Friday August 18, 2017
Total BTC mined: 0.08103967
Total BTC mined USD: $346.61 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1544.89
We’ve now hit 0.08 coins mined but ROI remained relatively unchanged as the price of Bitcoin dropped from $4400 yesterday to $4270 so I only added roughly $2.20 to the overall bottom line. The interesting thing is that if Bitcoin had remained unchanged from when I bought the initial contract (~$2600), I’d only have $210. Keep in mind that ~20% of what I mind pays for maintenance.
Looking at current mining difficulty, it looks like we’re due for another refactoring in about 5 days but it’s expected to be rather small relative to the 5-6% increases that we’ve been seeing lately. How quickly it increases will ultimately determine how long my contract lasts as I could mine forever at the current spread.
Now that Bitcoin momentum has come to a halt and we’re trading in a fairly narrow range relative to the volatility of the last 3 weeks, I’m thinking of putting money back into altcoins that have seen their values drop significantly. Many of these are essentially worthless but with so many people making speculative buys, if I make a small buy on something that lost 40-50% value in the last month it could turn out to be quite profitable.
Bitcoin has also opened up another avenue, sports betting, where I’ve been long term profitable and have a better chance of doubling my money on a single bet compared to putting it into a different cryptocurrency. I have a feeling there will be more to come from both.
Today’s image comes to us from Lorenzo Maddalena