Tuesday, December 26, 2017

A Crypto Christmas, Passive Income Increase!

Quick, everyone grab your pickax, there's gold in them thar hills!  Part of the purpose of this blog is to track our efforts to increase our passive income.  Every month I release a passive income update that covers how we are working to grow income streams to surpass our monthly spending.  One stream of passive income that we have been playing with is Cryptocurrency mining.  I have mined Bitcoin and other alternative coins at a small scale off and on since 2011.  With the recent surge in Bitcoin, I have used some of the profits to build myself a slightly more high tech mining rig, so far the results have been excellent!

Passive income from Cryptocurrency mining was $40.25 per month in November 2017.  After tweaking the settings of my new dedicated mining rig our income from mining is now averaging over $24.21 per day and rising.  This is a monthly income of ~ $736. The rig itself is currently operating at 3/4 capacity and should be complete early January 2018 when the special power supply adapters I need come in the mail.  I am hoping when all is said and done that daily profit will sit above $30.00.  I will make a future post detailing the hardware and software needed to make this happen once my build is finalized.

Disclaimer:  I consider Bitcoin and other Cryptocurrency to be a high risk investment.  While I strongly believe in these investments in the long term, we will continue to see significant volatility in the near term.  Friends and family have been interested in my mining operation/history with Cryptocurrency due to the recent spike in prices.  While I love the technology I can not in good faith tell them to invest unless they are already in a very good financial situation.  I have lived through more crashes in Crypto value than I can remember and it has only been a 6 year relationship.  My own friends and family have talked to me about investing on margin or using leverage.  To me this is like playing Russian Roulette where 5 of the six chambers of your revolver are loaded with bullets. When you put that gun to your head and pull the trigger, if you survive you make many thousands of dollars. 

TLDR - At this time only invest what you can afford to lose and if you are using debt to fund this venture you are absolutely bonkers.  

No comments:

Post a Comment