Does Gas Cost Too Much?
Do you think gas prices are too high?
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Are you withdrawing less that it costs in gas fees?
Is it worth doing the transaction, at this time?
These are all important questions to ask!
This article will be a continuation on some of my previous articles on gas fees.
(NONE OF WHAT I WRITE IN MY ARTICLES IS TO BE TAKEN AS INVESTMENT ADVICE. I am not an advisor for this nor am I suggesting any financial action on your part. DYOR)
Now for Grizzly.Fi
I have followed my new strategies concerning BNB Miner, Drip, & The Pig Pen, stated in the articles above & my profits are up! WhooHoo!!!
Now Let’s apply what we have learned to another project, Grizzly.Fi…
Grizzly.Fi has many different options & opportunities. They do a lot of what we would manually do (such as swapping 1 coin for another, splitting 1 coin into 2 coins, merging those 2 coins into 1 LP token, staking that LP token on the site, etc.) automatically behind the scenes. This means that we only have to perform 1 transaction, which charges a higher gas fee.
This is good for larger investors.
This is bad for smaller investors.
In The Beginning…
With Grizzly, I started out being a small investor, way back on 8/5/22. I wasn’t real sure about the project & only invested $20. I then added some more funds to the project each time I harvested…
There were so many different earning opportunities & they all looked better than what I was doing. I started out only invested into the Honey Pot, then put a little money into the BNB-GHNY hive, Added 45 BUSD into the Freezer (extra bonus APR), & then finally I put 91 BUSD into the USDC-USDT stable hive. I was having a serious FOMO time with this project.
FOMO can be very dangerous!
Now to The Meat of it…
Recently, after looking at gas fees on other projects, I looked at the gas fees for this project. They were very high!
Since, I invested a small amount into several different places on Grizzly.Fi, then I was only earning a small amount with each one of those investments!
If you look at the screen shot above you will notice that the gas fees for each transaction were very high compared to what I was earning.
- Harvested $1.63 from the Honey Pot. Paid $1.61 in gas fees!
- Harvested $0.24 from BNB-GHNY hive. Paid $0.50 in gas!
- Harvested $0.44 from USDC-USDT hive. Paid $0.27 in gas!
- Harvested $1.63 from the Freezer. Paid $1.24 in gas fees!
- Reinvested $3.67 back to the BNB-GHNY hive. Paid $2.98 in fees!
- Harvested $1.11 from the Honey Pot. Paid $1.70 in gas!
- Reinvested that same $1.11 to the BNB-GHNY hive. Paid $4.05 in gas!
Totals:
- Harvested $5.05. Paid $5.22 in gas fees.
- Reinvested $4.78 back into the project. Paid $6.31 in gas!
Therefore, my profit = -$0.17 for Harvesting & -$1.53 for Reinvesting. Ouch!
This means that I lost $1.70 after all of those different transactions! Ouch!!
Then it hit me…I’ve been doing these type transactions since 8/5/22, & probably lost money in the same manner since then...Ouch!!!
I have to learn to look at the gas fees for each transaction & then decide how often I will do those transactions!
So What now?
As I have also recently stated in my previous articles, I need to get to ROI ASAP!
So how am I going to do this?
Well, with all things there comes a time when you must change. This time is now for me & this project…
My new plan for Grizzly.Fi is very simple.
- Only withdraw at the end of the month.
- DO NOT REINVEST UNITL I MAKE ROI!!!!
It’s that simple & I’m already half way there, at 61.99% ROI, on 11/5/22 (last transaction date).
Hopefully, I’ll make ROI in few months, as long as earnings stay high & gas fees don’t go up. (Fingers crossed)
The Take Away
Pay close attention to the gas fees of each transaction. It doesn’t matter if your investing or withdrawing.
Don’t spend too much on gas fees, especially if you aren’t earning much to begin with.
Have a plan in place to make ROI quickly. After that it’s all profit.
Don’t let FOMO kill your profits. Because it will, if your not careful.
Don’t invest too much if your not making high earnings. It can be a waste of good money.
Keep your investments limited/ simple & not scattered/complicated. This will kill you with gas fees.
Maybe my nightmare in gas fees can make you more aware of them in the different projects in which you invest. Maybe it will help you spend less on gas fees & be more profitable. Maybe, we all learn something from my mistakes, in the long run...
Either way, Thank you again for reading about my crypto adventures & what I am learning along the way.
Till next time.
Now following anybody that interacts with my articles… God Speed!
If you would like to see what investments I’m currently active in then go read my referral link article.
