In early February I took a 10k USD personal loan out and bought two whatsminer 32 mining rigs for $8k, used the other $2k to add to my #bitcoin stack.

Here is a follow up on how things are going.

First, let’s get this out of the way - if I would have used the $10k to just buy bitcoin I’d be up around $6k in profits right now as the price was around $38,800 at the time. I am operating under the belief that the price will continue to moon from our current ~60k price.

I paid a friend to help me with the electrical. Between what I paid him and supplies needed I spent around another $800 to install. I added some complexity with 220 “light” switches so that we could easily shut them off if needed without pulling the plug out of the machines.

I have a little over 1 month of the machines running at this point. My rewards for running the machines for this first month in total make up for the cost in electricity and also make up for the monthly loan payment.

I am not selling any of the slushpool rewards, they are all going into cold storage. This Bitcoin will be passed along to my children, I don’t plan on ever taking profits myself with it.

I am eating the costs of the electricity and of the loan payment myself with the belief that in 10-20 years this Bitcoin will be worth 20x or more current price.

I was looking at taking the loan out for a car but said “fuck it” and aped into the mining rigs. I will continue to drive my old Honda instead, wish me luck on this one.

If the car doesn’t last me another 2 years at least I might be in some trouble and be forced to sell some of my #Bitcoin stack.

Overall I am very optimistic with how this is going so far. Earning #Bitcoin in a way that is outside of the KYC system is rewarding, not to mention the rewards being so much better than cost. I know this isn’t for everyone, especially if you don’t have your own home.

I have no clue what will happen with the difficulty adjustment in the coming years, but beyond that my biggest concern is whether or not the machines will go for 4-5 years. I need to read up on whatsminer maintenance, if you have any suggestions please share!

If anyone is interested, this is the tutorial I used to get going with mining #Bitcoin at home: https://www.econoalchemist.com/post/home-mining-for-non-kyc-bitcoin

H/T @econoalchemist - I was always interested in doing this, your tutorial basically open-sourced how to do it, very grateful.