We are approaching the end of this month, so it is time for another monthly update on my home mining operation.
My trusty old Bitcoin miner that I nowadays use to mine Bitcoin Cash keeps churning out between 0.002 BCH and 0.004 BCH per day, going very steady. I reported earning 0.1 BCH in February and I can confirm that I earned just as much – another 0.1 BCH – in March. Not bad for a passive income, especially if the price of Bitcoin Cash rebounds in the coming months.
Meanwhile, the earnings from mining Dash keep falling. Last month I reported earning of 0.1 DASH in the two previous months. Well, two months later the profits have fallen by 25%, down to 0.075 DASH for the past two months. It’s still not too bad, especially if – once again – the price of Dash goes up later this year.
My ideal scenario would be to be able to live solely off the profits that my two miners and my blogging on Steem bring me each month. However, you can clearly see that at the present moment this goal is not yet within my reach.
Please leave your questions and comments down below, if you got any. I will be happy to respond! And I will especially happy to hear from other folks who are mining on their own hardware (e.g. not cloud-mining).
Why are you mining Bcash? Wouldn't it be more profitable to mine something proper?
Of course if you believe in it, it might be worth it. Personally I don't see any future for the currency other than that of people trying to make some cash with it. The benefit it has is that some of bitcoin's owners still have some of it, it got a good head start by being distributed to all bitcoin owners immediately. And yeah it is better technology-wise than bitcoin, but that really isn't any big thing.
I have a lot of respect for all Top-20 (by market capitalization) currencies. By that criteria Bitcoin Cash is a very proper currency. I also see more current use-cases for Bitcoin Cash than for Bitcoin Core on the Internet at the moment.
How so? Smart contracts? Bitcoin has that in the form of sidechians called rsk.co? Speed bitcoin can reach 35 tps on chain with 2 mb blocks and other tech. LN should in theory let million tps happen. I actually curious on what you mean use cases. Not to sound mean :)
I mean the actual websites and online services that accept Bitcoin Cash as a means of payment. Today they are more websites that favour BCH over BTC. It’s about today’s objective reality, and not about future potential that both these currencies hold.
That not true they are more sites using bch but most sites still favour btc. However they are more tools using the LN. And some sites are moving way form bch. If it not Bitcoin they won't use bch. Look at kucoin they dropped bch trading pairs.
@oleg326756
I go back and forth about mining or not. I really only have one reason that I might do it: if I mine it and never spend it, it 'should' be 99% anonymous for later....an "oh shit" fund for later.
But at current prices, the money to buy miners is better spent buying the coins and getting a return from the coin's appreciation.
Of course..... This huge drop in price could make mining rigs super cheap from miners giving up!??
Peace
A more efficient and cost-effective solution would be to buy a powerful gaming PC (or to build a GPU mining rig). It might be more versatile and profitable in the long run, with a high resell/liquidation value than a specialised hardware miner.
Don't quit, better days are ahead. :-)
LOL Loving the GIF! :D
Keep it up buddy someday it will be worth it!
Mining has been shut down for a little bit in my family.
Oh, you were doing it before?! How interesting!! Was it something you blogged about, Denise?
It is actually my son that is doing it and no I've never blogged about it but right now it is costing too much for the small Rewards.
It’s very true. If my electricity weren’t already included in my rent (at a flat rate), my mining operation wouldn’t have been profitable either…
Exactly.
I was trying to mine Monero for a while on both: cpu and gpu. No matter how I tried the reward was nowhere even close to electricity costs.
Yeah, same here.
keep your eye on the price, keep going :D :D
Haha, I’m checking prices literally every single day! Hoping they will go up again…
LOL hm ook :P maybe i should rent you to keep track on my visa card?? ;) LOL
Im holding paw for you :D il asume you will get the mining juuust as you wish :D
Download Tink on your phone and it will keep track of your cards and bank accounts! ;) The best app ever!!
Ah sadly you are seeing the same thing I use to deal with but not as bad. I use to recall waking up and finding almost half my mining returns where now gone in less than a weeks’ time. It’s like an arms race and people keep adding more and more mining. When new things come out and the first ones start to get mailed out you can see in less than a week a massive decrease unless you as well spent the same amount just to keep up.
Some people take on far more risk than just trying keep up in the race. They will mine x amount of low priced coins then sit on them. If that coins price ever skyrockets they just hit the jackpot as they will have massive amounts of those coins. If not they had a very bad week/month/year.
Someone out there is making a massive killing on mining. It’s just not me. I’ve tried it in the past. Friend of mine even wanted me to help him get into the game of mining. He was a bit shocked at barrier to entry and the fact the he would not really be mining bitcoin since that’s not the way to go for someone just trying to enter in.
Good report for mining activity. Did you factor in the electricity cost before claiming they are all in profit?
I don’t pay anything extra for electricity. It’s always included in my monthly rent, along with the broadband Internet, TV, heating and water.
But the miner should be demanded more power than other appliances. IMO the nett profit should be [block reward - electricity cost]
Yes, but I’m not being charged for the electricity I consume, you see? So [block reward] – [zero] = [my profit].
Oh damn. Then go and fill your house with miners already!
Unfortunately, it’s not so easy:
My power lines already at capacity. If I add more equipment, the props will blow. :)
I can only run it efficiently during the cold time of year. Once the temperature rises over 0˚C / 30˚F, I usually have to shut down half of the Bitcoin miner’s circuits, otherwise the room – and the miner – will overheat. And in summer time I can only run the Dash miner without turning my apartment into a sauna. ;)
Ah I see, but at least having some free electricity to earn some cost-free passive income is what the most cannot even dream of. You're in luck.
Just keep stacking those coins and the future you will be happy you did. :D
That’s the plan! ;)
Coins mentioned in post: