November 2017 was by far the most exciting and eventful month I’ve witnessed so far during my short tenure in crypto.
🔥 Everything started when 6 people came together & cancelled SegWit2x.
🔥 Then it turned the person responsible for writing the SW2X fork had gotten it all wrong and the 2X fork would not have worked anyway.
🔥 Some days later Roger Ver arranged a Bitcoin Cash hostile corporate takeover and destroyed lots of people’s money in the pump&dump weekend when BCH shot to $2,800 only to drop like a brick back to $1,100.
🔥 More people started losing Bitcoin Cash by sending it to SegWit addresses.
🔥 Bitcoin Gold forked and USD 3.3M worth of bitcoins were stolen from people trying to claim their BTG airdrop via a fake wallet listed on the official Bitcoin Gold websites.
🔥 Bitcoin reached and shot through $10,000 before making a correction. Litecoin briefly crossed the $100 mark.
Just let all of this sink in for a while.
From the perspective of a little nobody like me, I got to keep my small mining rig profitable for yet another month. During the month of November, my rig was pulling an average of 0.00084 Ƀ per day for a total yield of 0.0251632 Ƀ (some 22% less than the month before).
These numbers mean several vastly different things. My (somewhat unrelated) thoughts and observations.
- Hadn’t Bitcoin appreciated so sharply, my rig would have become obsolete by now. I got lucky when I decided to do this back in June. The price of Bitcoin back then was approx. $2,500 and had it stayed the same, by now 3 of my cards would have been making just around $10/month combined after subtracting the cost of electricity, and I would have stopped using the 4th one because of negative profitability.
- Considering how high the price of Bitcoin went, I find it a bloody miracle that people would still be interested to pay in bitcoins to mine other currencies.
- I see no value in Bitcoin Gold, but many people seem to do. Since BTG mining uses Equihash, this has effectively expanded the demand for GPU hash rate, which slows down the path of my rig to obsolescence.
- As long as the price of Bitcoin grows by 30% monthly, I have no issue of having 20% less monthly yield from my rig. But obviously this can’t continue for long. Is it finally time to sell my GPUs while I am still ahead, or should I keep them for a couple more months? After serving my gaming needs for ~2 years, my trusty old GTX970 is still pulling 0.00015 Ƀ per day. Talk about value for your money!
When I don’t know how to do, I usually don’t do anything. Still thinking about this a lot every day, though.
I am a small business owner from Bulgaria. I have been tinkering with personal computers ever since I was a kid. I feel enchanted by Bitcoin technology; last time I felt this excited was some 23 years ago when I first started surfing the internet using a 28.8k modem.