The Self-Repaying Timber Mill

Real-World Alchemy

Introducing Real-World Alchemy

Real-World Alchemy is a user-focused publication intended to shine a light on some of the less-conventional uses for Alchemix. In the first we take a look at the Self-Repaying Timber Mill that Forester is working on.

We’d also love to hear from the community. If you’re using Alchemix and have a story to tell then please join the Alchemix Discord and tell us all about it!

The Self-Repaying Timber Mill

Readers of Issue #5 of the Alchemix Journal might recall the short section on Alchemix Real World Use Cases. In this issue we’ll give a little more insight into one of the more unusual scenarios - using an Alchemix loan to pay for repairs for a used timber mill! Alchemix user Forester has provided some details about what they’re up to:

I need to mill some timber for a couple of personal projects, and wanted to get my hands on some better equipment. A friend had an old mill that had fallen into disrepair, and I was able to arrange to take it off their hands. The mill hasn’t been used for about a decade and is now in a pretty bad state, so it needs some repair work before I am able to use it.

A brand new mill would normally cost around $20-25k USD, whilst the repair and refurbishment for this mill should only cost $10k USD, so it made a lot of sense to go down that path. I’ve dropped it off at the repair shop so they can get it back in working order; the work is ongoing and it will take some time before it’s all ready.

I had already started using Alchemix as a replacement for the tired old traditional fixed rate/term savings accounts that I used to use, so it made sense to use it once again to pay for the repairs. The collateral needed to cover the costs has already been earning a yield in Alchemix for a couple of months, and it will continue to do so whilst I wait for the repairs to be completed. When the mill is ready I will borrow against it to pay for all the work (hello world’s first Self-Repaying Timber Mill!).

Once repaired it should work much like the above photo of the mill in use (Pepe also loves milling timber when not degenning in DeFi). Milling timber will remain as a hobby/personal project for the time being, but eventually I might like to see whether there are also opportunities to use it in a more professional capacity.

Big thanks to Forester for hitting us up with this story!