For those who don't know Eobot is a cloud mining service. You can buy some mining capacity that will gain you any of a selection of cryptocurrencies. I got on there a couple of years back after playing around with various faucets. I used what I made to buy from capacity on a five year contract. I also used some of my early Steem earnings. I'm currently in profit for a few years to run, but I don't have enough of any coin to meet the minimum withdrawal limit. I thought it might be a way to acquire some amount of various coins, but I may have to consolidate on one of them to withdraw.
The problem these days is that you won't make too much over five years. It will take most of that time to break even. Mining is just expensive these days. It's currently $1.53 for one gigahash, but it was a lot less when I started. I think the price is tied to the Bitcoin price or whatever they are actually mining. It's not even possible to mine Steem these days. I did make a few Steem there early on when you can withdraw one at a time, but now you need at least ten.
I currently just make a few cents per day, but I'm, happy to leave it ticking over and see what happens. Unless the whole crypto market crashes I should have something by the end. Of course if they go up massively then it could be a nice little bonus.
They do have a referral scheme and people seem to keep using my link from old posts. I've made $3.88 from that so far. I get 1% of whatever those people mine. I've got 44c due to me some time soon. Most of them don't seem to have actually done anything yet, but enough have build up some gigahashes to pay me something.
I suppose it may be worth it if you think you can mine some amounts now that will appreciate a lot, but I wonder if they will reduce the thresholds as the value goes up. You can at least spend a few seconds a day on the faucet to make something. You can actually mine GHS, so your faucet earnings could go to that.
I appreciate that this is really just playing. I've met people who have put serious money into other mining services and have a steady income from it. I'm just not ready to do that. Eobot was attractive as the entry threshold is very low.
Interestingly there is a @eobot Steemit account that has a lot of Steem. I wonder if that is an official one, but it has never posted. Someone is sending them Steem.
I also tried the WowApp instant messaging app that pays you based on their advertising and referrals, but I never made much. My friend @jumowa has done much better. I haven't tried too hard to recruit friends and those who use my link don't do much. I think the service has good intentions. They have lots of charities you can donate your earnings to and that's what I do.
I'm not too bothered that I don't make much from these services as I'm doing okay from Steemit. The whole intensive mining process is so wasteful and I wonder if proof of work cryptocurrencies will eventually collapse. Steem seems a much better alternative. I do wonder if Eobot will be able to continue their operations in China if the government clamps down on that.
Just my thoughts. What are yours?
I'll buy guitar picks for Steem Dollars
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I'm also a user of EOBOT since long...
I am not investing anymore there since it is really expensive and also difficult to reach the minmum amount to withdraw...
Currently I am mining DOGE only and from time to time I am withdrawing them to BITSHARES...
I have to recognize that was a good cloud mining service.
I did just buy a bit more mining with what I made there, but it's hard to justify. I should just let it run. It's not costing me anything now. I wonder how many new customers they are getting these days.
Not so many I guess...
You appear to be much more successful at mining spammers mate !!
As you pointed out, the problem with micromining is now the transaction costs of cashing out. I was chatting last night with a guy who uses an app called earncrypto, not sure what is, but he managed to get up to the minimum $10USD checkout amount and it's taken a month to get his bitcoin. Probably sites like this wait till they have an amount worth creating a transaction for but it just shows the ridiculous costs and time involved with bitcoin.
You make an excellent point about the future of proof of work crypto currencies, it will be interesting to see what happens.
As for the chinese, I truly believe they practically own bitcoin, all a cover up. They might stop the banks dealing with their citizens but theyre not stopping the industry. Have you seen the giant bitcoin mines running in China ?
Have a great weekend fella :-)
It's funny that they don't go for all my posts. It probably depends on the tags.
Mining is a big business in China, but it just doesn't seem to scale. If there's a serious crackdown on it then it could be good for coins like Steem.
Have a good one yourself :)
On Winminer I made between 3-4 dollars a day while testing it.
Considering my computer is running on full load while mining, I assume the energy costs are higher that what we mine. If, I would like to mine crypto directly instead of getting a tiny cut in form of fiat
What were you mining? The general problem these days is that the hardware and power costs more than you are likely to make. I know there are some where it depends on how much storage you have. I've not looked into mining in my own PC, apart from trying to mine some Steem in the early days. I didn't get anything and you can't do that now
you can either let the app choose what to mine. It says sometimes some cryptos are minded more efficiant so you can set it to autmoatic, or you can choose which you want to mine yourself.
Im not mining there anymore. Looking for an app that lets you mine crypto directly. If you happen to stumble over sth, I'd be happy to try it out
Today i was locking for tipps for eobot on steemit and found you.
i got 1 GHS by using the coinpot/eobot faucets. But now i use the site to spread and store my coins (hoping for the x10 on one of them).
is there still usable micro-mining/trading?
(i apology for my bad english)
Your English is fine. I think you can just play with it and hope some of the coins do well.
@steevc Thank You for sharing some of your mining adventure with us. I personally have never had any interest in mining crypto's. I just like to purchase the coins or tokens that I like and I will leave the mining to others. STEEM On !
EOBOT is a great way for people to learn about cryptocurrencies through the faucets. I don’t think it is very profitable, but it is fun to participate in! You have a lot more than probably 95% of people on the site
Yeah I've also tried mining on a few different cloud based systems and most of them are very small payouts that take a long time to accumulate. The one I have been using the most is minergate but still nothing that I would recommend to others. Running a masternode for a coin would likely be far more profitable, or even just steeming all day. Haha. Have a good weekend my friend
ya, i am also trying to mining some crypto but now a days it pays a very little that youcan't carry on as main earning source. but i keep it running as my side work!
We missed out on when it was easy a few year ago.
I heard about it as the best, profitable cloud
Mining on the Internet! Especially since it is mine for a very long time working. It's hard to imagine something now, I would have done the same, just watched. Time will tell.
I think the best time to buy into this has passed. Maybe there are others that give a better return
Nice information Steve! Are you greek or only geek? :P
Not Greek at all, but 90% geek
I have very, very bad experiences with cloud mining services. Hope you had it better, @steevc.
So far, so good
I joined a mining service a while back but it probably cost me more than I have gained in return to be honest! You are right, steemit is a much better alternative :)
Hey @steevc, I don't trust any of these cloud mining platforms. Probably better off investing in steem power. Anyway just wanted to let you know that I nominated you take part in the 7 day Black and White Photo Challenge in my last post.
Hi. I did the photo challenge a while back. I may be tempted to do it again, but I'm lacking the time at the moment.
I was trying to show that mining is less viable these days. If it was that lucrative then these services would just do it for themselves.
High profile !
Wow
great mining, nice wowapp, nice post, thanks for
sharing
thanks for sharing essential info about crypto.
carry on @steevc
Is that all you think?
Very good writing friend, I never knew about this eobot. With this writing ands I can try it and can learn it further. Thank you friend.
thank's for sharing...info.
upvoted
Snore...
Good post...
great post with awesome info
get your hands on these free alt coin faucets too
https://steemit.com/cryptocurrency/@banditqueen/staking-pos-cryptocoins-all-at-one-place
https://steemit.com/bitcoin/@banditqueen/free-multi-crypto-currency
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