Free Money: July 2014 Update

So it is time again for an update on the Free Money series.  The original plan was to keep my system mining Bitcoins until the end of the year and then sell them all off.  With my last update I had estimated a break-even date near the end of the year.  Since then the price of Bitcoin has fluctuated a number of times as it tends to do.  At last update the price was sitting at around $500 USD but in general had been much more stable than usual. When it started to rise again I decided that it might be time to sell.  I transferred all the mined coins, a total of 0.56143691 BTC, to a Canadian exchange site that would allow me to transfer between BTC and Canadian dollars.

I set the sell price to $692 and the order closed in about 40 minutes at a price of $692.46999990 giving me $388.77822 Canadian in my account.  There was no fee for the exchange but there was a small fee to have them deposit the funds directly into my standard bank account.  Final outcome was a total of $381.27 which means that we have moved into the black.

 $381.27 – $367.29 = $13.98

 I know what you are thinking. WOW!!  That is FREE MONEY! Yes it is, just not a lot of it.

The main thing to remember here is that I still own the original mining hardware.  It is not worth the same as it was new, obviously, but it can be sold.  That would significantly improve returns on this setup.  The amount of hashing (number crunching) power that my two video cards put out now is so small compared to the overall network that they generate very little profit, even with zero power costs.  So I will keep them running for now until I decide what the next step of this year’s Free Money will be.  It would be too boring to simply sell the video cards and call it a day. 

 Checking in with Litecoin.  The coin that everyone thought would be “silver to bitcoin’s gold” before they understood the reality of the alt coin market is now sitting at $7.57 USD, so $8.21 CAD.

I originally could have picked up 14.3 coins which would have a current value of $117.40. So while the Free Money has not generated a lot of profits this year so far, it could have been much worse.

 So stayed tuned for more Free Money experiments this year and feel free to send in any suggestions.

Please type what you think and why.