Jumping headfirst into mining

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Mining has always been something I’ve dabbled with since I heard about Bitcoin in 2009. Predominantly I have always been more of a console gamer and never invested into a serious GPU for my desktops. This always left me with an occasional foray into CPU mining which never lasted long and left me $20 BTC recently ( about $50kBTC price) in my first ever wallet and a wish I had just let that miner run back when I wasn't paying for electricity.

Now that BTC has jumped above $45K we've seen mining farms have gobbled up miners during a global chip shortage, last generation GPU's are going for hundreds of dollars above MSRP, and millions of new eyes are once again on crypto.  Mining is now profitable for many people who have dedicated GPUs.  You can easily check by googling a mining calculator.  While you're at it check Nvidia's stock and buy some.  They're involved in the future.  I AM NOT A FINACIAL ADVISOR DO NOT TAKE THIS AS REAL ADVICE

Sorry about that. The necessities we have to take these days... SMH

Anyway.  Now that mining is again profitable and my meager investment in holding crypto have risen dramatically my interest in mining was piqued again.  I knew GPUs were in high demand because of the new generation of consoles coming out and PC gamer's necessity to feel superior... just kidding. I'm now one of you...

I found myself a couple IPA's deep on a Friday night.  I had traded options all week on stocks. Bitcoin miners, Nvidia, and other related entities. I knew what was going on with GPU's, mining farms, and the price of crypto. Tesla was buying in.  Other mainstream investors were hinting at positions.  Newegg.com then advertises me a gaming PC with a well known GPU for mining. I clicked the link. It was instock.  The IPA's immediately said "DOOOOOO IIIIITTTT."  My wallet said, "DOOOOONNNN'T!!"  Then Newegg.com came through with a 12 month no interest offer.  Are you serious? 12 months?  

I did the math.  If I buy the computer it would pay for itself in 6 months ($50kBTC.)  

I did it.

Now I've been mining for a week.  I've brought in .0009 BTC or about @$41 BTC at current prices.  I've worked out some hiccups so hopefully my average income will rise.

 

Here is the best part. I own a small business unrelated to crypto.  I bought the computer through my company and am able to write off the costs on my taxes.  On top of that I will be able to report the crypto I mine as income instead of capital gains like you would have to when investing into crypto. 

In effect I will be able to write off the cost of the computer and reduce my taxes, while by keeping it on and online earning enough income to pay for itself and more. Once the hardware is completely paid off I will take the mining earnings and deposit them to some of the crypto backed debit cards like crypto.com's.  I'll use this as a way to pay for groceries for the family while earning more crypto back.

 

 

 

 

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