Holiday Bitcoin – $100 for Charity Update (Part 3)

Holiday Bitcoin – $100 for Charity Update (Part 3)

Holiday Bitcoin – $100 for Charity Update (Part 3)

What do we do?!?!

The price of bitcoin over the past few weeks has been disappointing. Around Christmas 2017, the price dropped to about $14k from $17k and it hasn’t really recovered. In the past week it has dropped even further to $10k, then bounced back to $12k.  It was said that Bitcoin would fluctuate in price, but this is nuts.

Simply, our $150 is now worth $103. Sad Face.

Think for now we are going to leave it for now and wait for the price to go up. While I twiddle my thumbs and hope our money comes back, I decided to investigate how to “mine” my own bitcoin.  This is what I found out.

First watch this video to understand what Mining is:

Know that mining is not fast.  Know that it does cost money to mine because you spend electricity mining. Know it can be complicated for first time users. But I did find an easy route.

Easy doesn’t mean cost effective however. There is a site called Minergate and makes mining super simple. You create an account, download the (relatively small) app, and start mining. While easy, getting your money out after you mine, with minimal fees is the tricky part. Running the app while actively using your computer will cause your computer to get very slow, so run it while you are asleep or at work.

We will get into how to get your money out of Minergate in the next post. Until then, have fun mining. 🙂




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