Sold Out! I got my Cube. Hopefully I can report back that I made some $$$BTCBTCBTCPurpose:Everyone says it is foolish to loan money for mining purposes. I am trying to prove this idea right by trying to find a logical and mutually beneficial way to do this and coming up short.
Idea:I currently am awaiting purchase of an ASIC Miner CUBE from CanaryInTheMine (
https://bitcointalk.org/index.php?topic=349787.0 )
I have several extra power supplies laying around the house to power these things, but not enough Bitcoins to buy additional units
Intent:With the Cube that I purchase, I intend to mine with it for 2 months or until it makes less than 0.005btc per day or roughly $150/month, or around 5B difficulty, then attempt to sell it for BTC that will make
BTCMined + SaleBTC greater than
Cost of Cube + Cost of ElectricityOpportunity:I could easily run two of these!
If you buy one from the group buy and send it to me, I'll pay the shipping, and host the device. I will send all of the BTC from mining BOTH UNITS to YOUR address until you receive the payback that you deserve according to the schedule below:
My electricity cost is .12/kwh and according to
http://mining.thegenesisblock.com/ these are expected to profit until May and should net 1btc EACH by the end of January. However, if you accept this then you will be paid back in full plus interest before I see a satoshi from the devices!
Proposed Rates:If I pay you back
On or before January 4th, 2014 I will pay back 1.15btc, 15% interest on a one month loan isn't bad! I'll admit this is a long shot, though. It is likely that it will be close to this payback at this point, but I will likely be paying back
between January 4th and 15th, which at that point I will go up to
20% interest.Projected date of payback would early January as long as the delivery from the group buy is on time. However,
if it does not hit 1.2btc by January 16th, then I will pay you back 1.25btc. I see no reason for this to happen as the majority of the heavy hitters (multi-TH/s machines) are not coming out until March 2014.
So with that said... Why would you want to do this when you could just order yourself and make more back? It's Christmas time and maybe you don't have the time to be running an ASIC right now and you don't want to go through the hassle of setting up. Or maybe the Elves (wife) got Santa's workshop (the garage) a little "occupied" right now!
Collateral:None. If I had the collateral to get the BTC to get another unit, I would. I have about 9LTC I could put up as collateral but that is not enough to foot the 1BTC I am asking for... I have been on these forums a bit and have done transactions in the past but this is worth more than them. If no one takes me up on this offer, it's likely that I might actually make more money because i won't have to pay back any interest. And please feel free to do this yourself! These Cube's are likely a good investment if you get them right now.
