Mining rigs for crypto...........

Anyone here got one?

That ship has sailed mate. I've got some serious techno friends as I used to work for FastHosts one guy got into it in the early stages and has paid his mortgage off, just works for the sake of it now. The rest had the same general consensus, it was too late to join.

Basically you will never cover the cost of the machine itself unless the rate goes up. You will cover the cost of running the machine and normally make a small profit. If the rate rises dramatically you stand to make a profit on whatever you own.

Also you need to factor in getting a USB wallet, do not store your currency online and for god sake don't lose the USB ?

P4dstar said:

Basically you will never cover the cost of the machine itself unless the rate goes up

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Good steady rigs are available for less than £3k. These in a low like now can produce around £10 profit each day Not much you say. 

Put £3k in a savings account with an annual rate of what the banks think is generous of say 3% and you'll make a whopping £90 on that after fees. 

Drop £3k on a rig that mines just £10 a day and your return in year one is £3650!  More than 7 X the banks offering.  Get a good spike and skies the limit. 

That's about 22% return. If all you latent investments made you 22% you'd be laughing.  

He who dares Rodney!  

Green Pro Clean Ltd said:

He who dares Rodney!  

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Very true mate, very true.

The guys who would warn against it were warning against it in 2014. Back then it had risen to $1000 and started to ''plummet'' to around $500 if I remember correctly. It's high was just under $15000 at the end of 2017 and there are some experts that predict it could reach a million.

One important thing to remember when reading these success stories is that the bulk of people lost their bitcoin as the original people primarily bought through Gegox.

Should the bottom ever fall out of it you would be left with the bill for running the mining rig and the cost of the rig itself as it would no longer be worth anything. Not worth doing just to take the money out each month as it needs to be in there to make you a profit when the value of the currency rises. It is a gamble and out of reach for a lot of every day working folk as the added cost on the monthly budget plus the cost of the rig can be a stretch but if you can afford it then its a decent gamble.

Personally I wouldn't waste your time investing in Bitcoin, its in a low at the moment and it has ups and downs. Ripple is pipped to be the next big thing. You can currently buy for $0.35, just store the coins on a physical wallet (Normally a ledger nano S). If it's any help to anyone they're currently on sale with Scan;

https://www.scan.co.uk/products/ledger-nano-s-wallet-smart-chip-cryptocurrency-protection-with-support-for-30plus-currencies-with-ma?gclid=CjwKCAiAyMHhBRBIEiwAkGN6fL6LHsBG9fKjY-oFHym8KgrrtCo-sVbwLH_D6pQGTOPfDFtNxt26DRoC7tsQAvD_BwE

Ripple is taking time to shoot up partly because it cannot be mined. To simplify the explanation of it there is a limited amount available ever which is constantly decreasing. They have an agreement to be used by a Japanese bank as well as some other stuff which is why people are saying they will be the next big thing.

Forget Scan, Amazon now have them even cheaper...

https://www.amazon.co.uk/dp/B01J66NF46/ref=twister_B07J45622V?_encoding=UTF8&th=1

So people are prepared to buy an "asset" that actually is worthless as it's only intrinsic value is what someone else will pay for it. I'm fairly certain this is basically a Ponzi scheme that has fleeced millions out of their hard earned that, apart from a few, will end in tears 

Part Timer said:

So people are prepared to buy an "asset" that actually is worthless as it's only intrinsic value is what someone else will pay for it. I'm fairly certain this is basically a Ponzi scheme that has fleeced millions out of their hard earned that, apart from a few, will end in tears 

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The mining rig is like your van, if diesel stopped coming into the UK tomorrow then your van is suddenly useless. The likelihood of an outright bottoming out is unlikely depending on who you ask.

The equipment always goes up and down in value depending on the demand. This time last year a Ledger Nano S was £170 and only available on eBay from guys who already had them, the company that makes them had a 6 month waiting list. Lots of people around the world ordered them. Those that got them in time started to invest in bitcoin which certainly helped its value fall from 15k to 3k today. Now there are a lot available and no one buying so in theory this is the time to invest. It's just such a volatile market, no where else would you find something thats value fluctuates by 12k in a year.

I've dealt in commodities for years, probably longer than you've been alive, that would always have a value as you could actually physically touch and see them. I personally think, could be wrong, that the whole Bitcoin scenario is a big scam. How can a number, basically a barcode, with no financial guarantee behind it, be worth 15k. Beggars belief to an old fogey like me. 

I really don’t get the crypto currency either. The only place I know of it’s use is in the dark web. Never heard of anyone buying clothes with bitcoin lol. 

I was interested before with investing money in it and I probably still would. I just understand the ins and outs or I would be in to it

I see where you're coming from guys. Its no different to our own currency though. I appreciate you can physically touch money but that is just a receipt for a non tangible item. The difference with crypto currencies, particularly BitCoin and LiteCoin, is they are not government controlled. They aren't gold backed or economy backed which is why they fluctuate so much. The theory is because they aren't linked to a central bank and or national debt they can genuinely be worth much more. For every £1 we have in our pocket a large % of that is actually due back as debt by our government to be paid on our behalf.

You can use crypto in CEX and some other stores have discussed it... It will never take off though. It is destined to remain little more than a risky savings system. The eventual collapse will more than likely be caused by government controls being initiated around the world.

P4dstar said:

You can use crypto in CEX

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Oh well why didn't you say....... ???

I'll use my crypto to shop for someone elses unwanted tat.   ??

Yes it really is a risky savings plan but that's why returns are 20% ++ not 2 - 3% building society 'safe return' 

I'm with @Part Timer on this.  Will stick to commodities I can touch and drink and for the risks I'll stick to stock ISAs

Green Pro Clean Ltd said:

I'll use my crypto to shop for someone elses unwanted tat.   ??

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You forgot the bit where you have to wait in a massive queue for some stinky unwashed emo to serve you... Then they say something to you so bloody quietly you stand there puzzled because they have people skills of a sewer rat...

If you want a good return and happen to have 50k available you can buy a 2 bed terrace in pretty much any town in the north west, refurb it and rent it out for that. The reason I say if you have 50k is because this removes the risks involved with buy to let mortgage increases. Returns around £350 per month taking into account estate agent fees and maintenance.

Stirling is just numbers too. All currencies are. I’ve got contacts with cheap electric available, which makes it more viable. Also, the rigs are an asset. 

If you can get the vat back and write costs off through the business, then it’s even more attractive. 

I think there’s potential for long term profit.

There isn't mate.

I don't know why people don't just invest everything into what they know.....this business. Window cleaning! 

If your give this 110%.....well, you've seen what likes of nationwide window cleaning or even like Pryors etc. are doing.

Leeds said:

There isn't mate.

I don't know why people don't just invest everything into what they know.....this business. Window cleaning! 

If your give this 110%.....well, you've seen what likes of nationwide window cleaning or even like Pryors etc. are doing.

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Somehow people are drawn to what they think is easy money. There is no such thing as no risk easy money, and anyone that thinks there is really need to shake their heads. 

Window cleaning is pretty easy money?

Splash a big of pure on the windows of a few houses and pocket an easy couple hundred quid.

For most, expansion is easier than diversifying.

Mining volatile crypto isn't the most stable passive income. Although it's pretty stable at the bottom  now ?