So, 4 months ago the bitcoin price was just over $1,000. I had a little USD 'saved under my pillow' (as you do in Zimbabwe - we have no formal currency anymore). I was re-introduced to bitcoin (i had passed it up 2.5yrs ago when the price was around $320) so I was determined not to miss it again and paid attention to what my cousin Bruce had to say. I developed a clearly defined goal of how to turn my $500 into $100k in 2020. Here's what happened;-
Bruce gave me 2 x options to consider-
Buy 0.5BTC - sit on it until 2020. The price could be more or less $25k per BTC by then. Sell it, and recieve $12500. Cool! But I understood that I would now be out of bitcoin and would have to buy back in at the rising price. And I would have lost interest in FIAT currencies anyway.
Invest my $500 in a mining contract - woah, hold on. What is mining? Who are the owners of the mine? How do I get a return etc etc. At this point I already had huge trust in my cousin, he was already a highly respected commodities trader and Senior Pastor in his church. This guy changes peoples lives. I was a total noob in cryptocurrencies in general and half the stuff he said went straight over my head.
But, ladies and gents, we already had the most important element embedded in our relationship. And that was TRUST. I made an instant decision to go with his advise, fired my boss and took the leap of faith that is leading me down this path of time freedom and financial freedom development. As I stated in my first blog - I was looking for that ONE THING the whole time I was briefly employed.
The calculations of how my mining returns occur are quite complex. But, as I am no expert, I have managed to create a simple formula that I and others can understand. The basic elements are as follows,-
- my goal is to have mined, not bought, 4BTC by 2020. Without having to reach into my pocket one more time.
- a $500 contract gave me 3000 GH's plus a bonus of 130GH's
- I now own hardware on a trusted mine, which I control with my software on my pc or phone via a simple interface.
- My hardware contributes to verifying transactions and maintaining the online ledger within a large mining pool (slush pool and bitcoin.com)
- I get rewarded with a share of BTC every day that the pool earns in relation to my GH - EVERY DAY
- EVERY DAY I EARN BTC - but you need to know that I am not interested in the price of BTC at this present day. I am however, going to get very interested when the price of BTC goes up through $5k, 10k, 20k.
- I have set my controls to reinvest 100% of the BTC that I earn every day back into more mining power. On auto setting. This has been going for 4 months now and I plan to maintain it for another 14 months (to make 18months total).
- After month 18 I will change my settings to aggresively pull out as much BTC as possible every day. At this time, I will have a much larger mine capacity, pulling out more BTC, which will be worth MUCH MORE than it is today.
- I EXPECT, I expect to have mined around 4BTC in 2020, using this basic formula.
- The value of each BTC could be, could be around $25000 per coin. Will I be wrong? YES. It will be more or it will be less.
Simply 4BTC x $25,000 = $100,000
Will I be wrong? YES. It will be more or it will be less. $500 will not get you rich quick. But at least I will give myself a shot at potentially having a huge return in a reasonable amount of time.
Most importantly, this has got me into the cryptocurrency world. I currently hold 7 different crypto-currencies and plan to invest into a multi-mine with same company (they also mine Ethereum, Z-cash and Expanse). You must know this - I dont advise people to just go mining, I advise others how to spread your eggs over many baskets and aim to put a smile on your face. And this advise I give FOR FREE!
To get an a further understanding of what I am doing and which company I am with please feel free to check out my website at - https://garthrich.mylifestylegalaxy.com and contact me for any questions.
My philanthropic side has a secondary goal. I am going to have a huge amount of investors under my wing, mining bitcoin, not just in Zimbabwe, populating our local economy with Bitcoin - and thereby creating a homegrown cryptocurrency economy. This goal helps me sleep better at night. YES, I HAVE BIG GOALS AND DREAMS, but I will achieve far more than those sceptical timid souls who are too afraid to dream!!
Take action, be bold, get educated and let me help you down this path of financial freedom. My next blog will be on the multi mines and their amazing potential returns. Stay tuned, set some dreams, till next time..