A couple have gone for an unusual way of making money for their future, by investing more than $100,000 into Bitcoin mining, purchasing the machines, electricity and the space to create more of the digital currency.
The entrepreneurial couple have tried unusual money making decisions in the past, with one half of the couple, Amanda Ryland saying;
“Most endeavours have been profitable…They may sound crazy, but I trust him [husband Dan Ingram].”
Her husband justified his latest decision by saying;
“If I was looking for get rich quick, I would have just bought Bitcoin, and just sat there and crossed my fingers – and that would be really taking a chance…I was looking for something that was a little bit more stable.”
Successful miners, which involves using machines with high-level computing power to solve complex equations are rewarded with Bitcoins.
The couple have set up no less than 11 mining machines in their home, and have more arriving from China, which they plan to set up in a warehouse space, that they have designed especially for this. This venture does not come without some disturbance though, and each shoebox sized machine requires not only a lot of electricity to run, but because they generate so much heat, they have to have a fan connected which creates a loud humming noise.
The specially adapted warehouse will help the couple access power at better rates, but they plan to team up with other miners in an online pool, to help compete with giant commercial operations. My joining the online pool, they will get a small slice of any cryptocurrencies that are earned each day.
Ingram said about the new venture;
“I’m not planning on taking money out on a daily basis to live off…This is for the long term. It’s basically taking all of my savings so far and putting it towards it. It is a little risky, but I’m young.”
Despite their still being some sceptics, Bitcoin does attract attention from high-level investors, with one technology pioneer predicting that the price of Bitcoin would hit $1million by 2020.
Despite the risk, Ingram said that he is happy about his decision, saying;
“If this is going to work, it’s going to work really well…If it’s not going to work, I’m going to have to live with this decision for the rest of my life – and I’m fine with that.”
What would you do? Would you risk it all to potentially make millions?