foreign [Music] here I'll be doing well having a really great day this video want to update you all on the 700 ethereum classic Asic Miner which I got for about 700 at the time of receiving it and this was back in about mid-july of 2022 so it's been about a good year and the whole point of this video is to go through the numbers how much ethereum classic we've mined thus far how much it's worth how much the cost basis is of every time I mined you know it hit my wallet and also just you know talk about have I theoretically gotten the you know 700 value back yet all right of this ipolo V1 mini 130 Mega hash ethereum classic Miner it's not an ethereum Miner about ethereum classic because of the dag size of this Miner was about 3.8 gigabytes and when I got that during that time ethereum was no longer actually ethereum was minable during that time but shortly after uh it wasn't we're gonna we're gonna talk about that uh in a bit here but the main thing is to go through the numbers how much the ethereum classic of mine thus far which here it is you guys can see the number 9.1278 ethereum classic I've huddled all of it since last year and I just want to talk about you know also cost basis uh the future price appreciation of the yield that I've mined thus far and also adding on the expenses of you know the electricity uh with the cost of the miner all that kind of stuff we're gonna do that in this video have some you know some theoretical stuff here okay so hopefully you guys enjoyed just giving you guys an update of this guy because yeah it's something that you know something fun to keep track of for those that may have bought in one of these as well uh last year and that are still mining with these right now and I'd have to say it was probably a really popular Asic Miner last year especially either in the bull run or even after the Bull Run of 2021 and so let's go ahead with the numbers all right so I'm using something called coinly dot IO this is a software or website actually that keeps track of your crypto mainly for tax purposes but for me I like to see it as this is actually a really nice way to see your cost basis your your gains your losses and the total value of all the ETC that I've mined thus far so I have mined 9.1278 ethereum classic okay and the total value of it right now is 139 dollars as of right now I haven't sold any but if I were to sell it right now as of recording it would be worth only 139 dollars if I were to sell it right now though I would also have a negative 41.31 percent uh the capital loss due to the initial cost basis of being 238 dollars so what that means is every single time right so if we go to my transactions here let's go back to the very beginning of when I started running this July 25th 2022 was my first payout of 0.68 ethereum classic that was worth about 16.65 at the time when it hit my my wallet so that is the initial cost basis so if I sold right every day or every time I got a payout that 16 right that would be worth about 16.65 at the time but now because I have held all of this ethereum classic it's now a value of 139 because the price of ethereum classic uh since when I ever started mining this back in 2022 right the price everything closing has gone up and then a little bit during this time but then has ultimately come down and down and down so you can see that's why I have a unrealized gain here of negative 98 dollars so that would be a loss here right if I sold now that is so it's interesting to see because of the price of ethereum classic has gone down over the past year I would have made more if I sold every day okay so that's an interesting uh maybe kind of strategy to look at but that's you know during now all right I'll talk about why the future potential here of why I'm holding uh all this ethereum classic but just going through the transactions here I just want to some more insight here okay so every let's say every week okay I was mining on ethermine.org which actually I this is really bad of me I forgot to change it off ethermine.org so it's actually stopped mining I'll show you what I mean in a second but every week I was getting generally about 0.54 ethereum classic payout and actually every week it was getting less and less and less you can see five one five one here and then as we went along as you all know ethereum not ethereum classic moved to proof of stake all right so then we're 0.45 0.34 is getting more difficult every week I was getting less and less ethereum classic okay then lo and behold right September off 0.32 all right September 19th a week later 0.13 we had a drastic drop in the yield and essentially Fiat value right this is when the ethereum merge happened okay this was in mid-september September 12th okay this is when the ethereum merge happens so just to show you in the graph terms here so I was started buying this in July okay mid-july you can see the classic hash rate was 22 Tera hash pretty much averaged around there during that time and then lo and behold September came around and boom the network hash rate for ethereum classic went up to about I think 200 or 250 or even 400 I think peaked at 400 Tera hash at one point and now it's dropped down right considerably around average 146 Tera hash now uh but you all know because that was because of the ethereum merge so a lot of the Asics um maybe some gpus God forbid moved over to mining ethereum classic now all right so just to give that context there but moving along okay so after the merge now theme classic we're yielding a lot less ethereum Classic on this ipolo 130 megahash model okay so going along though 0.11 every seven days every every week the dollar value at that time every week was only two dollars and 74 cents so obviously a lot less before pre-merge all right so going along show you guys more transactions uh as we moved along it's getting much less and less two dollars two dollars cost basis okay so not really you know wasn't really worth for me to sell uh every day I didn't sell anyway I did talk about that I was gonna hold all the ethereum classic that this thing would mine um in this lifetime all the way up until breaking even okay so here we are today let me go up recent transactions okay so may same thing 0.13 ethereum classic 0.11 every week or so now here we are last payment I got was July 24th it's August 22nd as of recording this video so I forgot to move this off of ethermind.org I even made a video about it I just forgot I just I just wanted to have that disclaimer there so I'm kind of missing a little bit of a payout but after this video I'm gonna go over to my other basement change the I guess the pool and mine to another ethereum classic uh mining pool now the current profitability of this okay actually I could move it to Etc Zill let me know your guys's thoughts about that but the current profitability at my electrical rate which is nine cents okay so electricity to run this thing is about 22 cents a day okay because this is 104 Watts so if we did just we just did some quick calculation here a little bit of a calculator so per kilowatt like 1000 watts is one kilowatt hour so if we did a 0.104 that's a 104 Watts all right so if we did at times my my nine cents 0.9 okay that would be per hour so times 24 hours of a day that would be 22 cents okay so that's how they came up with this calculation here 22 cents to run this I Polo V1 mini classic so let's just say uh times 30 days that would be then about 6.73 to run this uh for a month if I Times by 12 for a year which you know theoretically over the past year which I've run um this would be the expense of the electric here would be about 80.87 a year that I've I've used to mine uh to run this ipolo V1 mini classic over the past year so if I added plus 700 right the total I'm in the red currently is seven hundred and eighty dollars and 87 cents you know in theory okay so going back to coinly here my have I hit break even have I gotten my return on initial investment yet no obviously not what I've mined thus far is only 139 dollars in value or 9.127 ethereum classic am I gonna sell this now hell no hell no the reason why I'm holding this is the big strategy here is to see if ethereum classic is going to have a new price appreciation in the Bull Run Okay once Bitcoin starts going up I think you know it's not Financial advice but ethereum classic generally when Bitcoin has gone up ethereum classic has gone up as well okay so 2017 ethereum classic went up to I'd say what 43.
2021 the next Bull Run the previous all-time high for ethereum classic was I think let's see here 176 dollars okay all-time high that was on May 6th of 2021. so let's just do some theoretical here okay just get the calculator out all right so my 9.1 ethereum classic that I have currently let's just say that ethereum classic went up to its all-time high of 176 dollars is it going to I'm just doing a theoretical thing here 176 dollars dollars and 16 cents so we times that the yield that I have now versus all-time high that would be worth one thousand six hundred and seven dollars so if I were to turn off this Miner right now I would be in the red 780 okay not using any more electric and if I just held on to this 9.12 yield and if ethereum classic went up to its new all-time high I would theoretically have my initial investment back and then some pretty much double okay that's if ethereum classic went up to its all-time high and that's if I were able to sell at the peak which most likely would be would not happen okay I'm very slow at trading but just to give that theoretical you know play there just for you guys of mining for long term and waiting for Price appreciation that is the like that is the strategy mining strategy of literally every type of Asic Miner out there and for a lot of people to say that is it a good time to buy Asic miners right now yeah I mean I don't think they have these anymore valet mining it says 269 nine in stock so it's it's even a lot cheaper now because it used to be 700 but now it's 269 so but I you know the profitability wise uh you're only it's only income today is is 32 cents uh if you had free electric but after nine Cent kilowatt hour it's 22 and as you go up right I think breaking even electric right now for this thing would be about 13 cents breaking even be zero profit so that's breaking even on electric but you would be yielding I guess 0.004 Etc a day okay and plus zil right actually I don't even have this thing on Zillow so you could earn even a little bit more all right considering that so I may do that actually I may uh put this on on ethereum classic and zil get that extra Zeal and see if zil zilica could price appreciate as well so I'm not saying that this is a good buy or anything I'm just showing you guys just my numbers now and uh just we're just keeping track of this to see uh if there's going to be you know future price appreciation ethereum classic when the Bull Run starts and then seeing if I could theoretically you know hit that break even of 700 and uh plus the 80 of electric I've used thus far for this year all right so I just want to give that there so that's basically it guys just showing you guys giving you guys an update here of the 700 dollar ethereum classic Asic minor and oh man just thinking back in this video we did some calculations wow did I put nine look at that did I hit my nine ethereum classic wow I think we we got the yield uh numbers here pretty close look at that nine times 134 dollars if ethereum Crossing went to 134 and here we are a year later we're at 9.1 that's wow I'm well I'm mind blown at that that's uh that's pretty amazing that's pretty amazing okay all right guys let me know your thoughts of this and uh we'll keep going to keep track of this uh gotta go to the basement turn it on uh change the I know it's already on actually I just have to change the pool probably update the firmware I have not updated the firmware on this thing as well um so yeah to be able to mine ethereum classic and Zillow on this so that's what I should probably change up to and then I'll have another update for you guys uh if there's maybe a bull run next year or not and then a year update all right so thank you guys for watching let me know your thoughts I'll see you on the next video have a good one peace out
