Over the past couple of months, I slowly started developing my own crypto mining business. For those who are not aware most cryptocurrencies need to be “mined” by computers to complete transactions or to put more coins into circulation. Yes, you could technically do so with an ordinary computer but to see any substantial returns you need to build special computers just dedicated to mining. Now this business of mine is more of a side business. The income generated from it will be nice, but I will be unable to live off of it alone. I put my money on the line and dedicated a lot of time and effort to get everything operational and I decided I would share my experience.
First the basics, to simply throw money at an idea with the expectation that it will turn into more money is a recipe for disaster. Before even spending a dime, I calculated the expected costs of building my own mining computer and compared it with expected income. Once the numbers made sense I just needed to buy the parts, have it built, and I would be ready to go.
Of course, nothing is as easy as it seems. Everything that can go wrong did, defective parts, volatile crypto prices changing my income trajectory, dealing with hostile suppliers in trying to exchange these parts, and delay after delay after delay and as the adage goes, “Time is money”.
Now all good business plans need contingency plans, and I did have some for a few anticipated problems such as backup currencies to mine but I admit I did not foresee all the problems I am currently facing. Waiting around for problems to be fixed and the continuing unexpected costs of course take an emotional toll. Is it all worth it? Well there are a few ways to look at it. Firstly, there is a reason most are happy to be working for someone else, taking on your own project is scary and the possibility of failure even scarier, so the problems I am facing are certainly not unique and if you plan on taking on your own business this is something you must prepare for. Second, while this experience has been stressful at times I have learned a lot and there is much I can apply in future endeavors, this is something that cannot be immediately measured with financial success. Finally, with me being in the final stages of the computer becoming operational and collecting money I feel all the stress will start to disappear and I will be glad I took the risk.
Starting a business is not for everyone, but if your up for it I recommend you plan for it carefully and be ready for the emotionally rollercoaster. It will not guarantee success but it should improve your chances.