Should I have bought Bitcoin instead? BTC mining is VERY HARD!

34 Comments

1. Should I have bought Bitcoin instead? Many of you guys think so. My feelings are much much different. I am to hard headed to listen to what others tell me WHAT THEY CAN'T DO!

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2. TL;DR: commercial mining is a good hobby and starting point, but it's only a means to an end (a proper job in the tech industry, or your own tech business), and NOT an end in itself!

   I started a commercial mining farm last year but it went bankrupt and cost me $20k personally. But it was because of my bad decisions.

   • Wrong warehouse. Rent: $3500 instead of $1200, 11¢ power instead of 8¢, high overhead cost. My state isn't a good place to mine.
   • Bad timing. After Ethereum crashed in January 800-1000 cards of investors backed out. We ended up with just 200 GPUs.
   • My young age (20) and inexperience. Most people who build these farms are twice my age and already work in datacenters

   I could have blamed my failure on the market, but I decided to take responsibility. With a better warehouse location we would've survived. I did achieve 98% uptime even through storms and the fiber cable being chopped. My operation technically survived but not financially.

   But I don't agree with you that mining is profitable in the long run, even if you hold the coins and get in at the right time (it's impossible to time the market). Anybody can start a medium-size farm with 100-1000 GPUs or 50-200 ASICs and there's NOTHING PROPRIETARY about it. Anybody in the world can start a mining warehouse if they have the capital and are smart enough. What is proprietary is your experience in building the farm, though.

   Yes, there are consulting opportunities, but I don't think the mining industry is stable and could disappear in a few years. Datacenter and mainstream technology companies are willing to pay for these skills, but I don't think most people can earn $300/hour or even $100. There's lots of competition in these established industries.

   That's why I decided to start a new company where we're developing a hardware device for GPU miners. Most of the work is code instead of building rigs. This is something actually scalable and defendible. The initial investment was just $2k and a few months of my time, not $100k like my farm.

3. Instead of investing in mining equipment atm, have you thought of power generation and storage? Maybe a small windmill and solar panels paired with a 50 meter salt water Tupperware battery?? Yes maybe equally expensive to doubling your farm power, but could also float you in these times.

4. One of ur best vids for sure. Revisit this one on the next tank lol

5. I would still rather buy, plant and maintain Apple trees than just buy a basket of Apples. Getting to harvest you may experience some rough times. but with hard work and perseverance, hopefully you get to sell loads of baskets yourself!

6. "but what I do have are a very particular set of skills. Skills I have acquired over a very long career" 🙂

7. your video boosts me up and your dedication always encourages me to also work for a value that matters.

8. For a test I was mining on my gaming PC and for a year ago it was going fine. But becuase of the BTC price now it is not mining. Instead I have a bot-trader that is running 24/7 trading crypto.

9. Mining is for suckers. The more who join, the thinner the rewards are spread out. Your income is at the mercy of new miners. Can't really base a business on pure chance.

10. Just today I had to visit my mini farm driving 2 hrs to fix a internet problem. I may just sell it and get the t3 innocsillicon.

11. Depends on how long you can run with out profit. I would say 3 to 5 years.It is an investment. That timeline is based one 1 plus year above its bear market. Yet in the lifetime of bitcoin there might be a 4 or 5 year bear market one day since it is early in the game.

12. No payoff until 20 X

13. I turned all of them on…. and then let the naughty ones stay off… just buy more…

14. This is kinda how starting ANY business works… if your not ready to put the effort and time, anytime, forget it, you're most likely gonna fail… no business succeeds instantly, you'll face negative minds, and you'll be the one fixing everything for a while… if you can't live with instability, get a 9 to 5 job.

15. 3-500 $ per hour for something you can find online at anytime? Special skills? hahahaha no thanks

16. Being a hands-on guy I had to try mining lost over 20k on those freaking dash coin asis bitmain miners by the time I got them the difficulty went so high they weren't much more than scrap, the pws's were the only thing that was worth anything. Need a bull run just to make up my losses, on those damn miners

17. The longer Bitcoin exists, the more difficult it becomes to “mine,” or create new coins. Without the miners, the Bitcoin network collapses. The cost of getting started as a new miner is so far out of reach for the average person that the main miners are gigantic warehouses in China. In most countries, the cost of electricity to run these computers is actually more than what the digital currency is worth, which makes it pointless to even try.The longer Bitcoin exists, the longer it takes for these computer systems to process the information.
    the official time for a Bitcoin transfer is “one hour,” but anyone who uses Bitcoin on a regular basis knows that is far from the truth. Transactions can take up to six hours at busy times of the day, because it averages 15 transactions per second. There is no guarantee that it will ever improve. In fact, it is likely to keep getting worse

18. Hey Mr_Kristof love the channel. Consider yourself lucky with only 1 unit down this morning. I had 10 each S9 miners that were at 0.0 hashrate this morning out of 30. No power problems, no connectivity problems, just not hashing. Very unusual indeed.
    I have often thought lately that I should have just bought btc and held it from 2012 to 2017, then sold it, instead of mining all these years. Would have been rich enough to retire had I done just that.
    Will be ready on the next rise though.

19. Your whole speech can be summed up to what you said at 5:07 "when the next rally happens"

    Your current set of skills may be valuable in the future, but currently I am skeptical that there is more than a couple people willing to pay a crypto guy 500 a hour to consult them. Like you said, when the next rally happens, I'm sure your services will be extremely valuable, but it's more of a "if" the next rally happens.

    My main question I've been asking myself with crypto the last year is "when bitcoin is widely used does that mean it will be expensive" I don't see why bitcoin wont be 1000 a coin, rather than 500000 a coin. There's not really much logic currently for prices

20. Are you really complaining cuz you had to drive to your building and it took you 20 minutes to fix your problem oooooooook?

21. Stick with it some days are tough bro

22. Who cares about that I hope bitcoin goes up again

23. Not sure which machines you have….assuming S9. Have you updated the software to overclock them? My 13.5 S9s are averaging 15.4 now….about 15% increase!!! My 14s are over 16 now.

24. both 50 x s9 50 x l3 50 x d3 , an yes we got sreew start to buy my s9 in april 2017 bitcoin was 980 us s9 $ 1800 so 2 bitcoin buy machine wood have much more bitcoin in my wallet if juste but direct bitcoin , the d3 work 3 month then garbage , spend 260k plus hydro rise the price of electrict from 9 cent to 12 cent for miners then we dont count 30k of power instalation en 9k a month of electri plus rent plus intern plus all the hours working that shit hate my choice

25. i feel the same !! youhave got to get through the rough to get to the smooth????? ( keep mining )

26. ^^^

27. Miners ftw

28. currently, my miners pancake, bacon, and wonton are down. I just fixed those three 80min ago. I almost went big last year and I'm glad I decided to stay small. Less overhead seems to be the ticket for me.

29. And you are sacrificing the environment.

30. Hey buddy i don't know you but I'm proud to see people like you finding ways to keep your dreams alive specially at this bear markets when for a lot of people is the end , i wish i can find people like you that motive other to keep trying , is like a phrase some one said once " If someone tell you that you can't do something don't believe it they just showing you their limitations not yours " good video ,keep building your future ?

31. Mr K, "Mine Em if you got em." Mining or Buying, if you acquire Bitcoin at the
    Right Price, You will Make Money. It's a Roller coaster Ride but look at 3 year
    cycles:.2008 TEN Cents, 2011=Ten DOLLARS, 2014 $657, Dec 2017 $19K,
    Dec 2020 ? Enjoy the ride. It's just a Ride…

32. I wonder how long you can keep this rig running. Hang in there though. You know when you pull the plug, btc is going to the moon.

33. One of my biggest obstacles to overcome in this bear market is my wife. I'm a blue collar guy. I work hard for my money and my wife isnt a big fan of crypto. But I just know this is going to change our lives. If I'm dead by the time you read this… my wife did it

34. I hope to get a mining farm Mr Kristof, you've inspired me.