Sunday December 3, 2017
Total BTC mined: 0.37756715
Total BTC mined USD: $4234.71 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $0.00
Bitcoin has once again surpassed $11k in value with current prices hovering about $11,215 on Coinbase. With prices rising once again, overall value has now shot past $4200 and with slightly higher mining yields and strong demand, Bitcoin should continue to push higher. In fact prices came ever so close to $12k/coin as mid-day quotes topped $11,800.
My investment in a Bitcoin mining contract has been well worth it and I’m happy with my decision but with current TH/s rates and scaling electrical demands, anyone reading this just a few short months after I started my journey may be getting in on the wrong end.
Genesis Mining contracts only function so long as they are profitable and anyone buying open ended contracts today is really risking a lot because if Bitcoin drops substantially then they will suddenly find themselves upside down and if prices fail to rise within 30 days then they are SOL. I say this only because I think the rise from 3k to 4k was supported by market fundamentals but everything after is speculation and when that dries up and a major selloff occurs, the stragglers buying right now will have nothing.
One funny note, at the same time we’re about to approve a massive tax cut, new legislation is being drafted to go after anyone hiding cryptocurrency from the IRS. Funny right?
Today’s picture comes to us from Daniel Mennerich