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Author Topic: [Loan Request]Looking for Long Term $1500USD or BTC/LTC Equivalent[Loan Request]  (Read 4430 times)
Slix313
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April 19, 2013, 03:04:52 AM
 #1

Hello, I understand that I am new to the scene and lack reputation, and for that reason I say now, if you have no interest in funding me or wish to labal me a scammer, you can leave now.


I have done the math on what would be the most optimal setup for a GPU mining rig. I pay no electricity so there is no overhead cost other than the hardware itself.
I need $1400USD to set up a LTC mining rig from scratch. I am looking to build a rig with 3 Sapphire 7950's with room to expand to 4 later down the road.


The Terms of the loan would be as follows (All considering a $2USD/1LTC Exchange Rate and Hash Rates slightly under estimated)

$1400USD + 40% ($560USD)

Payments of ~270/month for a 7 month - This is an estimate of the amount of ltc the rig will mine per month @ $2USD/1LTC. All mined coins will be put towards the loan until it is paid off, regardless of current       exchange rate. As of this posting the exchange is @ $2.49USD/1LTC, so you can expect the return before 7 months.

Security for the loan shall be in my daily job. Should the price of LTC fail or if something major should happen to the rig and it cant mine, $200USD of my paycheck would take the place of the rig in payments, for a return rate of 10 months. (should this be the case, the total interest would increase to $600)




I can provide the following to Interested Parties.
*Government-issued photo ID
*Pay stubs or income tax returns (unnecessary if you provide SSN, address, current employer, and consent to credit check)
*Proof of funds to repay in a timely main should something happen.
*Consent to perform a credit check


If you would like to discuss this is further detail, send me a pm and we can set up a time to talk.

Thank you for you time and consideration, and I hope to hear from someone soon.

~Slix313
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Vod
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April 19, 2013, 01:36:07 PM
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As more AISC come online to mine BTC, people will move to LTC.  The difficulty will skyrocket and you won't make as much as you think.

I'm into creating universes, smiting people, writing holy books and listening to Prayer Messages (PMs).
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Eisenhower34
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April 19, 2013, 02:12:56 PM
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Im not sure about your math. With 3 7950 and the full hashrate of round about 2100 kH you will have to farm for a year or even more when (not if) the difficulty goes up caused by all those btc farmers switching sides, to make up for the original amount. Three of those gpus produce alot of heat and the lifetime goes down so max 1 gpu will survive that year and so decreasing your hashrate...
Slix313
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April 19, 2013, 04:38:20 PM
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I agree with both of you, but I don't believe that will happen within the next 6 months. And either way, a massive spike in diff could very well send the prices skyrocketing. They're already low now, and slowly going up, so there no definitive proof that its not too late to get into the GPU mining game.
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April 19, 2013, 05:04:44 PM
 #5

Cant do much if you ignore the facts...

ASICS are getting shipped
BTC GPU mining becomes more and more unattractive.
LTC mining getting a huge amount of hashpower, because people already have the mining hardware and only have to switch.
Resulting in a much higher difficulty increase compared to BTC that time
Network hashing rate and price development are total uncorrelated as you can see with BTC ... (so no price increase will come because more people mine)

If you want to gamble that the price will make a huge jump then you can also play roulette and put all on red or try satoshi dice...
My post was meant more as a warning for you, because the only one who will make a profit (in case you pay your debt) is mlawrence.

Anyway, wont spam your thread any further, good luck.
Slix313
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April 19, 2013, 05:09:44 PM
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Thank you for your warning, seems I didnt do enough research... What companies are currently shipping asics?
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April 19, 2013, 06:07:31 PM
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Thank you for your warning, seems I didnt do enough research... What companies are currently shipping asics?
[/quote

If you're planning on getting into the mining side of things, you should have this thread bookmarked:
https://bitcointalk.org/index.php?board=14.0

Calculating ROI on a mining rig is not linear. Difficulty WILL change, prices may go up or down. It's up to you to figure out the risks associated.

ASIC miners available for purchase

Those who serve best, profit most.
Slix313
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April 20, 2013, 04:32:10 AM
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Thank you for your warning, seems I didnt do enough research... What companies are currently shipping asics?
[/quote

If you're planning on getting into the mining side of things, you should have this thread bookmarked:
https://bitcointalk.org/index.php?board=14.0

Calculating ROI on a mining rig is not linear. Difficulty WILL change, prices may go up or down. It's up to you to figure out the risks associated.

No thread, just points to the marketplace subforum
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