Thank you for your time if you are reading.
I got into bitcoin in 2017 and since then it has become almost an obsession for me.
I specify that I live in Switzerland I am 26 years old and have a decent job.
Ever since I became aware of Bitcoin my obsession has been to accumulate as much of it as possible.
Today I wanted to share with you the story of these 0.29 BTC that are a part of my accumulation.
In February 2020, I went to visit a Bitcoin mining farm in Italy. I was fascinated. I specify that at that time the price of BTC was around $9,000. The mining difficulty was 15.49T while the hahsrate was 110EH/s. Currently it is double that.
I decided not to buy an ASIC for Bitcoin mining, a bad decision. In any case, in my head the idea of also investing in mining to accumulate as many BTC as possible, kept rattling around in my brain.
So in March 2021, for my birthday I gave myself a 110 Th/s Antminer S19 Pro for €8'850. I also took out an energy contract and spent 2'000€. I was excited to get started. The mining difficulty was 21.72T while the hahsrate was 155EH/s.
The first 6 months went great and I managed to accumulate 0.14 BTC, which was 5'850€ at the time. So almost half of my initial investment. This is thanks to the strong price of BTC and thanks to the exodus of Chinese miners.
So I decide to sign another 6-month electricity contract (October 2021-March 2022) for €2'480. The cost of electricity was starting to rise, plus they charge me 22% VAT in Italy.
However, this did not deter me. In fact, on top of that I paid 250€ for a total overhaul of my machine (thermal pastes, fans,..).
From here on, the difficulties begin in what is turning out to be my worst investment to date.
Rightly so, the price of Bitcoin begins to fall (nothing to say about that), the difficulty of mining however does not stop growing. Plus in Italy, the cost of electricity skyrockets to unprecedented levels.
My contract stipulated for October 2021-March 2022, turns into a quarterly contract Q4 2021.
Because of this 'energy crisis', contracts become quarterly. So for Q1 2022 I pay 2,900€ in electricity to keep my little dream going.
After 1 year I had spent a total of 16'480€ and mined 0.25 BTC. For a countervalue at that date of 10'500€.
The difficulty of calculation continued to rise and the power reached 200 EH/s.
I decide to pay another quarter of electricity 2'500€ Q2 2022.
To date I have accumulated 0.29 BTC which cost me 18'980€, but which are currently worth 5'800€.
I am waiting for the invoice for Q3 2022.
You can monitor the situation at my address here:
3HDtUVyaEeXaxKsSRZVoVXmf6EUfqzxPUm
If you want to send some Satoshi for a beer go ahead :D
Calculation difficulty and hashrate currently show no signs of letting up, but I'm not giving up either.
I'll let you draw your own conclusions from all this.
Call it naivety, call it madness, call it a gamble, call it a bad investment, call it a life lesson, call it whatever you like.
Currently this continues to be the way I spend the most on accumulating bitcoin. Time will provide the answers.
Thank you for taking the time to read my story.
EDIT:
I would like to point out that the machine is located in a hydroelectric power station and is powered by renewable energy.
I have already been doing DCA for several years to continue accumulating BTC but on other addresses. This was an alternative way (unfortunately very expensive at the moment) to do it totally anonymously, contribute to the security of the network, and experience a new investment.
If the price were at 60,000€ no one would have anything to say.
Unfortunately, it is not a good investment at the moment, but let time give us the right answers.
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