Mining VS HODLing - my view!
I’m gonna tell you a story. It’s a true story. It’s my story, how I got into crypto…
So in the middle of 2017 a friend of mine called me one day and asking when do I have time to meet with some person I didn’t know before to talk about some programming gig, Yes, I’m a programmer 😀
So, we meet and then this person starts to talk about crypto, this, crypto that, and that idea and other ideas…. and I was like… HA? WT# are you talking about?
WHAT is crypto? what is an order book? what is an exchange?
Then he starts to explain about all these different crypto coins and mining and trading… and yes I didn’t know what he was talking about so I said ok listen, gimme couple days so, I can do some research whats this and gonna let you know if I can make that for you (btw, we wanted an arbitrage bot, gonna write and article about this project later 😛 )
So when I was driving home, my mind started to race, calculate and then I was home.
I make a cup of coffee (i really like to drink coffee) then I sit down open (you got it) google and I start to read. Before you know it I was on youtube watching, listening to different people, lectures and my mind was racing, I was so pumped I didn’t go to sleep for 2 straight days!
OK….. of course, I went ALL in with my money I got and the rest is history (still HOLDING btw) 😉
And as the title of this article suggests, I read about mining. I was blown away how 8+ years ago people mined BTC (bitcoin) on their laptops in the background and how like majority of people just stop mining because the coin had at that time NO value (it was under a dollar).
So… I said to myself, the bitcoin mining train is already bye-bye, but what about all others?
At that time ETH (ethereum) was profitable, AND because I hade a TITAN X on my hands I said why not try?
And I did. Whit that card, I did approx 40 H/s at that point that was about 2 ETH/year.
BUT, after a couple of days, I stopped mining. I did some fast calculations and it didn’t make any sense.
The machine was burning more electricity then it was making money so there was no profit + the noise and all. I shut it down. Then after a couple of months I think it was around December 2017 I tested the miner again and the hash rate dropped (with the same hardware as before) to 25 H/s that’s almost HALF in couple months!!!
Ok, so I said to myself BUT there MUST be some math behind it, WHY THE HELL would people do it?!
I wanted to buy a rig with 6x GPUs, all brand new. But after doing the research and THANK GOD for (i forgot the nick) someone on some discord channel. It was all clear. The mining doesn’t make any sense if you look from financial stance only. The numbers just don’t’ add up!
THANK YOU ALL THE MINERS!!! really!
I get it, decentralization and all, but without the “crazy” people doing the mining we would have so strong crypto scene. So once again THANK you all miners and god bless you!
BTW when u say “crazy” miners I mean this in the best way (positive way) really!
So the verdict?
In my mind, if you have XXXXX €/usd to spare and wanted to invest in the mining rigs, do yourself a favour and buy some crypto coins and hodl (hold).
And please, don’t look at the charts every day because you are gonna just be nervous 😀
God bless you all!
BTW: this is NOT an advice for anything it’s just my personal story and my thoughts 😛
TO all the miners: Please dont feel insulted or anything, i would really hear your point of view :D