My One Month Bitcoin Mining Journey - YouTube

A few weeks ago I made a video where I tried mining bitcoin for a week and was truthfully

just absolutely mind blown and very much so intrigued by the potential of this business

Well in this video we’re gonna go over a few things I missed in that video, where I’m

at a month later, we’re gonna talk about me buying tens of thousands of dollars of

the wrong kind of equipment, bitcoin price dropping by like half after I already bought

the wrong equipment and so much more

Ok quick recap I built up this nasty mining rig a few weeks ago, cost me a total of fifteen

thousand seven hundred seventy four dollars, at that point the price of bitcoin was dancing

just having a good time in the fifty six fifty seven thousand dollar range

So under those conditions in the video I said the rig was making around sixty to eighty

five dollars per day and would pay itself of in around two hundred days

That's where we left off in the last video, but after some more optimization and over

COOKING of the GPUs I saw the rig hit numbers as high as one hundred eighty nine dollars

per day

I mean life was good I ordered parts to completely build a second and more powerful rig, I figured

this was it we’re making it out the hood, me and Drizzy were

Here I was doing my part to decentralize the bitcoin network , I was the king to replace

Satoshi the glue holding the bitcoin ship afloat

I even called Susan put in my two week notice but shortly after uploading the video a few

cracks started emerging in my plan and so on my way to the Lambo dealership, I’m replying

and reading through the comments under the video start to realize that the Nvidia thirty

ninety GPUs I bought for the rig weren’t ideal for mining

The graphic cards aka GPUs are the most expensive part of the build and are what’s responsible

for the mining and here you guys are in the comments saying that the type go GPUs I got

are really not the most cost efficient for mining they’re loud and people usually don't

recommend them for mining purposes

I had to make sure I was being trolled so I checked in with one of the bitcoin founders

Richard and sure enough he said the same thing, I should’ve been buying thirty eighties

which are a lot more efficient

Thing is tho I really wish I knew that before I ordered

now this is isn’t the end of the world, although these aren’t ideal for mining and

they hum pretty loud, they are very powerful GPUs so six of these monsters on one rig who

knows how much its gonna be making per day, all the parts for this rig have now come in

so we're gonna find that out BUT

The even more pressing issue here is the price of bitcoin, in the last video I mentioned

Yeah its not pretty uhh I'm still long bitcoin my actual bitcoin and Ethereum holdings I'm

not selling cuz almost the full amount is unrealized gains so if I do sell Im gonna

have to hand over half it too mr government

which at this point i'd rather watch my bitcoin position go go down to zero then sell it,

pay half of that money in taxes, and then watch inflation eat up the rest of it as they

keep printing more money

The tax system kinda forced the diamond hands mindset on me and I really do just believe

in bitcoin long term so I’m not selling but what does this new price of the magic

orange internet coin mean for the mining operation

Well I saw the the profitability of the mine dip as low as I think around twenty nine dollars

per day at which point it would take like five hundred days for this machine to pay

itself off, which kind of hurt

That's definitely not as vibey as having it pay itself off in like a few months but I

did some more thinking and you know what even then, imagine an investment that can give

you a one hundred percent return in under two years that’s insane, fifty percent per

year returns and when I think about it like that I don’t feel as bad

Now it was making twenty nine per day at its lowest, currently its around forty five dollars

per day so just under a year for it too pay off at this price which sounds fine to me

and who knows where the price of bitcoin is gonna go in a few months

I got my electricity bill, it only had one week of mining on it so I didn’t get the

full picture but that one week didn’t make the bill anything crazy so the electricity

costs aren’t bad and I’m gonna keep this running as long as the rig covers the electricity

bill

Let's say I mine ten bitcoin over the next three years, the price of bitcoin for those

three years is fifteen thousand so i'm just about breaking even during those three years,

but let's say on the fourth year the price of bitcoin jumps to a hundred thousand well

then the ten bitcoin I already mined is now worth a lot more

So the price of bitcoin doesn’t matter to me short term as long I believe in it long

term, now if that changes and I no longer believe in bitcoin and am cashing out everything

I mine then the price fluctuations would affect me a lot more

So i'm not mining dollars im mining a set amount of bitcoin per day, i'm just using

dollars to measure it, hope that was decent explanation but thats my outlook and conviction

behind continuing mining and that said let's setup this new absolute unit giga chad of

a rig with all these thirty nineties and see how much its gonna be making and break those

numbers down

Now that this was my second time doing it, the build process was pretty smooth and honestly

very enjoyable, first up you smack together the frame of the rig

Then you screw the motherboard into place using a few special bolts

On to the motherboard you place the CPU and then on top of that you put a CPU fan to keep

it cool

Then you pop in a couple ram sticks, you could get away with one but the pack I bought had

two

Up next is your SSD you connect that to the motherboard as well as to your power block

and then you also have to connect the motherboard itself to the power block, I’m using two

blocks cuz I need the extra power so I used a splitter to connect bofa dem

Then you use a riser to connect your gpu to the motherboard and then also plug that into

the power block, plug a wifi adapter in, keyboard mouse and you are set

Final step you plug the switch and try to power it on

Then you tweak the motherboard settings for mining, install windows which I guess you

don’t even need to pirate anymore, I just downloaded it off bill’s website onto a

USB and installed it without a product key

Once you’re in you download some Nvidia software to recognize the GPUs and once I

saw that everything was running smoothly I then I plugged in the rest of the five thirty

ninety graphic cards, updated windows, reinstalled the Nvidia software and boom all of them were

working

At that point I download MSI Afterburner to overcook the GPUs make sure they’re running

efficiently and to their full potential and then I downloaded nice hash, pressed play

and we were up and running

That’s the pretty and aesthetic version of how things went, there were a few steps

where I had to troubleshoot and get jiggy with the wiring and what not but that just

gives you an idea of how the build process is

Now again I’m mining through nice hash which is the simplest way to do it but I’m not

endorsing them by any means, there are a few concerns with it

First off one of the founders, we’ll cam him M-Treezy for short, was convicted and

served jail time for creating a massive, one of the largest malware viruses back in the

day… and here I am downloading his program on to my computer and running it twenty four

seven, a little sus

But hey people do change and ever since the man served his sentence he hasn’t really

done anything foul with nice hash that anyone knows of, so no reason not to trust the service

but to be on the safe side I am only gonna use the computers I build up for mining, only

for mining, and I won’t be logging into anything on them

I’m also not gonna let too much of the bitcoin I mine sit on the website, ill be regularly

transferring it over into my wallets, mostly offline to a ledger I’m gonna setup specifically

for this but also maybe some digital wallets and I think that should pretty much completely

solve that concern

But then other issue is that nice hash is not at all the most efficient way too mine,

a lot of you guys were saying I could make a lot more if I switched over to other forms

of mining so I definitely wanna do that, I had someone saying I can make ten to twenty

percent more which is pretty significant

Only issue is, those forms of mining are not as simple to setup and use and I’ve just

had a busy couple months right now so I haven’t had the chance to sit down and figure all

that out and I’m also just somewhat scared to turn the rigs off just cuz they were slightly

a pain to get working and for the computer to register the GPUs correctly and everything

but switching over from nice hash is definitely on my to do list and I’m probably also gonna

explore mining coins other than bitcoin which could boost profits even higher

A lot of you guys were saying I should mine ethereum but i think im gonna mine something

with more serious fundamentals such as DeezNuts coin or Doge coin

Now here we are in my boss’s electric vehicle to talk about electricity I’m no greta thunberg

but I do heavily rock with nature so getting some renewable energy to power these rigs

and future rigs is something I definitely wanna pursue

I'm not gonna build a windmill in my backyard and I’m not sure yet but probably won’t

be developing a new dam on my street either but installing some solar panels on the roof

could be a great move

And on some strictly off the record talk, keemstar if you’re watching this look away

but I’m not just being a great guy and saving the earth, truth be told I really don’t

like paper straws, and going solar would actually cut down my energy costs long term, after

the panels are paid off its free electricity from the sun to power the rigs

Saving the earth AND cutting energy costs… absolutely hammering two baby rabbits with

one stone here, hahaha Greta i'm sorry please don’t click away I need the watch time to

buy the solar panels

Anyways welcome to my underground lair where I will be performing a fifty one percent hack

on bitcoin after which I will give my subscribers fifty million dollars worth of bitcoin each

so please sub

But both rigs are currently running, it actually takes a lot of wattage to run these so I normally

would not be able to have them running in the same place like this, the power would

give out

but I used to grow illegal substances in this lair so I had special wall sockets installed

to power all the lights and now im using those to power the rigs so that worked out nicely

nah I’m kidding I had an electrician over to install a special wall socket to charge

my boss’s Tesla and while he was here I had him swing by the underground secret lair

to install a socket that can handle extra power

So that's why thats why those are able to run side by side like that but now let's talk

numbers this new rig cost me eighteen thousand seven hundred thirty seven dollars so I now

have a total of thirty four thousand invested into this mining operation

currently with all the GPUs installed and still mining through nice hash they are pulling

in a little over a hundred dollars per day and at this rate would pay themselves off

in around three hundred days

but if the price of bitcoin goes back to what it was just a couple weeks ago where just

one less powerful rig was doing one forty pretty steadily

then two rigs one of them way more powerful, and especially if I switch over from nice

hash, they could very realistically be pulling in like three hundred dollars per day making

this a six figure per year operation, again if the price goes up to that recent high

So I’m just trynna be respectful towards the pump

really hope that the price does go up and I’m also working on a partnership with an

organization that may be able to provide me with mining equipment at retail prices which

would increase profits like crazy, if that works out I’m gonna continue building up

this operation but that's it for now hope you guys enjoyed this video and have an amazing

rest of your day PEACE