Friday, February 7, 2014

I've became a miner... Now what?

What I meant was I became a crypto currency miner - built close to 4 MH/s mining rig, installed coin wallet, joined very popular mining pool and spent countless hours setting up my CGminer software...

~3.8 MH/s GPU mining rig

In a month I've lost one power supply and two video cards... Opened RMAs, sent equipment to get  repaired and waited anxiously for fixed equipment to come back.... While waiting in front of the front door for delivery man I got bored. 

I've decided to set-up classifieds website for cryptocurrency community - registered domain name, setup hosting account and spent countless hours begging skeptical miners to come and put up their ads.

Now, when is open for business and all my repaired equipment back on and hashing I find myself bored again...

March 25, 2014 update: 

Got first set of 10 scrypt ASIC miners by GridSeed... Actually these are dual-miners capable of mining Bitcoin (SHA-256) and Litecoin (SCRYPT) at the same time... However, power consumption increases tenfold when miners are set to dual mode. I suspect theses miners will not pay for themselves any time soon considering depressed crypto currency prices and constantly increasing difficulty of the network... As of now setup below earns around 1.3 LTC (less than $20) per day.

~7.4 MH/s mining setup - mix of GPUs and ASICs

April 19, 2014 update:

New GridSeed ASIC blades coming out to the market: 5+ MH/s per miner (2 blades). 

Got one at the end of May from to bring my total hashing power towards ~12 MH/s

NOTE: One and a half month later half of my G-blade has died with the unit being out of warranty. 

August 20, 2014 update:

Most of my mining farm has been sold out with one set of 10 x Gridssed Mini miners remain hashing both BTC (Bitcoin), and LTC (Litecoin) at pools. By the end of August they will cost more to run (in electricity) then they will bring in revenue. 

It's safe to say this mining venture of mine has been financially unprofitable (to say the least). Thankfully I have half expected this outcome and have not spent more than what I could afford to loose. However, based on my personal experience I can recommend all newcomers to stay away from mining unless it's done for purely scientific or entertainment reasons.

TIP: If despite your best judgement you still decide to get into mining and get your first order of mining gear check out official mining ASIC resellers first, before heading to Amazon or eBay. Good place to start would be where you can find daily deals on ASIC mining gear.

No comments:

Post a Comment