This is a not-so-technical post
So I am still very new in the tech sphere, so my terminology and knowledge are a bit...well, to be honest, I am a noob--just putting that out there.
I recently started my coding journey ago a month ago, which has been fun. This has plunged deeper into this rabbit hole of some sort where one concept leads to another and I keep digging trying to understand all. Now I have a new interest--curiosity, if you want to call it that, and it has led me down another rabbit hole and I have basically neglected my programming tutorials for about 24hours (yeah, it has been that long and I feel like a terrible person).
So I stumble upon a tweet by @mistakili about a day or two ago which spoke about this crypto mining app and I decided to check it. Cool stuff. Prior to this time I never really know what mining was about (yes I have been in this industry for two years. Shame on me!). So I did some digging and I was intrigued by the prospect of earning with a laptop. Then I started to hear things like clouding mining, GPU mining, CPU mining, etc the one that caught my fancy was GPU Mining. Prior to this time, I knew little about GPUs. Fortunately, now I can tell the difference between a CPU and GPU (thank God!).
So i thought to my self: "how much will it cost me to get a mining rig?". Well, the answer is a lot! Roughly about $1000 which is about 450,000naira now and the occasional cost of maintenance and payment for power consumption which is another major issue. First of all, we don't have a constant power supply in this part of the world(weird right? I know). So i would have to opt for a generator and given the power these mining rigs consume it is just not an option.
The cheapest mining i can build will cost me around 120,000naira ($240), which will basically improve my PC's GPU performance whilst allowing me to leverage on cloud mining. But is it worth it? Well, that's something i will have to find out myself. It's going to take me about 3months to get all i need for my mini mining rig.
What profit margin am i looking at?
Nothing to the extreme at this point. Anything within $50-$100 would do. I can cover the cost of my electricity bill with this and still have money to do some basic things.
The fun part of this whole experiment is that i still get to keep my rig which can provide some awesome computing power for gaming on mine. And hopefully, after i have saved enough from mining i can get a better high-end for my programming purpose.
So let me know in the comment section what are you thinking about mining in 2020? Have you contemplated mining? Have you mined any cryptocurrency? What was your experience? Share with me in the comment section.
Hehehheehe glad I could provide that info. A lot of my friends have gpu laptops but dont even use it for gaming, tears inna me eye bro. Tears. Money making machine ah!
If lets say, you're dashed a GPU laptop, youre fine, your minning rewards will be okay, but if you spend to buy, it will take a bit of time to recoup from mining rewards before you now start taking profits.
Adding external gpu is cool, but you will need cooling fan too or does it come with?
Personally, I'd rather stake that 240$ on Hive or lend it on Compound on Ethereum or risk it like @belemo and stake Vite tokens instead.
As for the electricity, i wouldn't advice a generator because of fuel, what most do is installing a solar panel that has battery, - which u will dedicate to your rig so it can last. Its more cost effecient than generator.
Because you need to have zero down time as much as possible, so you need steady internet. You see sey cost don increase like that.
If you dont have the luxury of steady electricity, internet and equipment, staking is a better option.
Man the cost implication is really demoralising. Too many uncertainties
Try to check idenia.io
you can mine in your pc
A proof of person
You may earn $30 mininum in a month