Made My First $57 Mining Ethereum
Using my GTX 1060 graphics card it took me about three weeks to mine 0.051 Ethereum. 0.05 is the minimum payout on nanopool.org. I made around $2.50-$3.00 a day. For me, this is just free money because I don't pay for electricity and it's the middle of winter so energy lost from electrical resistance simply displaces heating costs.
The program I used to mine Ethereum is called Claymore. It's open source and only works with Nvidia driver graphics cards. The developer of Claymore takes a 1%-2% fee by using my computer to mine for his account 1%-2% of the time. Some people complain about this fee, and there are hacked versions of Claymore that circumvent it, but that's just greedy in my opinion. It's one of the best and most simple mining programs out there.
Nanopool
In order for Nanopool to give me a share of reward my GTX has to randomly generate a quality hash. Every share is worth about a penny last I checked. I was getting around 4-5 hashes every 10 minutes starting out, but the difficulty may have risen since then.
My 1060 GTX was getting about 20 Mega-Hashes (20,000,000) per second when I first downloaded Claymore. However, if I wanted to do anything on my computer my graphics would randomly lag. I fixed this by editing the start.bat file, adding the '-ethi 1' tag to the end of it. This lowered my Mh/s to 18-19, but now my computer never lags.
I really want to buy a mining rig with 6 graphics cards. I may go in on one with my roommate. They can pay for themselves in 2-4 months. This is a much more stable investment than buying directly into a cryptocurrency because the price fluctuations won't hit you as hard and at the end of the day you still have graphics cards and a rig that is worth quite a bit of resell value. I need to do more research but last I checked there were a few cards out there that could get 30 Mh/s for around $250. I'll definitely be buying an extra card for my current rig in the near future. Details to come.
If anyone wants to know more about setting up their computer to mine let me know. I may do a separate post on it.
Here is my forecast (aka my half-ass prognosticative prediction) based on your under appreciated talent, knowledge, and descriptive flair in posting my dear @edicted:
In less than 1 month time, you will mine about $57 in 3 days here on Steemit as compared to 3 weeks doing the same on an Eth pool.
In 6 months time, you will mine about $570 in 3 days here on Steemit (and other Steem App plugins like Utopian.io Steepshot.io Dmania Dtube etc...) as compared to 30 weeks doing the same on an Eth pool.
in 1 year time, you will mine about $5,700 in 3 weeks here on the Steem blockchain as compared to 300 weeks doing the same on an Eth pool.
If I am wrong in 12 months, remind me and I'll send you USD$57 in either Steem of SBD...I give you my word.
My one and only 1 condition....Steem on at your current rate 1-3 quality post a day and do not Stop Steeming on :)
Goin TO DA MOON baby!
Fortunately I can mine Ethereum and Steem at the same time.
Correct, only one will get you 100x more and will be 10x more valuable than the other in the next few years = at least more 1000x
Considering the project I'm working on I'd have to agree. Blockchain apps fo life!
Please do a separate post about it. I really want to learn more on how to do this.
Sorry it took so long!
will do
https://steemit.com/ethereum/@edicted/mining-ethereum-with-claymore-and-nanopool
GPU mining is profitable! Awesome read, glad to hear the 1060 is earning you extra income. I'm also into mining and will be sure to follow you to see how the progress goes! Feel free to check out my blog, and if interested please follow. Just joined Steemit last week and so far I'm loving it.
Glad to see you be successfull mining!
You should be happy to have received this first payment :)
Now, do I use that to power up my Steem account, or hope that cryptocurrency corrects itself in a few months? 😬
Do not pay attention to the noise in the market, power up your account, you will see the price increase in 2018.