Monday, 21st September 2020
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Has Crypto Mining MADE You RICH?

Are You A GPU Miner?
Or An ASIC Miner?
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#Bitcoin #CryptoMining #Ethereum


38 thoughts on “Has Crypto Mining MADE You RICH?

  1. I had mined & traded Magi (XMG) when it was still in active development, and got to about 200 when it was worthless.

    When I got busy and stopped caring about it, it went from like 0.005 to 5$ USD hahaha, would've been cool sum of funds for a 16 year old had I been aware of it's peak.

    Not rich, but definitely sweet.

  2. i got into bitcoin in mid 2009 with my athlon 64 and a celeron (no gpu, fpga, asic miner time). Back then, I didn't take it seriously. Heck its even hard to find people willing to buy using paypal (I started selling when the price was around 10 cents per coin to cover my electric bills). Then exchanges started coming out but withdrawing usd to banks had high fees and minimum withdrawal amount was also high. Then gpu mining came out and I was able to buy HD5000s then HD6000s. People who wanted to mine with their nvidia gpus were told jokingly to buy amd gpus. I bought a couple of 7950s right before fpga miners came out. The order queue was months long. By the time my order was delivered, news of asic miner testing started. Several months after asics, my fpgas were already useless (I didn't even get my ROI). Burned with the fpgas, I thought that buying an asic was too risky. Good thing my gpus were still doing good mining litecoin.

    I lost around 60+ BTCs when in Mt. Gox, then a dozen or so BTCs and 10k+ LTCs in BTC-e less than a year later (no 2-factor authentication at that time). I was on vacation at my grandparents province for a couple of months when the prices crashed from 1k+ usd. Luckily the prices was still around 600+ usd when I arrived home and sold the last 42 BTCs. By that time, my hardware were already outdated so I decided to quit and forget about bitcoin and spent it my remaining money on the cheapest brand new car I could find and a 3kw solar panel setup.

    I mined a total of 883 BTCs (including the mined LTCs that were exchanged to BTC) from mid 2009 to december 2013. There was a lot of regrets later in august 2017 (BTC price was about $4k) when I heard from a friend who was a bitcoin newbie (he wanted to introduce bitcoin not knowing that I knew about bitcoin 8 yrs prior) that I can earn with gpus mining altcoins. So I downloaded mining software and started mining again with my old 7950 pair. After a month, I took a $6k loan and bought a lot of gpus, sadly prices already skyrocketed and supply was scarce so most of it were 3gb 1060s and 4gb 570s. I sold the lot when btc price went down again from $6k to $4k in 2018 and continued mining with my 6gb and 8gb cards (1 1080, 2 1070ti, 2 1070, 4 1060, and 3 470) just enough that I dont pay for electricity for 4-5 hrs during the day. My electricity is 21-22 cents per kw.

    I can't say that Bitcoin made me rich but it certainly changed my quality of life. From an old 2nd hand suzuki mini truck to a brand new car. From a 2 bedroom house, I enlarged it to a 4 bedroom one. My 2 sons school tuition fees from elementary to high school were from bitcoin.

  3. I started mining in April 2013 with USB ASIC miners and a RaspberryPi and then I lost my BTC in MTGox… I got disappointed and I just quited… Looks crazy now but back then Bitcoin was just a nerd thing liable to disappear as MTGox and ButterflyLabs did

  4. $GRIN will hopefully be my story in a few years here. It’s following the same path as monero, heavy bleed for first year and a half then explode. We’ll see if it happens. Buy Grin!

  5. I started cpu/gpu mining back in the day – about 6 months after the genisis block, but have always been limited by having to run the kit in my small flat and the cost of the equipment. I've played around with other coins but always found bitcoin to be the most profitable, even though I struggled to get Asics when they first came out, I was always late to the party. I got 10 Antminer S1's, one Jupiter and a couple of Monarchs. My electric cost here is about 19c per KWh, so no way can I make big profits with a small amount of kit. I've never managed to sell at the peak but once came close and sold 1btc at around $14K. Over the years I've made back my outlay by about 2x and I hodl a small cache of btc for when the price goes through the roof. Most of it is gone though, sold to pay the electric bills along the way. If I'd bought btc with the money I spent on equipment and power over the first couple of years I'd be a multi-multi-millionaire by now. There's no serious money to be made in mining unless you can get cheap, almost free, electric and run it as a business at big scale. I'm happy with what I've done though, more for the tech interest than anything else. 🙂 P.S. your basement is bigger than my whole flat and probably has double the available power if not more. I have to share the space with two other people who don't like being roasted in the summer, another reason I can't go big with the kit. I had to install a 8" silenced duct fan to shift enough air to cool things in my room, opening the window just won't cut it unless it's below zero outside.

  6. In my opinion, peoples who mining crypto currency should be rich before. You have to invest in hardware whatever in GPU, CPU, FPGA, ASIC, etc. That's cost a lot of money. You have to calculate a breakeven point between your hardware investment with mining value. Most of them was far away to worth, if you compare with your cost.

  7. I missed the big hype in 2018. I was building PC's at the time but did not have any mining rigs just an interested. I recently just got in to the mining so I am not really making a bunch of money from it. But I am still trying to expand my mining rigs and created a youtube channel that I talk about my journey. Watching your videos is a huge help and inspiration. Keep up the work. Hopefully one day I can build up a farm large enough that all I will have to do is maintenance them for a living.

  8. Money only matters if you don't have enough. Mining for me is profitable, and of course that's a factor. But honestly, even if I get out of larger scale mining I would still have a rack or two of miners in the garage or a small rented space just cause it forces me to stay up to date, keep up with tech, and meet new people. I'm pretty sure that at 40+ I would be a tech dinosaur if I hadn't taken up Crypto as a hobby back in 2012.

  9. Been mining for a little over 2 years adding a little at a time. I'm just holding what I have except when I use it to buy more equipment.Hoping eventually we have another bull run. I guess you can say, I'm not looking to become rich, but I would like to have a nice retirement fund when the time comes.

  10. I mined 300 bitcoin with a gpu like in 2010. The pc quit working and was stored in my basement until 2017 when I heard bitcoin was like 15k. Hard drive had failed and of course my keys are on it for the 300 btc. I pulled hard drive and still have it in box. So I’m sort of a multimillionaire. I currently mine eth mostly with gpus and really haven’t sold much of it. Only once I sold some at $600 sold a few and went to Vegas for a week.

  11. I got into bitcoin in 2010/2011, started mining with hd4850 made about 0.3 btc in total before leaving the scene cause i was a teenager at that time so no money to invest and the hashrate was growing exponentialy then i sold them in 2014. Since february 2020 i came back in the crypto world first motivated by a friend who asked me how to buy bitcoin, i leaned trading basics (since february got 100$ profit swing trading and 50$ loss thinking i'm a good scalper), started to mine randomx on my main computer. Currently i'm building a solar gpu rig, programming a trading bot and keep trading in order to increase my bag of ethereum.

  12. Been mining for 2.5 years, spent $10K on mining. I've made a few dollars but not a lot, but it's fun! I've been thinking about selling my cards but I just can't because they are like my babies.

  13. I mined 1 BTC back in 2012(when you still could) cashed it out at Mtgox for $12 but couldnt finish the KYC for Mtgox so I just gave up. In 2015 I got back in and mined LTC/bought BTC and in 2016 I cashed out my 7BTC at $700…. As per my interview with Vosk during the mining craze of 2017-2018 I had over 200 ethereum (mined/bought) and lost it all in Nexo Liquidity call in 2020 flash crash. Crypto's a wild ride.

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