Mining at Home: Important Update
Hey Steemit friends and fellow cryptominers,
I got home late last night and now, after a night of refreshing sleep, I have finally got a chance to reacquaint myself with my two mining machines. One of them was mining Bitcoin since October last year, while the other has been mining Dash since April.
The things were about to change, however…
There were three things I have been wanting to do this past week, but couldn’t (as I was away from my crypto assets). Now that I am home I could finally do them:
- Checking on my Bitcoin Cash and transferring it to a split account on my Ledger Nano S. I had to update the firmware and reinstall the wallet apps on the device, but from then on things went smoothly and now my BCH is secured. (A big shout-out and thanks to @crypt0 for posting a guide on how to do it here on Steem).
a) I put it for sale on eBay in the hope of recovering the cost of original investment in it;
OR
b) Switched to mining on other algorithms (X11) that haven’t been as dramatically affected by the difficulty increase as X11 and Dash have been.
As I feel sentimentally attached to my little Baikal Cube, I decided against putting it up for sale. I am now mining other X13/X15/Quark/Qubit coins with it, with miner switching automatically to the most profitable one, and the payouts arriving converted to Dash. I plan to do a comparison of profitability before and after this change of strategy.
What do you think of these newest changes in my mining strategy? Good? Bad? Stupid? Please share your opinion – and your own mining experiences – in the comments below!
This post received a 3.1% upvote from @randowhale thanks to @oleg326756! For more information, click here!
Like your post 😊 I don't know much about mining but some said not easy to do that
just give you up vote @oleg326756
Thank you. :))
😊your welcome
I voted for you to support
i like how you think, when you can do somthing even if it might not be much in it, its better to do it and see what happens, you will still learn and get experience in that specific area.
Exactly! Learning by doing.
How much does it cost to get mining equipment (as an individual)? I've been thinking of mining, but I'm worried I can't recoup the cost..
I bought my Bitcoin miner for 0.55 btc and my Dash miner for 0.8 btc. Recouping the costs is, indeed, difficult to achieve at home, unless your electricity is extremely cheap or free (like mine is, sort of).
You might have a better shot at making profit if you go with GPU-based mining and build yourself a mining rig or use your gaming PC to mine.
I guess electricity might be pretty expensive..
Gaming PC as in a desktop? Do gaming laptops work well?
Anything that has a powerful enough GPU card in it. :)
Sounds great thanks :)
UPVOTED.
very good.
I would be happy if you like to follow me and give your opinion about my posts.
Thanks.
How about you write a nice #introduceyourself post on your blog, in which you present yourself, your interests and your goals here on Steem? Then I will consider following you, maybe.
I don't think so.
I prefer followers know me by reading my post. Thanks for your comment.
This post has received a 6.04 % upvote from @bellyrub thanks to: @oleg326756.
@oleg326756 got you a $1.05 @minnowbooster upgoat, nice! (Image: pixabay.com)
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I always wanted an x11 ASIC miner. How has that been working for you?
I really like my Baikal Cube. It’s quiet, consumes very little energy (60 Wt), super-stable, cool (doesn’t get warmer than 40˚C) and has been performing exceptionally well until the recent spike in difficulty for the Dash network.
That's great to hear. I just might try to get a hold of one. Hopefully new hardware comes out to go up against the rise in difficulty.
Is Mining Pool Hub only for Dash related coins or you can use every possible coin available?
They have most mineable coins and you can choose them yourself from among the coins that your hardware can mine (depending on the manufacturer and whether it’s an ASIC, CPU or GPU-based rig). You can also choose in which coin you want to get your payouts. It’s a very flexible system.
I will totally take a look at it, as I'm building my first rig now I think you gave me a really good source.
So basically I just install Win10 on the rig and then go to their website?
Well, yes. You might also like to take a look at installing Linux, as it might run more optimised mining software client than Win10. But take a look at their website first and see what mining software they recommend for your hardware configuration.