I mined Bitcoin for 9 months. Was it worth it??

June 30, 2023 Paula Crypto Videos 49



I spent $92000 on 16 Bitcoin miners and they’ve made me about $30000. Was this a huge mistake or is Bitcoin mining worth it?


49 Comments

  3. Could you make a video about how you prepare for the upcoming Bitcoin halving? The ability to mine BTC grows exponentially and I should be able to start acquiring BTC miners soon, but I am trying to account for the upcoming halving next year. I'm not sure if I should wait for more efficient machines to release or if I should just go ahead and start mining as soon as possible and upgrade on the fly? Any advice helps, and great video!

  12. Musk Miners ripped you off! You could've taken out a business loan for $460,000 and started your own business for hosting miners with a 20% down payment of $92,000. You could have bought the miners cheaper and could have made money hosting other people's miners.

  16. Was it worth it? If bitcoin doesn't run out for the next few years, maybe. Bitcoin is limited to 21 million dollars after all. And 19 million is already mined.

  18. Why did you have so much money in LUNA though? The Iron finance stable coin did the exact same thing and also failed many months before. Too many Youtubers were buying luna and never explained where the 20% staking rewards came from.

  21. Yeah but as more are mined it will take longer. Plus the power you’re burning. Then you have equipment failure. Yeah they are reliable for a while when they are new. But for how long? And what happens in 5 years when everyone else has better miners than you?

  23. Hi Andy,
    Great video! I am new to this and I guess I am a bit (see what I did there) confused on how the revenue works. I’m assuming you have to cash out the bitcoin to get any money so how do you pay for all the hosting, etc? Is there another revenue stream from this im not seeing?

  27. This is incredibly high risk. What a waste. If this, if that. No thank you. Did not even mention or account for the mining difficulty level, which is always going up….. I'll put my 97k into the S&P 500, not waste a ton of electric power, not fill the landfill with trash and watch my profits go up with risk, but tons less risk. My method doesn't make for a nice youtube video though….. And of course, you could not pay me to own any crypto. I have in the past, and I am about even on my Crypto journey, however I have effectively paid off my house with gains from the S&P 500 over the past few years.

  33. Dude, most of us small-medium miners got the hell out of all mining 12 months ago. I'm sure you had fun and just keep hodling and you will be cool. Inflation has your back haha

  35. Guy is in 2023 mining with like 10 miners and still doesn't know the difference between Bitcoin and crypto smh. They'll never learn will they?

  36. Should have locked this in a Fixed Term with Nexo for 10% interest and save you the trouble. Not to mention that they now increased the max rates to 16%, which is awesome.

  37. It is probably bad math to assume your machine value can go up. They will be mostly be useless and worthless after running them to the ground for a couple of years. But good luck

  38. Passive my ass. I run a farm with over 560 miners. The container needs constant work. Miners going offline. Filters need changing, outside mesh needs to be constantly cleaned from cottonwood, over heating issues, miner issues some can be fix3d others need to be sent in. It is not passive income don't listen to fucking noobs on YouTube

  39. For most that just want a small amount of BTC should just buy it. Any one I know that talked about and or did buy large amounts of BTC and others, I told them don't use all the money to buy and to use most to buy miners. Just makes more sense for now to still buy miners. And when the market goes up on miners sell some of them then re buy when they dip down but the new model.

  43. BTC mining is a cut-throat business. I think it's very difficult to make money long-term unless you're really willing to dedicate 100% to it.

  45. Shrewd investing does not start with copium. As savvy investor would be running his numbers in the opposite direction, by including everything possible, in the expense column, in order to guard against the chance of self delusion. Picking and choosing different expenses to include and not to include, especially when you are picking to exclude the initial investment, allows you to make biased and deluded choices and miss estimate your wins, which in turn, expands your openness to more risk. It is a feedback loop that leads in only one direction. My recommendation is to reevaluated your calculations of success and not change them when the calculations aren't showing you what you want to see..

  49. Hi,

    Have you looked at something like the BMN (bitcoin mining note) ? Wouldn't it be simpler to be exposed to mining by buying this kind of product which is a tokenized asset of bitcoin mining ?

    Is it worth it, what is the yield vs buying miners directly ?

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