Australian cryptominer Joë Bridge recently showed how to buy your first home, boat or motorcycle using the small fortunes you’ve collected in crypto mining.
according to report According to the Australian ABC released on June 30, the 38-year-old was the first to be involved in cryptocurrency mining in 2013 while living with his parents in Brisbane. At that time, Bridge was studying law and had little IT education. However, he was able to run mining software on three computers (using 10 graphics cards) and earn Litecoin and Dogecoin.
According to Bridge, this mining could raise the temperature of the house to 50 degrees Celsius, and even with a “quite advanced solar system” on the roof, electricity bills exceeded $ 600 per month. Bridge was able to exchange mined $ LTC and $ DOGE for a dozen or more Bitcoins.
Bridge held $ BTC for four years and paid little attention to the price until it began to skyrocket in mid-2017. He decides to sell some of his $ BTC holdings for the purchase of some motorcycles and boats, betting the price. Will continue to rise.
Mr. Bridge said he was thinking of buying a home when Bitcoin prices peaked in November 2021. He will sell 85% of his Bitcoin (about 11 Bitcoins) for A $ 80,000 each for a total of A $ 880,000 to buy a mortgage. -freedom. He also sold some $ BTC to pay capital gains taxes on his investment. This is estimated to be about AUD290,000.
Bridge is currently working in the IT department of a financial software company and believes he has made a foray into Bitcoin to enable him to buy a home without a mortgage. In retrospect, he said he had “a lot of good luck” on his journey and did not necessarily encourage others to follow in his footsteps.
I think it’s a dangerous time to enter it.I think it is possible [to still make money].. Do I recommend it? No, I’m not currently participating.