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Last Thursday, I was pondering the huge backlog of unconfirmed bitcoin transactions and noting the fees (> $40) and began to feel somethings gotta give. As it currently stands, bitcoin cannot cope with too much popularity and increasing popularity is what drives the price higher. So I made a spur of the moment decision to dump my 5 BTC to cash. The next day I was rather glad that I did. Got out at close to $AUD25k per. The same BTC I had bought about a month ago for $AUD10k. I have a few BCH and am mining various other crpytos and converting to BTC but for the most part my big time bitcoin investing is done. Since April when I started buying and later selling, I've made around $AUD135k in profit and that's enough. I think the easy money is finished and given bitcoin's unresolved scaling issues, I can't see it soaring much higher. But who knows? I sure don't. It was a gamble that paid off but a gamble it remains. I have built two 8 gpu mining rigs that net me around $70 a day (after deducting $10 for the watts). That's also a gamble albeit a smaller one. But it gives me something to do and an interest in life which is what I need right now. I think I was lucky to sell when I did, but then maybe next month, I will have cause to regret it. But I have just enough skin in the game to continue enjoying the ride even though I'm no longer in the running for a million dollar account balance.
I thought I would post some pics of my two babies, RIG1 and RIG2. Together they are making around $70 day while using about $10 if electricity. The frames are my own custom design made from aluminium square tubing. Silverstone 1500 watt power supply ASUS Prime Z270 motherboard (7 pci-e slots plus using one of the 2 x M.2 slots in pci-e mode) I3 7100t cpu (TDP only 35 watts!) 8GB DDR4 Ram 120GB M.2 Hard drive 8 x Gigabyte GTX1070's (RIG1) and 8 x GTX1070t's (RIG2) The one with it's guts spilling out is RIG1, the prototype. I didn't have enough PCIE power splitters so used the sata and molex to power the risers which is less than ideal. Now that I have lots of the right cables to make it neat and nice, I'm loathe to shut it down to fix it. Each rig pulls around 1kw from the plug. I would love to build more but I only have 7.2kw available in my little unit and I need some electrons for other stuff.
I'm invested in bitcoin and ethereum and I've been thinking lately of building a mining rig. Bitcoin home mining requires a dedicated ASIC that will likely be out of date in 2 years and be worthless. But most alt coin mining can be done with an upmarket GPU (graphics card). I've researched and to build a decent rig with 6 GPUs will cost me around $3000. Roughly what the latest bitcoin ASIC (antminer S9), would cost. But unlike the ASIC, the graphics cards will still have some residual value when they are no longer able to mine economically. Just for fun, I've been mining monero on my laptop and making around 20 cents a day. Probably using more than 20 cents in electricity but as a proof of concept, it's got me interested in more. It would likely take at least a year for profit to overtake the initial $3000 rig cost, so it's a venture not without risk. But once the hardware cost is paid for the rest is profit until the 6 graphics cards need to be replaced with newer faster ones. The only running cost is electricity which as mining difficulty increases, will likely make the cards uneconomic eventually. Even old cards would continue to be viable if you had a spare kilowatt or 2. (I don't) PROs 1. It's fun! There's the fun in building and tweaking it, and then there's the fun in having a box that sits there day in, day out, earning money. 2. ??? 3. PROFIT CONs 1. Largish initial investment. 2. Black swan event that makes home mining no longer viable especially if it occurs within 12 months. 3. Ethereum will change from POW to POS some time this year which means all those home miners mining ethereum will probably switch their rigs to mining other alt coins. This will mean a massive influx or processing power which will likely greatly increase the block difficulty resulting in much lower profits for all. This is my biggest concern.