Hey everyone, we’ve set up a group to help kids and families affected by the war. Our goal is to fund the care, education, and protection costs for children who’ve lost their families due to the conflict, using the income generated from mining. We’d really appreciate it if you could share some mining setups that would give us the best efficiency while staying within a reasonable budget.
Thanks a lot!
TERRIBLE idea.
Mining of any sort is a gamble and certainly not to be relied on for an organizations income.
Even if the gear is donated, you still need somewhere to house the very loud and hot miners as well as access to very cheap power to feed them.
Is there anything you can suggest to increase our income and to be more helpful? Because at the moment, we are trying to help with only limited donations. We need to be able to help more by increasing revenues. Because there are people in really difficult situations.
Also thank you for your reply.
Just prove them the help you can afford. Bitcoin mining is more like a long term investment, which also carries some risk. You don't expect earning profits right from day 1 when you set up your mining farm.
Worse still, what you are attempting to do is like using the donated money to risk it all into some venture you are not aware of. What if you lose it all before it does even it's intended purpose?
I disagree, mining is a very short term investment, many Chinese miners call it "a hit and run" which is a perfect description of how mining businesses actually work, you have a very limited duration and racing against the mining gears you invested in to become 1-obsolete and cost more to run than profit 2-They break and stop mining for hardware related issues.
OP, I'll side NFW here, mining is not suited for this kind of operation, to be honest, the whole crypto industry isn't for that matter, if I have people sending me money to feed orphans I would surely not put any of that money anywhere near a volatile market, instead, maybe invest some of that money to teach those kids some skills which they can use later on in life to earn some money.