Friday, December 01, 2017


A recent episode of The Big Bang Theory had the guys going back in time to find some Bitcoins they had mined years ago that were now worth quite a bit of money. As fate would have it, back when one Bitcoin was worth ~$100, I bought a couple of inexpensive ASIC Bitcoin USB Miners and began mining. After a number of months, I generated 0.1 Bitcoin. As more and more really big miners entered the market, it became increasing difficult for me to compete so I parked my coin in a "wallet" at Coinbase and quit mining*.

Now that one Bitcoin is worth over $10,000, I sold half of my stash for ~$500 and had it deposited into my checking account. I figure if the price goes down substantially, I can always buy it back at a lower price. If the price goes up substantially, I can sell the remainder at a greater profit.

If you like to live life on the razor's edge or just have more money than a Michigan farmer, you may wish to play around in this market. Just remember it is highly volatile which makes it a risky investment. Here's a chart of Bitcoin's recent history...

*Mining today requires some relatively expensive equipment and a source of inexpensive electricity. Most mining is now done in China.

No comments: