How I Became an Ethereum Miner
Last year, I made $60k mining crypto, but it wasn’t always this good. Here is my crypto story of how I became an Ethereum miner.
Image Caption: My most powerful mining rig – 460MH/s
First, the proof:
The screenshot below shows the summary tax report I’m preparing for next month
I spend $400 a month on electricity, so deduct $4800 from this revenue and that’s the profit
But how did I get here?
We need to go back to March 2020…
I’m self employed, March 13, 2020 my client terminates the contract because of C19. Driving home I felt okay about opportunities I could grab after the C19 lockdowns…
Little did I know I was about to go through hell.
During the ensuing months, I couldn’t find clients, my stock portfolio collapsed, and bills were coming due.
I was desperate and looking for a way out. While I’m not the type who gives up easily, I was vulnerable, and I was near my breaking point. I had bills, no income, and a family to support.
Then I hit my low… I told my wife: “Put me in a coma and wake me when you need me.” It broke her heart. I’ll never forget the look in her eye.
She said to me, “Steve, I need you more than ever, don’t you dare give up on us.”
You find a new level of love when everything is stripped, and she doesn’t yield. 💪
My parents, church, work, and opportunity had run. But she stood with me.
My wife needed me, My kids needed me, Let’s get to work.
What did I do?
I believe in dip buying – so I made a huge bet on stocks. I borrowed an uncomfortable amount of money against our house and bought during the dip.
Here is the transaction:
I continued adding to this position in the coming weeks and months until it was worth $600,000.
Online, I started using a personal twitter account and started seeing tweets about Bitcoin and Ethereum. I had heard about these coins but ignored them as scams.
But like they say, when the student is ready the teacher appears.
I started watching YouTube videos on how to invest in crypto.
I watched u/RedPandaMining and u/BitsBeTrippin and they were making money mining Ethereum.
I had a gaming PC and I started mining a bit. Similar to how I teach in my beginner’s guide.
After I had proven the concept, and made some money, I decided I wanted to scale up and be more like @RedPandaMining I did, and I built my first rig and then I bought more GPUs.
At one point I was buying 3 and 4 GPUs a week. This was before things went crazy with supply shortages. I was buying AMD 5700 XT and 5600 XT because they were cheap and efficient.
I remember December 2020 I wanted to make $600 in passive income, and I ended up making $666.
I kept scaling up.
And then by February 2021 I made $8,000.
Ethereum was on fire 📈
Ethereum Miner revenue👇
Now I’m making a steady $7.5K a month passive income off mining, selling covered calls, and dividends from my investments. It hasn’t been easy, I had to go through hell, but we got through it.
After I solved my problems, I created https://twitter.com/StephenWealthy_ on Twitter and started this site for personal finances.
For the first year I didn’t share I was a miner, I focused on typical index funds and normal approach to personal finances, but in November 2021, I let the cat out of the bag.
I posted an article where I shared I was making $8k a month in passive income…
I showed I was a miner.
Positive response was through the roof, now I focus on teaching people how to mine
Here is that article
https://mywealthmoney.com/passive-income/
Next, I wrote a beginner’s mining guide and made it free.
The guide has been downloaded 13,831 times and translated twice. I receive DM’s all day of people starting to mine and how the income helps their family
Here is the guide:
https://mywealthmoney.com/crypto-mining-start-guide-for-gaming-pcs/
Thank-you for reading this post
Feel free to reach me on Twitter if you have further questions or would like to connect: https://twitter.com/StephenWealthy_
