Wednesday August 15, 2017
Total BTC mined: 0.07495808
Total BTC mined USD: $309.40 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1582.10
No change in mining volume as they recently moved to payouts every other day but value did increase roughly $9 as Bitcoin value recovered from yesterday’s decline to sit at $4150. That’s one of the things I had to get used to going from trading stocks to trading crypto is that you can be up or down 10+% on any given day for no real reason whereas stocks generally move in those ranges only where there is major news concerning the company.
That being said, my biggest piece of advice is not to take your daily portfolio balance too seriously otherwise you will drive yourself insane. Speaking of BTC value, Goldman Sachs now thinks Bitcoin will climb to $4800 before a major correction sets in. I’ll believe it when I see it (the correction that is given that we should be correcting now).
One worrying thing was that the Genesis Mining site was down the last 12 hours so I’m happy I was able to pull these numbers. Those of you following what I’m trying to do know that I’m taking my Genesis Mining money and putting it into Poloniex and both sites have had considerable issues of late. One thing we have to keep in mind is that cryptocurrency is prone to hacking and there’s no FDIC like your normal bank that covers any losses. If someone gains control of your wallet, there is literally nothing that can be done.
That is ultimately one of the more worrying aspects of cryptocurrency is that if you have any money outside of a private wallet, you’re prone to hackers, fraud and other misappropriations of which you have no legal recourse.
Today’s image comes to us from Born1945