The Mining Play

Crypto Mining ⚒ & Trading

Quite a few post here since the last time i came, did some of you guys warmed up to crypto yet ?

Thanks. I’m by no means a millionaire with it though. I’ve always been a very small fish. Used GPU (graphics cards) mining machines until the ASIC made them unprofitable. Then been slowing switching to ASIC machines. Actually have one being shipped now. Should have it in a few days.

IMO, the crypto adoption will continue to happen over the decade. Just as technology has taken over other parts of our economy, everything from manufacturing to banking, IMO, it will continue to do so for finance and money. I really don’t feel the crypto ride and rise is over.

To those of you who have significant more trading experience and charting abilities than I feel you can apply those same skills to trading crypto. The largest coins BTC, ETH, LTC, etc are trading more market value than a lot of the largest stocks and stock markets. Plus they trade 24/7. BTC itself yesterday, traded $94 trillion in value. The volume and market share exists; but, so does the volatility. I, personally, don’t have the charting skills to daily/weekly/monthly determine where any given crypto value will go. I’m much better reading the longer term (3 month, 6 month, etc) trends based upon market adoption, technology changes, coin halving, difficulty increases, etc. For example the story I posted above showing a hedge fund purchased 3x the total coins mined in December during December, totaling 79,000. This indicates to me scarcity and indicted an imminent increase in value. And, sure enough, BTC went up. That hedge fund in less than two weeks increased they value by approx $10,000 per coin totalling approx $790M. If these hedge funds people who manage really wealthy people’s money see value in it, who am I to say they are wrong. I then spent some of my money on 1/4 to secure a used antminer S17E mining machine. Once I change the firmware, it should pump out–at current BTC prices–approx $26 per day. And it runs 24/7. And I do nothing except periodically check to make sure it hasn’t gone down (ie: power outage). And if BTC goes up, so does my profitability.

Money can be made in both mining and trading if you have the skill set. TraderRich, you have the skill set in trading, I’ve seen your posts over the years. Throw some money into Coinbase, verify your account and put your trading skills to work. I do not doubt you will make some money. If you want to do the slow and steady route (ie: turtle) don’t be afraid to ask questions. I can help with getting mining rigs up and running.

Either way, don’t believe you have missed the crypto boat. IMO it’s just getting started and interesting.

I appreciate the compliment. As a matter of fact, I have been paper trading the BTCUSD Bitstamp exchange. I have done quite well both scalping and swing trading, but then paper trading is a mere shadow of the real thing so I don’t put a whole lot of credence into those results. I’m sure I could trade it for real and perhaps I’ll dip my toe in, but after a decade of trading oil and other futures contracts, I think I’ve worked the desire for that kind of “excitement” out of my system. I’ll be sure to share any success or horror stories in the event I should change my mind. For now I’m happily on the sidelines cheering on my increasingly more wealthy friend, at the ready to offer my trading knowledge at any time he may request it.

Take care.

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Traderrich, I hope you were able to stay in and profit from BTC’s rise. I’ve done quite well with both BTC and ZEC. Still mining and still HODL!!

Congrats Jak. I’ve only been paper trading the chart, haven’t profited myself. Glad to know you’re doing well with it.