The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Bought a crypto miner for $575 in Sept 2021. Here are the results...

Anything related to investing, including crypto

Been Machine

Contributor
Read Fastlane!
User Power
Value/Post Ratio
154%
Mar 28, 2022
13
20
Back in September, I decided to drop nearly $600 on a crypto miner. This was before I discovered MJs books, and was fixated on the "passive income" and "acquire cash flow assets" type of stuff. Keep in mind I was entering my senior year of HS so $575 was a pretty big chunk of cash.. anyway to the results.

After 10 months of this machine running, and spending a $575 upfront investment, I am left with...

$67.
FML.
Oh wait!
Did I mention I got scammed out of $600 buying another miner around the same time, one that never arrived and is still marked as "shipped" to this day?
Ugh.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Ing

Gold Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
102%
Jun 8, 2019
1,621
1,651
58
Bavaria
Back in September, I decided to drop nearly $600 on a crypto miner. This was before I discovered MJs books, and was fixated on the "passive income" and "acquire cash flow assets" type of stuff. Keep in mind I was entering my senior year of HS so $575 was a pretty big chunk of cash.. anyway to the results.

After 10 months of this machine running, and spending a $575 upfront investment, I am left with...

$67.
FML.
Oh wait!
Did I mention I got scammed out of $600 buying another miner around the same time, one that never arrived and is still marked as "shipped" to this day?
Ugh.
You can’t calculate the scam into it.
After 3/4 year you ar break even. Thats not bad.
Now, if you don’t sell your coins in the bearmarket, but wait till next bullrun, you will make good money. But crypto is only short term, if you are deep in knowledge.

So : not bad. Every invest done now here is break even in 1+year.
 

Hong_Kong

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
126%
Apr 7, 2022
215
270
Back in September, I decided to drop nearly $600 on a crypto miner. This was before I discovered MJs books, and was fixated on the "passive income" and "acquire cash flow assets" type of stuff. Keep in mind I was entering my senior year of HS so $575 was a pretty big chunk of cash.. anyway to the results.

After 10 months of this machine running, and spending a $575 upfront investment, I am left with...

$67.
FML.
Oh wait!
Did I mention I got scammed out of $600 buying another miner around the same time, one that never arrived and is still marked as "shipped" to this day?
Ugh.
That makes total sense. If you subtract the cost of electricity, your time, maybe its even worse. Also the crypto miner is realistically getting less and less effective over time, so this could be the peak.
 

Mammoth

Amor Fati
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
247%
Dec 4, 2019
246
607
México
The fact that at your age you’re taking actions to improve your life is the important part here.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

GPM

Legendary Contributor
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
376%
Oct 25, 2012
2,067
7,775
Canada
What did you buy and what were you mining?

I am guessing it was Helium miners based on the price and the fact that your second unit didn't ship. If so, try to cancel that second order. Do everything you can to get a refund on it. Charge back on your CC if you have to. Helium is dead on arrival and all current miners may be essentially be bricked soon.
 
Last edited:

Been Machine

Contributor
Read Fastlane!
User Power
Value/Post Ratio
154%
Mar 28, 2022
13
20
What did you buy and what were you mining?

I am guessing it was Helium miners based on the price and the fact that your second unit didn't ship. If so, try to cancel that second order. Do everything you can to get a refund on it. Charge back on your CC if you have to. Helium is dead on arrival and all current miners may be essentially be bricked soon.
Damn! Impressive... spot on my friend. The second one was a Helium miner and like you said, never got it. I tried cancelling it but it's too late. Plus, I don't even have a CC... I purchased using a debit sooooo.... yeah that's that.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

RobinVL

Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
392%
Dec 28, 2021
13
51
Totally agree with Mammoth first of all, you win some you lose some.

Next to that, Your honesty is priceless I think. Most people getting into crypto, mining etc. only share their wins and make people believe it's some fairytale wonderland.

Honesty can get you a long way.
 

MitchC

Legendary Contributor
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
283%
Mar 8, 2014
1,966
5,554
Australia
Damn! Impressive... spot on my friend. The second one was a Helium miner and like you said, never got it. I tried cancelling it but it's too late. Plus, I don't even have a CC... I purchased using a debit sooooo.... yeah that's that.
You can still do a chargeback with a debit card.

Get in touch with your bank.

You'll likely need to play with expected delivery dates etc to fall within their terms but you will get the money back.

$600 for a couple hours work is worth doing. I wrote a big pdf and emailed it to mine once with screenshots etc and was able to chargeback something I'd bought 6 months before and been scammed on.
 

GPM

Legendary Contributor
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
376%
Oct 25, 2012
2,067
7,775
Canada
Damn! Impressive... spot on my friend. The second one was a Helium miner and like you said, never got it. I tried cancelling it but it's too late. Plus, I don't even have a CC... I purchased using a debit sooooo.... yeah that's that.
What company did you buy through? I've heard of people getting refunds and cancelling orders like a year after "buying" them. Those are straight through the manufacturer though, like bobcat or something.

I got a helium miner off eBay for hardcore scalper prices before I left for Mexico last year. I wanted to get it set up before I was gone. I had a buddy close by who was doing $10/day on his so I figured I would get close to that. Nope! I got a few days at those rates, and then it quickly quickly dropped to basically nothing.

I'm running two helium miners, in total they have been mining with upgraded 6db antenna for nearly a year. I have a whopping 19 HNT right now. At current prices that doesn't even pay off the antennas I got, let alone the miners. At the peak HNT pricing that still doesn't pay off the miners either. To be honest I was expecting at least double the HNT that I have now.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
G

Guest-5ty5s4

Guest
It's an expensive, painful lesson, but it's cheaper than six figures of debt! The important thing is that you learn from it and do something better next time instead of repeating the same type of mistake for the next 40+ years. Lots of people spend their whole lives making the same mistakes. The key is to make better mistakes.
 

Been Machine

Contributor
Read Fastlane!
User Power
Value/Post Ratio
154%
Mar 28, 2022
13
20
You can still do a chargeback with a debit card.

Get in touch with your bank.

You'll likely need to play with expected delivery dates etc to fall within their terms but you will get the money back.

$600 for a couple hours work is worth doing. I wrote a big pdf and emailed it to mine once with screenshots etc and was able to chargeback something I'd bought 6 months before and been scammed on.
Thanks for the advice bro, def gonna give it a shot now
 

Been Machine

Contributor
Read Fastlane!
User Power
Value/Post Ratio
154%
Mar 28, 2022
13
20
What company did you buy through? I've heard of people getting refunds and cancelling orders like a year after "buying" them. Those are straight through the manufacturer though, like bobcat or something.

I got a helium miner off eBay for hardcore scalper prices before I left for Mexico last year. I wanted to get it set up before I was gone. I had a buddy close by who was doing $10/day on his so I figured I would get close to that. Nope! I got a few days at those rates, and then it quickly quickly dropped to basically nothing.

I'm running two helium miners, in total they have been mining with upgraded 6db antenna for nearly a year. I have a whopping 19 HNT right now. At current prices that doesn't even pay off the antennas I got, let alone the miners. At the peak HNT pricing that still doesn't pay off the miners either. To be honest I was expecting at least double the HNT that I have now.
Got it off eBay. Pretty sure I tried cancelling but it was already too late at that point. I got caught up in the Helium hype as well (obviously) figuring I'd make some decent $ a day... obv it seems pretty dead now
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top