22nd January
Portfolio: £282,972.72
We're into the last week of January! The worst month of the year is nearly over! I live for spring, so I'm extra glad to get January out of the way. It's been snowmageddon in Yorkshire over the past week which has made commuting a bitch, and I'm looking for more sun both to warm me up and get to my solar panels.
There’s a little bit of green floating about after a generally red weekend, probably because most coins had drifted down to support levels and bounced. VEN is randomly off to a flying start to the week, up 25% and nearly at $10, but then it has been undervalued for some time, so this might just be it playing catchup. I wonder what the price will be by 26th Feb when they rebrand and launch THOR – the higher the price the more THOR will be valued at and the more I get as a masternode. Very exciting. More of that shortly.
I’ve decided to add another graphics card to my mining rig (paying with BTC, obviously) to up the LUX output to 0.9 per day. Going to try and squeeze a little more juice to get me up to the magic 1, which would make my fag-packet calculations easier to do when the price fluctuates. It won’t fit onto the motherboard so I’ve also ordered some risers and am going to try and pull them all away from the board and screw them to the shelf so they hang down and get better airflow. The same graphics card I bought two weeks ago has gone up on the same site by £200 due to scarcity but I managed to find it on another site - pretty much the last one in England I could have bought with Bitcoin - and snapped it up sharpish. I figured the same card would be easier for drivers etc., and if the entire crypto ecomony goes bust then I have a few grands worth of graphics cards I can sell!
In the spirit of expanding my mining adventure, I also used this quiet spell to look at my passive earning positions to see how they were working out and what the potential is. Here are the results at current prices:
So as you can see that’s near enough a £2000 monthly income at current prices (bear in mind LUX is expected to break three figures in 2018) for doing, now it’s set up, nothing at all. I’m not including SmartCash because the payouts are once a month on the 25th and I don’t even know if I’m going to get this month’s (I’ll see what the returns are then decide whether to keep it or not). This also doesn’t take THOR into account. Imagining that THOR is 1/3 the value of VEN (roughly the NEO ratio) and that VEN is, say, $20 when it launches in five weeks’ time that will bring in an extra £750-£900 for my VEN masternode.
Looking further down the road, PayPie are due to launch their invoice factoring platform in the very near future which should bring in some more, and I’ve also signed up for the Caviar ICO which offers a quarterly dividend of ETH. So all together not only is passive income and mining offering me extra income in a bull market, in a bear market it’s a continuing source of cash (albeit less, hence why you spread your income sources). at current prices I could easily live off my passive income earnings and not have to work, but with a market that could crash quicker than a toddler in a McLaren that is simply not an option. And, while I have a job that allows me to play the crypto market and still get paid, why would I?!
So going forward my plan is to sell the LUX, INN and eventually THOR I have earned on the first of each month for FIAT, which will pay for my grocery shopping and a good portion of my bills, meaning I have less need to liquidate any of my portfolio for real life requirements. Of course if the need arises I can sell a masternode for a whacking good fee (let’s say VEN gets to $50 my masternode is worth $500,000). Needless to say I’m on the lookout for future passive income opportunities as well as ICOs and young coins with potential. If you’re able to raise the capital I’d urge you to do the same, both as additional income during the good times and a source of income in the bear market.
Today’s lesson: Try and spot passive income opportunities early on for extra income during the good and bad times
Nice post, £2k a month is nothing to laugh at. How much do you reckon the set up cost you in total? Also, how is your cashing out into fiat venture going @glen-hodl?
Cheers. Yeah, £2k is a nice starting point - it's very near the UK's average salary across the year. My mining rig cost me the best part of £2500 (3xGPUs) and running costs are about £350-£400 per year in electricity. I pay about $7 per month to host the virtual servers needed for the masternodes (or you can host yourself for free but you need an always-on computer/server) and the 1000 INN cost me about $8000. Of course the bonus is that I bought all this from BTC I'd earned over the past few months, so the outlay has only been from my profits.
RE Cashing out, I'm still waiting for my Revolut account to be authorised in Uphold, but I'm into the third day of the three it should take, so hopefully I'll get confirmation one way or the other soon. If it's succesful I can try the bank transfer, which can take 1-5 days.