So guys I’m blogging now because I’ve made so many mistakes now its embarrassing. Let me begin.. So I finally got into cryptos in about July this year 2017. My first though was as I’m one of “those guys” that thinks that gold is still a factor and that the monetary system has gone to complete crap and its just a matter of time before it completely falls apart. Or am I wrong? Can you run your household like the governments in the west do? Cant pay your rent.. no problem print some extra money based on bonds or debt you pimp out to countries like China, Japan and the rest of the world and force the US dollar down the throats of countries via the petrodollar. The end game is in effect the last year or so because countries are not buying our debt anymore and they are moving away from the dollar as a reserve currency. If Venezuela could force the planet to trade with Venezuelan dollars they would not be eating their pets.. Anyway.. back to cryptos.
So I think well I’m a nerd so I’m gonna mine. So before reading or researching I turn on every reserve pc, and mobile, tablet and start mining BTC. I then read that it’s a complete waste of time and that I need to buy a mining rig. I’m thinking well this is a mac house so I try to get a external enclosure with a graphic card and think I can daisy chain a few together and have this cool rig that I could resell. So I spend big bucks on enclosures and cards.. and they sucked.. I pulled the cards sold the enclosures on ebay no biggie. Buy some motherboards setup a couple of rigs. Bought a mix mash of different cards. Whatever was cheap at the time. So I’m a nerd and good on linux, windows whatever. I get some boxes up and running and start mining. Started with ETH profitability was horrible and ROI way out of sight. I had 180-200 mH on a good day with my mashed together mining rigs. So I think what can I do? Lets find another coin to mine. So I try mining UBIQ seems cool. Maybe a better ethereum and guess what it is and no one cares they still all want ether not UBIQ. So I mine all these coins see the price is like $1 and sit on them and finally pick a better coin.. On to ZEC.. Mine ZEC making profits cool stuff.. though still not great and ROI is not in sight for mining rigs with 2k + in cards. So play with nicehash, switch back to ETH.. Finally I see this software on the web called awesome miner.. and guess what? It is pretty damn awesome it has a profitability mechanism that seems to be smarter at switching than nicehash so now I use this and I’m finally getting some profitability with return in sight and its paying out in BTC.
Lessons learned (skip all the above and just read this if you must)
- Sit on coins until they become profitable. I had UBIQ and sold at a low just to do it.
- Don’t mine yourself anymore it sucks. It’s fun but it’s also expensive, hot, loud at times.
- If you do mine pick cards with two or three fans and be consistent. If possible same brand, model ect.. Not always possible but then try to stick per rig to one chip type (AMD or Intel).
- Consider some smart switching mining solution and take payouts in BTC. Why stress about crappy returns for ETH mining when you can mine the script for an hour, then equihash the next, and so on an so on based on the highest demands and payouts.
- Buy and hold or combo with a small rig or genesis mining contract (My code is 6G7hy1) if you want to get a massive 3% discount and make me rich with your purchases.
- Be cool and instead of wasting all that money I did and buy a long position in a mining stock, or hold ETH, LTC, BTC.. In fact if I had taken all the money I threw out the window on HW I would have tripled my gains by now..
- Don’t get cute, stick to the big coins. Don’t mine a crap coin just because on paper is better. No one cares and the market is saturated with good ideas.