Ready-Made Crypto Mining Kits Lure More Than Geeks in Singapore

[cyclone]

Ready-Made Crypto Mining Kits Lure More Than Geeks in Singapore

By Krystal Chia
January 26, 2018, 4:00 AM GMT+8

The volatile and mysterious world of cryptocurrencies is now a shopping mall away -- at least in Singapore.

Ready-made computing machines used to facilitate transactions in Bitcoin and other digital currencies have appeared on the city-state’s shop shelves even as its central bank sounds a note of caution.

The availability of store-bought ‘mining rigs,’ each contributing its computing power to solve the complex mathematical problems needed to confirm transactions in digital currencies, means would-be cryptocurrency ‘miners’ in the country no longer have to assemble their own machines out of separate components.

At Sim Lim Square, a popular shopping complex focused on electronics, at least five stores were selling cryptocurrency mining machines in recent weeks.

More details in https://www.bloomberg.com/news/articles/...-singapore

[Wildreamz]

This has been going on for a long while. IMO, the safest bet to profit from crypto craze for the average investor: 1. Sell mining rigs. 2. Be a miner.

I estimate, if current crypto price and difficulty of mining remains around the same level: in 3-4 months you should be able to get a good return on investment on hardware. In 10 months, your rig would be almost fully paid for by mining fees. And everything you earn from that point forward, is "free" profit.

1 obvious risk is Ethereum impending move to "Proof of Stake" which will make mining obsolete. Sure you could still mine other "alt-coins" like Monero. But this is an over-arching trend that other cryptocurrencies will soon follow.

[BRT]

sent to me by a friend - another place to buy mining rigs.
https://www.mining.sg/shop/
not encouraging anything, just FYI.

[BRT]

From farming veggies to mining digital currencies

Vegetable farming and cryptocurrency mining may appear to be worlds apart, but Mr Lim Hong Zhuang, 33, founder and chief executive of local start-up Chi-X, thinks otherwise. He made the bold switch from farming fresh produce to mining digital currencies this year and believes there is huge potential for growth in the market. He tells Jacqueline Woo about making the switch and his plans for growing the firm.

http://www.straitstimes.com/business/com...currencies

[Wildreamz]

I am kinda bullish on cryptomining. New currencies are being created every day. Some genuinely more useful than others. 

I don't think this is going away, some of the new Blockchains may have potential to develop into something viable long term. The return on investment is also relatively fast (< 1 year). There are risks for sure, but after you got back your initial investment, the rest is free money. Even if crypto crash to zero, the hardware will still be worth something because it could be used for something else; such as gaming rigs and machine learning projects.

[weijian]

From farming veggies to mining digital currencies

Vegetable farming and cryptocurrency mining may appear to be worlds apart, but Mr Lim Hong Zhuang, 33, founder and chief executive of local start-up Chi-X, thinks otherwise. He made the bold switch from farming fresh produce to mining digital currencies this year and believes there is huge potential for growth in the market. He tells Jacqueline Woo about making the switch and his plans for growing the firm.

http://www.straitstimes.com/business/com...currencies

A couple of years back.

https://www.valuebuddies.com/thread-3841.html

[TTTI]

From farming veggies to mining digital currencies

Vegetable farming and cryptocurrency mining may appear to be worlds apart, but Mr Lim Hong Zhuang, 33, founder and chief executive of local start-up Chi-X, thinks otherwise. He made the bold switch from farming fresh produce to mining digital currencies this year and believes there is huge potential for growth in the market. He tells Jacqueline Woo about making the switch and his plans for growing the firm.

http://www.straitstimes.com/business/com...currencies

A couple of years back.

https://www.valuebuddies.com/thread-3841.html

LOL
Good spot man.

[holymage]

Wow weijian, did you recall something that long ago? Thumbs up for your memory.

This just goes to show how bubblicious cryptocurrency is, with main street jumping onto the bandwagon.
Blockchain might even be just a proof-of-concept (check out Hashgraph).

[BRT]

From farming veggies to mining digital currencies

Vegetable farming and cryptocurrency mining may appear to be worlds apart, but Mr Lim Hong Zhuang, 33, founder and chief executive of local start-up Chi-X, thinks otherwise. He made the bold switch from farming fresh produce to mining digital currencies this year and believes there is huge potential for growth in the market. He tells Jacqueline Woo about making the switch and his plans for growing the firm.

http://www.straitstimes.com/business/com...currencies

A couple of years back.

https://www.valuebuddies.com/thread-3841.html

nice! this guy has shown more grit than i probably ever will. when you fail you walk away with experience. hopefully for him this time is different.

[weijian]

Wow weijian, did you recall something that long ago? Thumbs up for your memory.

This just goes to show how bubblicious cryptocurrency is, with main street jumping onto the bandwagon.
Blockchain might even be just a proof-of-concept (check out Hashgraph).

hi holyimage,
Yes i did recall. Some stuff stick to my mind, most don't. This one did.
He sounded too familiar - the "i-can-be a-banker-guy-takes-the-path-less-traveled" thing. It isn't easy for a young Malaysian chinese guy to tough it out in rural Johor, what more for a Singaporean one. I still remember his "You keep hitting the wall till you're almost dead. Then, one more hit, and the wall finally breaks"

I am not sure what happened to his farms, maybe he sold all for a profit and is now backed with money to go into crypto-mining. He's a tough one and he will succeed (or fail) beyond his academic classmate (no in between).