Friday August 4, 2017
Total BTC mined: 0.04067726
Total BTC mined USD: $116.73 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1774.77
Another few Satoshis came out of the virtual coal mine yesterday and with the increase in overall BTC value, I’ve now passed 6% ROI and at this rate I should be able to break even in roughly 8 months. It may seem like a long way away but I’m excited to see the progress.
Let’s talk valuation, Bitcoin surged $313 over the last 24 hours with most of that coming in the last 3 hours and assuming everyone is holding on to their coins and there isn’t a massive selloff then I should be in good shape going forward.
My only concern is that if the difficulty rate continues to increase as more people work to mine Bitcoin and prices don’t continue to increase, my lifetime contract my be cut short. The expected increase in the next cycle is 6.75% which would put the value at $2717.85 and if people continue to enter the fray looking for easy money, another few sharp increases over the next few weeks could put significant pressure on my operation.
Not that it matters but Poloniex did issue a statement saying they will be crediting Bitcoin Cash to customer accounts. I already sold out of my alt coin positions and netted a roughly 15% profit (would have been 20% had I waited a day) but hindsight is 20/20.
Today’s picture comes to us from Peter Ciro