Mining to BlockFi interest accounts with a deposit every day.

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: WhyFhy on December 21, 2020, 10:18:51 PM

So does %6.0÷365=%0.01643835 p/day seem reasonable to assume? I understand that the payment is monthly , but want to know that all my BTC is accumulating interest and not pending a rollover on a specific calendar day.

If you keep the coins for the whole year, then yes, because you will end up with 6% after 1 year.

But you won't receive exactly 0.0164% every single day and in a linear way (since the 6% already considers compounding). Without the montly compouding, their base rate is 5.84% (APR).

This is what you would receive every month with $1000 in BTC (ignore 'Payment'):

Source: https://www.rapidtables.com/calc/finance/compound-interest-calculator.html

WhyFhy

hero member

Activity: 1438

Merit: 513

Quote from: TryNinja on December 20, 2020, 10:09:34 PM

Quote from: Vod on December 20, 2020, 10:04:10 PM

Monthly compounding suggests the interest is accrued monthly, but added to your balance daily.

Source: I have not looked into the site.

You see the "Accrued Interest" balance growing up every day, but the "Account balance", which is the one you're getting paid for, only grows once every month (on the first bussines day) with the "Accrued Interest" amount you accumulated through the month.

So does %6.0÷365=%0.01643835 p/day seem reasonable to assume? I understand that the payment is monthly , but want to know that all my BTC is accumulating interest and not pending a rollover on a specific calendar day.

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: Vod on December 20, 2020, 10:04:10 PM

Monthly compounding suggests the interest is accrued monthly, but added to your balance daily.

Source: I have not looked into the site.

You see the "Accrued Interest" balance growing up every day, but the "Account balance", which is the one you're getting paid for, only grows once every month (on the first bussines day) with the "Accrued Interest" amount you accumulated through the month.

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Quote from: TryNinja on December 19, 2020, 07:57:12 PM

Your interest is accrued daily, but you only get paid on the first business day of every month. The 6% already considers the monthly compounding and it does look correct.

Monthly compounding suggests the interest is accrued monthly, but added to your balance daily. Does the interest amount change every day?

Source: I have not looked into the site.

TryNinja

legendary

Activity: 2758

Merit: 6830

Your interest is accrued daily, but you only get paid on the first business day of every month. The 6% already considers the monthly compounding and it does look correct.

Source: I have some BTC there. And also from their website:

Quote from: https://www.blockfi.com/rates

APYs reflect effective yield based on monthly compounding. [...]

WhyFhy

hero member

Activity: 1438

Merit: 513

I'm in a pretty good profit split situation right now whereas I'm mining on great hardware (v100s) sxm2 systems , I'm looking to really create a snowball here , blockfi is offering %6 a year interest account. Has anyone ran an audit with a interrupted month to see if added btc is added/compounded as soon as its added? (Freebitco.in does this daily and very blatantly explains [email protected]%)

Topic: Mining to BlockFi interest accounts with a deposit every day. (Read 116 times)