Ethereum update: 23 y/o Mining Enthusiast inherited $1.5-2M
I lost my father a summer 2017 and more recently my grandmother too this Fall. I inherited my father’s property (which I have been taking time off engineering college classes full time to restore) and retirement accounts, along with the portion he was willed in his mother’s estate more recently which includes trusts and property.
Currently renting out a portion of my dad’s house enough to pay it’s bills, once it’s not a construction site I will be able to place a higher paying tenant like a family to live there. House is huge ~7000 sq ft with each floor separated with separate entrances/exits, so likely will Air BnB basement portion. Selling grandmother’s house. Have not used any of either inheritance for what I currently have mining, for what I already running, only personal savings. However used a small portion of my dad’s savings for rennovations of the house along with some incoming FPGA mining equipment, rest is still invested in various stocks/index funds.
I currently have been mining again since April 2017 but started once in middle school with CPU mining for fun, never had at scale till 18 months ago. Leading into the bubble last winter I was running about 300+ GPUs (RX 480/580 series,1070,1080TIs, and RX Vega mix), which are still running to this day profitably thanks to my 6-7 cent electricity. Also have a handful of different algo batch 1 ASICs running either 24/7 or during off peak only at 4 cent/kWh, besides my one A3 which has been off for months. I have held a majority of the mined holdings last 18 months, sold a portion December/ January to cover all electricity to that point plus the end of this year. Sold decent portion of hardware to people who are paying well above cost for me to host it at the same location.
I still haven’t grasped conceptually the amount of capital at my disposal. I am going to work on the best responsible strategy overall. But it’s extremely hard to not get carried away thinking of investment into a larger sized operation. I know mining is in cycles, and I am lucky to have paid off my hardware. Also there are alternatives to POW on the way too like POS etc. Not to mention the volatility is not something that’s for the faint of heart. But I put all my personal savings into the space before even having access to other people’s or knowing I would. Because it felt right, and I knew I’d stick through the decision through good and bad times. (And the ROI numbers when ETH hit $80+ were amazing too).
I’m not going to be able to stay happy investing all the funds in safe predictable routes like a CD, index fund, etc. Mining in particular is similar to the satisfaction of owning a house, being able to touch a physical asset that despite the volatility of the crypto universe exists in real life and still has baseline value in some manner. I just recognize my hardship could yeild a silver lining long term, if I am willing to be a cautious risk taker over the next 5-10 years. I plan to pursue an engineering carreer too, I’m just concerned my academics and progression in other parts of life could become distracted by opportunity costs and “what ifs”. Because it feels like the sky is the limit.
I don’t know what to do, what would others in the mining community do in my shoes?
About Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Author: askthecrowd
Score: 7
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