I have exactly one problem with your strategy. Pure jealousy. I missed out, due to not being able to raise the money.

I think reinvesting in the mining equipment is a great long term strategy. I also think that if it were me, my first reinvestment would be in off grid power. Probably a combination of solar and hydro, since here in Idaho you can get remote land for very little money that has a stream or more running through it. Water wheels are cheap, and alternators aren't much more expensive. Batteries are the biggest investment, and they have a pretty good life these days. Getting the electric cost to near zero would make even the initial miners valuable for a long time, as they would simply continue to add to your hashpower as you added in more equipment 9both miners and electric generation).

This is the strategy I want to follow, assuming I can turn the financial disaster that is my current life around.