okay let me start off by saying this is generally a bad idea and under normal circumstances you really shouldn't leverage your credit this way this year for me has been the year of taking what ifs and turning them into let's just see on some of my more ill-advised pipe dreams i'll direct you to a couple of months ago when i sold my house and put all the profits right into one stock that i really believe in i have a pretty unique situation that makes this level of risk a bit more tolerable that said hi my name is nicholas johnson i've just spent twenty thousand dollars on a credit card to buy asic miners and i'm about to spend twenty thousand dollars more i got into the hobby of mining ethereum a few months ago with this rtx 3080 i have in a windows machine that i use to run this vr headset it didn't take long before running the numbers led to spending another eight thousand dollars putting together a purpose-built ethereum mining rig albeit a messy one that consists of four additional 3080s and a pair of air conditioners to pump out all the heat so that my garage office is still comfortable by now i hope that we all know about ethereum 2.0 and how it's got a good chance of putting it into that party some mysterious time in the possibly near future so i took a little peek into the asic side the dark side of cryptocurrency's proof of work i was under the impression that asic farms consisted of hundreds of units simply because they make like a penny more than the cost of the electricity they used to run but i guess that was a reality when the prices of everything was a lot lower i picked up a bitmain antminer l3 to test the water and even worse i bought it on amazon at a pretty significant markup just so that i have the safety of you know their return policy in case it came dead on arrival it came it was very easy to set up i got it going and now it's on track to make a couple hundred bucks this month seeing these numbers unlocked a demon inside me that's just running the numbers over and over calculating that if i just spend more money it'll return more more money after it pays itself off i am aware of the cyclical bear markets for now though every thousand bucks spence equates to at the current price of in this case litecoin 150 more dollars brought back in which means that machine will pay itself off in seven short months as long as nothing drastically changes i mean since when does crypto change drastically and unexpectedly all right i recognize a majority of people can't just be like well then i'll just spend 40 grand and buy myself a 50 000 salary those numbers can't be real they can't be real how can that be real okay let's find out quick sidebar will you push the thumbs up on this video please it helps youtube show it to more people and that will act as a backup when this plan all falls apart graham stefan says i need to reward you for this so here is possibly the only 4k 120 frames per second video of an l3 plus ant miner running alone in a warehouse okay so here's the part where i explain how doing this next thing all on credit cards isn't totally insane i did sell my house and i did put all that money into microvision stock mvis on the surface it seems like i've got the potential to lose everything people always say only invest what you're willing to lose and that's fine advice to live by but while this stock will definitely go up and down and right now it's going down more than it's going up the odds of a company that's been in business for over 20 years and has over 100 million dollars in the bank the odds of that company suddenly literally going bankrupt and just completely disappearing are very small the odds of their share price going up a little or going down a little or hovering right where they are are far far more realistic that means i've got this hundred and ten thousand dollar safety net where if i screw up the wiring and burn down the whole warehouse and lose my mining farm i'm not gonna lose my house i'm not gonna be any real trouble or danger i'll just have to sell off some stock and put a giant l in the mining farm column of the ideas leaderboard second to that i've got a full-time job with a salary i've got a wife with a full-time job with the salary that makes actually a little bit more than me we don't have any kids and we enjoy living with roommates who actually pay a majority of the mortgage so if my mining farm does go up in flames and mvis goes to zero randomly in reality my daily life won't change i'll take out a consolidation loan set it to autopay and just forget that this year ever happened back to this month's bad decision making with what i've learned about litecoin and bitcoin and litecoin and bitcoin mining i've made four additional purchases on some credit cards i bought in total three bitmain antminer l3 plus pluses and an antminer s19j pro and then i'm putting a pre-order in on an l7 for the november drop the three l3s will earn about 150 a month each mining litecoin and converting it to bitcoin the s19j pro will mine bitcoin directly and at this exact moment we'll earn about 800 a month and my five 30 80s are already generating about a thousand dollars a month mining ethereum and we'll continue doing so until the bitter end at which point i guess maybe i'll just make and sell for custom gaming pcs or maybe ravencoin goes up in price and i can just keep going with those and this l7 which won't be delivering until sometime in november will apparently mine a disgusting 3 300 a month in litecoin converting to bitcoin oh my god that's outrageous that will put mine no longer a hobby mining operation at a profit of if i understand these projections correctly of four thousand five hundred and fifty dollars a month or fifty four thousand dollars annually those numbers are insane to me that's insane i already make something like sixty five thousand dollars a year with my salary and my side hustles so as long as these chinese suppliers don't just send me a paperweight in a box and then go out of business i will be a six-figure earner as of 2022.
This is going to make doing taxes so confusing and rewarding the second thing that makes this even possible at all is the space warehouse itself with some of these machines you can't just plug them into the wall at your house especially if you have a bunch of them the s19j pro pulls over 3000 watts the l7 pulls 3 400 watts and each of the l3s want 800 watts apiece to run all of them prefer to run on 220 volts and you typically only have that at your stove and your dryer and those outlets are pretty busy in addition to the very high power draw these machines are also super loud and most of that energy gets converted into heat so if you're gonna have these at home you're gonna have to solve for those problems as well but the warehouse has a 300 amp panel and a bunch of it's wired at 220.
it has a crap ton of cubic feet of open air to dissipate the heat and no one lives there so yes i have spent 40 thousand dollars all on credit cards on asic mining equipment expecting the profits to outrun both the electricity cost and the cost of interest to the banks for the opportunity i did move twenty thousand dollars of that money to a card with zero percent interest for eighteen months which should be far more than enough time to pay that thing off i'm a miner now with a mining farm i'm a farmer now who came up with these terms follow me for updates on whether or not this worked out i'm pretty confident it will [Music].
