So, today marks the 1-year anniversary of when I made my first investment into Ether. It has been a hell of a year, I’m still ‘hodling’ strong and looking forward to taking part in this new and revolutionary economy that we are building together.
To say the least, this past year has been a surreal experience. I saw my career path diverge from my fellow Business Administration majors in a turn more extreme than even I expected. I’ve always had an admiration of entrepreneurship. Whether it was scheming plans for a biodiesel plant or running a less-than-legitimate ‘butter-coffee shop’ out of my college dorm room, I was never satisfied with the typical road map of getting a degree and getting a job.
However, I didn’t expect to end up building a mining rig in my spare time, a hobby that quickly evolved into a passion. A few months, a graduation, and one cross-country drive later, I was in the process of opening a commercial cryptocurrency mining business in North Carolina.
I’ve watched the price of Ether and the network hashrate jump in unpredictable and sometimes worrying directions. I’ve watched the temperature fluctuations in my 120 sq-ft. office range from a cool 65℉, to an emergency, stress-inducing 110℉ on its worst day. If you’re considering mining, I’ll tell you right now, do it somewhere cold, because it’ll give you a leg up on what will be your #1 problem, heat dissipation.
I’ve learned skills I never expected to be relevant to the cryptocurrency mining field. From educating myself on the thermodynamic benefits of the various cooling methods, to making the decision to abandon AC units altogether, to doing research on the optimization of airflow through duct-work, I’ve loved every bit. (Being a curious individual will help you on your mining quest.)
Stumbling through the process of opening and maintaining a small business by myself has been the most rewarding experience of my life and I wouldn’t trade it for the world. Seeing the ever-growing list of people asking for my investment advice in the cryptocurrency sector has been one of the greatest compliments I’ve ever received. Becoming a trusted source for investment advice in possibly the most volatile market the world has seen was daunting, but if it were easy, it wouldn’t be any fun.
If I were to realize my profits right now, they would be well into six-figure territory, but I know that we're just seeing the beginning of something that will change the face of this planet, and the economy that inhabits it. I'm not going to talk about specific numbers, because frankly, it's not necessary, and that's also my own private information.
I would also like to clarify, what while I have made astronomical profits off of this venture, it is not the reason that I am so genuinely excited about this technology. For me, this is not just a revenue stream. While it definitely started as such, I'm sure that anyone who has immersed themselves in the crypto-community has begun to realize the world-changing implications that this technology brings to the table. I thoroughly believe that cryptocurrency and blockchain technology are about to bring the world into an era of pure, market-based capitalism, that has never been seen before.
The road will be a long and rocky one, full of pitfalls, and iffy currencies that get over-hyped. The market is volatile now, and it is likely to remain that way for some time. To conclude this reflection, I'd like to leave you with some very basic principles for investment in the cryptocurrency sector.
- Do your own research. (Pay extra attention to the tabs labeled "Team," check LinkedIn accounts, and job history, etc.)
- Be skeptical, not cynical.
- Don't assume it's too late
- Make sure you know what you are buying (make sure the token/coin has a working product... avoid "vaporware")