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metalbean
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January 24, 2017, 12:42:49 AM
 #1

Was chatting about investing in a mining farm, ~40% return annually and investments is done in BTC.

The guy looks solid and showed me his farm via videocall and he figured a way to somehow get really cheap electricity.

Am thinking of trying out, any advice?

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January 24, 2017, 12:45:41 AM
 #2

Avoid. This screams scam (to me anyway), as it's pretty suspicious. Are you sure he actually showed you his farm, and not just video footage of another farm or racks of random computers/really old miners? 40% APR is hard to reach with mining, and the fact that he offered an almost fixed rate makes it even more suspicious. The difficulty jumped 16% yesterday, and is expect to jump another 10%+ next change, so his earnings (assuming they are real) will go down. If you must invest in mining, I'd recommend Hashnet

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metalbean
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January 24, 2017, 01:04:49 AM
 #3

Avoid. This screams scam (to me anyway), as it's pretty suspicious. Are you sure he actually showed you his farm, and not just video footage of another farm or racks of random computers/really old miners? 40% APR is hard to reach with mining, and the fact that he offered an almost fixed rate makes it even more suspicious. The difficulty jumped 16% yesterday, and is expect to jump another 10%+ next change, so his earnings (assuming they are real) will go down. If you must invest in mining, I'd recommend Hashnet

Thanks.

Yeah, he showed me the live video, also mention that if the difficulty surpasses miners' ability to make a profit he will return the money at zero interest monthly (there's a catch here so if the difficulty actually rises a day after I am actually loaning BTC to him interest free for a year)

I can take a weekend short flight over to check out the farms if needs be.

Will definitely check out Hashnet.


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January 24, 2017, 02:13:15 AM
 #4

Avoid. This screams scam (to me anyway), as it's pretty suspicious. Are you sure he actually showed you his farm, and not just video footage of another farm or racks of random computers/really old miners? 40% APR is hard to reach with mining, and the fact that he offered an almost fixed rate makes it even more suspicious. The difficulty jumped 16% yesterday, and is expect to jump another 10%+ next change, so his earnings (assuming they are real) will go down. If you must invest in mining, I'd recommend Hashnet

Thanks.

Yeah, he showed me the live video, also mention that if the difficulty surpasses miners' ability to make a profit he will return the money at zero interest monthly (there's a catch here so if the difficulty actually rises a day after I am actually loaning BTC to him interest free for a year)

I can take a weekend short flight over to check out the farms if needs be.

Will definitely check out Hashnet.


How much do you plan on investing, and how trustworthy is the owner of the farm? Considering you are willing to fly over and see, this must be a large amount, correct? Also, what if the difficulty rises a bit so he doesn't make much of a profit, but still a profit? That would be a losing situation for him.

Also noticed that he would be paying "interest" to you, as you didn't state you would get your principal back, so I would encourage you to definitely avoid it. Miners staying profitable after 2 years would be quite a large gamble.

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metalbean
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January 24, 2017, 09:26:28 AM
 #5

Avoid. This screams scam (to me anyway), as it's pretty suspicious. Are you sure he actually showed you his farm, and not just video footage of another farm or racks of random computers/really old miners? 40% APR is hard to reach with mining, and the fact that he offered an almost fixed rate makes it even more suspicious. The difficulty jumped 16% yesterday, and is expect to jump another 10%+ next change, so his earnings (assuming they are real) will go down. If you must invest in mining, I'd recommend Hashnet

Thanks.

Yeah, he showed me the live video, also mention that if the difficulty surpasses miners' ability to make a profit he will return the money at zero interest monthly (there's a catch here so if the difficulty actually rises a day after I am actually loaning BTC to him interest free for a year)

I can take a weekend short flight over to check out the farms if needs be.

Will definitely check out Hashnet.


How much do you plan on investing, and how trustworthy is the owner of the farm? Considering you are willing to fly over and see, this must be a large amount, correct? Also, what if the difficulty rises a bit so he doesn't make much of a profit, but still a profit? That would be a losing situation for him.

Also noticed that he would be paying "interest" to you, as you didn't state you would get your principal back, so I would encourage you to definitely avoid it. Miners staying profitable after 2 years would be quite a large gamble.

Thanks much.

The amount is not that big, considering that he is not far traveling is ok, and as you suggested, better be careful than sorry.

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January 24, 2017, 09:41:13 AM
 #6

most mining farm is scam, if the returns promised are high, beware  Smiley
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January 24, 2017, 09:45:49 AM
 #7

Was chatting about investing in a mining farm, ~40% return annually and investments is done in BTC.

The guy looks solid and showed me his farm via videocall and he figured a way to somehow get really cheap electricity.

Am thinking of trying out, any advice?

No, mining cannot give you 40%  APR. Pay attention.

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January 24, 2017, 09:58:54 AM
 #8

Was chatting about investing in a mining farm, ~40% return annually and investments is done in BTC.

The guy looks solid and showed me his farm via videocall and he figured a way to somehow get really cheap electricity.

Am thinking of trying out, any advice?

Also lending to a miners should give you a daily return. If this doesn't happen, i suggest to ask him to repay his debts daily.

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metalbean
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January 24, 2017, 11:28:42 AM
 #9

Was chatting about investing in a mining farm, ~40% return annually and investments is done in BTC.

The guy looks solid and showed me his farm via videocall and he figured a way to somehow get really cheap electricity.

Am thinking of trying out, any advice?

Also lending to a miners should give you a daily return. If this doesn't happen, i suggest to ask him to repay his debts daily.

Have already committed a very low amount and since will be seeing him in person. Have  a feeling I might regret this, but it's life. Wink

Will keep everyone posted

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January 24, 2017, 12:25:26 PM
 #10

The best way to make money through mining is better buy your own hardware instead of investing into other mining farms because the % seems to be very high at same time risk involved in it also more. Better learn how to setup a mining farm with the investment you are planning.



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January 27, 2017, 02:24:32 AM
 #11

Was chatting about investing in a mining farm, ~40% return annually and investments is done in BTC.

The guy looks solid and showed me his farm via videocall and he figured a way to somehow get really cheap electricity.

Am thinking of trying out, any advice?

No, mining cannot give you 40%  APR. Pay attention.

Yes it can. Let's pretend I purchase an Avalon 741 for $818. Assuming it isn't a defect (which it shouldn't be, since Canaan has good quality control compared to BitMain), and that the difficulty doesn't change, I can mine ~140$ USD at today's exchange rates every month. Let's say my electricity costs 70$, so I made 70$ profit in a month. 70*12=840$. I'll subtract 240$ to compensate for difficulty increases, and end up with 600$ USD. Now, I can go to ebay or amazon on BCT and sell my Avalon for at least 500$, probably. Now I have 1100$, which is 34% APR. If I try to sell it for higher (probably 600$+), I could make a 40% APR.

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metalbean
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January 27, 2017, 05:53:32 AM
 #12

Was chatting about investing in a mining farm, ~40% return annually and investments is done in BTC.

The guy looks solid and showed me his farm via videocall and he figured a way to somehow get really cheap electricity.

Am thinking of trying out, any advice?

No, mining cannot give you 40%  APR. Pay attention.

Yes it can. Let's pretend I purchase an Avalon 741 for $818. Assuming it isn't a defect (which it shouldn't be, since Canaan has good quality control compared to BitMain), and that the difficulty doesn't change, I can mine ~140$ USD at today's exchange rates every month. Let's say my electricity costs 70$, so I made 70$ profit in a month. 70*12=840$. I'll subtract 240$ to compensate for difficulty increases, and end up with 600$ USD. Now, I can go to ebay or amazon on BCT and sell my Avalon for at least 500$, probably. Now I have 1100$, which is 34% APR. If I try to sell it for higher (probably 600$+), I could make a 40% APR.

Plus maybe some people can operate from places with really cheap electricity (e.g.: China and Malaysia 0.02usd kwj)

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