I ascended to the 100+ level mostly by luck - I discovered cryptocurrencies back in 2014 and had accumulated enough BTC to make the jump last fall. I did the math back at $2000 and took the leap at $4000. Had to sell some assets to build the building on land I already owned. Of course, talked with the power company first and found the limit of what they could provide me. A bit of math later, and I tweaked my building design to hold 200 S9s. I was also close to retirement and close to moving to our farm full-time, so that was in my favor. A month after I placed the order, I gave notice to my employers, quiting one job in November and another at the end of January. I do this and my farm work as a full time job now. It helped that I did all my own wiring in a county where the power company was enthusiastic about my potential load and allowed me to wire directly to the (un-energized!) transformers they delivered and placed by my building.
We went live with (80) S9s on December 3rd - a great month. Been a bit less exhilarating since then, but we are still pulling a profit. We eventually merged the (
from my city house mostly to simplify income related tax tracking, and have added a few hear and there as they became available and we had coin to reinvest. Alas, have not been reinvesting enough... really need to max out my building and then start replacing S9s with newer tech that should come out this year.
Two biggies to keep in mind:
1) Plan to pay taxes. Put money away every time you cash out BTC to do that with. Some are claiming the current slump is do to investors who forgot about taxes and are now panic selling to pay them.
2) Plan to reinvest A LOT. I targeted about 25% of net income, and that is not enough. 50% would be more realistic.
and last but not least:
3) Make sure your neighbors are OK with the noise. My closest neighbor is a 1/4 mile away and he can hear my farm running. One a 1/3 mile away voiced concerns when he heard what I was about to do.
