Are My Bitcoin Results Too Good To Be True?

“Today remind yourself that nothing is too good to be true. Your great hopes can be realized. Your most wonderful dreams can come true. All that you really need, you can have. An incredible goodness is operating on your behalf. If you are living a paltry life, resolve to stop it today. Expect great things to happen.”
(Norman Vincent Peale)

Two months ago, I posted Why I Started Mining for Bitcoins and Why You May Want To. I have been at this mining business for seventy-four days now, which essentially means I’ve been earning bitcoins from a mining contract, and I have some news to share.

I started my experiment on March 3rd with an investment of $300, and I received a 3% discount for using an affiliate code (if you’d like to use it, the code is EKUqa0). Three days later, after getting good results, I invested another $2,600, for a total investment of $2,891 in this bitcoin game. The mining company[1] I invested in held my daily payouts for the first month and then transferred the entire month’s earnings in one transaction to my bitcoin wallet[2].

On April 4th, I received a total first-month payout of 0.19017223 bitcoins. At that time, the market value of one bitcoin was $1,127.47… so in my first month, I earned $214.41 or 7.41%. Not too shabby.

Beginning April 5th, the mining company has transferred my payout to my wallet daily. From April 5th through April 11th, I earned an average of $7.58 per day as the market value of one bitcoin hovered around $1,205.

On April 11th, I decided to up the ante, reinvesting $150 from my bitcoin wallet to purchase 4.5% more mining power. In the five weeks that followed, my average daily earnings were about $12.69, which is a 67% increase. Three factors figure into this big increase:

  1. I added more units of power with my $150 reinvestment, which should have produced 4.5% more in daily results.
  2. For reasons completely unknown to me, my miners started producing more output per unit of power (about 20% more). It was as if the miners suddenly became more efficient in their work, and I received the benefit.
  3. The market value of bitcoin increased from $1,205 to $1,838 (53%) during those same five weeks. (The value of bitcoin fluctuates based on the Bitcoin Price Index.[3])

The bottom line is that in seventy-four days, I have earned nearly half a bitcoin: a current dollar value of $874.85. If things continue at this pace, my initial $2,891 investment will produce $4,315 in the first year: a whopping 149.26% annual return, meaning a profit of $1,424.

Cautious Optimism

We’ve all heard the old adage: if it seems too good to be true, it probably is. These results seem too good to be true so far, don’t they? I think so too.

That said, I’m feeling cautiously optimistic. I am going to take it slowly as I continue learning about bitcoin mining, even though initial results are better than I expected. I’m also going to change my strategy: rather than investing more money out-of-pocket this month as I had originally planned, I’m going to keep reinvesting my earnings to buy more units of power. In fact, I reinvested another $300 from my wallet on May 17th. That increased my mining power by another 8.7%, which should have improved my daily earnings to nearly $14 per day. However, on May 18th, I earned $15.96 (a gain of 26%), after a combination of the three factors (above) weighed in.

My plan is to continue reinvesting at the same rate every time I earn another $300. As you can see in the chart, at $15.96 per day, I’ll be able to reinvest $300 more on June 4th, which should increase my daily output to $17.24 (or an annual payout of $6,292). At that new rate of $17.24 per day after the June 4th reinvestment, I’ll be able to reinvest $300 again on June 22nd, increasing my daily revenue to $18.52 (or an annual pace of $6,758). And so on, and so on.

Incredibly, if this plan continues to deliver as it has for the past seventy-four days, I’ll have a bitcoin mining operation producing $52.99 per day at the end of one year. That’s a payout rate of $19,000 a year… all this with a $2,891 initial investment.

I, for one, hope that Norman Vincent Peale is right in believing that nothing is too good to be true.

Stay tuned for another update in a few months…

[1] https://www.genesis-mining.com

[2] http://www.investopedia.com/terms/b/bitcoin-wallet.asp

[3] http://www.coindesk.com/price/

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