Doing the math

Doing the math

By Lbrcarpentry | What a minefield | 8 Mar 2021


So, following on from last rambling. 

Diving back into cryptoplace.com to try and figure out just how long it would actually take to be profitable, even for the investment of nothing other than my time and data. 

To start with, when you sign up you get an instant, supposed 2500gh/s. A pittance, but it's free... right? You can also, every 30 minutes, get a bonus of between 5 and 50gh/s. Currently I've gained another 603 bringing my total mining rate to 3103gh/s. I've chosen to mine litecoin (LTC)... Why, I don't know, it seemed like a good middle ground between dogecoin and bitcoin!

33926b148d487a2047b26490a1b6c3a5039bcbaa4aba5688f805bd2a43bf075b.jpgAfter mining TRX for a week, reinvesting it for a mere couple hundred gh/s i then started on the litecoin. 1 day brought me 0.00013713 LTC. 

Now, to withdraw any funds in LTC I need to of mined 0.0005. Which isn't all that far away really, but it's really not alot, no where even close to $1.

So just how long long would it take to mine 1 full LTC.....

 

12 YEARS  

 

12 whole years without further investment.

So no, I don't think I'll be wasting anymore time and data to use these cloud mining sites. But you all knew that was coming eh!

I understand that, money doesn't come free, we have to earn it, invest. Speculate to accumulate! Once I've researched more into crypto, I will be investing some fiat currency of my own. I'm just not sure yet on which platform to do that. 

I have however been playing uplands and splinterlands. Both very enjoyable, can you make anything from them, I'm not sure yet, they claim you can and I'm sure many do... Will I? Probably not. But they're enjoyable and its a bit different from my usual evenings playing chess and drinking some wierd IPA crafted in the basement of a shoe factory by some guy with large beard and an odd perspective on life.... dont worry, I'm allowed to say that. I too have a large beard and an odd perspective on life... and I have basement. 

 

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Lbrcarpentry
Lbrcarpentry

I'm a carpenter slowly reading and learning my way through the minefield that is crypto currency


What a minefield
What a minefield

My head is scrambled as a result of an information overload, 1 billion different wallets and exchanges, when to buy vs when to sell.

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