Here’s a quick update on my Crypto currency journey. First update here.
The world is going crazy for Crypto currencies at the moment, and BITCOIN is having an insane year jumping more than 10 times its value in 1 year. That 1 BTC I bought in November, and 2nd one later in December is sitting nice and pretty. Yeah I used some of it (why not, taking the family in a nice holiday and I may drop a nice deposit on a much needed bigger car). The mining contract took out have been keeping it on 1 BTC total.
BTC jumped from R11 500 to R36 000 in 5 months. It is now 11 December and the value is now R 240 000 per BTC. Insane!!
BTC and mining is slowly becoming more mainstream where friends are phoning wanting IN on the whole bitcoin investing. the main goal: Get your hands on BTC.
The mining contracts have also increased more than 10 times. I also have an answer to the question whether or not cloud mining is worth it. no, it is not worth it. The only factor that made it profitable fore me was the increase in BTC price. Let me rephrase that: Signing u for a mining contract is not profitable as I will show in the below graph. The mistake everyone is making is they look at the BTC worth in dollars, and because it is skyrocketing it looks like mining is worth it. Have a look at my 6 month update on pool.bitcoin.com:
Focus on the yellow graph above. The difficulty rating makes it obvious that i will gradually earn less BTC per day as time goes by. This nullifies the “open contract” I have as I will eventually mine ZERO in less than 12 months. I started with 0.0008 BTC per day and 6 months later I am getting 0.0004. So my BTC earnings halved in 6 months. Not a good investment.
But… look at the dollar worth: If the price if BTC stayed the same since July I would be earning $2 a day. But as BTC more then 10 x increase I am now earning $7 per day. If I took my initial investment ($300) and simply bought BTC and kept it, it would have had the same growth.
I since expanded my crypto portfolio, I now also own:
- 1.3 Etheruem
- 455 Ripple Coins
- 1.5 BCH
- 6 Litecoins
Let’s hope they jump as well!!