Explaining pool mining/solo mining to a indifferent significant other

[SolHarvester]

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 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?

[Medusah]

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.

Have you delved into the operational aspects of this business?  They might be correct.  Bitcoin mining operates within an intensely competitive market.  It's significantly harder to generate profits compared to a few years ago. 

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?

I'll be frank with you. I feel the same way, and yes, I may come across as a stingy Bitcoiner, but it's solely because I see its potential.  My suggestion to you is to persuade or educate your partner about Bitcoin.  It's challenging to maintain a harmonious relationship if one person recognizes the significance of DCA while the other fails to see its value. 

Your primary focus should be your mental well-being.  Now that you've grasped the concept of Bitcoin, you can't disregard it.  It must either become a priority alongside your partner, or you may need to pursue separate paths. 

[Findingnemo]

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'.

The odds are the same as someone winning a lottery.

Let me spill some facts so you may know what it's to be a solo miner. Currently, we are at the 844714 mined blocks and you know what it's only happened 282 times. The last incident was on 28th Apr 2024 with hash rate of around 120 petahashes per second (PH/s) which is just 0.02% of total network's hasrate.



So I wouldn't waste my resources while trying to be a solo miner, the best choice for individuals now is buy bitcoin than mining it.

[hosseinimr93]

The last incident was on 28th Apr 2024 with hash rate of around 120 petahashes per second (PH/s) which is just 0.02% of total network's hasrate.

0.02% of the total hash power isn't really small. OP's total hash power should be much smaller than that and I don't think it's comparable with that at all.
If you own 0.02% of the total hash power, it's expected that you mine 1 block in every 5000 blocks (approximately 35 days) on average.

[peter0425]

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'.

Well they might have a point. Solo mining hasn’t really been recommended for quite a while now for it has been extremely difficult to actually earn from it. Bitcoin growing more and more as time goes by will just make your work a lot difficult with more miners in your competition.

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.

I agree. Maybe you should just keep talking to them and tell them what exactly is your plan for the long-term. As partners, you are also working for the life you are going to have together so it makes sense for your partner to be concerned about what you are currently doing.

[gunungkembar]

The last incident was on 28th Apr 2024 with hash rate of around 120 petahashes per second (PH/s) which is just 0.02% of total network's hasrate.

0.02% of the total hash power isn't really small. OP's total hash power should be much smaller than that and I don't think it's comparable with that at all.
If you own 0.02% of the total hash power, it's expected that you mine 1 block in every 5000 blocks (approximately 35 days) on average.

Mining Cryptocurrency is currently not very profitable and requires quite high costs. The results obtained are also not very much. If we want to mine, we have to find a source of electricity that is cheap and, if possible, free. Furthermore, it also requires quite cold surrounding conditions, such as at the North Pole or South Pole.

[thecodebear]

OP, so you are solo mining with essentially no hope of ever getting any bitcoin out of it. Yeah I'm not surprised your partner is questioning why you are doing this. You spent money on a machine and spend money on electricity for essentially no reason. That money would have been infinitely better spent just buying bitcoin. I can't fathom why you are wasting your money on this. Your partner is right.

[franky1]

true solo mining today (YOU collating transactions into a block template and then difficulty hashing the block hash) is a foolish endeavour
its like knowing that gold mining today involves excavators and sluice machines and dozens of employees in a mine that has been researched as yielding x amounts of grams of gold dust each day.. and you expect to, with a tablespoon and teacup saucer, wish to find a 3125kg gold nugget in your un-researched back yard

[BlackBoss_]

Over time, they do seem more 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.

Don't show your wealth too much, it's risky for your life.

You can introduce Bitcoin with DCA tool and calculation for total invested capital and ROI with time. It's enough to convince listeners.
https://dcabtc.com/
https://costavg.com/

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.
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.

If you understand math in Bitcoin mining, you will not waste your electricity bills with solo mining with very low hashrate you have.

Solo mining is a story of the past and you can do solo mining if you have big hash rate but with very low hash rate, it's not good choice.

Bitcoin mining history

My plan is to DCA until a certain time frame when the returns are high enough to make our lives easier.

You purchase and invest with DCA but you will need to withdraw your bitcoin, sell it and the following strategy can be used.
[ANN] JJG Sustainable Bitcoin Withdrawal Strategy.

[pinggoki]

If they're indifferent, that would mean that no matter what you do it's going to be this way where they don't plan to get into it. I think that your significant other is in the right when it comes to mining, the expenses that are part of it is going to be really expensive and I think that it's not indifferent, it's just that your SO just don't see the benefits and they feel like the cost outweigh the reward so much. It's probably for the better if you ask me that your SO is already interested with bitcoin, you don't have to force them so much to delve in something that most of the time, it's not even mandatory for others to get into because of how expensive it is.

[Reatim]

Over time, they do seem more 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.

Don't show your wealth too much, it's risky for your life.

They probably can’t help but show their wealth. I mean that is their life partner and if they live together then there are really decisions to be made together. Especially when it comes to financial aspects of their lives. Making them understand is necessary because otherwise they may feel like you are just wasting your money and possibly ruining your future but also you should try and listen to your partner consider their opinions as well to make the relationship work without sacrificing your financial interests.