Making 8 Bitcoin By Using Steemit For 2 Months!

On Jul 18, 2016, Bitcoin's block reward halved for the second time from 25 to 12.5 bitcoins. The event, commonly referred to as “the halving”was a key moment in Bitcoin's history. Such halvings are scheduled to occur once in about every four years, and they ensure that no more than 21 million bitcoins will ever be in circulation.

Unsurprisingly, the halving was highly anticipated, and opinions on how the event would impact the Bitcoin ecosystem and if miners would still be able to operate profitably, varied. Bitcoin's price, I think, tends to follow media cycles, not hardware or mining, so I don't think the difficulty in mining is the highest correlation to bitcoin's value. Having said that, haha, someone has to support the network and mine for Bitcoin to even work. So, the miners are very important to Bitcoin's survival to say the least.

My dad @pipertomcat and I, actually mined Bitcoin in a little over a year. It was before this last halving and was the last period in which mining was even remotely "profitable." The ASIC miners generated enormous heat when running. My dad actually heated his house entirely with the miners in the winter and then moved them to a spare bedroom and kept the door shut in the summer!

Our old mining setup

First we had a Butterfly Labs 90 GH/s Bitcoin miner, then it became obsolete, so we upgraded to a Visionman 200 GH/s. It finally burnt up and dad bought 2 Rockminer T-1's and then had about 2 TH/s!

We ended up mining about 3.5 Bitcoins total from June 2014 until July 2015, in just over a year!

Really no one knows what Bitcoin will be worth one day and currently, profits still do outweigh the money you would spend on the energy needed to mine. That however, could still change very fast due to the volatile price of Bitcoin.

Current projected return on latest ASIC Bitcoin miners shown below under the 3 ASIC miners pictured. If you wanna still give Bitcoin mining a go, who knows, if Bitcoins wind up being worth $10,000 a piece someday, it would then be an awesome return on your investment! In my opinion, Steemit put the final nail in the coffin of Bitcoin Mining!

Now Steemit comes along and gives everyone a way to mine with their minds! Steemit simply blows away even the very concept of mining and earning Bitcoin, by purchasing expensive ASIC Bitcoin miners, configuring them, and maintaining the hot, noisy machines 24/7. I pick Steemit 110%! It was a fun experience and we enjoyed it, but it took a lot of time and attention! Honestly, I'd rather spend my attention on Steemit blogging and earning Steem Dollars that I can trade for Bitcoin or fund a surf session with the boat!

I keep all my Steem and power up and I don't plan to powerdown until I have been a user for at least 2 years.
I do admit, I sell my Steem Dollars regularly for bitcoin. To me, I'm taking a half reward for my blogging efforts and leaving the rest in Steem and powering it up to Steem Power. I never put all my eggs in one basket, per say, and this is no exception.

I am in no way bragging, but I am very proud of my social networking achievements here on Steemit. I want to share my reward result totals to date with you all! By that I mean how much Bitcoin I have been able to buy in 2 months with Steem Dollars earned alone. I show oyu this to encourage you to keep using the Steemit platform and continue to push yourself with your writing.

Yes, that is 8.21 Bitcoin!

I love you Steemit!

#steem
#money
#bitcoin
#steemit