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
