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Tough Decisions Ahead for Our Crypto Mining Facility

1.1K views· 62 likes· 8:05· Apr 30, 2023

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In this video, we discuss some difficult decisions that we are facing with our crypto mining facility. Due to various challenges from the crypto winter of 2019/2020, we may have to consider closing down the facility, which would have a significant impact on our team. I filmed this video in February 2020, and I wanted to share our experiences and insights with you. We hope that our story can help others navigate the ups and downs of the crypto mining industry and make informed decisions for their own operations. ➡️➡️Make sure to subscribe to my channel, there's a lot more to come and you don't want to miss it. It only takes a second 👨‍👨‍👦‍👦🌍🙌 ***Bitcoin & Cryptocurrency Consulting*** Need help or just want to talk about cryptocurrency? Email me at: TheBitcoinMinerNC AT gmail DOT com Follow BitcoinMinerNC on Twitter here: https://twitter.com/BitcoinMinerNC Follow BitcoinMinerNC on Facebook here: https://www.facebook.com/BitcoinMinerNC ************************** What is the Verus Platform? https://youtu.be/eOn9XpjkuCA Website: https://verus.io Verus Discord: https://verus.io/discord The Community is YOU! Verus is not a business or bank, its a community driven project in the true spirit of Bitcoin — no ICO, no pre-mine, no founder or developers fees, with one-hundred percent of rewards from the network returned to miners and stakers. The true power of decentralization is putting power back in the hands of YOU!

About This Video

What’s going on cryptocurrency universe—this one’s a tough update. I filmed this in February 2020, and it’s basically a sad day for the warehouse. We’ve been in this facility for about three years, our lease is up, and the landlord wants a much longer lease this time. The problem is the 2019/2020 crypto winter absolutely dented profitability here. We did great the first six months and the place pretty much paid for itself, but we held a lot in crypto instead of selling, then the market stayed down way longer than we expected. I break down the real-world math and risk: our bread and butter has been Ethereum and Ethereum Classic, and we need roughly $300–$400 ETH to comfortably cover bills and actually turn profit. At $150–$160 ETH, it just isn’t cutting it—especially with rent around $2,300–$2,400/month. I also talk about the lessons learned: long-term, you really want to own the ground, reduce overhead, and seriously look at generating your own power (solar/wind) so you can survive the next winter. Even if we have to close this location, it’s not the end. I’m still mining at the house on my original rigs, and I’m looking at new opportunities—different locations, owning land, and different hardware strategies. I’m also excited about CPU-centric mining trends like Verus, plus diversification (and why I like FPGAs for convertibility).

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