Saturday July 29, 2017
Total BTC mined: 0.00710164
Total BTC mined USD: $19.17 (based on today’s current exchange rate)
Total Spent: $1891.50
Remaining to break even: $1872.33
This is exciting! Finally see my first pending payout notification and can now start reporting day by day progress with Genesis Mining. I’ll be adding an estimated number of days to break even once all payouts from the security issue are resolved and I’m excited to see whether we reach profitability.
That being said there are significant headwinds that could sink my investment. Bitcoin mining difficulty has spiked concurrent to interest in mining the coin and there is a very narrow spread between the two with current difficulty pegged at $2546 and prices around $2700.
For my contract to remain active, mining has to be profitable and if you know what hits the fan on 8/1 and BTC suddenly drops then who knows … of course a lower price means less mining interest which would reset difficulty to a potentially lower rate but there is a 60 day window where this needs to happen.
As money has flowed into Bitcoin from investors looking to receive their Bitcoin Cash dividend, this has dropped many of the secondary currencies and created some incredible buying opportunities. Even if you ignore recent bull market runs in May/June, many are still well below where they were previously and once money flows back in, hefty profits could be made on the right coins.
For me what I’m looking for are currencies with a high trade volume that are at a 20% or more discount from their position one week ago. I’m staking everything on this and it is very much a high risk / high reward position that I would not encourage for investors with much larger amounts invested. I think the safe play for larger investors is to collect and sell their BCC then evaluate options.
Today’s picture comes to us from Philipp Medicus