This is a project I have done many times for several different applications for both saltwater and fresh water aquariums. Experimenting with different materials and portions leads to some awesome creations. Surfing around on the net for ideas will definitely get your creative juices flowing.
My smaller pieces are often sitting in the back of my toilets getting rinsed through and through and more so when i have company
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Cost wise it is the best way but does involve a little bit of work and imagination if you want to create some interesting forms for your aquarium.
Effectively 40$ (including colourant - yes it CAN be used) to make over 100 lbs of rock VS 3$ a pound store bought definitely had given me the incentive to roll up my sleeves and get creative including the point of being able to make specific form fitting shapes, caves, arches, wall ledges and other neat structures you'd be hard pressed to find in any box of bought rock.
I had over 45 tanks running and people went crazy for some of the rocks and structures I had, thus selling some of them off and coming out ahead cost wise. Not to mention trying to buy rocks for that many tanks was just outrageous at almost any price !
a single note though .. if this is something you end up doing a lot you might want to invest in a box of cheap plastic gloves, 10$ for 100 in home depot or Rona or even a few pairs for a buck at the dollar store. The cement is very drying and harsh on the hands.