How it All Started
I started mining around June 2017 just before the bull run, should i just of bought bitcoin?
Well it depends. I spent $4000 Australian dollars for a antminer s9 and a months hosting, not massively overpriced seems tho there about $2700 usd and extremely hard to get hold off. The price of bitcoin was roughly the same but i wanted to be a part of the community and produce bitcoin instead just buying and Hodling. So i started mining and back then the daily profit from bitcoin was $35 usd a day after 3 weeks of mining i decided to get another antminer.
I used nicehash as my go to pool and service and for everyone thats been around a while knows the story there. THEY GOT "HACKED" However they said they would pay everyone back. They have kinda, in tiny instalments which i cant see them going all the way through with but you never know. One of the biggest lessons learned is never keep your coins anywhere you don't have the private keys...ever.
From there i changed my antminers to mine on slushpool, they have been a decent company never had a problem the system is easy to use and you can change your payouts. After transferring to slush pools and getting the ich again around november/december time i decided to get 2 more. The price was near its all time high so it worked out better for the miners rather than paying $17,000 for a bitcoin, ouch.
Sorry for anyone reading who paid that.
54THs of mining power through my antminers boom, over half way to my goal of 100THS. But wait, making money this easy was far to good to be true. I forgot to mention that the bitcoin mining difficulty goes up roughly every 2 weeks by 7% when the price does the same it's all good. Roll on Christmas , Chinese new year and that prick from mt gox who sold a lot of bitcoins and goodby profit.
Is Mining Still Profitable?
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You see how the two charts go the opposite way, well that means not good by profit. However there is hope. Otherwise lots of people wouldn't mine, Getting electricity/equipment cheap and help the margins massively and if you believe in the future of crypto and the price going somewhere of planet to the moon then why not.
For all you guys wondering what the profit is now, a day is about $8 dollars a day.
Im still going to continue mining for when the price rises up again. Look a the mobile phone when it started to where it is today.
I see a future where we all have electric cars, probably a Tesla. Were driving, well the car is driving its self and it needs fuel a hologram comes up from the dashboard showing the nearest electric stations (they changed the name) you pick one. After filling up the dashboard hologram pops up again asking what cryptocurrency you want to use to pay for the transaction.
We live in a digital age and now we have a digital currency. As soon as we get through the regulation stage it will come out stronger than ever. Basically as soon as the government benefits from it we can have mass adoption. What do you think?
Personally i think its a great hobby to get into and learn more about technology, But do your research. And smash that upvote.
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