Mining Cyber Currencies

Mining Cyber Currencies is how most of those currencies are produced and how a lot of us get involved in them. I started out several years ago when I found I could actually make money by having my computer mine BitCoins. I will include that story and others on this site as I get more content put up. Every week the site will become more filled out, so please forgive the spareness of the content at this point but check back and see the weekly difference as I get the site up and running.

I got started in 2011 with two video cards. I then graduated to some AMD cards (I started with Nvidia cards) and then to Butterfly Labs FPGAs. From there I got a Butterfly Labs ASIC. One of the very first ones shipped. I then got out of the field in November when I sold my ASIC for more than I paid for it after months of mining and about $10,000 in profits. The difficulty was going up so fast and the miners were advancing so swiftly that it was no longer a break even proposition.

My main regret from that period is that I had to use all the BitCoins I mined to pay my bills and never got big enough to manage to put some back for investments. That has plagued me every since and I do not want to end up doing the same thing again so as soon as I am able I will be saving away some of whatever currency I am mining as an investment. When I started in BitCoin they were going for about $1 and I wish I had been able to put $5,000 into them and just put them away. Last year BitCoin hit $20,000 so that $5,000 would have ended up being worth $100,000,000. Kind of unnerving to even think about. It has recently dropped to around $6,000 but is now back up to over $10,000. I am currently mining Ethereum. It can still be mined with video cards unlike BitCoin which needs dedicated mining machines made specifically for the job. I got out of BitCoin a few years ago as it started expanding so fast and the machines were going through changes by orders of magnitude so only people with deep pockets could make money at it. Since the big drop a couple of months ago that has changed temporarily and now is a great time to get into the field. I feel that I could use cyber currency earnings as a foundation for the business as it would be money that will be coming in as long as I keep mining. The problem with this is having the funds to purchase enough machinery to make enough to make a living at it. I am currently mining with 6 cards and making about .3 of an Ethereum a month. That has just gone back over $700 and I expect it to go up substantially in the next year.