Hello Fellow Steemers,
I wanted to write this post to get some real feedback and hopefully some suggestions. This is an idea I came up with but I have a few questions below to finally understand if I am calculating correctly or not.
I’ve mined around 50 Eth, I lost a few in trading here and there and ended up converting the ETH to BTC. Although the miner runs great the power bill is huge and I have yet to make my money! Still down almost $2K with losses and power bills.
I always had this dream of not necessarily having to depend on a salary. I knew something would come along the way to generate some sort of additional income. I though #mining and #ethereum would be it until… Steemit !
So I ask myself “Could generate enough steem power per month to have the same amount of Powered down money than my miner generates per month.”
My question to myself before I built the miner was “ How much ETH per month do I need to generate to cover power, hardware and X amount of time per month”.
For example if I wanted to generate $300 worth of Steem per month. How much investment, time and effort do I need to dedicate to Steem.
My biggest headache with my miner is the amount of power it pulls. Each month I have to pay the bill out of my own pocket and that hurts. To make it even harder each month I generate less and and less Ether due to increasing network difficulties but still pay the same power costs!
Actually at today’s market prices I should turn off my miner. Turning off and selling my GPU’s are my ultimate goal really.
As a business entrepreneur I try to find the opportunity in everything. The way I see Steemit has several types of ways to make money and many more lead out from these,
- Hardcore blogger: you will probably make the most due to constant posting with quality posts. As soon as 1 or 2 posts start getting attention Steem Power will rise and eventually.
- Voting and commenting: get some SBD and Steem power on posts. With no real Steem power you will generate money real slow but you will gain some with luck I guess.
- Steem Power investment: Invest in Steem Power + vote, comment and post.
- Steem Power investment (mining): Invest $ in Steem power and hold.
I’m personally not much of a writer and I may not have a lot of time to write good posts so Steem Power mining seems like a viable option.
I found this calculator in a post by @deeprocks these calculations are based on the calculator: https://jscalc.io/calc/KcEkRo6qv2s8CM6S
So comming back to mi mining investment, lets say I would have invested those same $2,500 or 3.8 BTC, at today’s market prices I would have more less 926 Steem.
I updated the calculator with 926 Steem Power, changed it to 24 hours then to 30 day’s and I get 2 results:
- Interest Gained (compound): 206.121 ($552)
- Interest (Simple): 186.718 SP ($500)
*Please someone or @deeprocks validate these numbers, im not sure if the calculator is correct or if I am running it correctly.
The fact that Steem power grows every second due to “ Interest Rates” is like if I where mining without the power costs!
So if my numbers and calculations above are correct, by investing the same $2,500 in Steem I would be generating around $500 and more each month. I get better weight note on my posts and comments but also up votes. But also as a bonus when posting stuff on Steemit people will want to upvote me because I have better steem power.
Please tell my im right or please correct me if I am wrong!
Update: I found this goo link on investopia: http://www.investopedia.com/news/steemit-disruptive-blockchainbased-media-community/
#steemit #steempower #craig-grant #truecrypto #investment #mining #steempower #howto #faw #steem
What you really should do, if you are willing to wait, is let your Steem Power compound for 5-10 years before powering down. If the current interest rates hold up at least until Steemit reaches market saturation, you will start accumulating some crazy amounts of Steem! (In the millions!) If you let it sit there for a decade you can go buy yourself a small island full of supermodels to retire on. At least that's my tentative plan:-D
I guess I made up my mind already. My goal for the next weeks is to sell my gear. What im debating to do right now is to power it off or not while I start selling it.
Thanks for commenting!
It might be time to upgrade your ethereum rig to more energy efficient cards. I have a r7 370x running full speed and the card only takes 80 watts full power.
Investing into Steem Power would be a great idea if you are planning on being in the community for the long haul. I also have a couple ethereum and have contemplated buying some steem power. It would probably be a good idea, as I love writing, and am completely interested in the potential of this community.
If the calculator is correct, I am excited that the numbers are looking very healthy. With luck and a lot of work, I will be able to earn some extra Steem with my postings and eventually when I get Steem Power.
Thank you for your opinion!
Cheers
Excellent information, helps people make a better decision on what they want to do.
I was wondering what the right path was and you made it clear as to what the best path is.
Your calculator is awesome, it's a godsend to be able to test out different variations to get the right formula for investing and holding.
Hi @velourex ,
The calc is not mine and my numbers are based on it. I was really hoping for someone to confirm these numbers and if this calc can be trusted.
Thanks!