Financial Update 2021-11-01

This is a quick financial update as it is the first of the month. On our main alt account, we have added $100, which after transfers and exchange fees resulted in 121.285 Hive. That pushes the account past 7500 HP. Our main account goal is 10K Hive Power. We may turn our attention to alt accounts, such as this one, once we reach the 10K goal. That takes care of Hive Power-Up Day.

On the way out, we cashed out $6.917 HBD to our business checking account. The earnings are classified as "Mining Income" as we have earned this amount from our blogging activity, which is mining on Hive.

As far as HP rewards from the 50/50 split with HBD, we are allowing that to accumulate along with our monthly power ups. This ensures growth of our accounts.

Our Hive Power leases from Dlease have been powered up through this past month. Starting today, we are going to allow the proceeds of the leased Hive Power to accumulate before cashing out on December 1. This income will be classified as "Interest Income" when withdrawn. That should roughly add up to about $35 or more per month, depending on the price of Hive.

We also earn income from Minds.com, which runs off Ethereum. So, we must wait for our rewards to reach a large enough size to make it worthwhile to withdraw based on what ETH gas fees are.

Potentially, we could turn our attention to Blurt for additional income. Then, there is D.Tube, which was confusing in their reward system, at first. Now, it makes more sense. When 3Speak finally launches the new reward system, we expect to incorporate that into the business as well. However, we shall have to wait and see how that system works.

The withdrawals are deposited in a business checking account, which is used to pay for business expenses charged to a business credit card. These include photo hosting, video editing, and other cloud-based accounts that assist in creating content. The expenses may also include hardware such as cameras, tripods, and other equipment. Withdrawing Interest and Mining income in this way allows us to reduce our taxes as we can legitimately deduct these expenses from our overall income. Interest and Mining income are considered ordinary income.

The income we expect to draw in the coming year only covers a portion of our expenses. We will continue to have to contribute personal funds to the business to be able to cover the deficit. However, by adding Hive Power-Ups every month, we expect that the amount of our withdrawals will continue to grow as our reward and lease income increase. The long term goal is to reach some inflection point at which Hive can cover our operating expenses. Of course, we will indefinitely continue to contribute out of pocket to grow our Hive accounts.

Our planning only considers that Hive remains stagnant. Obviously, if the price of Hive goes up or down, it changes what we can expect to earn. The change in Hive price also changes how much effect our power ups have. As Hive goes down in price, we can expect to pump our position. As the price of Hive goes up, our contributions will have less and less effect.

Today establishes a baseline for our earnings, although not including Hive earned from leasing, which will be included next month. Besides the income and tax benefit, withdrawing HBD rewards and lease income gives us a metric, in dollar terms, that we can use to measure the progress of our effort and investments. Perhaps we can have a chart, eventually.

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