Compass Mining Risks That Cost Me $10,000

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  • čas přidán 29. 08. 2024

Komentáře • 29

  • @TheTopTalent
    @TheTopTalent Před 2 lety +3

    Thanks for the transparency and info. Very well laid out risks and pros. In the non-summer months I’ll mine on my gaming PC but otherwise it’s a Gemini DCA strategy for me!

    • @RhettReisman
      @RhettReisman  Před 2 lety

      Cheers Brandon 😁 yeah I think DCA is the way for most people

  • @TripAstute
    @TripAstute Před 2 lety +1

    Great video! I had miner (hosted by Compass Mining) go online earlier this year. It actually came online earlier than expected, which was great. However, I’ve been disappointed by the amount of downtime. My facility in Oklahoma also was shut down in June, so Compass is moving my miner to a new Texas facility later this month. If I had to do again, I would have opted to just continue DCAing, especially given the bear market prices that we’re seeing.

    • @RhettReisman
      @RhettReisman  Před 2 lety

      Yeah it will be interesting to see how they compare over years - I’d probably agree with you though, would be nicer to have the cash right now than the miner haha.

  • @1tents
    @1tents Před rokem +1

    You obviously gave this video a great deal of thought, and I appreciate you sharing your experience.

  • @rpsjms2
    @rpsjms2 Před rokem

    Delayed over a month so far. I regret buying and hosting. Compass has given me no timeline and every day with the delay of 6 miners sucks. The halving is fast approaching, which further adds to the frustration. Thanks for the video

    • @RhettReisman
      @RhettReisman  Před rokem

      Yeah mine has also been delayed indefinitely. Worst investment of my life (so far)

  • @BrianLaRueontime
    @BrianLaRueontime Před 2 lety

    Glad you are doing this analysis on Mining. No one else is doing it. Would be interested in your comparison of DCA vs Mining.

    • @RhettReisman
      @RhettReisman  Před 2 lety

      Here’s a DCA vs mining analysis :D
      czcams.com/video/88Go8W9JPU0/video.html

  • @lipovsas
    @lipovsas Před 2 lety +1

    Man, it's tough to hear about your experience (and those in your comments). Still, it's hard not to see the current prices they are advertising and not want top jump in when you can get 100 TH/s at under 4,500. I'll stick to DCAing for now but hope to hear more if and when you get up and running.

    • @RhettReisman
      @RhettReisman  Před 2 lety

      Yeah 100%, I’m thinking of buying another one haha wanna make sure the first one comes online okay first though fingers crossed 🙏

  • @brnenan
    @brnenan Před 2 lety

    Great vid. This channel is way undersub’d so commenting for the algorithm.

  • @AskDadWhy
    @AskDadWhy Před 2 lety

    Good risk analysis. It's a question of scale. You need to build a spreadsheet model and figure out the return on Compass v. another hosting faciilty or even self-hosting, and go from there. If you're only running one or two miners it might be wise to find a datacenter with excess capacity (even a friendly employer), and work something out. That way you can control some of the risks you mentioned. Compass' biz model doesn't totally make sense to me because if mining was truly profitable there, why wouldn't they keep the resources for their own miners?

    • @RhettReisman
      @RhettReisman  Před 2 lety

      Compass doesn’t have a mining operation - last I heard they didn’t have plans to start one because it’s sort of a conflict of interest (what you said is 100% correct, it would be better for them to just mine the bitcoin themselves). Maybe now that they’re under new leadership they’ll move in that direction.

  • @ikust007
    @ikust007 Před 2 lety

    Thank you mate !!

  • @BradCulberson
    @BradCulberson Před 2 lety

    My miner paid for in November with compass is still not online. No way I’ll break even before the hardware is obsolete now.

    • @RhettReisman
      @RhettReisman  Před 2 lety

      Especially since the market crashed :( sorry to hear that man

  • @audieallen9734
    @audieallen9734 Před rokem

    Let me tell you my compass mining story! It's a long one and I will probably do a video to make it easier on me. If that's something you'd like top hear, it's interesting....

    • @RhettReisman
      @RhettReisman  Před rokem

      I’d love to hear it

    • @audieallen9734
      @audieallen9734 Před rokem

      Awesome, I'll link it when I get her done!

    • @audieallen9734
      @audieallen9734 Před rokem

      czcams.com/video/Tb_RDZFmyAA/video.html
      , sorry I tried to keep my story under 10 min

  • @klausuhr
    @klausuhr Před rokem

    Hi Rhett, do you have an update about your mining rig?

    • @RhettReisman
      @RhettReisman  Před rokem +1

      Still not online. Going to reach out again this month and see if there are any updates. If it doesn’t go up sometime this year idek man
      Definitely worst investment I’ve ever made

    • @klausuhr
      @klausuhr Před rokem

      @@RhettReisman I hope it works out in the end. Thank you for your work!

    • @RhettReisman
      @RhettReisman  Před rokem

      Yeah we’ll see haha. Glad to help :)

    • @mellowtime9712
      @mellowtime9712 Před rokem

      Rhett - I hope you do an update when you finally have your miner up and running. Every now and then I’m tempted to get onto mining, but the algorithm god recommends this video and calms the impulse right down. But still, those rigs seem supremely cheap at the moment!