I mistakenly bought a CryptoNight ASIC miner Baikal N+ during CryptoNight algorithm saga.
I found a deal on Ebay for $1500 for Baikal N+. Though I knew that Monero will switch algorithm, I thought I could mine other CryptoNight coins such as BCN, AEON etc. and make profit.
Fortunately, I was able to mine AEON for 1.5 months before AEON switched to CryptoNight Lite V1 and sold them for STEEM.
After Bitamain Antminer X3 220 KH/s, ASIC mining for CryptoNight coins became almost unprofitable. Bytecoin supporting CryptoNight gave me some hope. However, bear market and low price of BCN, make it un-survivable.
However, I continue to mine Sumocoin or Bytecoin.
Though recently, Electroneum mining is profitable, I am concerned with hassle of switching algorithm after few days.
Therefore, I sold it for one-third of the price and bought STEEM with the money.
Roughly, I guess that I am able to manage 500 STEEM. If Steem reaches $3, I will make break even and redeem my mistake.
However, if Steem reaches $5 and beyond, I will able to make some handsome profit. I believe that Steem is very undervalued crypto comparing to its utility and popularity.
The lesson is learned- never accept defeat and work with growth mindset and try different paths. The end result will be a success!
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
Cryptominer since 2013, occasional trader and tech blogger
