Sunday September 24, 2017
Total BTC mined: 0.19948420
Total BTC mined USD: $737.09 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1154.41
Bitcoin prices continue to bounce between $3600 and $3700 as the volatility that has plagued the cryptocurrency over the last two weeks appears to be waning and traders have found stability. The last few days have been good for the market, unless of course you bought in at $4500+, in which case you’re probably very upset.
Stability has never been one of the hallmarks of buying and selling BTC but after the wild ride up to $5000 then plunge to $3000 in the span of a few weeks this has been a wonderful palate cleanser. Genesis continues to produce for me albeit in much smaller increments given the difficulty increase and if that difficulty rate doesn’t course correct then we’re looking at a very real threat to long term profitability.
In other Bitcoin news, the central banks for Turkey and Ukraine have announced that Bitcoin will not be recognized as an official form of payment which is creating some unnecessary headwinds to global adoption that are quite shortsighted. Of course I think any government or institution’s failure to recognize the revolution that is cryptocurrency is shortsighted.
In closing we should hit 0.2 BTC mined tomorrow which means that we’re on pace to mine 1 full Bitcoin by Day 300 (the first 8 days of my mining contract had 0 mined). When I originally bought the contract, mining was at a rate of 1.7 coins/year whereas now it’s 1.02 and while prices have grown from ~$2600 to $3694 today, it’s not enough to make up for the drop in rate and these are certainly some nervous times.
As of today, Bitcoin Mining is still not available at Genesis and I may switch my affiliate links if they don’t bring it back soon.
Today’s picture comes to us from Thomas Hawk