Stop yelling at crypto miners!

There's a reason people do this

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Today I want to get up on my soapbox and rant a little bit. I hope that is okay with all of you!  Because I’ve got a bone to pick with some folks who don’t know a whole lot about crypto, but sure like to talk like they do. Let’s get to that in a minute. First, I’ve got to share this with you if you haven’t seen it… Knoxville Trade Experiment — Have You Seen It Yet? Have you seen the Knoxville Trade Experiment yet? I was determined that I could show people in my own community how I built a system with a remarkable 95% success rate. And the results were shocking… See them here So if you’re unfamiliar, one of the most common complaints about crypto is the high energy costs associated with mining for cryptocurrency. There are some, especially environmental types (nothing wrong with caring about the environment per se, I just want to be clear on that!) who really think that crypto mining is damaging the earth. And more specifically, many people point to crypto mining as part of the cause for energy shortages.  They even said China shut down mining because it was running out of electricity!  But I do some crypto mining, and I have kept some numbers to demonstrate how that just isn’t true, and more importantly, how we shouldn’t criticize people who mine crypto in their spare time. Here is my summary for all the machines: The tool estimates I am sucking down 441W/hr to generate a hash speed of 126 MH/s (hash speed is the rate of calculating the crypto hashes, and both those numbers fluctuate in reality).   With current prices, I am generating ~$21.97 of BTC each day through this mining activity.   So...  0.441 KW per hour x 24 hours = 10.584 KWh I am using at a rate of roughly $0.10/kwhr.   10.584x0.10 = $1.0584 per day in electricity to make $21.14 in BTC.  That is one heck of a return.   Now there was a cost to the equipment, but it is more than paid off now. So maybe you can see why people like mining? You don’t have to worry about each of the units, if you’re not familiar. Just look at the numbers. I’m spending just over $1 in electricity to make over $21 in BTC. And the BTC value could increase!  So, it’s just a tradeoff that makes sense. And there’s no reason to criticize people who do it!  Anyway, that’s my rant for Sunday. Hope you have a good one!    Daily Profit Publishing and Jeffry Turnmire do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor. We are not licensed to provide you personalized investment advice. Nothing in these communications should be construed as personal investment or financial advice.

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