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Buying a house with BTC

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tw79

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Howdy,

I wanted to share with you folks my plans for a real-world solution using my Bitcoins. I'll be helping to pay off our new home using BTC.

My current BTC holdings aren't enough to pay off a mortgage completely, but I believe I will be able to pay off the mortgage 15 years early, and save over $100,000 in interest, if everything goes well. Currently, our new home is under construction with an anticipated completion date in June of 2015. My goal is to have by bitcoin mining income to bring in 5 BTC each month to make an extra payment to the principal of the loan.

My blog illustrating my endeavor is located at www.timweitzel.net/house

I certainly hope this helps others learn that there is a real-world benefit to Bitcoins and encourages newcomers to stick with BTC for the long-haul.

Take care,

Tim

Posted on March 21, 2015 at 1:18 PM

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• odolvlobo

  

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  I don't want to seem negative, but have you done the math? You can generate 5 BTC per month with 17 TH/s, but that doesn't account for power costs.

  Posted on March 22, 2015 at 12:02 AM
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• Bernhard

  

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  from the site its not clear at all what he wont

  Posted on March 22, 2015 at 2:01 AM
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• tw79

  

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  @odolvlobo I don't want to seem negative, but have you done the math? You can generate 5 BTC per month with 17 TH/s, but that doesn't account for power costs.

  I'm trying to do this with cloud mining. South Texas is a very tropical climate, and running miners all day will kill my electric bill. I had an S1 for a few months and my wife beat me over the head with it when she saw the electric bill.

  Until the house is built and we move in, I hope to reinvest enough to bring in the 5 BTC.

  Posted on March 22, 2015 at 3:40 AM
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• Bernhard

  

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  @tw79

  @odolvlobo I don't want to seem negative, but have you done the math? You can generate 5 BTC per month with 17 TH/s, but that doesn't account for power costs.

  I'm trying to do this with cloud mining. South Texas is a very tropical climate, and running miners all day will kill my electric bill. I had an S1 for a few months and my wife beat me over the head with it when she saw the electric bill.

  Until the house is built and we move in, I hope to reinvest enough to bring in the 5 BTC.

  I hope you made your calculation with the extremly strong bullish difficulty which will kill your profits in the long run. And do you ever know about block halving? we wait for that soon, google it!

  Posted on March 22, 2015 at 8:25 AM
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• odolvlobo

  

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  @tw79

  @odolvlobo I don't want to seem negative, but have you done the math? You can generate 5 BTC per month with 17 TH/s, but that doesn't account for power costs.

  I'm trying to do this with cloud mining.

  I'm very skeptical about cloud mining. As a business model, it is either unsustainable or it is a scam. Consider this: if you ran mining equipment that generated a 5 BTC profit per month, would you rent it out for 3 BTC per month?

  Posted on March 22, 2015 at 11:02 AM
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• ikidesu

  

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  Mining bitcoin is not worth anymore, especially with cloud mining, most all in the end is scam. Maybe the best way is trading bitcoin, with big amount you have you can get big too, but with trading skill of course

  Posted on March 22, 2015 at 11:20 AM
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• pooktwo

  

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  @tw79

  @odolvlobo I don't want to seem negative, but have you done the math? You can generate 5 BTC per month with 17 TH/s, but that doesn't account for power costs.

  I'm trying to do this with cloud mining. South Texas is a very tropical climate, and running miners all day will kill my electric bill. I had an S1 for a few months and my wife beat me over the head with it when she saw the electric bill.

  Until the house is built and we move in, I hope to reinvest enough to bring in the 5 BTC.

  Just to clarify, you will be simply converting the BTC to USD then paying your house off correct? Under that circumstance, its not a real world use for BTC as the mortgage company is not accepting you BTC, but you are selling them for USD and paying USD.

  Posted on March 22, 2015 at 11:31 AM
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• Cryptonaut

  

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  I wouldnt bank your house on cloud mining income... or even mining income in general. For one, mining rewards pretty much constantly go down over time and you will never be able to keep up with the bigger players. For another, the cloud mining service could go under or shut down at any moment.. You might want to consider finding some alternative ways to earn BTC

  Posted on March 22, 2015 at 11:46 AM
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• Bernhard

  

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  I started for a test a small amount of GH in midle of 2014 with genesis mining which seems me sereus. Unfortunatelly because of rizing difficulty the daily payment is at now 1/4 of it was at beginning. This has nothing to do with the mining company it is just the thing how bitcoin mining is.

  Posted on March 22, 2015 at 11:53 AM
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• Tintin

  

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  No offence but this is a very bad idea, like odolvlobo describes.

  Posted on March 23, 2015 at 2:21 AM
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