Mining away the mortgage!!!

shinyminer

Hello everyone

long time reader, first time poster... here goes!

Mortgage when started: £220,000
Current mortgage (April 2014): £110,000
Mortgage free day: 1 September 2018

A pretty agressive target, but having become a MFW pretty soon after buying our house, I've been making fairly large overpayments from money saved through a save as you earn scheme at work (Most of my colleagues think I'm mad and instead typically spend their money from this scheme on holidays or new cars... lol! can't wait to tell them once it's all paid off ).

I already have my existing income/outgoings (bills etc.) nailed down pretty tightly, and any spare cash at the end of the month goes onto the mortgage... however, as I'm sure many other fellow MFWs feel..


IT'S NOT ENOUGH!!! :D:D :rotfl:


So, I'm currently looking at other ways at boosting my income. I'm interested in things like swagbucks etc. though, having had some interest in bitcoin or litecoin mining, I'm looking into this as a potential way of turning my spare computer CPU/Graphics card cycles into cash!... we'll see if it gets us anywhere, but I'll report back here with my findings, and try and keep my mortgage total up to date.

Ta ta for now!

edinburgher

Welcome to MFW, the land of crazy schemes! :beer:

I think that some of the ideas mentioned at the end of your post are theoretically fascinating, but I strongly suspect that you've *massively* missed the boat with Bitcoin and Litecoin.

Both now seem to have a prohibitively high cost of entry and it would appear to be almost impossible for an individual to meaningfully 'mine' anything, particularly with Bitcoin. The prevalance of adverts for server farms for hire etc. for use in mining would suggest that, like all gold rushes, this is one where the guys selling the pickaxes are making more than the miners

In addition, I'm very skeptical as to the viability of cryptocurrencies as a reliable medium of exchange (or as a store of value).

There's also the environmental damage to consider. The amounts of carbon being released by miners is nuts.

Have you considered some of the more traditional money making ideas that either piggyback existing ideas/extract value or leverage transactions?

1. Stoozing
2. Cashback from current accounts/credit cards
3. Cashback from purchases
4. eBay sales
5. Paid surveys
6. Lodgers
7. P2P lending
8. Matched betting
9. Saving
10. Investing

Alchemilla

Hello Shiny. Welcome and Good Luck.
Would a lodger be a possible?