Saturday August 19, 2017
Total BTC mined: 0.08707677
Total BTC mined USD: $355.17 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1536.33
One month of mining is now in the books and we’re starting to get a better idea of how all of this will turn out. My mining contract produced 0.087 BTC with a current value of $355.17 and at this pace and value, my break even date will be somewhere around the first of the year. (Note my total did jump 0.006 vs the usual 0.003 as they made up for a delayed payment form earlier this week).
The two biggest things to keep in mind when looking at the first month of data is that there were no payouts for the first 8 days of the month due to contract lag times and security issues that forced Genesis Mining to delay payments (they did make up for a few days as the month went on) and that Bitcoin’s value when I started mining was around $2600 and now it’s just above $4000.
I’m having a lot of fun writing this and I’ve even gotten a few sporadic comments on some of my posts so that means real people are actually reading it. I will say that getting into Bitcoin has been a huge learning curve and I was surprised how long it took for me to feel completely comfortable with cryptocurrency and explain it and the mining process to friends.
I’m also really wary of the security aspects of the currency. In the first month of mining both Genesis Mining and Poloniex (where I trade) went down for extended periods of time. Whenever that happens I immediately fear the worst and while I haven’t had any accounts compromised, it’s a constant source of anxiety in the back of my mind.
Top 5 Most Read Posts
1. Cloud Mining Report Day 9 – First BTC Mined I can totally see this being that it was a milestone post
2. Cloud Mining Report Day 5
3. Cloud Mining Report Day 8
4. Cloud Mining Report Day 11
5. The Initial Cloud Mining Contract Purchase
Keep following along and I look forward to bringing you more updates as we continue to descend into the virtual coal mine to get precious Bitcoins.
Today’s image comes from Rafael Gonzalez