Topic: My 2020 Rant State of the Crypto Address =) (Read 384 times)

I agree, I mean even with everything to happened when I "re-vamped" my mining farm mid 2019, i would of broke even and then some right now. That was all GPUs with an electric rate of .09c/kw to 10c/kw. IMHO though the bigger you are the more profitable you will be, like you with a 4MW facility is doing very well I'm sure.

I think the "3-month ROI" comes from the huge explosion in 2017 and many people, who actually couldn't afford investing 1 year + got in. Hence the mindset was then "ROI or it's useless"

I have never been an asic dude because the flood of them once released is crazy.  I have some of course but they make up maybe 5% of my farm.  Since the beginning i have been a GPU guy.  I consider it the slow and steady horse in the race.  Has not failed me in over 5 years.  

Risk is part of the deal man, you don't think the traditional market is risky?  I guess you did not live through the 2000 bust the 2007 housing bust subprime mortgage etc... I lost a bit in "non risky" stuff hehe.  From those busts though come opportunity, I bought a couple of rentals cheap back then and they are worth double now.  Chance favors the prepared mind!

EVERYTHING has risk and sure if all you do is asics and you are not batch 1 the odds are you're not going to make your $ back.  Most are savvy to that now but still buy em.

The big difference though in this business and way people expect such high returns is that there is a lot of risk involved.  Other business say someone has a hosting data farm, their income is much more predictable and the threat that new hardware may come out and totally rekt them is very low.

I have been mining for quite awhile I have seen the 2017 "all roads are paved in platinum" and the super lows of 2018 and 2019.  I own a 4mw facility and have many machines.  I TRIPLED in size in 2018 because of all the cheap equipment out there, doubling down on the upturn was around the corner.  Well we know it wasn't as 2019 sucked worse than 2018.  I say that because of my direct involvement in mining.  In 2018 even though it was skinny time, I had $ to buy stuff, in 2019 I has $ to pay the bills and that's it!

You started mining in the absolute wrong time if you started in 2019 albeit you probably bought the equipment at a hell of a price.  Metroid is right, some peeps were spending mega bucks on that same equipment not 2 years earlier.  We all knew it was stupid overpriced but its that or miss out on "the opportunity of a lifetime" right?  I bought some but luckily I had plenty of stuff before that.

Miners, ME INCLUDED, are so damn skewed by getting your return back in 3 months.  We are so damn crazy that a 1 year return is bad.  Let me tell you something, I have equipment running over 3 years old that more than paid for itself.  ANYWHERE in the world if I was to tell you hey on 100K you get 10% return in a year MOST would jump at that instantly, but in the crypto work RIGHT NOW IM MAKING 150% daily PROFIT AND THAT'S NOT GOOD ENOUGH?  We really need to open our eyes and realize that 1 year - 18 month payback is spectacular a 6 month is godly.  Most in the "real world" would give their left nut for that.


In general I think most would agree especially in this channel, we are still in the infancy stage in crypto.  I think in the next 10 years we are going to see mass adoptions, new technologies, SEC adoptions and all that fun stuff and we will see our profits explode.  Especially the people that Held (I hate Hodl) all they could.  I even see digitized dollar soon thanks to pandemics like covid.  Giving cash to someone is as bad as shaking a hand and we know that's probably gone forever.  Asians had it right with the bow!

Ok rant off!  

Minerdude for President 2020!

P.S. I love this community and the divers opinions it has even though I don't agree with any of it but mine!