Mine Bitcoin on My Farm to Offset Rising Costs – Bitcoin Magazine
This is an opinion edit by AlbertaHodl is a Canadian dairy and beef farmer and an avid Bitcoin miner.
This is a farmer’s perspective on why mining Bitcoin is a good idea.
I was born and raised on a farm. I earned degrees in economics, business, and hard work, but never actually finished secondary school. Times were tough. His father split the farm with his older brother in 1998. When I was 10, I had no choice, so I smashed my butt with my 13-year-old brother. Money was tight. Interest rates had finally reached “normal” levels, and although commodity prices were not very high, life was good. Since then, we have successfully expanded our business and have been able to purchase bigger and better equipment, more land and more animals. Here we are in the same boat as many other farmers and ranchers today. It’s big enough to make a living, but I’m at a loss as to what to do now.
The land around us is pushing $15,000 per acre. Costs are getting out of hand no matter where you farm. Even new and used equipment was beginning to seem out of reach, and low interest rates were the only positive factor if you needed a loan. Add in political regulations, fertilizers and labor costs, and many of us farmers are reconsidering the next item on our ever-growing wish list. is rather difficult to sum up, but farmers are well aware that equipment, land and animals are long-term investments. and justify the land by purchasing another parcel, a few sets of animals, or larger equipment. Buy another tractor, sower, sprayer, a few more sets of animals, or one more precious field.
It’s the constant cycle we’ve grown accustomed to, the stereotype of modern slavery. Cheap credit encourages borrowing things like boats, toys, and big houses. it never ends.
As a lifelong farmer, I understand the reluctance to explore other options, do something new, or step out of your comfort zone. It’s true. Bitcoin? This is what I heard in 2017. It sounded like a scam so I didn’t bother to look it up.
I must have
2020 has arrived and our family farm has been rocked by the politics surrounding COVID-19. we were at a loss. Nothing made sense. The world, especially Canada, seemed to be in shambles. We had faith, but I cannot explain how much it played in our sanity and confusion through the difficult times we faced. We were wealthy, but cash was scarce.
After going through ups and downs, I came across Bitcoin. As I got a little older, I went out to the countryside and started learning and understanding everything related to Bitcoin: money, time chains, cold storage, proof of work.
At times I was dizzy trying to learn as much as I could, but I soon felt hopeful. Bitcoin is hope! My goal is to show you why Bitcoin is a good investment and good for you if you have a good understanding of HODL.
Multigenerational farms naturally have a lower time preference, so if you understand bitcoin, why not start mining assets that are harder than the land we farm? quickly became an obvious concern.
Ever since the Justin Trudeau-led government froze their bank accounts, many people have woken up to the fact that nothing belongs to them anymore. You can’t own property without paying. If you have a good year and make a lot of money, you have to pay more taxes. It’s a vicious cycle.
Farmers and ranchers have always relied on real assets for their retirement benefits, but with Dutch and European farmers being bought out by regulation and soaring energy prices, only Bitcoin can really be yours. This has led many of us to wonder if the assets we plan to use in retirement and pass on to our children may not be as safe as we once thought. increase.
Most farmers look at their return on investment over a 10-20 year time frame. You have the option to return it in much less time. Willing to buy neighbors’ farms and fields at 3-5% interest. Consider making a down payment for your next long-term investment and instead buy a hut, some ASICs, some fans and start a personal stack with no Know-Your-Customer (KYC) tracking. Is it time to consider? Instead of adding a $500,000 loan to your land, you can take out a smaller loan to get your Bitcoin mining machine up and running. It has many advantages. With plenty of rural electricity available and machinery deductible from the business tax, instead of buying nitrogen at $800 a ton or a few pairs of expensive farm equipment and animals. to buy miners.
Hypothetically mined bitcoins could be distributed to anyone. Maybe it stays on the farm balance sheet. Maybe it’s part of your succession planning and goes to your kids. That’s the beauty of Bitcoin! You can decide.
If you run a successful farm of some sort, you should be able to deduct your electricity bills from your other income. . Instead of pouring your heart and soul into another land, start mining instead. No hail problems, no calving problems, no drought years, no invisible input costs. Fix the power supply, have an electrician run the wiring and Ethernet cords, add a fan, and you’ve got a return on investment.
The effort to keep a large number of ASICs running is less than an hour per week using grid power. And machines have the potential to pay off with the hardest assets in the world!
My father wasn’t skeptical when I first suggested using our farm vault to buy bitcoin. I understood the need for sound money. After much discussion, I bought some to keep the farm on balance sheet. We continued to dig the rabbit hole and used some of that bitcoin to buy miners. It was midnight the next month, building huts and tunnels, running wires, and waiting for the machines to arrive. The setup was overwhelming at times and I relied heavily on a few very helpful Bitcoin Twitter friends to get me through the problem.
Finally, we were hashing. And then came the moment I had been waiting for. My dad said, “Hey, if this bitcoin really takes off, succession planning for non-farming kids will be a lot easier.” Although he was retired, he understood the ramifications of a monetary system outside the control of the state.
Don’t know where to start? Not sure about power, ethernet, airflow?Consult your electrician for the power you need and contact me or someone more knowledgeable on her twitter for bitcoin. Many people have taken the time to give me suggestions and advice. Mining isn’t as hard as you might think, and ASICs are cheap today. Book them as a business expense, spend some time researching them, and start getting satoshis.
As a farmer, I always want to trust people, but one of my biggest concerns was getting miners without getting scammed. Little did I know what Bitcoin was, let alone how to trade with it. I was afraid of losing my farm bitcoin. Luckily, Upstream Data’s he has listened to John Vallis’ podcast with Steve Barbour. The way Barber talked about business operations, economics, and integrity immediately gave me confidence.
I contacted Upstream Data and asked if they could connect. For me, the big part of the deal was being able to pick them up directly at the warehouse. I think the key was to confirm, not just trust. I knew they would trust me if I could pick up the miners at their facilities. They did their part and I was more than happy to drive over to pick them up and have a drink with everyone. can’t say
Currently I am trying to get access to several abandoned natural gas wells on and around our property. Please try to imagine. Imagine creating value from the core of the earth without permission.
In summary, with all the uncertainty in the world, the disappearance of property rights, the collapse of the financial system, skyrocketing inflation, high interest rates, what do you have to lose by investing a small percentage of your business’s profits? Summarize. 2 years or less? The only effort involved is keeping some computers running. I think borrowing large sums of money to buy land and equipment is far more risky.
The best-case scenario is to start a personal non-KYC stack that turns off the power and ASICs through the company. This will give you financial freedom for generations, anywhere in the world.
It took an encouraging message on Bitcoin Twitter to light a fire under my butt. What’s stopping you?
This is a guest post by AlbertaHodl. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Mine Bitcoin on My Farm to Offset Rising Costs – Bitcoin Magazine
Source link Mine Bitcoin on My Farm to Offset Rising Costs – Bitcoin Magazine
