Bitcoin, Mininng and Other coins

[Cassie]

So for the past year or so there have been many interesting discussions about this topic and if you can really make $ etc. I said if we ever sold I would report our honest experience.  So we have done a combination of mining, selling Bitcoin for other coin etc all to make $.  My son is the mastermind of this effort and about 8 of us invested in it almost 3 years ago. Recently we sold off the old miners as it was no longer profitable to mine but our newer machines are still mining.  My son has also made us all $ by selling 1 type of coin and buying another as things change.  So we decided to sell half of what we had. We invested initially $1100.00 and we paid the electricity from the profits for the past 3 years. After fees, all costs, etc I walked away with $4026.00.  I am happy with the results. WE are holding the other half that also cost us about $1000 to see if things continue to go up.

[GuitarStv]

What was your electricity cost after three years?

[bobechs]

So, are you saying eight people contributed $1100 (times 2?) altogether?  Or $1100 each (or actaully times 2?)?  and after expenses, then lumping together both mining and trading revenue, you personally profited $4026 (or is it $4026 minus your initial contribution, however much that was?) on your own contribution of 1/8 of $1100 or $1100, -or was that half your actual contribution/- and that you, -or is it you and your consortium?- still hold $1000 in bitcoin (or is it $1000 in bitcoin each)?) plus some additional, now residual but still productive mining equipment whose cost was/was not included in the deducted expenses (but not the initial capital outlay)?

Second, is there any way you could be less clear about this?

[MoonShadow]

Did you mine only during heating seasons, or all year?  Did you include an estimate in the heating you gained during winter, and/or an estimate on the additional air conditioning load if you mined in summertime?  I pointed out on Bitcointalk many years ago that bitcoin mining would be most beneficial in cold climates with cheap power rates, such as Reykjavík, Iceland.

[Cassie]

We mined year round but in summer put the miners in the basement because it was cooler down there. Everybody contributed different amounts of $ therefore everybody's profits are different.  Everyone else has cashed out except for us and my son.  The electricity was paid through the profits every month. When we had a bunch of miners our bills sometimes were high like between $400-700/month. We always had enough profit to pay them. My son also would buy other coins with our Bitcoin depending on how the market was going. He actually did everything.  I invested $1100 and walked away with $4026.00.  That $3000 was all profit.  WE kept the other half that we bought later which cost us $1000.   Our newer miners take much less electricity to run. We have 4 left and our bill this month was $200 for the entire house which is heated with electricity so the miners didn't cost us much at all.

[EOS]

SO in today's bitcoin mining environment, with difficulties and the such, do you still believe this will continue to be profitable with the current miners you have?

PS - thanks for posting this!  I've always been interested in learning more about this

[Cassie]

No-my son says that when it is no longer profitable we will quit mining and sell the last miners.  The others were easy to sell because basically they are computers.  What we intend to hold is the Bitcoin we have.  My son also made us quite a bit of $ by selling Bitcoin for other coins etc.  I admit I don't 100% understand all of this but my son and hubby do and we decided to invest small amounts to see if we could make $. We were fine with losing our investment. Many wealthy people have bought and held because they are convinced that someday Bitcoin will be very valuable. That is why we kept half.

[arebelspy]

Thanks for the update.