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Author Topic: Worth it to get bank loan to mine?  (Read 1896 times)
mokahless
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July 02, 2012, 04:45:50 PM
 #21

I got into mining in December and only really started to go dedicated the past few months. I already had a 6950, 6450 and 6770m. I bought a 5830 for $80 and the rest of the system was already in my spare parts.

Personally, I wouldn't risk much. I could probably resell the GPU at $80 and I will not buy a GPU for more than 3 months ROI. The only reason I got a single jalapeno is because I had the spare BTC I had already mined and I have a lot of fun mining so I want to remain the small fry I am now later my multiplying my hashrate by 4. I figure if everything goes to shit, no loss for me.

It's a matter of risk assessment. I do it because it is fun but I wouldn't risk much and I advise the same. That said, who can tell the future? Some good points were made either way:
-network rate will increase if BFL delivers. ie, 1/2TH is the new GH
-If something goes to shit, be it insane difficulty increase or major value drop, you won't be able to pay off your debt
-The ASIC will have very little resale value because not many people use SHA256 dedicated hashing processors
-A lot of people may drop out if GPU mining becomes worthless and the majority of the network hashrate will be in the power of the remaining. Perhaps this will lower the total to make it profitable to them?
-There's still that drop to 25BTC reward.
-What about that time period where not many people have had their ASIC delivered yet? Except unless you pre-ordered, it might be too late for that for you.
-What are your electricity costs?

Here's my big question: How much are you looking to invest and do you plan on maintaining it all yourself?

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lanternblue
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July 02, 2012, 05:43:07 PM
 #22

50-100k loan

Impossible to maintain it myself
localhost
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July 02, 2012, 06:30:05 PM
 #23

Well, sounds risky to me, but it's your call after all. I guess you'll find people trying to discourage you from buying ASIC so that their own ASIC will be a higher % of the network ; personally I haven't made up my mind yet but if I do get one it will be the 3.5GH/s thingy and nothing more, which probably won't get me as many BTCs as I already have (not that I have much though ^^). So basically I wouldn't be mining much anymore and my interest would rather be that there is still a high number of miners to secure the network and keep the BTCs I have valuable, so to anyone willing to buy ASIC I'd say go for it ^^

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infamousdutch
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July 02, 2012, 06:42:53 PM
 #24

Might be worth it, but you need to take in account that the 50 btc prize for solving a block will be cut in half to 25 btc in approx. 5 months or less.  Many are speculating that will cause deflation and the value of a coin will raise as a result.

madberry
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July 02, 2012, 07:32:18 PM
 #25

By the time the supposed jalapeño reaches the market I am sure your grandma would be long gone. Tongue
LOL

I'm not saying it's expensive nor complicated, I'm just saying it's a pure investment in BTC: you can't do anything else with it. No playing, no reselling, just mining. So I'm pretty sure there won't be as many people with ASICs as there have been with GPUs (proportionally to the global reach & value of Bitcoin, of course).

True, how ever for $149 I know a lot of guys that would take a crack at buying one and figuring out if they could mod it or if it really has just one use.  There are very talented "engineers" out there that can reverse engineer the tech and use it for something else.

Have any spare coins? I'll take them:
18R28KTmwfR17EGGw9SFjoEzpWLvJAfmrT
localhost
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July 02, 2012, 07:38:23 PM
 #26

True, how ever for $149 I know a lot of guys that would take a crack at buying one and figuring out if they could mod it or if it really has just one use.  There are very talented "engineers" out there that can reverse engineer the tech and use it for something else.
Yeah, sure, I guess for quite a few tech enthusiasts there are various fun ways to reuse the thing, but I think we're getting far away from the average Joe now aren't we? Wink

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madberry
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July 02, 2012, 07:48:41 PM
 #27

Yeah, sure, I guess for quite a few tech enthusiasts there are various fun ways to reuse the thing, but I think we're getting far away from the average Joe now aren't we? Wink

Good point lol

Have any spare coins? I'll take them:
18R28KTmwfR17EGGw9SFjoEzpWLvJAfmrT
lanternblue
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July 02, 2012, 08:14:06 PM
 #28

new units will def be out by october
mokahless
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July 03, 2012, 12:15:56 AM
 #29

50-100k loan

Impossible to maintain it myself

So about 2-3 mini-rigs = 2-3TH/s?
I'll maintain it for you Tongue

GernMiester
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July 03, 2012, 01:25:17 AM
 #30

NO. DO NOT TAKE OUT A LOAN TO SPECULATE. Well unless you can afford to lose all the money plus interest.
lanternblue
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July 03, 2012, 02:38:15 AM
 #31

yes i can afford to lose and dont know how you're going to maintain them? only way is if I make them water cooled?
thelibertycap
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July 03, 2012, 12:00:09 PM
 #32

What do you think?

No. Its speculation. Speculate with money that you can afford to loose. Stay debt free.
localhost
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July 03, 2012, 12:49:23 PM
 #33

Speculate with money that you can afford to loose.
Seriously, if you don't read the whole thread at least read the post just above yours...

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lanternblue
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July 03, 2012, 12:58:13 PM
 #34

what is this debt free you're talking about? how old are you?

most average people have credit card debts...
localhost
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July 03, 2012, 02:49:00 PM
 #35

most average people have credit card debts...
Err... depends on countries I guess. Here people take loans but usually don't use the so-called "credit" cards to get them.

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mokahless
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July 04, 2012, 12:23:55 AM
 #36

yes i can afford to lose and dont know how you're going to maintain them? only way is if I make them water cooled?
What do you mean? And what are you talking about water cooled?

lanternblue
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July 04, 2012, 12:55:26 AM
 #37

The latest versions of BFL units can be water cooled
madberry
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July 04, 2012, 01:55:43 AM
 #38

I don't know anybody that can take out a loan of 100K and then not worry about the problems it could cause if they default on the loan.  Unless it's a private loan maybe...

Have any spare coins? I'll take them:
18R28KTmwfR17EGGw9SFjoEzpWLvJAfmrT
mystery2048
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July 08, 2012, 08:07:42 AM
 #39

I wouldnt say getting a bankloan to mine is a bad idea, but I wouldnt mine bitcoin... Smiley

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