Topic: Loan + Mining farm - page 2. (Read 430 times)
For my signature idea, I would apply for one. Right now I have a loan request open in long term offers though that's on salary advance.
I will only take a loan that I can pay back any time I want, meaning loaner won't get on my neck for a long period of time, this thing is pretty risky because many issues can rise after you build a farm, mining rewards can still go lower too. . its not a healthy idea.
If you're posting on Altcoins section, I suppose you're not talking about BTC mining.
And this is not a good time to take a loan to invest in mining because ETH is almost doing the transition to POS, nobody yet have the asnwer about the future of mining, maybe will be good with another coins, new coins or a stronger coin POW rising, but the fact is: ETH is going to POS, most of miners are mining ETH and it's the most profitable at the moment, if all miners point to another coins, rewards will reduce a lot.
Why not start small and see how it goes, there's no reason to start big at this moment.
And this is not a good time to take a loan to invest in mining because ETH is almost doing the transition to POS, nobody yet have the asnwer about the future of mining, maybe will be good with another coins, new coins or a stronger coin POW rising, but the fact is: ETH is going to POS, most of miners are mining ETH and it's the most profitable at the moment, if all miners point to another coins, rewards will reduce a lot.
Why not start small and see how it goes, there's no reason to start big at this moment.
Will you take a big loan for building a mining farm this days? Is this a good idea or playing with fire? Someone is trying to talk me into this but I think its wise to share the thought on here.
Big loan I would say not advisable at all.We are near the end of the so called Ethereum mining in September and a lot of developments may happen,maybe for the good of the mining or for the bad of it,if it is this second option then it is clear taking a big loan for building farms is a mistake.
However I would say a small loan to build one or two GPU rigs is never wrong,as I think most of us has the possibility to pay the loan even if mining for the moment is not profitable,actually it is profitable to mine and even after Ethereum mining there is RVN and ETC who are the next best things to mine.
Overall I would say it only depends on your point of view,above I described what I would do in such situation.
Will you take a big loan for building a mining farm this days? Is this a good idea or playing with fire? Someone is trying to talk me into this but I think its wise to share the thought on here.
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