Topic: Friends coming at me with 40-50k to invest into mining rigs (Read 3268 times)

I hear people from 2-3 years ago saying difficulty is too hard with their current  hardware at the time and I hear people now saying the same thing with new hardware. There is no easy money. You gota mine and be willing to accept to break even or have slim profits in the short term to mid term. If your willing to accept that potential reality then go for it. The real gains come from holding your coins as long as you can, or until it has a nice price breakout after mining them if your lucky. That can take 6 months or more. The biggest mistake to me is giving up and not trying it. I rather try and fail and try again. Those are the winners. It's just like housing. Get in as early as you can. It's a long term game. Always think bigger picture, go against trend, and do things that not many people are doing due to difficulty.

Going back to specifics if your going to run a mining farm you're going to have to learn as you go, debug the hardware equipment and software,  find ways to better optimize cost of equipment as you build and go on.  Even if it's not the most optimized your fighting against time so you can make a few mistakes and keep improving as you go.  Ditch the shopping list and just do it and build your 1st fully functional working rig. Once that's running perfectly you'll build your next rig cheaper and more efficient. Start small and expand

40 -50 k is chump chnage right now due to the high cost of GPUs , you cant even build a real farm for that.  I spent probbaly 60k last year on my farm 250 or so GPUs , including mother boards risers etc  :  now 60k buys what

100 gpus ? and thats not counting all the boards PSU whatever so really only 75 GPU at current prices.

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%.

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