Wednesday August 2, 2017

Total BTC mined: 0.02783443
Total BTC mined USD: $74.38 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1817.12
ROI: 0.0393

No updates to the Genesis Mining dashboard for my account but what has been mined has slowly dropped in value from roughly $80 to $74 as the rate for BTC has dropped just below $2700.

The fork is still settling itself out but right now Bitcoin Cash is in a phugoid cycle with futures racing up nearly 50% only to come back down and now a coin sits in the sub $200 range. Looking at some of the Reddit threads it appears that mining support for the currency appears to be weak with just four blocks mined thus far and a huge gap between the second and third blocks mined.

There is still a lot of confusion around the process and it’s been tough to cut through all of the conjecture to get to the facts (much like politics). I’m still firmly entrenched in Bitcoin and Ethereum and given that BTC’s price has remained relatively stable, I think the fears of a massive disruption are now dying off as the market decides the next steps. At the present time I don’t see enough support to where major exchanges will start tracking it and if they do I don’t think it will be for another 6 months.

It can be seductive to want new shiny things but that all that glitters is not gold as Mark Twain once famously noted.

Final note, Poloniex has been down all day … server issues or something more?

Today’s picture brought to us by Karen Newman Photography