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Its just the rollercoaster ride of Cryptocurrency.
Its happened to other coins before.
Whats happening with the exchanges in Korea plus this from earlier this week. The IRS Has a Way to ID Bitcoin Tax Cheats
That pretty much guarantied the price would go up.
So a coin that is anonymous has advantages and more value for some.
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Very tempting, but I must pay off the existing hardware first! Just out of curiosity, are others keeping the coins they mine, selling them as they go, or a combination of both?
I am thinking of putting 10% aside as a long term bet (10% of the total mined set aside for 10 months/years), and selling the rest to recover the hardware cost. What are you doing, @Klee , @Marsh?
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I have simply been diversifying over time. While Monero has gone up a ton, I bought a few BTC around $1900 a month and a half ago and bought ETH a week ago at $285 those are not doing as well as Monero but still doing OK. Still have a decent amount of XMR, just do not want to be stuck if it crashes. XMR has been around 0.018BTC for a long time and is now 0.032BTC.
Last weekend I had like 5 BTC in one of my accounts. Today 8.5 BTC. That is a fairly big jump in seven days.
Last weekend I had like 5 BTC in one of my accounts. Today 8.5 BTC. That is a fairly big jump in seven days.
@JazzFaucet
What is your real world investing philosophy? Use your own philosophy to guide you.
But keep in mind that XMR price is not real, just fake money.
I learned about passive income and refine my own investment from a janitor in late 1970.
He was a millionaire then( when a million dollar was real , unlike today's FAKE inflation adjusted million ).
If you dream about $1,000 xmr , take a gamble, hold xmr, ( sell to fund hardware expansion , pay bills ).
BTW , I hadn't made money until last few days. Only due to inflated xmr price.
My opinion, mining xmr is the lowest cost to own XMR, assume that you buy hardware cheap.
Do not over spend on hardware basing on unreal future return expectation .
Just close a deal on 6 x E5 v3 QS CPU for $500. Sent papal, had not received CPU yet.
What is your real world investing philosophy? Use your own philosophy to guide you.
But keep in mind that XMR price is not real, just fake money.
I learned about passive income and refine my own investment from a janitor in late 1970.
He was a millionaire then( when a million dollar was real , unlike today's FAKE inflation adjusted million ).
If you dream about $1,000 xmr , take a gamble, hold xmr, ( sell to fund hardware expansion , pay bills ).
BTW , I hadn't made money until last few days. Only due to inflated xmr price.
My opinion, mining xmr is the lowest cost to own XMR, assume that you buy hardware cheap.
Do not over spend on hardware basing on unreal future return expectation .
Just close a deal on 6 x E5 v3 QS CPU for $500. Sent papal, had not received CPU yet.
@Marsh In the "real" world I run an investment portfolio consisting of all the usual suspects - stocks, bonds, real estate. That's strictly for retirement, and money goes in but does not come out until then. Or I die. Whichever comes first. Conversely, the XMR mining I am currently doing is speculation, pure and simple. I have created some magic beans that may or may not turn out to be valuable in the future. It would be nice if these magic beans pulled a Bitcoin and shot up to $1000, but the chance of this happening are unknowable. They could just as easily be worth $10 in a year. Its impossible to say.
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I am with you , it is a fun and speculative activities ( I won't call it investment ).
Actually, I have no profit, I let my son operate the miners and he keep the profit.
We started mining full time around April. 10K profit is good, we are letting it ride, either 100K or bust.
Actually, I have no profit, I let my son operate the miners and he keep the profit.
We started mining full time around April. 10K profit is good, we are letting it ride, either 100K or bust.
"What is your real world investing philosophy? Use your own philosophy to guide you.
But keep in mind that XMR price is not real, just fake money."
It is as "real" as any "real" money .
It is backed by the same thing that gives the US dollar value, faith in it by me and anyone else that uses it.
Any money can go up or tank in value, I gave away a $100,000,000,000,000 dollar bill at a bar as a tip.
Yes a real $100,000,000,000,000 dollar bill, it was real I held it in my hand until I gave it away.
Yes One Hundred Trillion Dollars as a tip.
It was a Zimbabwe bill worth less than one US dollar that I bought off Ebay.
Once upon a time the Zimbabwe dollar was worth about one US dollar.
What happened?
The hyperinflation in Zimbabwe was caused by poor economic policies, corruption and the unrestricted printing of money in an attempt to support the economy.
That destroyed the faith in the value of that currency.
Currency is just a easy to carry item of value, that value can change over time either up or down based on the the perception of those who use it.
In the past money was gold, silver and copper coins that had an intrinsic value separate from what ever country/government/king/bank that stamped it into a coin so no matter what happens to whoever stamped it had the intrinsic value of the metal.
Paper money changed things, especially paper money that is not backed by anything other than the faith in that currency.
Any kind of currency that has no value to it other than what the market gives it can go up or down.
With electronic banking that changed things again, the money in my checking account is not "Real" either, its just data on some computer until I use it.
I used to think Bitcoin and the other "Virtual" currency's were not "Real" until I was looking at a dollar bill and thought what is this dollar really backed by?
Nothing except the faith I and others have in it. ... same as Bitcoin or Monero.
But keep in mind that XMR price is not real, just fake money."
It is as "real" as any "real" money .
It is backed by the same thing that gives the US dollar value, faith in it by me and anyone else that uses it.
Any money can go up or tank in value, I gave away a $100,000,000,000,000 dollar bill at a bar as a tip.
Yes a real $100,000,000,000,000 dollar bill, it was real I held it in my hand until I gave it away.
Yes One Hundred Trillion Dollars as a tip.
It was a Zimbabwe bill worth less than one US dollar that I bought off Ebay.
Once upon a time the Zimbabwe dollar was worth about one US dollar.
What happened?
The hyperinflation in Zimbabwe was caused by poor economic policies, corruption and the unrestricted printing of money in an attempt to support the economy.
That destroyed the faith in the value of that currency.
Currency is just a easy to carry item of value, that value can change over time either up or down based on the the perception of those who use it.
In the past money was gold, silver and copper coins that had an intrinsic value separate from what ever country/government/king/bank that stamped it into a coin so no matter what happens to whoever stamped it had the intrinsic value of the metal.
Paper money changed things, especially paper money that is not backed by anything other than the faith in that currency.
Any kind of currency that has no value to it other than what the market gives it can go up or down.
With electronic banking that changed things again, the money in my checking account is not "Real" either, its just data on some computer until I use it.
I used to think Bitcoin and the other "Virtual" currency's were not "Real" until I was looking at a dollar bill and thought what is this dollar really backed by?
Nothing except the faith I and others have in it. ... same as Bitcoin or Monero.
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Article on Forbes: Monero Price Hits All-Time High After Bithumb Listing
Monero is getting more exposure!
Monero is getting more exposure!
Looking back my notes
Jan 2017, I was part time mining with a ASUS 4nodes 2u server 3K H/s for 12 hours overnight. It earned 0.2 XMR.
Today, it would take 14K H/s and 24 hours to make the same 0.2 XMR.
April , 8K H/s earned 0.7 XMR.
Early May , 11KH/s earned 0.9 XMR
Today, 21K - 24K H/s gets me 0.4-0.5 XMR , may break even with expense.
Note to myself: Mining is just a expensive hobby.
Jan 2017, I was part time mining with a ASUS 4nodes 2u server 3K H/s for 12 hours overnight. It earned 0.2 XMR.
Today, it would take 14K H/s and 24 hours to make the same 0.2 XMR.
April , 8K H/s earned 0.7 XMR.
Early May , 11KH/s earned 0.9 XMR
Today, 21K - 24K H/s gets me 0.4-0.5 XMR , may break even with expense.
Note to myself: Mining is just a expensive hobby.
Having a look at the Bithumb website just now to see if XMR was listed yet (its not), I note that it now features a banner stating that there will be a 1% XMR deposit bonus, plus a reward for the top 50 traders over the opening weekend. It appears that XMR is due to be listed at midnight on 30 August. It will be interesting to see what happens to the price over the weekend.
To document XMR mining difficulties ( Aug 27 2017 )
Network Hash Rate: 230.77 MH/sec
MineXMR pool Hash Rate: 45.05 MH/sec
12 hours mining , 20KH/s = 0.15 XMR , $21 , not even making enough dough to pay electric bill
Aug 27 8am 1.726533331794 XMR , 8pm 1.873633719623 XMR
Average Total Hash Rate: (24h) 20.06 KH/s (12h) 20.43 KH/s
Today's temperature is 103 degree high. Not mining with all machines.
I must be crazy to mine XMR in a hot day.
Network Hash Rate: 230.77 MH/sec
MineXMR pool Hash Rate: 45.05 MH/sec
12 hours mining , 20KH/s = 0.15 XMR , $21 , not even making enough dough to pay electric bill
Aug 27 8am 1.726533331794 XMR , 8pm 1.873633719623 XMR
Average Total Hash Rate: (24h) 20.06 KH/s (12h) 20.43 KH/s
Today's temperature is 103 degree high. Not mining with all machines.
I must be crazy to mine XMR in a hot day.