)Well around January this year I decided to pump some of my Bull run Crypto gains into mining, for the first 3 months this was looking like a good decision as the money would have stayed invested in crypto anyway so now I had some diversity and some physical assets that were generating me more crypto so I was happy,
The first 3 months I ROI'd around 50% of my gear but left that in crypto and covered my overheads on power bills etc from my main job, this was my first mistake or maybe not I still don't know however I feel that I should have cashed some out as my held coins are currently subject to the bear market and are now worth less than half of what they were when I mined them, Will they bounce back? probably yes but looking at ROI I should have cashed them out and made the ROI numbers concrete as I'm now officially less than 50% ROI'd but I still have the same amount of coins and I always make sure I believe in the project that I mine so I still remain hopeful that these will give me fruitful gains in the future, during the first 3 months I was quite fortunate but I wouldn't say lucky as I spent a lot of time researching and keeping up with the current developments, I got in Raven Project early and made some nice gains, I was mining Metaverse for quite a while and this went 3x recently as well as other projects like Snowgem which I got in and out of in good time for some nice profits.
So where did it go wrong?
The last few months have not been so good, the bear market has made it hard, crashing GPU prices and the rise of ASICs has made mining a break even process in a lot of cases, so ROI is long and painful especially for people like me who rushed in with high GPU prices.
So do I regret my mining venture and what next?
Regret is a strong way of putting it but maybe I wish I’d have kept my BTC and held it, it would have been less time consuming and a lot less stressful but as they say nothing ventured nothing gained and I'm still in it to win it, I have considered selling my gear and can see a lot of others doing this in the mining groups but I've decided I'm sticking with it, I'm currently mining to hodl and will continue to do so in the hope that these coins will go back up to ATH prices and that I may be able to get a swift ROI in the next bull run when I cash out, following this I'll still have my free "crypto generating machine" to show for my efforts, hopefully all this happens sooner rather than later I'm running all 1080 ti and the 20 series doesn't look to damaging so i will be able to keep going a good few years yet and I'm still itching at the cheap GPU prices so I may actually expand rather than close the doors!
This is my first blog post so excuse the lack of professionalism, I'm going to try and improve on this but I think it's good to share experiences and I'm liking the blogging vibe so I think I'll make few more posts after this, maybe detailing my builds, How I find coins to mine, what I’m mining now and how I do this to help anyone new as I've become quite the expert over the last 8 months and finding all this a breeze now, I still remember what a struggle it can be at the start so hopefully I can help some others with configuration, and we can share ideas and discuss up and coming projects.
Constructive Criticism welcome and I'd be grateful of any pointers but don't be a Keyboard warrier no one likes a dickhead!
Please upvote give me a follow if you like :)
i turn off my mining rig from last week due the low price and high difficulty of certain crypto i mine this year (ethereum classic)... tough year this one for me to mine... :(( bear effect indeed..
Defiantly tough going, mine something that you think will go back up ETC not a bad choice it's maybe got 2-3x in it next 6-12 months so just mine and hold.
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