Hi, I am a big fan of Bitcoin. I stumbled across it by accident when a friend told me about it back in 2013. I was instantly transfixed and yet terribly confused. One Bitcoin at that time was worth around $300, and that was enough to grab my attention and make me want some. The idea of getting my hands on some Bitcoin was something I could not pass up. After a couple of long weeks of late night research, I decided the best way to get Bitcoin was through "mining", a process in which new Bitcoins are "minted" through the use of computer power.
Unfortunately, my first effort at mining failed. It turns out that by 2013 a household PC was simply not powerful enough to mine Bitcoin, due to the mass influx of ASIC's, which are basically a special supercomputer that can only be used to mine Bitcoin. ASIC's were more powerful than my PC by a factor of hundreds or thousands of times, meaning my computer couldn't compete and I didn't get any Bitcoin rewards.
Heading back to the drawing board, I quickly discovered another digital currency - Litecoin, which still was able to be mined with the processor and graphics card of a common computer. After a lot of trial and error with some complex mining software that I didn't understand, I finally started mining Litecoin and began slowly building up some earnings.
One Litecoin at the time was worth only about $2.50 each, and it was taking weeks to earn them with my PC miner. I decided I needed more mining power to boost my earnings, and I took to Google to search for ideas.
I discovered there was a fairly inexpensive type of ASIC mining hardware (the super powerful kind of computer only used for mining Bitcoins) available for under $100 including shipping. They looked like USB sticks and actually plugged right into a USB port on a computer. I ordered one to start with and eagerly awaited it's arrival.
Fast forward a week and my new miner arrived. Once again, I had to trial and error my way through learning special software needed for using this new type of Bitcoin miner. Despite all the forums and Google searches, and YouTube tutorials, it took me days before I finally got it working properly. Once the miner was working as it should, it blew my mind! When I tried mining Bitcoin with my PC, the mining speed was measured in kilohashes per second, or KH/s. This puny little USB miner by comparison was delivering a "massive" 330 megahashes per second, or MH/s, and it was earning way more than my PC was with Litecoins.
The wheels in my brain started spinning, I had 6 USB ports on my computer so I could feasibly order 5 more USB miners and massively multiply my mining power. I logged on to eBay, grabbed my credit card, and threw another $500 at 5 more block erupters. At this point I was in the hole for about $600, but I felt like I knew what I was doing now, and the digital currency was going to start flowing in like a river.
This was a big mistake. Little did I know, but I was buying people's obsolete and leftover mining equipment as they used my money to upgrade their mining hardware to a whole new breed of even faster Bitcoin super mining computers. A company by the name of Avalon was selling these machines for $1299 and they mined Bitcoin at a speed of 60GH/s (gigahash per second). This meant they were around 180 times faster than my little USB block erupter miners.
So at this point, I could have had almost half of one of these Avalon mining rigs for the amount I had already spent on the insignificant little block erupters. I was about to be in for a huge shock too, once the first shipment of Avalon units came online and started mining Bitcoin. This introduced me to the concept of "difficulty". There is a fixed amount of Bitcoin being created over time, so the more miners or "hashpower" that is competing for the same amount of coins, only the most powerful miners will be successful, effectively hogging all the Bitcoin available to be mined.
Measure of Bitcoin Mining Hashpower In 2013
By the summer of 2013, my little USB miners were still chugging along nicely, but one the payouts I was getting to my Bitcoin wallet were significantly smaller than I was accustomed to. The same way that PC's became obsolete and unable to mine Bitcoin, my USB miners were likewise rendered obsolete almost overnight.
I decided to start buying the most powerful Bitcoin mining machines I could find, but I was too late to the party. Avalon, and other companies had already sold their entire production runs. I headed back to eBay as a last resort, and found a lot of the newest generation of mining computers available, but all at an inflated resale value due to demand outstripping supply. Feeling like I was behind the 8 ball and had to act quickly to recoup my investment, I purchased three cutting edge Bitcoin ASIC mining rigs for a premium price. To my surprise, these new machines did not include a power supply (which I should have caught if I read the sale posts thoroughly), and needed a PC power supply each. They sat in my garage un-powered and earning nothing for another week as I waited for the power supplies to arrive. Finally I got them running, and felt pretty pleased about the new earnings rolling in. I was enjoying 0.01 new Bitcoin per day and felt like I was now on track to erase my past mistakes.
Unfortunately, new makers of cutting edge Bitcoin mining rigs continued shipping units as fast as they could make them, meaning my daily earnings continued to erode, much to my dismay.
At this point, I was trying to claw my way back out of a $4000 hole and getting concerned about losing everything I invested. The price of Bitcoin however, had risen from $300 when I started to $600-1000 and seemed to vary every day. My lower mining earnings were offset by the rising price, so I tried not to worry too much, choosing to believe that Bitcoin's value would continue to rise no matter what because I needed it to.
As things tend to do when you have all your eggs in one basket, disaster struck. In 2014, the largest digital currency exchange, Mt. Gox, was hacked and shut down following the theft of millions of dollars worth of users Bitcoin. The price of Bitcoin tanked, falling all the way to $300, the amount it was when I got into the mining game. Now my Bitcoin mining rigs were definitely not going to provide the return on investment I was looking for.
Desperate for a way out of the mess I found myself in, I looked once again to Litecoin. It had risen significantly in price from the $2.50 I first saw, to a respectable $12 in the spring of 2014. I had been following digital currency news for a while, and eagerly consumed reports of ASIC's (specialty mining computers) for Litecoin being developed and released in 2014. I purchased a 25MH/s (megahash per second) rig on it's first production cycle, beating other people to it in my second go-around of the crypto-currency gold rush.
The new Litecoin ASIC mining rig performed well and seemed like the answer to my Bitcoin woes. I was earning the equivalent of 0.04 Bitcoin per day to begin with, and I quickly ordered more rigs as the earnings began to drop. Before long I had a garage full of Bitcoin and Litecoin mining rigs, but I never saw my total earnings exceed 0.05 Bitcoin per day. At this point I was exchanging all my Litecoins for Bitcoin on an exchange called Cryptsy which ended up getting shut down by the US authorities for taking user funds for personal use and playing it off as a hack similar to the Mt. Gox exchange.
Fast forward to October 2014 when my hydro bill went through it's annual adjustment for the equal payment plan. I couldn't believe my eyes, my monthly bill went from $120 to over $300 each month based on the usage of all my mining rigs. It didn't take long for me to work through the math and decide that I could not afford to mine Bitcoin or Litecoin in my home any longer.
I chalked up all my failures to a learning experience, and flogged all my mining hardware on eBay, taking big losses on the cost of the equipment since it was no longer cutting edge. I was happy to just move on, the whole digital currency mining was extremely stressful, and I didn't know how much it was affecting me until I got out of it, and it felt like the weight of the world was lifted off my shoulders. I stopped paying attention to Bitcoin and Litecoin and carried on with business as usual.
Until... in December of 2015, Bitcoin started making headlines in the news for a strong rebound back up to $450. The wheels in my head started turning again. I had the "what if" thought. What if I could make it work this time? What if I could use everything I learned to do it right this time around, and actually make some money with Bitcoin?
I did another intensive 2 weeks of late night research and decided I would make another go of making money with Bitcoin. I had a couple hard and fast rules to make sure I didn't blow thousands of dollars on wishful thinking again. Rule #1 - I wasn't going to spend any money. Rule #2 - I wasn't going to impact my electricity bill the way I did before, so no garage full of miners.
I am happy to report that I did make it work. I have been earning Bitcoin profitably since mid-January 2016 and all the way through 2017. As time goes on, I keep researching new ways to increase my earnings, and I have taken a diversified approach to earning Bitcoin that now brings in over $100 each day with little to no work on my end. It is truly a passive income, which is amazing!
I have read many horror stories from countless other folks who made the same mistakes that I did, and I thought I had to do something to help people mitigate their risk and stay on the path to profitability. I wrote an e-book that has a step by step guide of how I turned a $0 investment into a $50,000+ per year income with Bitcoin and other digital currencies.
I originally priced the e-book at $99, because it would have saved me many thousands of dollars if I had read it before spending money on mining equipment. Despite that, I decided to lower the price to only $19. I was able to do that because I use affiliate links in the e-book when I talk about services I use. That means when you follow the link from the e-book to sign up for one of the services I talk about, I will get a small percentage of your transaction. That helps me make up the shortfall of the price drop for the e-book. If you really don't want me to get that affiliate commission, you could type in the links directly instead of clicking them, but there is no downside to you clicking them, and I would appreciate it.
Remember, this guide will get you started earning Bitcoins for a $0 up front cost (aside from the cost of the e-book). You will be shown how to reinvest your earnings to grow your digital currency portfolio.
Now keep in mind, this is a very volatile market. You would be wise not to let your emotions get the best of you. Emotional investing can lead to buying high and selling low, obviously a bad strategy. In 2017, Bitcoin went from a value of under $700 to over $6000. Use the step by step process in the e-book to stay on the right track.
There is ways to accelerate the growth of your portfolio by purchasing Bitcoin up front, but there is no reason to do this to begin with. Simply start with some patience, and the $0 method of earning Bitcoins until you understand what you are doing.
It took my 1.5 years to go from spending $0 but some of my of time, to earning $50,000+ per year with hardly any time involvement.
You can follow my personal strategy and avoid all the common pitfalls that many people make when getting involved in Bitcoin.
Just think, this $29 e-book could save you thousands by showing you the correct way to earn money in the digital currency world. I can't wait for you to experience the success that I did.
Now... like any investment decision, diversity is a good thing to minimize risk. My strategy involves a lot of diversification strategies in the crypto-currency world. This shields you from the expected volatility. When one strategy is declining in value, another one is rising. Be prepared to detach your emotions from your investments. To watch the value swing wildly up and down is normal. Remember, what goes down will go back up, your most important attribute will be patience.
Although my personal strategy was to start with a time investment rather than a monetary investment (the final go around), you could accelerate the principles outlined in this e-book if you wanted to put up an initial monetary investment rather than spending time on it daily.
Here is what you will receive in this e-book:
Anyone can follow the steps in this e-book and be successful in profiting from Bitcoin. Buy the e-book now to get started, and happy earning!
Your ebook will be available for download immediately after your purchase is completed successfully.
* disclaimer - due to the unpredictability and volatility of Bitcoin and other digital currencies, this e-book is not a guarantee of your actual potential income. Individual results may vary.