SHOULD I REQUEST A LOAN TO BUILD MINING FARM??

bitcoinmaniac52

sr. member

Activity: 532

Merit: 250

Presale is live!

Quote from: excuber on August 07, 2017, 08:07:55 AM

Hello guys....before this i have post a thread which says that where suitable place and how to get large amount of miners....and i dont have large modal...should i request a loan??

I do not recommend it.

Your best bet is getting a loan to invest in Bitcoin. You are likely to double or triple your money this way whereas it will take you a few years to get an ROI in mining.

However, if your electricity rates are extremely low then it can be very profitable to mine, so really it depends on your situation and what your electricity costs are.

yua_na

full member

Activity: 434

Merit: 175

you need to get a money first, no short way to become rich, why would you take a loan for big mining field ? how if btc or eth price crash ? how you could cover your loan then ? and another problem is, there is electricity bill you have to pay every month.

samsonn25

hero member

Activity: 882

Merit: 1003

Better way is to loan out money and make interest. Without worrying about difficulty aporoaching 1 trillion soon.

JanpriX

hero member

Activity: 1708

Merit: 606

Buy The F*cking Dip

You'll be needing large amount of money if you'll be going to build a mining farm and having a loan for it is, I think, a "meh" idea. Yes, you could make a profit out of it and provide the payments for your loan but you need to consider that having a mining farm is putting yourself/investment at risk. I'm not saying that there's an investment without any risk but it is much higher if you'll be putting your money for a mining farm. It is better to use that money to trade coins that you have faith with. That could be more profitable in the long run.

777Bitcoin

full member

Activity: 140

Merit: 100

Should I say, No! A loan in making an investment is a No, No.
We all know at first bitcoin investment is already a risk and adding mining + loan is a disaster.

leowonderful

legendary

Activity: 1624

Merit: 1129

Bitcoin FTW!

Realistically putting money on plain old Bitcoin and HODLing will result in much more profit than mining, although both are inherently risky and you should do it at your own risk. I primarily mine as a hobby and have no serious operations going. Plus, mining is going more and more centralized every single day. If you enjoy mining, try it with a little money. Otherwise I would not as buying the coins you want to mine straight up is a wiser, but still unsafe option.

NotFuzzyWarm

legendary

Activity: 3612

Merit: 2506

Evil beware: We have waffles!

Hell NO!
Look at it this way -- Would you take out a loan to spend at a casino just because in the past on average you tend to break even when gambling?

Hopefully not...

Even when properly thought out and implemented I still consider setting up a decent size farm from scratch to be a roll of the dice. I've been mining since Feb 2014 and grown to ~240THs all from an initial investment of about 8k USD back then. After that, all growth has been solely financed directly from farm income which also produces a good bit of fun money as well. Cheesy

Point is it IS a risk. You will probably at least break even but then again, also a strong chance maybe not. That initial starter money I used was mad-money from a very nice year-end bonus so was either try mining BTC or go to Vegas for a weekend of fun. I chose mining Wink

fanatic26

hero member

Activity: 756

Merit: 560

No you should not. You cant seem to control your caps lock key let alone $1 million in mining hardware....

QuintLeo

legendary

Activity: 1498

Merit: 1030

Very high risk when you don't appear to already know what you're getting into.

Mahanton

hero member

Activity: 2688

Merit: 625

Quote from: excuber on August 07, 2017, 08:07:55 AM

Hello guys....before this i have post a thread which says that where suitable place and how to get large amount of miners....and i dont have large modal...should i request a loan??

There are lots of things to be considered first before you would request a loan for this kind of venture or investment.You should think off first on the expenses that you would consume on monthly basis and knowing miners arent cheap and they are costly and you would really need a big loan if you do decide to make large scale mining farm.Please do make calculations first if you do see that you are profitable then go for it but you should really always know the risk on mining.

bornworld

newbie

Activity: 4

Merit: 0

i think you can go something MRR (miningrigrental) if you can't afford mining machine

mocacinno

legendary

Activity: 3388

Merit: 4919

https://merel.mobi => buy facemasks with BTC/LTC

Quote from: excuber on August 07, 2017, 08:07:55 AM

Hello guys....before this i have post a thread which says that where suitable place and how to get large amount of miners....and i dont have large modal...should i request a loan??

It's very hard to understand your question to be honest...

If you're asking if you should request a loan in order to buy miners, it's actually a very simple economic calculation:

If the principal plus the intrest of the loan is smaller than the fiat equivalent of BTC (or altcoin) you'll mine in a timeframe you're confortable with, it might be a good idear to request a loan... If not, you shouldn't request one.

It all stands or falls with following parameters:
- how much income will your mining operation produce (mostly dependant on your power cost)
- how much risk are you willing to take ( a longer ROI means bigger risks)
- do you have collateral? You can live in a country where you only pay 0.001 cent/Kwu for power, if you don't have collateral, nobody is going to lend you sufficient funds to setup a decent mining operation. If you're going to go to the bank, the collateral might be physical. If you want a loan from this forum, you should read the "no collateral, no loan" guideline Vod once wrote...

excuber

newbie

Activity: 50

Merit: 0

Hello guys....before this i have post a thread which says that where suitable place and how to get large amount of miners....and i dont have large modal...should i request a loan??

Topic: SHOULD I REQUEST A LOAN TO BUILD MINING FARM?? (Read 1543 times)