bitcoin mining for passive income?

[frenchbriefs]

now after watching a couple of bitcoin mining videos on youtube,iv come to the conclusion that bitcoin mining can be done for a relatively modest sum of money and is by far the most efficient form of passive income compared to other forms of investment by up to a factor of 10.

for a relatively small investment of about $30,000 we can obtain 10 units of the latest and most powerful asics miners,spondoolies yukon 35.each of these miners generate up to 5.5 tera hashes an hour.

using a bitcoin calculator at 55 th/s of hashing power,we are able to generate up to 0.45 bitcoins a day in a pool,at current difficulty levels and at a exhange rate of $300 per bitcoin.this equates to a monthly income of about $136 per day or $4130 per month.

now electricity is pretty ****ing expensive in singapore so we probably have to do this in johor,where the electric tariffs is about 33 sen per kwh.
these bitcoin miners are pretty power intensive and consume more than 1kwh or 30 kwh per day per machine or 300kwh per day for 10 machines,it will cost us $100 RM per day to run these machines or about $27 USD.so about 780 usd per month.we are looking at about 3200 usd per month profit for an investment of 30,000. about a 120 percent return per year.much better than any investment u can find.

now this passive income is scalable so we can look to do 10 even 100 machines even a factory with thousands of these,assuming we have the technical expertise.

 

[ramdick]

Invest 30000 get back 4000 per month. Can I invest 300 first and see if I can get back 40 per month?

Sent from gagt using GAGT

 

[frenchbriefs]

Invest 30000 get back 4000 per month. Can I invest 300 first and see if I can get back 40 per month?

Sent from gagt using GAGT

for $300 u are just a common stock holder,ur returns will be much much lower after the ceo,the executives,the employees get their share of the profits and the major investors.

for $300 i suggest u go do kindergarden investment go open a posb kids account.even speculating in sgx stocks cost a few thousand or MBS casino gambling.

 

[Mecisteus]

you have been duped. the person who made the youtube video must be making more money than the element that he is trying to convey.

 

[frenchbriefs]

you have been duped. the person who made the youtube video must be making more money than the element that he is trying to convey.

maybe,but from my point of view,this is a highly unconventional way of making money and somewhat quirky so i wont probably try it until im rich and loaded and do it for fun and curiosity.

it may be true that generating a income from bitcoin is getting harder and harder,from the algorithms that has advanced alot since the beginning,and also from the increasing breakneck competition.im not sure how long this bitcoin industry is going to last just like online poker.

but what convinced this bitcoin **** is the real deal is the amazing machines the industry has build over the years for the sole purpose of bitcoin mining,the technology looks more space age than anything microsoft or apple has created,its like they have brought together the best minds from ibm and microsoft and intel and whatnot and designed these amazing machines beautifully engineered and arranged like its some kind alien technology and space tesseract.the amazing chips and hardware and motherboards,and precision crafting,the heat dissipating structures so high tech it looks like the insides of a space ship or stealth fighter.its like watching elon musk designing rockets to space.the stuff of the future.

now i know i live in the ghetto slum public housing in singapore,but having a bunch of these miners in my living room makes me feel powerful,like having state of the art military equipment,a couple of super radars and s300 pum anti aircraft missiles,ready to shoot down any us aircraft that intrude my airspace.

 

[cupidsux]

I think its profitable but its just how long the trend will last and how well your cost cutting measures are implemented so dont let negative comments affect you ^_^ cheers

 

[Soul77]

I think by the time youre about to break even. The difficulty of the coin will increase and with the electricity no longer profitable. then you need to upgrade your machine and the cycle continues. No?

 

[flee0308]

The 4130 a month is only for the first month. After that the profit reduces due to dificulty increase. For most it is no longer worth to continue mining beyond 7 months.

 

[focus1974]

french,
the $30k setup allows you to get the latest hardware to churn out $4k monthly based on EXISTING DIFFICULTY (Which is direcctly related to the hardware itself).

We know the same electronics get cheaper each month, and so 2 or 3 months down the road, someone else can setup at $20k and compete with you..
and worse, a newer setup which cost $30k (newer more powerful GPUs or ASSICS) will increase the diffficulty of the sum processed and ....
your machines might then not be able to churn out $4k monthly..

so i would say it's a diminishing return as each month passes...
So the ROI might not be 7months you are looking at.. it could reach a year or two.. and after that... it might not even churn out $1k monthly..

....
To keep up this business, your hardware capex is always iincreasing ..... not a good business to get into imho.

What has been done ... a bit devious... is to get a software out .. iw would say a lower recurring capex... with bitcoin miner installed ...

This will mine using existing hardware of the user's PCs ... (whoever downloaded your app to use). Your ability to scale is by the ten of millions... definitely something you cannot do with your hardware route.

the most successful implementation would be the bit-torrent client "utorrent"... they deviously installed a bitcoin miner to use your machines to mine.. Can you imagine how many millions of machines they hve doing this for them?

https://www.reddit.com/r/technology/comments/2y4x3w/utorrent_silently_installing_bundled_bitcoin/

Anyway.. they got caught.. but i suspect not all the users have removed their software.. probably a low percentage.

 

[MikeZhang]

Bitcoin is not regulated. So dun bother.

 

[hOp3SoT]

i think tis is a few years late.

 

[peterchan75]

Can use this to mine ?

Use Linux can save on OS. Only drawback is speed. But space and power savings is a plus.

 

[Shiny Things]

So people have already pointed this out, but there's a few big gotchas here:

• First one, and it's a big one, you're underestimating the electricity cost. The SP35 pulls 3.65 kW, not 1kW, so you're underestimating your power costs by a factor of three-and-a-half. Redo your calculations and it comes out to about $2100/mo profit on $30,000 in.
• The problem is, that means you're going to get nailed by the reward halving. In about eight months' time the block reward is going to halve, which means your revenue instantly halves and you're suddenly running deeply cashflow negative - but you haven't made back the cost of the machines yet!
• And that's assuming you can get the hardware. Spondoolies is completely sold out of everything and it doesn't look like they'll have more for months, by which point you'll be a few months closer to the reward halving.

Disclaimer: I think bitcoin is dumb. Blockchains are interesting, but bitcoin itself is the domain of weird-beard libertarians, gold-and-gun nuts, and drug dealers. But even taking my bias into account, I still don't think this works very well unless you can get the electricity basically for free.

 

[frenchbriefs]

So people have already pointed this out, but there's a few big gotchas here:

• First one, and it's a big one, you're underestimating the electricity cost. The SP35 pulls 3.65 kW, not 1kW, so you're underestimating your power costs by a factor of three-and-a-half. Redo your calculations and it comes out to about $2100/mo profit on $30,000 in.
• The problem is, that means you're going to get nailed by the reward halving. In about eight months' time the block reward is going to halve, which means your revenue instantly halves and you're suddenly running deeply cashflow negative - but you haven't made back the cost of the machines yet!
• And that's assuming you can get the hardware. Spondoolies is completely sold out of everything and it doesn't look like they'll have more for months, by which point you'll be a few months closer to the reward halving.

Disclaimer: I think bitcoin is dumb. Blockchains are interesting, but bitcoin itself is the domain of weird-beard libertarians, gold-and-gun nuts, and drug dealers. But even taking my bias into account, I still don't think this works very well unless you can get the electricity basically for free.

well initially i was going to plan for armageddon,u cannot just get rich,u have to plan for doomsday end of the world when resources are no longer available and u have to live in a desolate wasteland.u cannot just be rich in the land of the living,u have to be rich in the land of the dead as well.i was going to buy a football field of land somewhere and build 100 240 watts solar panels at 71 cents per watt from sharp for a total of 24kwh mini solar farm,then i was going to buy a bunch of skywater atmospheric water generator 300.these produces water from air condensation itself,which works very well in equatorial countries with 100 percent humidity.each generator produces up to 300 gallons of water per day or 1100 liters.to complete the self sustaining experience,underneath the solar farm im going to build a underground soviet silo,this serves as a command center during a nuclear holocaust,complete with living quarters and life support such as hydroponics farms and oxygen scrubbers,it will be build with soviet style engineering and technology which although is crude and dated in the 70s,is designed to withstand decades of wear and tear with very little maintenance and long standing even long after the human race is gone.russian engineering is heavy duty and build to last.

but seeing the spondoolies are such massive power suckers,i may have to consider alternative sources of power such as nuclear reactors.may need to salvage a nuclear reactor or two from submarines if i want to run more than 10 spondoolies.

 

[Dividends Moderator]

The point is whether your electrical bills can sustain and mining hardware being updated:

1. Venture overseas for vacant land
2. Build power sources & used solar powers
3. Keep upgrading platforms & hardwares
4. Share 'clean' cash with governors there
5. Enjoy retirement as passive income

Initial investment is high, equity raising maybe, this is a land of opportunities for you to supersede bosses and nobel winners.

Good Luck,
D.M

 

[sAVaGEmP5]

this is so 2012.

Make sure at the end of every month u can pay off your electricity bill, then talk about passive income. Dont use your household living to write off the electricity bills.

 

[Shiny Things]

wunderneath the solar farm im going to build a underground soviet silo,this serves as a command center during a nuclear holocaust,complete with living quarters and life support such as hydroponics farms and oxygen scrubbers,it will be build with soviet style engineering and technology which although is crude and dated in the 70s,is designed to withstand decades of wear and tear with very little maintenance and long standing even long after the human race is gone.russian engineering is heavy duty and build to last.

but seeing the spondoolies are such massive power suckers,i may have to consider alternative sources of power such as nuclear reactors.may need to salvage a nuclear reactor or two from submarines if i want to run more than 10 spondoolies.

...one of these days I'll remember not to reply to trolls.

I did get a laugh out of this, though. Ever considered a career as a sci-fi writer?

 

[Fragum]

 

[antonpoh]

I think gahmen should ban Bitcoin in sg. With this Bitcoin it's harder to track the out/in flow of money by MAS.

Top 10 Places Where Bitcoin is Banned