It has been about 3 months since I posted “How I make over $2500 per year mining Bitcoin“. Mining Bitcoin is another way of saying that you are lending your computer’s processing power to verify transactions on the blockchain. Every purchase, sale, or transfer of Bitcoin and many other crypto currencies need to be verified by the blockchain. At the time I posted this, I was making about $50 per week mining with my AMD 3060 gaming desktop. I like to use Nicehash for mining Bitcoin and BlockFi for earning up to 6% interest on my Bitcoin.
I have been tracking my weekly earnings to track my >$2500 per year goal. At this moment, I am behind my target. Unfortunately, I lost power and my computer restarted. It took me about 4 days to realize that I was not mining Bitcoin. The hash rates have also changed since then. To add fuel to the fire, On April 10th, there was a huge power outage in a part of China where many of the Bitcoin mining networks exist. This caused Bitcoin and other crypto’s to go down as much as 10% in value and increased transaction costs. Now if I want to transfer Bitcoin from NiceHash to BlockFi or from any crypto platform to another, the fee is much higher than before.
At this moment, I am averaging $43 per week or about $2200 per year. Hopefully, Bitcoin will go back up and stay above $60,000 for the rest of the year. With an average price of $60,000 or more, I have a better chance of reaching my goal of $2500 gross. Is it worth it? With my costs of electricity taking away 16% of my profit, I can still make $2100 by the end of the year. My gaming desktop costed me about $1500 with tax and shipping. For year 1, I expect to net $500-600. On year 2 and after, I expect to make at least $2000 per year. If Bitcoin reaches $100,000, I could be making over $3000 per year. With all of my Bitcoin going into my BlockFi 6% interest account, I would say that it is definitely worth it. In five years including estimated Bitcoin growth, my mining and BlockFi interest account could potentially pay for a lightly used car.
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