Here we are in suddenly-wobbly October 2024, and it’s time to look back and review the progress I made toward my 2024 Hive token goals last month.
Here’s a quick video overview of my progress
Blogging and Delegation with Chess Brothers Pro
In September, I maintained my blogging activity, which earned me some Hive tokens. In addition to that, I took a step towards more passive earnings by delegating HIVE to the @chessbrotherspro project. This is now generating 1.3 to 1.4 HIVE per week. Nice as it is, however, this level of passive income alone won’t be enough to achieve the goal I set in January of reaching 7,000 Hive Power by the end of 2024.
The Role of Bitcoin in my 2024 Hive Goals
Initially, my strategy to hit the 7,000 Hive Power target relied on transferring Bitcoin into Hive. However, when Bitcoin reached its new high earlier this year, I decided that I’d only transfer Bitcoin whenever it hit a new high. Since then, Bitcoin has not returned to those high levels. Currently, Bitcoin is hovering around $60,000, well below its earlier peak, so I’m holding off on any more transfers for now. If Bitcoin doesn’t climb to new heights by the end of the year, I simply won’t hit that 7,000 HP target.
Accumulating Hive Backed Dollars
Another token I’m keeping an eye on is Hive Backed Dollars (HBD), even though the interest rate was voted down from 20% to 15% per annum. Heck, compounding HBD at 15% p/a is still pretty good over the long term!
However, as with my new HIVE accumulation strategy, if Bitcoin doesn’t rise to new highs, I won’t be transferring more funds to buy HBD and hit the target I set myself for HBD back in January.
Even so, I’m still making steady progress. In September, I accumulated over $40 in HBD, most of which came from interest, with a smaller portion earned from curation and blogging.
Strong Progress with Staked SPS
Now for some good news: I’m optimistic that I will reach my 15,000 SPS staking target by the end of October 2024! SPS is the governance token for the Splinterlands NFT monster battling game. Once I’ve done that I’ll have to decide whether I want to continue staking SPS or leave it liquid and ready to sell if it reaches a favorable price. SPS has been quite bouyant recently, although it has dropped a bit along with Bitcoin’s retracement in the opening days of this month.
CTP Swarm Booster, LEO, and Other Projects
There’s been some progress with CTP Swarm Booster, though I haven’t done anything actively yet to push it toward my 2024 target. Like with Hive and HBD, I’m waiting for a Bitcoin price surge to make a move. The same applies to LEO and LEN tokens. However, I expect to hit my BBH (Bitcoin-Backed Hive) target this month as well, which will mark two major milestones hit in October if all goes well.
A Quick Look at Total Asset Value
Finally, when I made the video for this blog post, just 24 hours ago, the combined value of my Hive Power and HBD savings topped $4,000. Late last month, the estimated value briefly hit $4,050, but in the hours since I made the video, HIVE has dropped in value, pulling the total value of my HIVE/HBD wallet back below +/-$4,000. Ah well, let’s see if I can get back over 4K in October…
My Hive Token Progress So Far In 2024
| Crypto Asset | 1st January | 1st April | 1st July | 1st September | 3rd October | 2024 Target |
|---|---|---|---|---|---|---|
| HIVE Power | 3,438 | 3,553 | 3,678 | 3,789 | 3,829 | 7,000 |
| HBD | 1,346 | 2,142 | 3,070 | 3,183 | 3,228 | 7,500 |
| Staked SPS | 6,449 | 8,669 | 10,357 | 13,419 | 14,259 | 15,000 |
| CTPSB | 252 | 275 | 276 | 277 | 278 | 750 |
| LEN | 1,234 | 1,477 | 965 | 684 | 652 | 3,500 |
| Staked LEO | 1,518 | 2,273 | 2,282 | 2,287 | 2,291 | 3,500 |
| BBH | 1,046 | 8,088 | 8,912 | 9,494 | 9,820 | 10,000 |
There are a lot of expections for the last quarter of the year… and a lot of uncertaint to say the least!
Whatever… Onwards and upwards!
Cheers!
David Hurley
#InspiredFocus
P. S. You can get started on the Hive blockchain through the Peakd frontend.
