Like so many tech trends, once something becomes mainstream it simply loses its appeal. I started DIY mining years ago but quickly figured out that the cost of the hardware, maintenance and most importantly my electricity bill made it a potentially high overhead experiment.
With some many active serious investors hunting for crypto currency, the energy costs are ramping up.
This report suggests that in a few short months it will no longer be feasible to mine cryptocurrency. Hopefully, the masses will get the heads-up and go back to what they were doing before the media hype.
My Omnia Cloud mining has yielded disappointing results so far but this is not surprising considering the massive drop in values.
After an initial investment of 500 USD
Current mining Earnings 0.72 USD per day
Means it will take a whopping 694 Days to break even,
...that's just under 2 years.
It seems Omnia makes more money from the Multi-Level Marketing aspect than the actual mining at the moment. The Pay-out procedure is very rigid, ridiculously slow and non-transparent only allowing me to withdrawal my cryptocurrency once (1) a week on Thursdays.
With this scenario, it’s easy to see why Newbie Crypto investors would be sceptical but it all depends on your reasons for getting into Crypto. For me, the opportunity to remain unseen by central banking is attractive. Also, sidestepping the technical hassle and cost of setting up mining servers is excellent.
Today’s Lesson: Define your Crypto goals whether it’s short-term profit to be transferred back to Central banks or leveraging the ability to buy or sell using Cryptocurrencies.
My first gym session of the year felt great last night and is the perfect antidote to my PS4 Withdrawal. Grinding my way every night through FallOut4 will have to wait for now.
One pretty bad side effect is my tendency to trigger real-world arguments to feed my Amygdala. There is nothing better than a “good” argument to say the things you normally keep to yourself. Of course, for me, arguments have an even worst side effect of sparking MG symptoms of sleepiness and chronic fatigue.
Leaving my PS4 in another country is pretty much the only way I could whine myself off my trophy hunting addiction.
So, the extra 20+ hours I week I’ll gain from no gameplay will be spent on watching Twitch, research study, Movies and exercise. Most of all I need to work on my Cryptocurrency portfolio. After the last quarters rise in Coin values, the average business person is acutely aware of the potential and looking for stables ways to make a big buck.
I came across a new breed of company a few weeks ago. Hash Power Service provider meets Network marketing is an interesting blend that makes it easy for anyone to buy-in but it seems these hybrid business models for Cryptocurrency try to paint too much of a pretty picture for the consumer. In the meantime, the Meltdown vulnerability makes it clear that hardware Wallets are probably the way to go in the long-term.