Gadgetory

so about six months ago I set out on a journey to start mining crypto currencies and experience it firsthand what was all the hype about what was the technology itself about and also gained some experience in the real world so then when I talk to people in real life I knew what I was talking about when it came to cryptocurrency mining but today will be the part one of a two-part series with crypto currencies where I talk about the money that I've made the profits involved and then in part two I'll talk about predictions and new trends that I think are going to happen as this was certainly one trend six months ago that is paid off very well so let's talk about it welcome back to tech yes City and obviously the big question on your mind is how has it been and the answer has been it's actually been too good I've actually sold half my holdings in cryptocurrency and it's on a site called coin spot they're an australian-based broker for crypto currencies and now I actually have to get my account verified still and bring the money down so it's not actually in my hands at the moment but I sold half my cryptocurrency because I believe that the whole thing has gone better than expected it's just done too well and usually when something's doing too well if you can can cash out then usually should that's just my opinion and so I think over the last six months it's been literally just crazy the actual money that's been made off this I've got a total holdings now in Zen cash which is about twenty five a thousand Australian dollars and this was off about five thousand dollars of hardware so I had six 1080 T eyes and 210 ATS mining over the span of about five months and I've since decommissioned that mining rig because mainly because it's summer and I don't have it in an aircon environment so that cards will just be getting an absolute pounding in the summer but also as well I wanted to sort of have some time back and sit back because the difficulty of mining the cryptocurrency has gone through the roof and now difficulties when when you minor currency there's a difficult rating so the more people that start mining it the difficulty goes on so in other words it makes it harder to actually get more amounts of the coin so you may have just heard before that I said Zen cash and not Z cash initially I started out with a cryptocurrency called Z cash and after a few days of mining I saw my balance was like point one of the coins and I don't like looking at decimals personally so after I saw that I was like no I want to start mining something else I want some actual coins in my wallet and so I found the Zen cache which was a fork it's basically when they get their cryptocurrency then they make a new one and it had better merits not only that the original developers take a less cut or in other words attacks essentially on the miners and it just looked like a better currency so I switched over and it was crazy when I switched over it was like three dollars or two five dollars a coin and I was mining about ten coins every three days off these a graphics card configuration and it was crazy because I was like yay cool my balance is going up I really I got to about 200 coins extremely fast and then it just skyrocketed the difficulty the price of Zen Cash started going up from like five dollars to twenty dollars immediately and the difficulty started going I was like wow okay I'm making a lot less coins but those initial coins that I mind started to go through the roof and so now to this date it went out to like 65 dollars a coin and around sixty dollars I sold 150 coins and this is USD so I had a just a lot of I guess money now that I transferred from one crypto currency exchange called crypto piya and transferred that across to a coin spot so there was fees involved as well and I think total to get this money to my bank account that'd be about I'd say maybe 7% fees involved so that's right so me getting from the actual coins from my wallet all the way to my bank account is about seven percent involved so it's actually very costly at the moment to transfer money via cryptocurrency at least to convert it into a cash based currency like Australian dollars or US Dollars and also with that the currency itself is still not directly linked to a currency like a US dollar or a straddle it's actually linked to Bitcoin and bitcoins the actual main medium of exchange and that's another reason I think Bitcoin is still extremely popular but we'll talk about that in part two so over the last six months very successful operation I have started cashing out half my earnings because I want to realize some actual profit rather than just have it on paper and so it's looking good so far everything's been absolutely amazing but that's why I'm cashing out at the moment because the expectations are better than expected and now anyone in finance or anyone who invests in any vehicle if something doesn't go as expected then you pull out whether it's better or worse of course better being a better thing and that you make money more than you expected but when something just goes crazy and it does too well that's when you start to say hey I'm gonna change my plans so now with that I essentially had a lot of review samples as well I did borrow some grab his cards off Steve from hardware and box as well for this experiment so a big THANK YOU to him and the it was just really free money essentially and it's just for me I can't believe the concept of this free money because I've paid about a thousand Australian dollars in power I think maybe a little bit more maybe about twelve hundred dollars in power over the last six months mining these crypto currencies and so the actual profit margin is looking like it's around twenty four thousand dollars of course - the grab is carpet and now that's the reason I went into mining some people in the comments said you should have just put that five thousand dollars and bought the crypto currencies directly and this is where things start to get a little bit confusing because you've got those people on the side of the fence of just buy the crypto currencies directly I mean personally I love gratis cards I love hardware so I'm more of a hardware guy when I heard the concept of mining it using your actual graphics cards at your rate own or you can go out and buy I immediately leaned towards the mining side of things and so with the mining side of things it's a little bit slower you're not going to obviously get say for instance if I put five thousand dollars into a $3 n cash I would have made a lot more money but I still would have had to have gone through exchanges lost money in fees and with that as well you put yourself at risk of losing money like the amount GOx exchange at least with the mining operation you can get the mining via pull put that balance directly into your cryptocurrency wallet and then send it to an exchange slowly and cash out over time so there's less risk involved I believe in actually mining the crypto currencies versus buying them directly so and one more thing to add on top of that too if you go with mining which is what I did in my opinion there's almost 0% risk because you've got the hardware there which are gaming graphics cards which you can turn around and then sell to a gamer and you can usually sell it at least a little bit under retail especially if it's a hot graphics card like a 1080 or a 1080 TI in some cases you can even make a lot more money and now that's why I initially got into this cryptocurrency experiment because I was selling my AMD gravis cards because they were just so overpriced those like damn you could have bought one of these for $300 a few months ago a strangles and then sold it for 600 strain dolls so you could have made money for gaming so the cryptocurrency market has definitely inflated the prices of gratis cards but has also created a whole new market itself and one thing I will add on top of this of a gun like on crazy tangents in this video is that personally I wouldn't buy the gravis cards with no display outs because if the mining thing goes belly-up then you can't really sell that Gramsci that card is essentially worthless to a gamer if it's got no display outs unless of course you SLI won but you're gonna need one with a display out so very weird concept with the graphics cards that don't have any display arts yes they'll come in a little bit cheaper but they're absolutely worthless to games in a lot of cases so I of course would believe if you were doing a cryptocurrency mining rig I'd just buy the actual normal cards with display outs of course there's that argument of this has inflated the price of grabs cards it's stopping gamers from getting a graphics card but of course there is the use price performance market out there it's very healthy at the moment that's why I don't mind the cryptocurrency thing a whole lot I've looked at us sewed back and I've said hey you can go and get a GTX 780 for like a hundred US dollars and that thing will absolutely own in graphics for video games so if you're on a budget you can definitely get into PC gaming so that's the whole cryptocurrency thing done that's how much I've made I came out of this with 310 Zen coins and honestly it's just crazy how much this whole cryptocurrency boom thing has inflated recently there's been a crash where it's gone down 30% people were talking about a friends in real life who were like telling me about Ripple I'm like dude well like you're investing in crypto currencies I never even knew and they're like yeah I bought some ripple like bought yeah it's gone from 30 cents to three dollars and I'm just labeled why don't you sell it that's a lot of money and it's a thousand percent so when you look at the actual percentage gains they're ridiculous I think in the last six months this vehicle of investment I've done with crypto currencies in this whole experiment has been quite literally like 600 percent in six months which would be like a twelve hundred percent ROI return on investment it's been absolute stupidity to say the least so in terms of how much money has been made it's been crazy even though I haven't made much those guys out there who are making an absolute killing off crypto currencies but for me I'm really happy because this money is going all back into that new studio it's just it'll be able to pay off upgrades money that I borrowed I won't have to borrow that I just have to pay that all back so the whole studio is gonna be complete I may even have a deposit now for a car upgrade as well so the whole cryptocurrency thing for me it's like why not hold on to it's like no I could really use that money at the moment and utilize it for the health of tech yes City but I guess that's the profit thing aside in this case the trend definitely was your friend always look for trends and if you can identify them early and you think they're gonna be a success then definitely jump on them this has given me a lot more confidence in terms of investing where as opposed to 2008 when I started investing I lost all my money and that's something I've never really spoken about on the channel so I have lost a have learned a lot not lost sorry have learned a lot in the past ten years of my life and I'm applying that knowledge now in 2018 finally to start getting back into investing on the side also another thing I learned with the mining cards themselves is 410 ATT is you want to set them at about 80 % TDP rating that'll reduce the power consumption and set the fence to a hundred percent also for the ten 80s they can drop down to like 70 % TDP and that's a really good sweet spot for them I found both these cards were good for the Z catcher or the xancash they're very sinc they're like the same algorithm so they'll work well on any Nvidia graphics card and they'll be very efficient on NVIDIA Chrome's cards and so the eight cards were doing very well the aftermarket cards with three fans or even the two fans are a lot better than a reference style cooler there are about ten degrees lower on average and so of course that 10 degrees is much better for the life of the graphics card anyway guys hope you enjoyed today's video on the profits involved with crypto currencies in part two I'll start talking more about the trends things that I think are going on in general with crypto currencies and I look forward to giving you that video and today has just been the video where it's been very successful and so from here on in I don't know what I'm going to do with it but I'm definitely going to keep my interests involved with crypto currencies anyway guys I'll catch you in another tech video very soon peace out for now bye