Its been awhile but I know i can always count on a few of you in here.
Ive been mining for several years for many tokens like hnt, kda, btc, sc, and really enjoy doing it. But my main ones have been ltc and doge on 3 L7’s. I have been waiting for the right time to purchase the new L9 17g but my math isnt helping me so here is the problem.
For the price of a L9 ($9k) and cost of electricity ($7k) after a 2 year period being able to accumulate around 50k doge tokens and for easy numbers lets say the market value is $1.00 per token, I would have a profit of around $34k.
Now lets say I take that same $17k right now and buy doge at current value of $0.15 (113,333. tokens) and hold them for 2 years also assuming the market value reaches $1.00 that would make $113,333.00 with a profit over $96k on the same $17k investment.
Also forgot to add that I live in the US and have to pay taxes on the daily earnings as well as when I finally decide to sell the tokens so basically the gov double dips.
There will be mining difficulty increases over that time, so you might not mine that amount in that time
You’ve already said you’ll spend $7k in electricity, if you truly believe in doge, then what if you spent $7k on doge now and slowly used that to pay the power bill overtime, or hodl that and use the doge you mine to pay the bills. Just a few thoughts
Luckily I am able to do a tax write off. I do enjoy mining and want to be a contributor for the future eco system but I have to make it make sense from a financial stand point as well. Let’s face it, this is a business, at least my government is making me treat it as one. I was just informed yesterday from my accountant on how to pay the taxes correctly and that’s what started all of this calculating. I like your idea and appreciate another way of looking at it.