Bitcoin Forum
December 12, 2017, 07:08:36 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2] 3 »  All
  Print  
Author Topic: Friends coming at me with 40-50k to invest into mining rigs  (Read 3224 times)
Subw
Hero Member
*****
Offline Offline

Activity: 672


View Profile
July 07, 2017, 10:33:26 PM
 #21

Buying gpus are too late. Crypto is dying...  RIP profits
1513062516
Hero Member
*
Offline Offline

Posts: 1513062516

View Profile Personal Message (Offline)

Ignore
1513062516
Reply with quote  #2

1513062516
Report to moderator
1513062516
Hero Member
*
Offline Offline

Posts: 1513062516

View Profile Personal Message (Offline)

Ignore
1513062516
Reply with quote  #2

1513062516
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
RentGPU
Sr. Member
****
Offline Offline

Activity: 350


View Profile
July 08, 2017, 12:22:00 AM
 #22

A friend wants to get into mining...he knows I use to mine Bitcoin...he has 40-50k to invest into mining rigs.


I told him about the risks...we are meeting later today to talk more about this.


He already has a warehouse...and 50k is not that much to him, but as a business person you never want to lose ANY money.


I think he can make the money back, but it may take 6-12 months; and as you miners know, NOTHING is guaranteed.



What do you think, bad time? Isn't it always a bad time?


Also, what should I charge, I will be doing everything including maintaining the rigs...I was thinking 15-20%.







Really , 50k now at this time , man you are taking too much risk for a bussines person, you should consider investing 5 months ago when everything was dust cheap
n0madDurwhat
Newbie
*
Offline Offline

Activity: 11


View Profile
July 08, 2017, 02:36:29 AM
 #23

A friend wants to get into mining...he knows I use to mine Bitcoin...he has 40-50k to invest into mining rigs.


I told him about the risks...we are meeting later today to talk more about this.


He already has a warehouse...and 50k is not that much to him, but as a business person you never want to lose ANY money.


I think he can make the money back, but it may take 6-12 months; and as you miners know, NOTHING is guaranteed.



What do you think, bad time? Isn't it always a bad time?


Also, what should I charge, I will be doing everything including maintaining the rigs...I was thinking 15-20%.








I am in a scenario very much like yours and am very curious as to where your head is at with it all.

For me, I've been mining as a hobby for a year and a half or so but have been into crypto since I discovered silk road lol.. But I was constantly trying to get my family to shift their holdings into something that offered a more secure store of value with an extremely high upside with prices rising over the years.

Now they've all shown up on my front door wanting to throw money at me lol

Trying to decide how best to go about this mitigating risk as much as possible as even though I have been fortunately successful trading, we all know it might as well be gambling some days. Your input would be greatly appreciated
tleilaxu_eyes
Full Member
***
Offline Offline

Activity: 151



View Profile
July 08, 2017, 03:13:44 AM
 #24

Honestly the smartest thing to do might just be wait 1-2 months, then make that decision.

https://coinfo.me/ - All the information, one location.
adaseb
Legendary
*
Offline Offline

Activity: 1442



View Profile
July 08, 2017, 03:21:03 AM
 #25

Tell your friends that other people have friends who also have 40-50k to invest.


Let them think about that for a minute...

If they are smart in business... they will know what that means.

FORTUNEJACK.COM[
                            
5 BTC WELCOME PACK FOR 1ST 5 DEPOSITS
FREE 1,000 mBTC daily for LuckyJack winners
[
          
]
btcgolong
Sr. Member
****
Online Online

Activity: 308


View Profile
July 08, 2017, 04:28:37 PM
 #26

remember 50k isn't that much for this person...so the risk is minimal.

It is tax deductible as well...



What should my "fee" be for setting this up and maintaining it?


Is 20% too much?



Props
Sr. Member
****
Offline Offline

Activity: 434


View Profile
July 08, 2017, 04:30:58 PM
 #27

remember 50k isn't that much for this person...so the risk is minimal.

It is tax deductible as well...



What should my "fee" be for setting this up and maintaining it?


Is 20% too much?





You might as well just pocket the money, at least somebody will be making money then.
BeerMan81
Member
**
Offline Offline

Activity: 109


View Profile
July 08, 2017, 04:31:43 PM
 #28

He should just invest in the coins. But, he needs to actively monitor prices, new coins etc.
blueMoonshine
Newbie
*
Offline Offline

Activity: 12


View Profile
July 08, 2017, 04:38:29 PM
 #29

The real issue is sourcing hardware right now. Chances are it will take 3 months to find all the hardware you need.

Have the same issues with investors. I currently have $150K ready to go and build-out. But, hardware is a joke right now and mining hardware (GPUs and high wattage PSUs) is going through a huge change with 13 PCIe slot MBs that look as if Windows will be able to recognize all 13.

Then, RX Vega, and mining specific cards around the corner, makes it hard to want to scale out with available 6-8 GPU RX 560/550 systems.

If there was a way to get a hold of 500 RX 570s right now, would have already started. 4 major US distributors can only get me 560s/550s in bulk, 570s maybe once a week 15 at a time. Still not enough to drag big money in right now.

Maxumark
Full Member
***
Offline Offline

Activity: 120


View Profile
July 08, 2017, 06:54:52 PM
 #30

I will answer your question flat out.

Yes do it.
He provides the capital and space to run the equipment.
You source, assemble and run the equipment.
You split the income after expenses each month as the two of you agree 80 for him 20 for you or what ever you agree to.
He owns all the equipment and you are expertise.

Maybe don't just go GPU rigs, maybe throw in some L3+, or x11 miners too if you can so that you are diversified in the Algos and coins you can mine.

Get the agreement in writing and both sign it.

Just do it. Right or wrong, good or bad, profitable or not,  will not be known until 6 to 12 months have passed.

Then come back and let us know how it worked out. Maybe give us some updates along the way.

Good Luck!     

Mining LTC and other alts since 2014 when I realized I missed the BTC train.
Props
Sr. Member
****
Offline Offline

Activity: 434


View Profile
July 08, 2017, 06:57:46 PM
 #31

Or just build a nice big fire and throw the money in.  It will probably be fun and totally worth it.
Metroid
Sr. Member
****
Offline Offline

Activity: 378


Xtreme Monster


View Profile
July 08, 2017, 07:09:10 PM
 #32

Or just build a nice big fire and throw the money in.  It will probably be fun and totally worth it.

I think this will be much easier worthwhile and will save them from doing a lot of things and in the end will save them 50% money. Instead of losing 150%, they will lose just 100%.
rdluffy
Member
**
Offline Offline

Activity: 119


View Profile
July 08, 2017, 08:30:33 PM
 #33

Or just build a nice big fire and throw the money in.  It will probably be fun and totally worth it.

I think this will be much easier worthwhile and will save them from doing a lot of things and in the end will save them 50% money. Instead of losing 150%, they will lose just 100%.

Man, every post you say the same thing, why are you here on the mining section if you think it's not worth?
You are wasting 100% of your time
Metroid
Sr. Member
****
Offline Offline

Activity: 378


Xtreme Monster


View Profile
July 08, 2017, 10:07:19 PM
 #34

Man, every post you say the same thing, why are you here on the mining section if you think it's not worth?

Saving noobs from themselves, remember that he created this thread and asked for an opinion and I gave mine and so many others, its his decision to mine or not to mine ropecoin. I advise, do not mine ropecoin.
btcgolong
Sr. Member
****
Online Online

Activity: 308


View Profile
July 10, 2017, 04:14:53 AM
 #35

I will answer your question flat out.

Yes do it.
He provides the capital and space to run the equipment.
You source, assemble and run the equipment.
You split the income after expenses each month as the two of you agree 80 for him 20 for you or what ever you agree to.
He owns all the equipment and you are expertise.

Maybe don't just go GPU rigs, maybe throw in some L3+, or x11 miners too if you can so that you are diversified in the Algos and coins you can mine.

Get the agreement in writing and both sign it.

Just do it. Right or wrong, good or bad, profitable or not,  will not be known until 6 to 12 months have passed.

Then come back and let us know how it worked out. Maybe give us some updates along the way.

Good Luck!     

Great post, thanks.
winniethepool
Newbie
*
Offline Offline

Activity: 20


View Profile
July 10, 2017, 12:47:48 PM
 #36

Really encouraging post. I did the same thing last month.

I will answer your question flat out.

Yes do it.
He provides the capital and space to run the equipment.
You source, assemble and run the equipment.
You split the income after expenses each month as the two of you agree 80 for him 20 for you or what ever you agree to.
He owns all the equipment and you are expertise.

Maybe don't just go GPU rigs, maybe throw in some L3+, or x11 miners too if you can so that you are diversified in the Algos and coins you can mine.

Get the agreement in writing and both sign it.

Just do it. Right or wrong, good or bad, profitable or not,  will not be known until 6 to 12 months have passed.

Then come back and let us know how it worked out. Maybe give us some updates along the way.

Good Luck!     
antantti
Legendary
*
Offline Offline

Activity: 924


View Profile
July 10, 2017, 03:37:13 PM
 #37


Not saying all ICO's are bad but 80% of them are only smoke and mirrors. How many prediction market projects there are with marketcap more than $100,000,000? No need to answer....

Now they and everyone else are dumping and mining profits are down another 20% in only four hours.

That friend with 50k actually saved a shitton of cash if he/she did nothing with it during weekend. If he/ she shorted eth with it... well... six digits...

Wait, wait, wait. Right now there are no cheap coins or gpu's. It is cashtime.

edit: OT but some of you might have been monitoring this 1 eth= 1 zec thing? If it holds that means there is no equihash safe haven...




Metroid
Sr. Member
****
Offline Offline

Activity: 378


Xtreme Monster


View Profile
July 10, 2017, 04:24:57 PM
 #38

edit: OT but some of you might have been monitoring this 1 eth= 1 zec thing? If it holds that means there is no equihash safe haven...

Somebody here said, "see zec, even eth crashes, zec will be good to mine", and my reply was simple, if it was not for eth or btc, zec would still be 0.04 btc. These people that think just one coin crashes are dumb. If bitcoin crashes, all crashes, if eth crashes all might crash, if zec crashes some might crash, it depends how important that coin is for the market as a whole. Cryptocoins are all linked noobs, call it a chain reaction from the most important coin to the least important coin.
antantti
Legendary
*
Offline Offline

Activity: 924


View Profile
July 10, 2017, 06:46:32 PM
 #39


Would also explain that invisible hand that was holding zec up against all odds. And would also make zec just another world computer dapp.

More thinfoil, my hat is never good enough ))


btcgolong
Sr. Member
****
Online Online

Activity: 308


View Profile
July 11, 2017, 02:37:08 AM
 #40

A friend wants to get into mining...he knows I use to mine Bitcoin...he has 40-50k to invest into mining rigs.


I told him about the risks...we are meeting later today to talk more about this.


He already has a warehouse...and 50k is not that much to him, but as a business person you never want to lose ANY money.


I think he can make the money back, but it may take 6-12 months; and as you miners know, NOTHING is guaranteed.



What do you think, bad time? Isn't it always a bad time?


Also, what should I charge, I will be doing everything including maintaining the rigs...I was thinking 15-20%.








I am in a scenario very much like yours and am very curious as to where your head is at with it all.

For me, I've been mining as a hobby for a year and a half or so but have been into crypto since I discovered silk road lol.. But I was constantly trying to get my family to shift their holdings into something that offered a more secure store of value with an extremely high upside with prices rising over the years.

Now they've all shown up on my front door wanting to throw money at me lol

Trying to decide how best to go about this mitigating risk as much as possible as even though I have been fortunately successful trading, we all know it might as well be gambling some days. Your input would be greatly appreciated

I'll keep you updated...a lot of the negativity is because difficulty has skyrocketed, but I believe ETH/BTC will all be at record highs by the end of the year.

In our case it's not the 50k that we worry about, it's the "opportunity cost" aspect.
Pages: « 1 [2] 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!