Welcome to the inaugural crypto update! These will look somewhat similar to my dividend updates.
In these crypto reports, I will primarily be detailing my crypto activities including:
- Mining
- Investing
- Trades
I may also go over crypto news on my radar and eventually provide some guides for beginners looking to dip their toes into cryptocurrencies. Moving forward, I’ll be posting this as a once / month update, rotating each week between the different reports I have available: Net Worth Updates, Dividend Updates, Crypto Updates, Passive Income Report. This will serve as an adequate baseline to provide a consistent flow of weekly content.
Beyond these 4 categories, I will also be writing some articles more specific to each niche. Keep an eye out for my upcoming guide on how to get started with cryptocurrencies! With that said, let’s dive into the report!
I run a few mining activities to help generate crypto. Below are two mining activities I feel comfortable sharing at this point in time. I have no electricity costs at the moment, so I feel comfortable mining. If I include electricity costs for mining alone, I am still cashflow positive, though my profit would be substantially less.
Mining
| Cryptocurrency | Amount | Amount in CAD* |
| BTC | 0.00047911 | $20.01 |
| ETH | 0.026957389209027494 | $71.64 |
These are only the month’s gains, but I have been crypto mining for a few years in the past. I recently took up mining again in November 2020:
On a month by month basis, it equates to the following income:
| Month | Amount in CAD* |
| November 2020 | $15.23 |
| December 2020 | $68.77 |
| January 2021 | $96.57 |
| February 2021 | $96.84 |
| March 2021 | $112.66 |
| April 2021 | $98.18 |
| May 2021 | $95.62 |
| June 2021 | $70.70 |
| Total | $654.57 |
Numbers look pretty interesting when you have no electricity costs, don’t they? Let’s compare them against my Dividend income:
| Month | Dividends | Crypto-CAD | Combined Income | Crypto as % of Monthly Income |
| November 2020 | $377.72 | $15.23 | $392.95 | 3.88% |
| December 2020 | $512.79 | $68.77 | $581.56 | 11.83% |
| January 2021 | $618.57 | $96.57 | $715.14 | 13.50% |
| February 2021 | $416.43 | $96.84 | $513.27 | 18.87% |
| March 2021 | $473.74 | $112.66 | $586.4 | 19.21% |
| April 2021 | $736.1 | $98.18 | $834.28 | 11.77% |
| May 2021 | $431.04 | $95.62 | $526.66 | 18.16% |
| June 2021 | $595.79 | $70.70 | $666.49 | 10.61% |
| Total | $4162.18 | $654.57 | $4816.75 | 13.59% |
I don’t know about you, but my eyes popped when I saw those numbers as I was writing.
Besides mining for crypto, I also invest my crypto to generate yield and further gains. In the past month, my crypto investments generated the following:
Investing
| Cryptocurrency | Amount | Amount in CAD* |
| BTC | 0.000068 | $2.85 |
It’s a tiny amount at this point in time, but it will grow as I expand my operations. I have a few endeavours and business deals taking place late Q3/early Q4 this year which I’m excited to share.
A summary table listing out all activities and earnings can be found below. I may or may not keep the following two tables moving forward, we’ll see with time.
Summary Total
| Activity | Cryptocurrency | Amount | Amount in CAD* |
| Mining | BTC | 0.00047911 | $20.01 |
| Mining | ETH | 0.026957389209027494 | $71.64 |
| Investing | BTC | 0.000068 | $2.85 |
And a simplified table outlining earnings.
Combined Total
| Cryptocurrency | Amount | Amount in CAD* |
| BTC | 0.00054711 | $22.86 |
| ETH | 0.026957389209027494 | $71.64 |
2020 is shaping up to be quite the year, and I’m super excited to continue tracking how everything progresses in 2021 and beyond!
*FX taken at time of writing
Hey, would you ever share any details about your crypto mining setup? Do you have your own machine(s) setup as a node or are you using a mining service, e.g. Bit Farms?
Hey Peter! I will be sharing the fine details about my current setups in a future post, as well as my future operations (as they go live).
I run my own machines; both GPU and a new form of mining (which I’ll detail over the summer and into the fall). I also have one ASIC miner from the early days of mining (currently not in use – obsolete). I have one contract with a mining service (I’ll detail this in my post as well – but I would generally not recommend mining services). I do have plans run Proof-of-Stake nodes as well.
Thanks so much and I look forward to your future posts!