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.