Quote from: CoinsCoinsEverywhere on July 12, 2014, 08:48:58 AM

Quote from: Bitsaurus on July 11, 2014, 09:48:16 PM

Quote from: CoinsCoinsEverywhere on July 11, 2014, 04:23:05 PM

Quote from: Bitsaurus on July 10, 2014, 09:36:30 PM

Quote from: philipma1957 on July 10, 2014, 09:13:37 PM

Old school baseboard heat heating bills are 300 a month in small 4 room homes.
I am attempting to have s-3's mining in one or two of these homes. This could make nice money for me and the home owner's that I recruit.

While Antminers aren't known to catch fire, be careful with extending out your liability to other people's homes. It's one thing to mine in your own house and keep an eye on your equipment. It's another to have somebody else's home go up in flames due to a power supply failure - and that probably won't be covered by the homeowner policy.

This kind of thing should be covered by the policy of the homeowner who has the miner in their home. As long as they don't intentionally set the miner on fire, and as long as it's not considered to be foolishly dangerous (e.g., you know there's a like a 90% chance it will burn your house down), it should be covered.

I used to work in liability and risk management. The majority of homeowners' policies do not cover commercial endeavors used at home. So if you install a car lift in your home garage it would not be covered. ASIC miners would be considered a commercial endeavor since it expressly generates revenue. To have it covered you would need to get a rider policy.

This was a grey area with GPU mining since GPUs were not tasked for this, but with ASICs unless you want to try to blatantly lie to the insurance company most people would have to get a rider policy.

Thanks for the info. I did not know that commercial endeavors would not be covered, but that doesn't surprise me. Certainly if you had a whole bunch of ASIC miners it would be a commercial endeavor. However, if you just have an ASIC miner or two, couldn't you still claim that it's a hobby if you're not declaring that you own a business (which is basically what I was thinking when I wrote my previous comment)? Or would the definition of commercial endeavor simply not allow for that?

I guess the sticking point would be whether or not the insurance company would consider it a hobby or a business. Some go by the revenue, some go by the devices intent.

You would need to call the insurance company directly. I had to get a jewelry rider last week because I bought some rings and necklaces.