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Starting an ASIC Bitcoin Mining Farm on a Credit Card. $40,000 of equipment! - YouTube
Channel: SPACE DESIGN WAREHOUSE
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okay let me start off by saying this is
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generally a bad idea and under normal
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circumstances you really shouldn't
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leverage your credit this way this year
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for me has been the year of taking what
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ifs and turning them into let's just see
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on some of my more ill-advised pipe
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dreams i'll direct you to a couple of
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months ago when i sold my house and put
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all the profits right into one stock
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that i really believe in i have a pretty
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unique situation that makes this level
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of risk a bit more tolerable that said
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hi my name is nicholas johnson i've just
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spent twenty thousand dollars on a
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credit card to buy asic miners and i'm
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about to spend twenty thousand dollars
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more i got into the hobby of mining
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ethereum a few months ago with this rtx
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3080 i have in a windows machine that i
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use to run this vr headset it didn't
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take long before running the numbers led
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to spending another eight thousand
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dollars putting together a purpose-built
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ethereum mining rig albeit a messy one
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that consists of four additional 3080s
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and a pair of air conditioners to pump
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out all the heat so that my garage
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office is still comfortable by now i
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hope that we all know about ethereum 2.0
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and how it's got a good chance of
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putting it into that party some
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mysterious time in the possibly near
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future so i took a little peek into the
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asic side the dark side of
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cryptocurrency's proof of work i was
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under the impression that asic farms
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consisted of hundreds of units simply
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because they make like a penny more than
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the cost of the electricity they used to
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run but i guess that was a reality when
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the prices of everything was a lot lower
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i picked up a bitmain antminer l3 to
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test the water and even worse i bought
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it on amazon at a pretty significant
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markup just so that i have the safety of
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you know their return policy in case it
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came dead on arrival it came it was very
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easy to set up i got it going and now
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it's on track to make a couple hundred
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bucks this month seeing these numbers
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unlocked a demon inside me that's just
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running the numbers over and over
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calculating that if i just spend more
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money it'll return more more money after
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it pays itself off i am aware of the
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cyclical bear markets for now though
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every thousand bucks spence equates to
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at the current price of in this case
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litecoin 150 more dollars brought back
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in which means that machine will pay
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itself off in seven short months as long
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as nothing drastically changes i mean
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since when does crypto change
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drastically and unexpectedly all right i
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recognize a majority of people can't
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just be like well then i'll just spend
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40 grand and buy myself a 50 000 salary
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those numbers can't be real they can't
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be real how can that be real
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okay let's find out quick sidebar will
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you push the thumbs up on this video
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please it helps youtube show it to more
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people and that will act as a backup
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when this plan all falls apart graham
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stefan says i need to reward you for
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this so here is possibly the only 4k 120
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frames per second video of an l3 plus
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ant miner running alone in a warehouse
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okay so here's the part where i explain
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how doing this next thing all on credit
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cards isn't totally insane i did sell my
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house and i did put all that money into
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microvision stock mvis on the surface it
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seems like i've got the potential to
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lose everything people always say only
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invest what you're willing to lose and
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that's fine advice to live by but while
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this stock will definitely go up and
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down and right now it's going down more
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than it's going up the odds of a company
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that's been in business for over 20
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years and has over 100 million dollars
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in the bank the odds of that company
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suddenly literally going bankrupt and
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just completely disappearing are very
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small the odds of their share price
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going up a little or going down a little
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or hovering right where they are are far
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far more realistic that means i've got
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this hundred and ten thousand dollar
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safety net where if i screw up the
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wiring and burn down the whole warehouse
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and lose my mining farm i'm not gonna
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lose my house i'm not gonna be any real
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trouble or danger i'll just have to sell
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off some stock and put a giant l in the
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mining farm column of the ideas
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leaderboard second to that i've got a
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full-time job with a salary i've got a
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wife with a full-time job with the
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salary that makes actually a little bit
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more than me we don't have any kids and
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we enjoy living with roommates who
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actually pay a majority of the mortgage
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so if my mining farm does go up in
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flames and mvis goes to zero randomly in
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reality my daily life won't change i'll
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take out a consolidation loan set it to
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autopay and just forget that this year
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ever happened back to this month's bad
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decision making with what i've learned
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about litecoin and bitcoin and litecoin
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and bitcoin mining i've made four
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additional purchases on some credit
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cards i bought in total three bitmain
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antminer l3 plus pluses and an antminer
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s19j pro and then i'm putting a
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pre-order in on an l7 for the november
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drop the three l3s will earn about 150 a
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month each mining litecoin and
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converting it to bitcoin the s19j pro
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will mine bitcoin directly and at this
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exact moment we'll earn about 800 a
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month and my five 30 80s are already
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generating about a thousand dollars a
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month mining ethereum and we'll continue
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doing so until the bitter end at which
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point i guess maybe i'll just make and
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sell for custom gaming pcs or maybe
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ravencoin goes up in price and i can
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just keep going with those and this l7
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which won't be delivering until sometime
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in november will apparently mine a
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disgusting 3 300 a month in litecoin
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converting to bitcoin oh my god that's
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outrageous that will put mine no longer
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a hobby mining operation at a profit of
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if i understand these projections
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correctly of four thousand five hundred
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and fifty dollars a month or fifty four
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thousand dollars annually those numbers
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are insane to me
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that's insane i already make something
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like sixty five thousand dollars a year
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with my salary and my side hustles so as
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long as these chinese suppliers don't
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just send me a paperweight in a box and
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then go out of business i will be a
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six-figure earner as of 2022. this is
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going to make doing taxes so confusing
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and rewarding the second thing that
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makes this even possible at all is the
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space warehouse itself with some of
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these machines you can't just plug them
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into the wall at your house especially
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if you have a bunch of them the s19j pro
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pulls over 3000 watts the l7 pulls 3 400
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watts and each of the l3s want 800 watts
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apiece to run all of them prefer to run
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on 220 volts and you typically only have
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that at your stove and your dryer and
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those outlets are pretty busy in
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addition to the very high power draw
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these machines are also super loud and
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most of that energy gets converted into
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heat so if you're gonna have these at
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home you're gonna have to solve for
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those problems as well but the warehouse
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has a 300 amp panel and a bunch of it's
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wired at 220. it has a crap ton of cubic
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feet of open air to dissipate the heat
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and no one lives there so yes i have
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spent 40 thousand dollars all on credit
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cards on asic mining equipment expecting
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the profits to outrun both the
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electricity cost and the cost of
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interest to the banks for the
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opportunity i did move twenty thousand
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dollars of that money to a card with
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zero percent interest for eighteen
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months which should be far more than
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enough time to pay that thing off i'm a
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miner now with a mining farm i'm a
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farmer now who came up with these terms
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follow me for updates on whether or not
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this worked out i'm pretty confident it
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will
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