Thanks. Yeah, 2K and only break even after a year doesn't sound that great. I've heard paying into cloud mining in general will tend to lose a person money. It doesn't make a lot of sense to me outside of the initial need to raise capital for equipment and expansion. I imagine a lot of latecomers get stuck holding the bag like a Ponzi scheme.
Maybe I should have mined coin on my old Nexus 4 lol. I mined for a day on a GTX 1060 and quickly decided I didn't want run my card at 72 degrees C 24/7 and spend $25 extra on electricity over about 2 to 2.5 months in order to get about a $70 payout at the end.
And that's right! I forgot about the dorms. I would totally be doing that if I were back in college haha! I'd build a rig that netted as much as possible without tripping a breaker though lol. Based on dorms I've lived in, I'd probably also need to run a portable air conditioner for both the rig and myself or it would become unbearable. Don't know what I could net in a day in that situation with those resources, but say it was $50/day. That's $1500/month. If you're really savvy, then the real money would be in a handful of dorm mates paying for the same components from your rig's parts list, you assemble it for them and get it up and running in their dorm room, and they give you a rolling 10% commission each week from their revenue lol.
When I was in college I made extra money selling Lego parts online. It was a different time. To be fair, it was pretty ingenious at the time when other work was not available, but mining with "free" electricity would have been so much easier.
But it is a lifetime contract! If I'm not mistaken it's 30$ per X amount of allocated Hashpower for life. I do think it's profitable, or became profitable especially because BTC price jumped this year. I'm pretty sure that's the reason they stopped the lifetime contracts and now it's 2 year contracts only. 4/6 coin contracts are sold out!
On the other hand, the people really profiting here are those Youtubers who accumulate Hashpower through referral links. I would guess 90% of the Hashpower is from referrals. Nice marketing strategy you got there, Genesis.
Yeah, you could load balance the rigs across the dorm grids. I would assume however that at some point the administration would come down an inquire why one dorm sector is generating a x20 power bill :D
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That makes more sense. And those referrals for sure. Heheh, several years back the power plant at my university actually caught fire (it's very old infrastructure). I can only imagine if they also had a major problem with students mining crypto in the dorms. I wonder how big of a problem this is at some schools and what schools will do about it, if anything, going forward.
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