Cryptominers unable to repay millions in loans are handing over their mining rigs instead

m3tavision

Posts: 1,116   +946
Who borrows money to start a mining rig operation post 2014...?

I bet all of these people knew they weren't going to make it big... and just wanted to ride the lifestyle bubble..
 

Dimitrios

Posts: 1,102   +912
Who borrows money to start a mining rig operation post 2014...?

I bet all of these people knew they weren't going to make it big... and just wanted to ride the lifestyle bubble..
Yup It seems most people want fast success just like ordering pizza in 15 mins or less.
Too many people that want the same thing. In the end only two types win. The cheaters and the hard workers (mixed with a little luck).
 

m3tavision

Posts: 1,116   +946
Yup It seems most people want fast success just like ordering pizza in 15 mins or less.
Too many people that want the same thing. In the end only two types win. The cheaters and the hard workers (mixed with a little luck).
right^..!

The pizza I order takes about an hour, because it's cooked in an oven and I order it with extra sauce, cooked until crispy. Can't believe people settle for 20 minute pizza...

Even though franchise pizza may look the same, the cheaters loose in taste..
 

Dimitrios

Posts: 1,102   +912
right^..!

The pizza I order takes about an hour, because it's cooked in an oven and I order it with extra sauce, cooked until crispy. Can't believe people settle for 20 minute pizza...

Even though franchise pizza may look the same, the cheaters loose in taste..
I meant it as a metaphor but now I'm hungry 😂
 

zavrix

Posts: 66   +50
Now just have to wait until Nvidia come to their senses and realise most gamers just wont pay miners prices for gaming cards.
 

Rq3EWAq

Posts: 169   +172
Greed always ends up like this. Crypto is very volatile, mining is a pinnacle of volatility and instability in this sector. Mining has been largely unprofitable for years unless one has free electricity or very cheap one.
All these industrial miners with cheapass $0.03/kWh power CAN BE profitable and COULD survive anything, but because of greed, now they are massively overleveraged with monthly loan bills higher than profits they make from mining, so they have to go down.
Get rich quick doesn't work, even in this industry it's better to go slow and steady.
 

Gezzer

Posts: 317   +153
Whenever there is any sudden fall or scandal, this story comes with pointing out crises and instilling fear. But, stock of several tech companies had drops equal % to or greater than those of BTC, like it or not, it is a natural effect of rising interest rates around the globe suffocating high-risk investments.

Maybe. I'm sure that the current economic climate doesn't help. But you have to admit that crypto did get over hyped and it turned from a possible potential alternate currency to a speculation vehicle. And as history has shown any investment vehicle driven solely by speculation only has said speculation to prop it up. Personally I never had a problem with the concept behind crypto, more the fact that it was being built on a foundation of sand due to all the speculation it was generating. In the end the vast majority of "get rich quick" schemes become get poor just as quick, eventually...
 

Gezzer

Posts: 317   +153
Since all those rigs were kitted out for mining I wonder if they'll be any good for more general purpose uses. Maybe in the end every community college will be able to afford to set up a small supercomputer real cheap if nothing else.