It has been a couple of months since I did an update on my Trickle to A Flood Early Retirement project. Lots has changed in those two months so I thought I should post and update.
Briefly the plan is/was to earn free crypto and then use that crypto to trade on $hitcoins hoping to hit it big on one or more under the radar alt coins. I have been moving away from trading and starting to move towards investing in passive income sources.
Free Cryptocurrency Sources
I have gone down a few dead ends in this effort. All part of the learning process unfortunately. For brevity I will skip those.
Here are the main sources I've been working the last couple of months.
Hive - I've really taken to Hive and really see a huge potential for growth and earnings on the blockchain. So much so that I have altered my original plan and am putting most of my earnings into HIVE and other HIVE tokens like #LEO and #SPORTS. My HIVE and LEO power have been growing nicely.
For Christmas I decided to buy some LEO as my Christmas gift which turns out to have been a nice move as the price has nearly tripled since I bought it. Ca Ching! Keep it up #leofinance team! You all are kicking butt and taking names.
Mining - I have a wimpy DIY miner that I am currently mining ETH on. My GPU is only a 4 GB card so the DAG size became an issue late December. She is limping along right now at about 1/4 capacity which has forced me to give up mining on a pool because I just couldn't find enough shares to get a reward. Now I've moved to mining on NiceHash which pays for every share you mine.
When I got it setup a few months ago I figured it would take 3/4 a year or more to pay for itself. But I decided to hold most of the ETH earnings in my BlockFi account and they have grown very nicely over the last several months. So now my miner has more than doubled what I put into it just 4 months or so into my mining experiment.
Since my 4GB card isn't going to cut it much longer I decided to upgrade to an 8GB card which won't have any DAG issues until 2027ish. I should be able to mine about $4 worth of BTC per day with the new card (based on current difficulties and ETH prices), giving it a payback period of under 100 days.
Cloud Mining - I purchased a cloud mining contract with DualMine a few months back. This will either be the best deal I'm made so far or a scam. I'm still on the fence. They recently changed how they pay out, forcing you to take payment in their own cryptocurrency, CRT, which may or may not be a good thing. Since they can print their own crypto as long as there is some market for it they should be able to payout with out problems. Time will tell on this. I've yet to try and get paid and have just been reinvesting my profits. Now that things seems to be sorted out on the payments side I'm planning on cashing out this months earnings which should be enough to get my money back out. Fingers crossed.
Playing Games - I'm playing a few HIVE based games and am earning a couple of bucks per day which isn't bad for just playing games.
I am enjoying Splinterlands a lot. I've invested a little in my deck and now have a pretty easy time winning (all be it in Bronze). I was hoping to pop up in to Silver soon, but I ended up selling a Gold Card I had and that dropped me back down to where I need a good bit to get to silver now. I had hoped to get high enough on the leaderboard to earn a deck, but that doesn't seem to be in the cards (no pun intended, lol) as I seem to inch up slowly and then one loss drops me so far. Oh well, it is a fun game and I do make some DEC playing.
My dCity has grown a lot too (I invested some of my Christmass gift in my dCity too), but with the price of SIM in a free fall and erratic taxes, this last month hasn't been the greatest. (@trumpman for president! End communism, make dCity Great Again!)
I've also been getting into Rising Star more lately. I was gifted a very nice card a while back that will take me a very long way in Rising Star. I made it to level 20 not long ago and can now cash out my earnings. It isn't much, but every little drip feeds my growing trickle. I have bought a couple cards too, and will likely buy more at some point.
I keep trying CryptoBrewMaster too, but I just don't do enough to make progress there. I'm actually re-trying it as I edit this post.
Coinbase - I like to check out Coinbase periodically to see if they have any Learn and Earn opportunities. It has been an ok source of a few bucks. I take all of those earnings and funnel it back to HIVE and LEO.
While I did start funneling more of my earnings into HIVE I have started playing around with trading. My strategy is to 1) find a super super cheap crypto with decent trading volume and a nice chart (remember ... buy low... sell high!) and then buy $5 or so worth of it. If it doubles I sell 1/2 (getting my money out) and leave the rest hoping it will one day moon. That has actually worked out pretty decent so far and I've got a growing stack of $hitcoins that likely won't ever be worth much, but you just never know.
I have been watching and learning a bit about the pump and dumps that happen. I'm not in any groups that organize pump and dumps since I think being actively involved is unethical. I have spotted a couple pumps by watching charts. I doubled my money on XRP recently ($5 Woo hoo! lolz). I don't hold any of my profit in coins that I think are being pumped and just sell 100%.
I am also trying to research some of the more promising alt coins and will start putting some earnings into growing stacks in those coins over the coming months. I think #LTC is primed for growth, and look at it like buying #ETH a year or so ago. With much lowers fees I think it will be getting a lot of attention soon as an alternative to Bitcoin and ETH.
Interest - I've put all my ETH mining earnings into a BlockFi account and am earning 5 1/4 percent (in ETH) APY. I know there are some more exotic options that I should explore (yield farming) but I need to learn more about that before I jump in. I really like that the interest is paid in the coin you are holding since if it is growing (like ETH has) you are actually getting much more than 5 1/4 percent. I find the 5 1/4 percent kind of ironic too as that is the what the interest rate banks paid on your savings for the longest time when I was a kid. You would be lucky to get 1/4 percent at most banks now days. This isn't much yet, but it will hopefully grow.
I also learned that you can instantly swap your coins in BlockFi. I managed to jump into a stable coin (earning 8% interest) right before the last big dump and increased my stake by 20% when I got back in 8 hours later. Yes, I'm still patting my self on the back for that one.
Results So Far
I have been at this since about August last year. At that time I had zero cryptocurrency. I did stray from my "all free" approach and have invested close to $1000. I am now holding around $1500 in crypto and have built several forms of passive earnings that will continue to earn me cryptocurrency into the future. The trickle isn't huge, but it is noticeable now and just keeps on growing. I really like that with HIVE and LEO you earn more just by holding more rather than having to reinvest it.
My thoughts on the projects end goals have changed as well. While I had hoped to speed up my retirement by a couple of years by hitting it big trading $shitcoins, I'm now focused more on growing a passive and semi-passive (blogging) source of income that can help fund me in retirement. I'm still playing with $hitcoins and who knows, maybe someone like BTT will catch fire and BAM! Retirement!
Hope you all have had a nice productive start of the new year too. I know all the #leofinance whales must be grinning ear to ear right about now. This little minnow (I'm actually an Orca I think) is pretty happy with your endless efforts to maximize the value of the LEO.
PS. Today is the [last day to join my Super Bowl Pickem}(https://leofinance.io/@captaincryptic/super-bowl-lv-pickem-win-sports-hive-update-1) if you want to jump in. Come on @trumpman you know you want to play!
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