Hey all. Here is what I'm considering:
Getting a $10,000 loan to buy parts to build mining rigs.
The loan quote I got from Wells Fargo was $10000 for 60 months at 10.233% APR, monthly payment of $213.62.
The risks I can think of are:
1. Bitcoin and altcoins crash in value so hard that no profit can be made.
2. Power surge destroys the rigs, even though they are plugged into surge protectors.
3. Freak natural disaster/fire destroys their location.
4. Someone somehow discovers where they are and steals them.
5. My income from apps I have on the app store suddenly stops.
Apart from number 3 I think all are either totally avoidable, or such a low chance of happening that it is worth it.
I think that number 5 is the most likely, but I highly doubt that the income would just suddenly stop. Slowly trickle down, month after month, but not stop.
What do you guys think? Am I missing something?
Based on
www.coinwarz.comMining DOGE it would take a little more than 2 months to completely pay off the loan.
Anyways, let me know your thoughts.
Thanks