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Author Topic: Will it be good to take loan for BTC mining?  (Read 1571 times)
bloggersjoy
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September 18, 2014, 06:30:09 AM
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I want to put money in bitcoin mining. Will it be a good decision to take loan for BTC mining? Should I take it from BTCJam or try other sources? Please suggest.
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hedgy73
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September 18, 2014, 06:51:04 AM
 #2

Never borrow money (or btc) on something as unpredictable as mining, or anything to do with cryptos for that matter, its too unpredictable.

Hardly anyone is making any profit mining at the moment with current difficulty, equipment cost, btc price and electricity.

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September 18, 2014, 07:59:57 AM
 #3

Most likely no one will loan you money for it.  With investing and mining never risk more then your willing to lose.  A loan is hard to justify essentially you are risking others money.

You can list it but most likely it will not get much support for a loan to buy equipment.  And paying interest is just one more expense you don't really need when trying to ROI.
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September 18, 2014, 03:43:34 PM
 #4

BAD!  NO!!   Shocked

Do not take out a loan for BTC mining.  Mining costs, cooling costs, electrical costs, mining difficulty, all are weighed against you getting any ROI to begin with, least of all paying back a Loan with interest.

Just don't do it.  You'll dig yourself both a Fiat hole and debt hole, that you'll never recover.

If you think Bitcoin value will rise up to a $1000, $2000, $10000 or whatever, then just buy the coins, but don't dig yourself into debt Bitcoin mining.

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jonnybravo0311
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September 18, 2014, 04:03:48 PM
 #5

Depends on what kind of loan you're talking about here.  Are you looking at venture capitalists to fund a large operation or just want to borrow a couple thousand bucks from someone so you can buy a miner?  If the latter option, then absolutely, positively, DO NOT borrow money.  That's pretty much the worst idea possible.

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September 18, 2014, 08:05:13 PM
 #6

If you don't have the money don't do it. Just wait until you have some money buy a few BTC and check back on the value in 2020.

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September 18, 2014, 08:38:01 PM
 #7

I want to put money in bitcoin mining. Will it be a good decision to take loan for BTC mining? Should I take it from BTCJam or try other sources? Please suggest.

I think you've got your answer, half a dozen people cant be wrong  Wink

seriouscoin
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September 19, 2014, 04:25:30 AM
 #8

Go for it,

Dont listen to these guys, they're just jealous.
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September 19, 2014, 05:14:59 AM
 #9

Will it be a good decision to take loan for BTC mining?
No. Bitcoin mining is designed to create a loss and making money from it involves convenient purchasing and selling of hardware, not the actual mining side. Irrespective of what others may tell you about mining, even more important is that you should never take a risky investment of an amount you can't afford to lose. Mining is a risky investment. If you need to take a loan out then you can't afford to lose that money. Ergo you should not do this.

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September 19, 2014, 05:37:26 AM
 #10

Most already answered your question, you will not be able to pay it back.

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September 19, 2014, 05:50:04 AM
 #11

Go for it,

Dont listen to these guys, they're just jealous.
Grin

Grin

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September 22, 2014, 08:02:01 PM
 #12

Mining is risky business.There will be difficulty increase which will reduce your earnings.At today's difficulty level you will need quite some investment to make good return which leads to more risk.As more and more miners come on board so does the difficulty jumps high.You could do some what accurate calculations to speculate the outcome and than see to it.
mikerbiker6
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September 22, 2014, 08:44:11 PM
 #13

short answer: No.
long answer: No.

Participate and Earn on the Letstalkbitcoin forum letstalkbitcoin.com
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September 22, 2014, 09:05:18 PM
 #14

If you are comfortable in taking out a loan to buy lottery tickets, or to go to a gambling casino, then sure taking out a loan to buy mining hardware is a swell idea.

Heavy sarcasm in the above statement. All the "No" answers are the most accurate short answer.
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September 22, 2014, 10:50:09 PM
 #15

Will it be a good decision to take loan for BTC mining?
No.

You don't want to end up like this guy:
https://bitcointalk.org/index.php?topic=486808.msg7645230#msg7645230

... or this guy:
https://bitcointalk.org/index.php?topic=291141.msg6727192#msg6727192

Run a Bitcoin node, support the network.
How to compile and run bitcoind on a Raspberry Pi
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September 23, 2014, 05:42:01 AM
 #16

No, No a thousand times no!  I can't even begin to tell you the # of mining farm operations I've invested in on BTCJam that are in complete arrears right now.  Even fellas that took out loans for the soul purpose of flipping them can't find buyers.  Even on E-bay, if you can't find a sucker on e-bay to pay even close to retail for your gear the gradual decline is likely to continue imho.

Do not, I repeat, do not borrow money thinking your going to make it back and then some in a mining operation.  Your better off logging into Cryptsy, picking anyone of their 35,000 trading pairs and simply dumping all of your money into it with the hope that you chose correctly (yes, this is sarcasm)

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