Ahhh, there it is. The other shoe has finally dropped (cryptocurrency).
A correction came this past month; and absolutely decimated everything. Portfolio growth is in the negatives, and severely impacted my income numbers this month.
But alas. All is okay.
I am still beating my target month-over-month portfolio numbers (quite significantly), and a few hiccups aren't too much of a concern if you maintain a long-term outlook.
All in all, this past month ended with $73 gross income, and a -18.05% portfolio loss.
¯\_(ツ)_/¯
As you can see, a combination of horrendous cryptocurrency losses and declining sales led to an abysmal month. Rock bottom, baby! Let's break this down.
- $533 from Nicehash, a strong contender as always. Reduced from previous months due to market correction
- $148 in 3D Print sales between Ebay and Bonanza
- $101.86 from Youtube ad revenue
- $70 from flipping sales
- $11 from MyMiniFactory sales
- $7.35 in stock dividends
- $6.95 from Shapeways model sales
- $1.46 from Print on Demand sales
- -$7.47 from Lbry token value loss
- -$799 loss on cryptocurrency across the three exchanges my bots run on
First let's talk about these damn cryptocurrency trading bots.
One of the problems was that, this month, I restarted my Gekko trader on Poloniex; which wound up losing me a significant percentage of what I held on there. (Wasn't much, only in the neighborhood of a hundred and some odd bucks; but that's now down to like $20).
Going forward, I'm going to sunset Gekko entirely; and instead start looking into lending & other alternatives on Poloniex. I'll probably forward my current Nicehash buildup of $1,400 or so to Poloniex to explore that with.
With my homebrew trading bot, it's been split in terms of success. This past month I found and solved a MAJOR performance issue with my bot, in that it was taking several minutes for a single test update iteration cycle. With 40,000 tests, every millisecond counts. I have since fixed this and solved that issue, but it might cause some temporary recalibration issues on Binance where it was seeing this issue.
My Binance bot, oddly enough, has gone up since last month. Although the fiat amount is down due to the price drop, the actual BTC value is up--I'm now up 24.53% from last month's 11.32%; and should perform better now that I ironed out a major problem that was affecting it.
My Bittrex bot, on the other hand, suffered catastrophic losses. I am now down 78.95%, from last month's -16%. Bad trades in and around the massive correction are to blame for that one.
So, what about manual trading on Coinsquare?
I actually didn't notice it until finalizing my numbers and comparing them to last month; but even with a huuuge drop due to the correction this month, I still made a strong gain in BTC value! Last month, I had recorded that I was up 104%; ending this month, I am up 165.99%. And that's after dropping down after peaking at a staggering 210% over my base BTC value, or over 3x (what I would have if I just held BTC instead of trading). I'd call that a win.
In the 3D Printing & Print on Demand space; oh man, it's been dead. I had a couple small sales on MyMiniFactory for 3d model sales and Shapeways for prints; and the only Print on Demand sales I've made are a few stickers and a pin. Understandable, with the strain of the pandemic starting to take it's toll. Plus, I have less views overall. Absolutely nothing on Society6, and Zazzle/Teepublic are duds as always. And here's my Redbubble traffic showing.
I thought I was on to something with my fast & SEO friendly designs; but they don't seem to be getting hits; so I'll put a pause on that and go back to traditional designs. For now though, Print on Demand is going to take a back seat to the 3d print stuff as it shows more promise.
In terms of my own 3d print sales, I decided on something important this month--I'm sunsetting my 3D Printing Shopify store. Consistently poor sales that don't make up for the monthly Shopify cost, and the fact that I'm moving away from direct sales are the two biggest contributing factors. I'll leave my Ebay and Bonanza storefronts up, as they are not actively costing me anything by just existing. It's part of my effort to cut back on things that are costing me money and not showing any real signs of improvement.
But now, on to some good news: My Youtube channel finally getting back on track.
I definitely bottomed out in my rut the month prior to last; I have been seeing a trend reversal over the past 30 days. Of the five videos I managed to post in May, four have been a hit; and three already show positive exponential growth curves in their views. I think a combination of better topics, better editing & filming, and a strong focus on SEO research are the three pillars that have contributed to this much-needed trend reversal.
Here's the metrics:
- Published five main videos, keeping in line with my one-a-week target schedule
- At 3064 subscribers, up 205 over previous month
- Subscriber growth rate: 7.17%, up from last month's 5.69% and even beating the month prior's 6.41%
- Average daily views throughout May: 476, up over last month's 466; or a 2.15% gain
- Average daily subscribers throughout May: 6, up over last month's 5; or a 20% increase
For my monthly work item targets:
- Four new main Mike in the Woods videos
Managed five! - Fix Trading Bot's algorithm to reduce sensitivity to negative volatility
Succeeded, and additionally fixed major performance issue - Three new Print on Demand listings
Nope, low priority. Dropping for next month 'sprint' - Two new Shapeways/MyMiniFactory listings
Yep! Managed five! - Fix Mining Rig 4's instability issues
I have tried & ultimately determined that existing rig setup is incompatible. needs a different mobo. Have since migrated as many cards as I could to other functional rigs - Repair both GPUs and return to active service
Need to swap mobo on Rig 4 first
As for what I want to tackle in June:
- Four new main Mike in the Woods videos
- Update banner image & social media profiles to reflect niching down into three primary niches: Electric skateboard backpacking, Cybertruck overlanding, and backcountry tech
- Sunset Gekko permanently and investigate lending on Poloniex
- Three new Shapeways/MyMiniFactory listings
- Look into replacement motherboard for Mining Rig 004
And finally, it's time for a look at the bloodbath that is my investment portfolio this month:
Down 18.05% due to the crypto market correction. But all things considered, I'm not too bothered--I'm still up almost 10x where I need to be based on the ridiculous growth target of 6.5% month-over-month to retire by the time I'm 40. If you look back through my prior posts, I knew this was going to happen eventually... but I'll take my L for this month, and move forward into June and hopefully overtake my prior 210% peak BTC profit.
That's it for now. Let's see how June shakes out.
If you find these posts helpful, and you are interested in cryptocurrency, try signing up for Binance! It's a widely-known cyrptocurrency exchange (think stock exchange, but for crypto). It's free to do so, and by using my referral link we'll both earn 10% of any trading fees you pay.
https://www.binance.com/en/register?ref=WZKZ16ZW
See you next post!
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