You are correct, you are mining Ethereum and you send it to your blocktrades address to automatically convert it to steem or steem power seamlessly. I usually use whattomine.com as a ballpark idea calculator
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Thanks man nice, idk if my two RX 580s would be worth the electric cost but we will see what's up.
It might be a fun experiment and you could always just run them during off peak times if you have that option.