So I’ve recently been considering getting into mining due to how passive it is. I could keep my day job while mining and it seems like all it takes is the upfront investment.
I’ve got $100k and thinking I’d get 10 S19 Pros to start. When I run the number on an online calculator is estimates I’d make about $7900/month after electricity costs.
Seems good and I’d be okay with a 1.5 year ROI since I’d likely keep reinvesting profits to build up more momentum.
My only concern is THIS…
What happens to that mining equation if Bitcoin goes to $25,000? What happens if it goes to $100k and settles in some $60-$90k range for 2022 and beyond? What about in 2024 at the next halving?
I’m basically trying to figure out if there’s any situations in which I totally lose my investment?
If I pursue this my goal would be to keep buying more miners until… idk I’m making $1,000,000/year maybe? Is this type of “race” possible? Is this something I can leave to my kids someday?
It’s really good to know you’re ready to join the cryptocurrency world, but in my personal opinion that spending that kind of money all in one go is too risky.
You are better off doing just the one at first and see how you get on so that you can get the experience you need to start you off and go from there.
Of course values do constantly change but you got to try and put your mind at just coin collecting and not just think money making and fearing losses because if you sell crypto assets too soon then you will regret because you will have to start hodling your crypto assets again soon.
It will be nervous at first but if your passionate as well then it will be exciting as well.
Also if your dedicating to asic miners then make sure you can cover the electric as some do eat alot of juice!
Only saying all of this because I hate for you to lose out alot if you jump the gun too soon.
I agree with Miura. My advice to you would be this; buy one miner and make it profitable. That one miner will be worth it’s weight in gold because you are going to learn how this all works. Jumping into a 100K farm from nothing would be a nightmare unless you have a partner that is at an expert level when it comes to the technical side of mining. You have the right goals, and a small mountain of money doesn’t hurt either, but learn how much you pay for electric, learn how to set up and maintain a miner, how to transfer coins, sell them, etc before you jump into the deep end.
One good thing if you are mining coins and hodl you have the opportunity to sell high, if you are not dependent on cashflow from mining. Just pay the electric bill from coins.
Hello. I went and spent my money in one fell swoop, only to have the lion share of my mining boxes not work. I bought all together 14 mini doges, but only four are up and running (ikw, ikw). So please just dip your toe in and see how you like it. Heck with staking the way it is you can in some intances earn up to 20% on ur money which isn’t a bad return.
But my advice to you is PLEASE JUST DIP YOUR TOE IN FIRST.