In 2012, one of my friends in Colorado had a Bitcoin mining rig that was making $200 worth of Bitcoin a month. But he was moving to California where energy prices were higher, so he offered to sell me the whole thing. He wanted just over $1,000 for it, which was too rich for my blood. At the time I thought “it might break even in 5 months, or it could start losing money if prices go down or if Bitcoin gets harder to mine. Too risky.”
I think Bitcoin was around $5 a piece at the time, so it would have been putting out 40 coins a month. Now logically I know that had I bought that mining rig from him, I certainly wouldn’t have held everything it made and waited to sell until Bitcoin peaked. But every once in a while, like right now, I do the math and realize that thing was pumping out $13,731,278 a month at today’s prices and just fucking hate my life.
The thought “I shouldn’t mine Bitcoin because it is an immoral activity that destroys the environment and facilitates crime while not producing anything of value” never crossed your mind?
Having also been in Colorado and being big into mining at the time, I can tell you that you would have sold when it hit the ATH of $1000, or definitely when MtGox happened and it halved almost overnight. I worked at Microcenter at the time and remember all the people returning GPUs after that crash. Everyone likes to think they would have held this whole time, but you’d have been a fucking greedy idiot if you had seen something so volatile, made 1000x returns and still said “Nah, I’m gonna hold”
Yeah my biggest regret is that I know my personality of hardly ever completely cashing out of anything. If I ever trade stock options and have a call up big, I’ll usually sell part of it and hold the rest till expiration.
In 2012, one of my friends in Colorado had a Bitcoin mining rig that was making $200 worth of Bitcoin a month. But he was moving to California where energy prices were higher, so he offered to sell me the whole thing. He wanted just over $1,000 for it, which was too rich for my blood. At the time I thought “it might break even in 5 months, or it could start losing money if prices go down or if Bitcoin gets harder to mine. Too risky.”
I think Bitcoin was around $5 a piece at the time, so it would have been putting out 40 coins a month. Now logically I know that had I bought that mining rig from him, I certainly wouldn’t have held everything it made and waited to sell until Bitcoin peaked. But every once in a while, like right now, I do the math and realize that thing was pumping out $13,731,278 a month at today’s prices and just fucking hate my life.
The thought “I shouldn’t mine Bitcoin because it is an immoral activity that destroys the environment and facilitates crime while not producing anything of value” never crossed your mind?
Having also been in Colorado and being big into mining at the time, I can tell you that you would have sold when it hit the ATH of $1000, or definitely when MtGox happened and it halved almost overnight. I worked at Microcenter at the time and remember all the people returning GPUs after that crash. Everyone likes to think they would have held this whole time, but you’d have been a fucking greedy idiot if you had seen something so volatile, made 1000x returns and still said “Nah, I’m gonna hold”
Yeah my biggest regret is that I know my personality of hardly ever completely cashing out of anything. If I ever trade stock options and have a call up big, I’ll usually sell part of it and hold the rest till expiration.