Yesterday i saw this video on youtube.
I am a miner and i would like to give my perspective.
Firstly if think the developer really has all the right reasons for making Firo coin, so this is in no way to hammer the devs or anything, this is just my perspective.
Im a normal guy living in a rural area, working a full time job to pay my bread and butter so to speak. Last year i invested 250.000 USD in mining hardware to mine crypto, and i do not mine Firo. Why not?
Its not the most profitable coin to mine, and progpow uses a lot of power and generates a lot of heat. So a better stragety for me is to mine ETH, even though i do not like a single thing about the project, its what makes the most money.
Why do i do this?
I run around 35.000 watts of power to my GPU’s, thats not free I need to pay the power cost, progpow uses around 20-25% more power, so its more expensive, at the same time it generates more heat for me to manage with exhaust or drilling huge holes in the wall.
I pay insurance for my GPU’s, I pay a security firm for alarms and video survailance. I bought stuff to reinforce my doors. I bought exhaust fans for 1500 Usd, i bought and made cables for the power, i paid and electrician to upgrade my power. And i am currently saving up 4000 USD more to install some 40” exhaust fans in the walls, because come summer 35.000 watts in going to be rough to cool. Oh yea, and i pay an accountant 1000-2000 USD to do my taxes on the LLC i made for mining
I am a one man operation, I do everything i am allowed to myself, I have borrowed 100.000 USD to expand the farm, so i need to pay this off.
I literally do not have the time of day, to be active on the forums on all the coins im intesteded in, I need to pay off my debt and keep the cards mining, which is not always so easy if it gets too hot, and I need to do my 9-17 job to keep the family fed, since I have not taken any profits from my mining for myself yet, and thats okay. As long as im not financially ruined I will continue to do this,.
I have been mining for over a year now, and I just used Defi for the first time yesterday , why? Because I have not had the time to do it, not because im not interested but everything comes with time, as I get around to it.
Do I invest in crypto at all or just mining?
Its all a balance, im currently saving up coins and they are all POW coins, thats
I plan to run nodes on flux and firo, and its gonna be bare metal, im gonna run the node myself, not on some cloud service, since im a hardcore libertarian there is only one way for me, thats the decentralized way.
Why do you mine eth and not the coins you are intested ind?
Makes more money, more money I can use to buy more of the cryptos i like, simple as that.
I think there is something lost very much on the POS guys, mining takes a LOT of effort to ”generate” the coins, this has an impact on the price since it makes it more of a commodity than a stock in a company, also it decentralizes a lot more with GPU’s like you said in the interview, and it gets people like me into the space, and starts learning about the tech, so its a huge gateway into crypto. But at scale its a huge risk, and a huge investment of time and money to make right.
I might have bashed progpow earlier because of the power and heat.
I am all for progpow, i mined raven during the summer last time (more profits than eth), was 40 degrees celcius in my mining room then, at half the wattage i have now.
If and when ETH is gone, im gonna mine a mixed batch of currencies, i will sell some, i will keep some. And if its not profitable to mine, i will have to shut down my 250.000 USD investment and watch it collect dust. All the while still paying insurance, security and accounting………
Just a miners perspective