AM
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buy a bunch of antimerns s5, i doubt you have enough space for a mass of s3, better to have more density with s5

17 s5 will do it, remember that your residence need to deliver 10kw
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November 23, 2015, 10:23:42 AM
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I printed out the private key and passed to my aunt and partner in Malaysia and then deleted

 Pray they don't lose that key, or NOBODY will ever be able to spend the coins.

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November 23, 2015, 07:47:30 PM
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I printed out the private key and passed to my aunt and partner in Malaysia and then deleted

 Pray they don't lose that key, or NOBODY will ever be able to spend the coins.


Better yet, split the keys in 3 parts and store every part on a seperate location.

It's safer then to count on a relative this way.

Don't forget will she still give you the key if BTC is worth: 4000/USD? Wink

notlist3d
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November 24, 2015, 12:57:39 AM
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buy a bunch of antimerns s5, i doubt you have enough space for a mass of s3, better to have more density with s5

17 s5 will do it, remember that your residence need to deliver 10kw

I would agree that is a lot of S3 or even S3+'s.  On S5 op keep in mind it normally runs hot and loud.   So if your spots are with people living close.... might take a mod or different miner.

I might suggest starting smaller.  If your getting 17T of old gear in one shot that is a lot, just at once if you have never mined before.  I would say start slower and move up you will most likely be much happier with scaling like this instead of a ton of old miners at once.
Tmdz
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November 24, 2015, 07:29:08 AM
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I printed out the private key and passed to my aunt and partner in Malaysia and then deleted

 Pray they don't lose that key, or NOBODY will ever be able to spend the coins.


Better yet, split the keys in 3 parts and store every part on a seperate location.

It's safer then to count on a relative this way.

Don't forget will she still give you the key if BTC is worth: 4000/USD? Wink

Hopefully they realize that piece of paper is worth REAL money and won't throw it away later thinking its trash when they forget what a bitcoin is.  I would handle your own keys and keep your cold storage somewhere safe, is it that hard to control yourself from spending them :/
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November 24, 2015, 08:11:24 AM
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I printed out the private key and passed to my aunt and partner in Malaysia and then deleted

 Pray they don't lose that key, or NOBODY will ever be able to spend the coins.


Better yet, split the keys in 3 parts and store every part on a seperate location.

It's safer then to count on a relative this way.

Don't forget will she still give you the key if BTC is worth: 4000/USD? Wink

Hopefully they realize that piece of paper is worth REAL money and won't throw it away later thinking its trash when they forget what a bitcoin is.  I would handle your own keys and keep your cold storage somewhere safe, is it that hard to control yourself from spending them :/

You are a brave person giving control of your keys over to someone else, especially family as I know my family with bits of paper it would at some point get thrown out, suppose it depends on how much BTC you're talking about but either way I would like to keep the keys close.

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notlist3d
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November 24, 2015, 09:01:45 AM
 #8

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I printed out the private key and passed to my aunt and partner in Malaysia and then deleted

 Pray they don't lose that key, or NOBODY will ever be able to spend the coins.


Better yet, split the keys in 3 parts and store every part on a seperate location.

It's safer then to count on a relative this way.

Don't forget will she still give you the key if BTC is worth: 4000/USD? Wink

Hopefully they realize that piece of paper is worth REAL money and won't throw it away later thinking its trash when they forget what a bitcoin is.  I would handle your own keys and keep your cold storage somewhere safe, is it that hard to control yourself from spending them :/

You are a brave person giving control of your keys over to someone else, especially family as I know my family with bits of paper it would at some point get thrown out, suppose it depends on how much BTC you're talking about but either way I would like to keep the keys close.

It is crazy to give your paper wallet to someone else.  This defeats the entire purpose of doing the paper wallet.

Is there a reason you gave it to here?  I would suggest security box at bank.  Or heck even a good hiding spot at home compared to giving to other person.
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November 24, 2015, 02:43:25 PM
 #9

Or how about you just exercise a little bit of self control and don't spend the coins Tongue.  Avoids the whole "I printed a paper wallet out and handed to my Auntie who lost it".

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notlist3d
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November 24, 2015, 04:40:17 PM
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Or how about you just exercise a little bit of self control and don't spend the coins Tongue.  Avoids the whole "I printed a paper wallet out and handed to my Auntie who lost it".

I think OP needs to re-evulate the current plan.  The one with aunt holding coins and a big jump in hash at beginning seems to be in wrong direction as far as mining in my eyes.

I think get sold old miners start small.  Try it out see how it goes.   If good then expand, and expand slow.   And I would re-do the wallet and make one your aunt does not hold the private key for.
BTCish
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November 24, 2015, 04:43:51 PM
 #11

It is unresponsible to let your wallet to soemone, who have no idea what it is. You are risking here Smiley Better try to train your own patience.

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