Monday August 14, 2017
Total BTC mined: 0.07194882
Total BTC mined USD: $299.67 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1591.83
Another day of solid returns with Bitcoin mined climbing above 0.07 and overall value finishing just under $300 as the price of BTC started around $4150 this morning. Overall ROI is close to 16% and we’re still on track to hit break even around late January / early February.
We’re still very early but it looks like I will be able to end up with a nice profit even if the contract only ends up going for a year. One issue though is that as mining difficulty increases, the number of projected coins per month will continue to decline so while each coin is much more valuable, the amount mined isn’t static.
Cryptocurrency mining is designed to balance out value vs difficulty so that we don’t end up with highly valuable coins that are extremely easy to mine but it’s a little tough to see projected coins mined per year start at 1.71 then drop to 1.49 and now with the next reset likely drop to 1.39-1.40 range.
I’m pouring some more money into cryptocurrency today with another big buy of Litecoin. Just weeks ago $500 would have bought 0.30 BTC but now it only buys 0.115 and I think Litecoin will move to $100 quicker than BTC will move to $8000 so I’m putting my money there and can always convert back if needed.
Today’s image comes to us from Alan Levine