$1 million Net Worth by 2024: ep 2 – Ethereum Mining to Long Hold for Maximum Value.

Do you ever find out about something, get
interested in it and then very quickly find yourself spending every waking minute for
a couple days straight either reading about that thing or watching videos or researching
or just thinking about it until you basically have no choice but to spend money on it? Whatever
it is? Well I do. And this time it was crypto currency
mining! My name is Nicholas Johnson and this is the Space Warehouse Life pro tip, it’s important to keep a credit
card with a good solid spending limit on it empty and ready to go in case of a life emergency.
But, as I progressed through life, banks just keep giving me more and more credit all the
time and I’m finding it’s equally important to keep another one ready to go at a moments
notice for when you suddenly need to fund a days long project you’ve just come up
with.

I’m so lucky to have found a life partner
who won’t freak out when I… spend $9000 on an idea I just had earlier that same day
after maybe 5 hours of research on the internet. Sarah Haselwood is a perfect wife in every
way! I am on a quest to accrue a net worth of one
million dollars by 2024 – and I am not going to be able to do that without taking some
risks along the way. Todays bet came to me on accident while watching a youtube video
by a guy named Biahaza… Biahaza? He never says his own name. Anyhow, he’s always working
on little schemes that make passive income and he started talking about mining bitcoin!
(turns out he didn’t realize he actually meant just renting out computer power to people,
but its in the same space) and holy crap did that send me down a rabbit hole, from article
to article to reddit groups to youtube videos that has led me to THIS $5000 mess on my computer
desk, and this slightly more tidy version in front of me now, with another 2 GPUs in
the mail on their way home.

These computers are mining Ethereum. And it
turns out, with a little unwillingness to give up – computer building is actually pretty
easy! Ive replaced components in my windows PC before, upgrading the CPU and graphics,
but I had never built one from a pile of pieces until NOW!
OTHER people on the internet just know… EVERYTHING. After building this without a
case, some teenager from youtube showed me which two pins to short out with a screwdriver
in order to turn it on – since I had no button to do that!
(move to main desk) So heres whats happening on my desk right
now. These computers are solving complex mathematical problems and helping with all the cryptocurrency
transactions, updating ledgers and providing a pool of people computing power to mine etherium.
Im using a program called Cudo-Miner to do it.

And even though this system is only half
way set up – its RIGHT NOW generating an average of 1021 dollars a month! For any mining enthusiasts
that come across this video Its running on two RTX 3080 graphics cards, hashing in the
190’s mh/s and I have two more 3080s on the way that I will be installing into the
same motherboard next week. This mess here looks like this because its
getting harder and harder to find these cards at all, so I bought one that was in a water
cooled eGPU case – but my motherboard doesn’t support thunderbolt 3, so I had to extract
it from its board, and wire the guts straight to MY board to make it go, with a 1x to 16x
riser. The BET that Im taking here is two fold. One,
these projections are based on the current price of Etherium, so it will only produce
this much value if the price stays somewhat the same or goes up.

No one can predict these
markets, Elon Musk said a thing the other day and the value Bitcoin went down 10% all
at once. And two, I happened to come across this..
activity.. at a time when Etherium is just about to switch the way its set up, and mining
like this will no longer be possible. Etherium, as we know it, is based on whats called a
“Proof of Work” concept, which is where all these computers whurring away in peoples
garages make the whole system work – but it uses a lot of electricity, more all the time
in fact, so the powers that be have a plan to switch to a “Proof of Stake” concept.
I dont fully understand this yet, so look that up if youre curious, but the point is
that proof of stake will not use GPUs to mine the coins.
So Im BETTING that I can pay back my investment and make a profit BEFORE they switch the whole
system and ruin all the fun. Of course Ethereum is not the only cryptocurrency and there will
be others to put this thing to work creating, so even if it just means this produces LESS
money, it will continue to do work.

The positive hope is that they’ve been talking
about switching to ETH 2.0 for a few years and keep pushing back the date, and at the
current earning rate I only need around 4 months for this thing to pay itself off. After
that, its just another source of income that will sit on a shelf and print money!
Even better, the money its making is in the form of Ethereum,
which a lot of people seem to think in the near to mid future will significantly increase
in value. That makes this now the third leg of my planned 1 million dollar net worth by
2024.

The other two are strategically investing my salary at Space and selling off my most
expensive assets, including a house I bought in 2010 to buy risky stocks while aggressively
moving that money around to attempt to swing trade that value even higher.
So by all means! Follow along while I make questionable choices in an attempt to gain
access to elysium – and leave behind this life of 8 foot ceilings and high effort, low
return side hustles 🙂 Ive made a playlist for this quest, and this
is the second installment in that story. click here to see the first one and subscribe to
watch me succeed or fail over the next few months and years..

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