My One Month Bitcoin Mining Journey
A few weeks ago I made a video where I tried mining bitcoin for a week and was truthfully
just absolutely mind blown and very much so intrigued by the potential of this business
Well in this video we’re gonna go over a few things I missed in that video, where I’m
at a month later, we’re gonna talk about me buying tens of thousands of dollars of
the wrong kind of equipment, bitcoin price dropping by like half after I already bought
the wrong equipment and so much more
Ok quick recap I built up
this nasty mining rig a few weeks ago, cost me a total of fifteen
thousand seven hundred seventy four dollars, at that point the price of bitcoin was dancing
just having a good time in the fifty six fifty seven thousand dollar range
So under those conditions in the video I said the rig was making around sixty to eighty
five dollars per day and would pay itself of in around two hundred days
That's where we left off in the last video, but after some more optimization and over
COOKING of the GPUs I saw the rig hit numbers as high as one hundred eighty nine dollars
per day
I mean life was good I ordered parts to completely build a second and more powerful rig, I figured
this was it we’re making it out the hood, me and Drizzy were
Here I was doing my part to decentralize the bitcoin network , I was the king to replace
Satoshi the glue holding the bitcoin ship afloat
I even called Susan put in my two week notice but shortly after uploading the video a few
cracks started emerging in my plan and so on my way to the Lambo dealership, I’m replying
and reading through the comments under the video start to realize that the Nvidia thirty
ninety GPUs I bought for the rig weren’t ideal for mining
The graphic cards aka GPUs are the most expensive part of the build and are what’s responsible
for the mining and here you guys are in the comments saying that the type go GPUs I got
are really not the most cost efficient for mining they’re loud and people usually don't
recommend them for mining purposes
I had to make sure I was being trolled so I checked in with one of the bitcoin founders
Richard and sure enough he said the same thing, I should’ve been buying thirty eighties
which are a lot more efficient
Thing is tho I really wish I knew that before I ordered
now this is isn’t the end of the world, although these aren’t ideal for mining and
they hum pretty loud, they are very powerful GPUs so six of these monsters on one rig who
knows how much its gonna be making per day, all the parts for this rig have now come in
so we're gonna find that out BUT
The even more pressing issue here is the price of bitcoin, in the last video I mentioned
Yeah its not pretty uhh I'm still long bitcoin my actual bitcoin and Ethereum holdings I'm
not selling cuz almost the full amount is unrealized gains so if I do sell Im gonna
have to hand over half it too mr government
which at this point i'd rather watch my bitcoin position go go down to zero then sell it,
pay half of that money in taxes, and then watch inflation eat up the rest of it as they
keep printing more money
The tax system kinda forced the diamond hands mindset on me and I really do just believe
in bitcoin long term so I’m not selling but what does this new price of the magic
orange internet coin mean for the mining operation
Well I saw the the profitability of the mine dip as low as I think around twenty nine dollars
per day at which point it would take like five hundred days for this machine to pay
itself off, which kind of hurt
That's definitely not as vibey as having it pay itself off in like a few months but I
did some more thinking and you know what even then, imagine an investment that can give
you a one hundred percent return in under two years that’s insane, fifty percent per
year returns and when I think about it like that I don’t feel as bad
Now it was making twenty nine per day at its lowest, currently its around forty five dollars
per day so just under a year for it too pay off at this price which sounds fine to me
and who knows where the price of bitcoin is gonna go in a few months
I got my electricity bill, it only had one week of mining on it so I didn’t get the
full picture but that one week didn’t make the bill anything crazy so the electricity
costs aren’t bad and I’m gonna keep this running as long as the rig covers the electricity
bill
Let's say I mine ten bitcoin over the next three years, the price of bitcoin for those
three years is fifteen thousand so i'm just about breaking even during those three years,
but let's say on the fourth year the price of bitcoin jumps to a hundred thousand well
then the ten bitcoin I already mined is now worth a lot more
So the price of bitcoin doesn’t matter to me short term as long I believe in it long
term, now if that changes and I no longer believe in bitcoin and am cashing out everything
I mine then the price fluctuations would affect me a lot more
So i'm not mining dollars im mining a set amount of bitcoin per day, i'm just using
dollars to measure it, hope that was decent explanation but thats my outlook and conviction
behind continuing mining and that said let's setup this new absolute unit giga chad of
a rig with all these thirty nineties and see how much its gonna be making and break those
numbers down
Now that this was my second time doing it, the build process was pretty smooth and honestly
very enjoyable, first up you smack together the frame of the rig
Then you screw the motherboard into place using a few special bolts
On to the motherboard you place the CPU and then on top of that you put a CPU fan to keep
it cool
Then you pop in a couple ram sticks, you could get away with one but the pack I bought had
two
Up next is your SSD you connect that to the motherboard as well as to your power block
and then you also have to connect the motherboard itself to the power block, I’m using two
blocks cuz I need the extra power so I used a splitter to connect bofa dem
Then you use a riser to connect your gpu to the motherboard and then also plug that into
the power block, plug a wifi adapter in, keyboard mouse and you are set
Final step you plug the switch and try to power it on
Then you tweak the motherboard settings for mining, install windows which I guess you
don’t even need to pirate anymore, I just downloaded it off bill’s website onto a
USB and installed it without a product key
Once you’re in you download some Nvidia software to recognize the GPUs and once I
saw that everything was running smoothly I then I plugged in the rest of the five thirty
ninety graphic cards, updated windows, reinstalled the Nvidia software and boom all of them were
working
At that point I download MSI Afterburner to overcook the GPUs make sure they’re running
efficiently and to their full potential and then I downloaded nice hash, pressed play
and we were up and running
That’s the pretty and aesthetic version of how things went, there were a few steps
where I had to troubleshoot and get jiggy with the wiring and what not but that just
gives you an idea of how the build process is
Now again I’m mining through nice hash which is the simplest way to do it but I’m not
endorsing them by any means, there are a few concerns with it
First off one of the founders, we’ll cam him M-Treezy for short, was convicted and
served jail time for creating a massive, one of the largest malware viruses back in the
day… and here I am downloading his program on to my computer and running it twenty four
seven, a little sus
But hey people do change and ever since the man served his sentence he hasn’t really
done anything foul with nice hash that anyone knows of, so no reason not to trust the service
but to be on the safe side I am only gonna use the computers I build up for mining, only
for mining, and I won’t be logging into anything on them
I’m also not gonna let too much of the bitcoin I mine sit on the website, ill be regularly
transferring it over into my wallets, mostly offline to a ledger I’m gonna setup specifically
for this but also maybe some digital wallets and I think that should pretty much completely
solve that concern
But then other issue is that nice hash is not at all the most efficient way too mine,
a lot of you guys were saying I could make a lot more if I switched over to other forms
of mining so I definitely wanna do that, I had someone saying I can make ten to twenty
percent more which is pretty significant
Only issue is, those forms of mining are not as simple to setup and use and I’ve just
had a busy couple months right now so I haven’t had the chance to sit down and figure all
that out and I’m also just somewhat scared to turn the rigs off just cuz they were slightly
a pain to get working and for the computer to register the GPUs correctly and everything
but switching over from nice hash is definitely on my to do list and I’m probably also gonna
explore mining coins other than bitcoin which could boost profits even higher
A lot of you guys were saying I should mine ethereum but i think im gonna mine something
with more serious fundamentals such as DeezNuts coin or Doge coin
Now here we are in my boss’s electric vehicle to talk about electricity I’m no greta thunberg
but I do heavily rock with nature so getting some renewable energy to power these rigs
and future rigs is something I definitely wanna pursue
I'm not gonna build a windmill in my backyard and I’m not sure yet but probably won’t
be developing a new dam on my street either but installing some solar panels on the roof
could be a great move
And on some strictly off the record talk, keemstar if you’re watching this look away
but I’m not just being a great guy and saving the earth, truth be told I really don’t
like paper straws, and going solar would actually cut down my energy costs long term, after
the panels are paid off its free electricity from the sun to power the rigs
Saving the earth AND cutting energy costs… absolutely hammering two baby rabbits with
one stone here, hahaha Greta i'm sorry please don’t click away I need the watch time to
buy the solar panels
Anyways welcome to my underground lair where I will be performing a fifty one percent hack
on bitcoin after which I will give my subscribers fifty million dollars worth of bitcoin each
so please sub
But both rigs are currently running, it actually takes a lot of wattage to run these so I normally
would not be able to have them running in the same place like this, the power would
give out
but I used to grow illegal substances in this lair so I had special wall sockets installed
to power all the lights and now im using those to power the rigs so that worked out nicely
nah I’m kidding I had an electrician over to install a special wall socket to charge
my boss’s Tesla and while he was here I had him swing by the underground secret lair
to install a socket that can handle extra power
So that's why thats why those are able to run side by side like that but now let's talk
numbers this new rig cost me eighteen thousand seven hundred thirty seven dollars so I now
have a total of thirty four thousand invested into this mining operation
currently with all the GPUs installed and still mining through nice hash they are pulling
in a little over a hundred dollars per day and at this rate would pay themselves off
in around three hundred days
but if the price of bitcoin goes back to what it was just a couple weeks ago where just
one less powerful rig was doing one forty pretty steadily
then two rigs one of them way more powerful, and especially if I switch over from nice
hash, they could very realistically be pulling in like three hundred dollars per day making
this a six figure per year operation, again if the price goes up to that recent high
So I’m just trynna be respectful towards the pump
really hope that the price does go up and I’m also working on a partnership with an
organization that may be able to provide me with mining equipment at retail prices which
would increase profits like crazy, if that works out I’m gonna continue building up
this operation but that's it for now hope you guys enjoyed this video and have an amazing
rest of your day PEACE
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