Post
Topic
Board Bitcoin Discussion
Topic OP
Explaining pool mining/solo mining to a indifferent significant other
by
SolHarvester
on 23/05/2024, 07:47:12 UTC
So I have a bit of a personal problem.

I've been investing in bitcoin since 2018 and it has never let me down.

I tried to explain what bitcoin is to my partner with minor success, they have tried their best to understand. Perhaps I'm just horrible at explaining. Initially they have been forthcoming with reservations in such a speculative asset.

They do seem to somewhat grasp the value of investing in general and having a diversified portfolio. I have convinced them to set aside a small portion of their income in to a portfolio.
 
Over time, they do seem more on accepting with me buying bitcoin.
Particularly after showing the success I've had with it over many years and the one time I completely wiped out all my debt and even helped then restore their bad credit all from using bitcoin.

Though when it comes to mining, heir opinion is very indifferent.

They've made it apparent they don't like I would waste such money for the cost of the mining machines and pay for the monthly cost For running the machines.
That the money I spend every month could be put to better use.

Granted, I do not mine in a pool, nor have I ever. I don't have powerful machines which is why, cause low hashrates is not profitable mining in pools. Our current situation doesn't allow larger, louder, hotter and higher wattage miners.
So I have been solo mining instead and I have been honest about how low of odds I have to see any reward and I don't make any profit doing it. Which they are not happy about and don't like the concept of 'lotto mining'.

I have said that when the time comes, we will have a solar bank and will use the energy to both solo mine and mine in a pool. I have tried to show examples of the potential of huge earnings with mining in pools with powerful machines, but was still skeptical.

One of the big reasons they don't like the mining, or even my bitcoin wallet is I'm not willing to sell, or stop mining.
They feel I'm not committed to sell for major purchases, nor diverting my income for certain financial obligations when the time comes to do so.

I tried to explain is not true, a budget can be rebalanced when it's needed, but I will always keep at least a small portion of income to always go to savings and investing.

My plan is to DCA until a certain time frame when the returns are high enough to make our lives easier. Ultimately rebalancing a portfolio, even sell bitcoin to generate a modest income off dividends. Which I have explained will take time. Selling early defeats the purpose of the investing.

If any of this makes any sense to anyone else, can someone share their thoughts on if maybe I sound like I'm being too stingy or unfair?