I have a family member that is old and thinks Asic Mining is witchcraft. I just cant get him to go in on the Idea of printing money so I want to know if banks are giving business loans for minig operations.
Most banks dont like the idea of loaning to people who want to mine crypto. It’s like loaning to your enemy
That’s probably going to be a tough one unless you have a relationship with the bank already and can just take out a signature loan or have some substantial collateral to guarantee the loan. I’ve been a business owner in my whole life and have had plenty of dealing ones with banks and that’s typically how it goes. However if your credit score is above 750 you should have no trouble borrowing up to about half of your yearly income on a signature loan. There are probably other online lenders they are willing to make more risky loans but the interest rates will reflect as such and it may because prohibitive.
I assumed standard rules of lending would apply, but living in Texas I hoped that they had taken notice to the trend of mining operations moving here and wanted on the train. Best case they had a come up with something to take advantage of the potential windfall of profit to be made.
#1 rule in Crypto investing - only spend what you can afford to lose, so in case of taking out a loan to start mining operation is a potential double-burn…
most banks will close your account if they find out about crypto… puts ya in high risk category
I was kind of thinking the same thing, it is not mainstream enough yet. In 5 years, banks will be begging for more business. Crypto is killing it right now, banks cannot compete with crypto interest rates. I currently rent an apartment and I hate renting, I moved out of state and rented my house out for several years before selling, and now I am looking to move back to the area…so that sucks for me, but all my doing. I think it will be incredibly difficult to get someone to upgrade some electric to 240v for me even when I offer to pay for it with an electrician of their choosing (licensed and insured). So I will most likely be stuck with 120v options until then. Crypto has been around for a little bit, but I honestly believe we are still early to the space. This is a good time to make some moves in my opinion!
Bank of America actually offered to provide a business loan to purchase these miners. Maybe try with them.
just tell em ur making a workshop and need extra power for machinery… sorta 100% true… … but l;ike Crypto…com their own damn cards your not allowed to use to buy crypto or do any person to person money sends… i was mad lol when having the Metal crypto… like wtf
u talking about equipment loan right. which alot will do , and also line of credit. they dont care what for aslong as u can proove $ lol
Yeah, that’s what they called it, but I didn’t hide the fact that it was for asic miners.
yeo , they care $$>. and will take it all too … just makesuire u get a decent one. suggest line of credit so u can use it wheenver u want , pay it and use it again etc…
Haven’t moved forward on the offer, just thought it was interesting they didn’t outright deny it.
yep ive been there done that… they see equipment loans, because they get the equipment u buy as collateral on ur loans… so eitherway if u dont pay they still get paid
I worked at an electrical company in the summers during high school. Upgrading is easy. I was do panels my second week of work. (16yrs old) just watch a utubr video on it.
Cash-out refi if you’ve owned a house for 5-ish years with some equity in it. I’m working one now to kick my loan back out to 30yrs, 2.5% fixed from 4.5% keeps my principle and interest the same. If my venture is unsuccessful, worst case scenario I keep working my main jobs with no impact to my budget. If I can bag an L7 and it keeps cranking over $70/day I can quit the job that I hate.
Been thinking that also but was going to start with credit card
I got offers in the mail for pre approved loans and ended up getting one for a KD5. It was just a personal loan no questions asked really. High interest, but who cares with how much a KD5 makes.
I’d say look toward investors who have a great interests in Crypto. I’ve often thought about the same thing but getting a loan would be next to impossible
You’ll care if profitability drops to lower than the payment. Is that likely? None of us know . If that’s within your risk tolerance, have at it! My gut check on these things at the moment is to try to keep interest rate on any debt I take on as low as possible. I may look into a new CC with 0% APR for a year and see what I can do with that.