My first 30 days running a Bitcoin only E-commerce business.
The MineNinja store, www.mineninja.com, has been up for a month now, so I figure its a good time to reflect on the whole experience of running a business that accepts Bitcoin exclusively. I’ve run other E-commerce websites, mainly selling digital products for PayPal. In my previous experiment I tried adding Bitcoin payment to one of my best performing products and honestly got less than stellar results even offering a huge discount. After studying the market I determined that a better path was to offer a product that would appeal to one of the core segments of the Bitcoin participant population: Bitcoin miners. The MineNinja is a Bitcoin mining controller for managing USB connected ASIC devices. I underestimated how difficult the whole process would be from manufacturing to shipping. The first few orders were very painful to fulfill. There were many late nights spent trying to dial in the packaging and shipping. 3d took some time to get dialed in correctly, and we threw away a ton of failed prints. It was a great learning experience. I also learned that keeping everything denominated in Bitcoin is risky. When the price of Bitcoin fell, and I didn’t update my pricing quick enough, we had sales that resulted in a net loss. I could eliminate this risk by pricing in USD, but it’s a matter of principle to keep it all Bitcoin. I didn’t do any sort of advertising, no Adwords or anything like that. All I have done is just a few posts on bitcoin and Bitcoin related forums. I did a total of 28BTC worth of sales for the first month. Expenses: Startup Investment - 3D printer: $2195 Cost of Goods Sold:
USB Block Erupters: 10BTC
Power Supplies: $75
microSD cards: $100
The USD denominated supplies were personally funded. I am trying to keep all the BTC earnings in BTC. I am moving my supply chain to Bitcoin as practical. I found a cool 3d Printer company www.makergeeks.com that accepts Bitcoin payments so next month’s personal finances will be a little better. I’m still having to pay USD to buy the boards as I have not yet found a supplier that accepts Bitcoin payment. I don’t think my decision to go with a completely open source solution hurt sales too badly. Most customers chose the more expensive ready-to-mine options over the build-your-own. I got hit hard for BeagleBones when the BTC price dropped, and I didn’t adjust prices, but thankfully my low inventories and a recent rebound in price insulated me from disaster. Now that I have shut down my GPUs, I can move the business from the dining room table to the room we now refer to as the "crap room." The big weekend project is to clean it out and convert it into the CoinNinja headquarters. I’ve got quite a few cool things planned for the MineNinja project and other CoinNinja Open Source projects. Stay tuned.
SWAP BITCOIN No Result . View All Result . Home Networks & Protocols. BEP8 “mini-token” enhances Binance Chain. by CryptoNinjas.net 07/16/2020 Binance Chain, a community-driven blockchain software system developed by Binance and its global community, recently completed a new upgrade, named after Florence Nightingale, and introduced a novel feature in the upgrade, the launch of the BEP8 ... MINI ETHEREUM Price: USD 0.39720: MINI ETHEREUM Price in BTC: BTC 0.00003: MINI ETHEREUM to Bitcoin Ratio: 1 BTC = 29,859.65960 METH: Market Cap Rank: Market Cap Bitcoin Mining ist das neue Goldschürfen: Als Miner, also Schürfer, verdienen Sie virtuelles Geld dafür, dass Sie Ihre Rechnerleistung zur Verfügung stellen. Allerdings ist hierfür so einiges ... Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men ie no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype. The price of bitcoin skyrocketed into the thousands in 2017 Bitcoin USD price, real-time (live) charts, bitcoin news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more.
Bitcoin gold mining profitability can be easily worked out using an online mining calculator such as the one shown in this video. However it is also a good idea not to rely on just one but try a ... ════════ ️ Download ️═════════ http://bit.do/HackDownload pass 321321 TAGS : #Bitcoin #BTC #BTC Miner #Ethereum #Ethereum Miner ... #Bitcoin #Cardano #CryptoCrow https://CrowTrader.com - Algorithmic Crypto Trading Bot https://CrowMining.com - Co-Located Bitcoin Mining Farm NOTICE: All Pai... Bitcoin Cash CEO Roger Ver talk BCH Price Prediction & BCH Giveaway Roger Ver BCH 1,624 watching. Live now; How the rich get richer – money in the world economy DW Documentary - Duration: 42 ... Litecoin price prediction, analysis, news & LTC Airdrop by Charlie Lee [February 17, 2020] Litecoin Foundation 123 watching Live now MONDAY SLOTS NickSlots - Casino Streamer 775 watching