Crypto-Mining 2018-2021
Crypto Mining for Profit vs Value
Happy to share this after a year of mining operations in the US south, what started as a block chain experiment became a full-time gig in Jan/2018 with dedicated mining rig and clustered pools for BitCoin. Keeping the network alive and noise isolated while keeping the facility from heating up too much was a challenge by itself.
But the real challenge was not in mining, but in security, energy efficiency and keeping up with an ever changing miner fees and its value. The power bill surged 10 times that of a regular Data Center usage, despite the warmth provided by the dedicated miners churning blocks and hashes, things were not very warm in terms of the balance sheets.
- Hardware wallets were used to secure the mined blocks and coins from getting stolen :D - yeah they do get hacked, just search for Gdax hack.
- Still power cost in the US south was low and kept us going prudently aggregating all those lovely blocks
- Investment was almost beginning to get paid off and then the value to dollar fell below 6K
- Now the value to dollar in 2019 Jan is almost 3.4k and that not going to make any profits for those mining in Continental US, Central EU or even in South East Asia or Australia. Those lucky miners in Mongolia with subsidized power can still carry out massive mining operations profitably is my assumption.
- Cloud mining ADs stopped :D (similar to the insurance companies in Cali after the wild fire)
Update @ Jan, 2021
BTC surged to 28,990.00 USD today, our operations are resuming this week.
