Monday December 11, 2017
Total BTC mined: 0.39005870
Total BTC mined USD: $6502.27 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $0.00
The Bitcoin futures market is live and now the bulls have returned to the market following a drop to the mid $13k range on Saturday. Now that Bitcoin has rallied back to $16,600 my mining stats have grown almost exponentially over the past few weeks. Overall ROI is now at 3.4x my initial expenditure and overall yield is approaching $7k.
Of course the problem with the explosion in Bitcoin value has been the difficulty rate has spiked meaning that my daily mining yields are progressively getting lower and lower. However I’m still making a good return at the moment because prices have jumped so aggressively that it will take quite a few cycles for the difficulty rate to catch up to the current value and thus you can see in the normalized chart the huge spike in the last few days.
While I’m not complaining about the increase in value, I am concerned that we’re getting to a point where Bitcoin is not sustainable from an electricity perspective. If we continue at the current rate, the amount of energy needed to maintain the network will outpace global energy production by 2020. For as much as we want to believe the party won’t end, it will, and soon if solutions aren’t found.
I don’t think this post would be complete without discussing the fact that with the recent doubling in price, there are a lot of newly minted paper millionaires thanks to cryptocurrency. While I am not one, I’m happy that people have been able to use their early adopter status to become financially independent. I think there is jealousy among those who invested early vs those who are investing now and perceived value of effort and it just really needs to stop before we tear each other apart.
Today’s picture comes to us from Pfauenauge