Mining Cryptocurrency to keep the bedroom warm at a profit!
Today, I received an important e-mail from an electricity company advising me that I owed them money. If you recall, I recently decided that in order to keep the bedroom warm on cold, wintry Australian nights, with kangaroos tapping at the glass; I would re-purpose one of the home computers into a crypto-heater.
Here's the bill:
Miss holoz0r gets cold at night, you see. I have been steadily mining UBIQ on the bedroom system instead of paying for a worthless electronic heater to warm the bedroom to bearable levels.
My last electricity invoice required a payment of $312.78; and the invoice that I received today requires a payment of $527.60. That's a difference of $214.82; so, have I come out ahead?
I have had two machines mining twenty four hours a day since the 23rd of June. Since then, I have accumulated 60.09 UBIQ tokens. At the current exchange rate, amid crypto-geddon, this is worth $81.12 Australian Dollars, in which my power is billed.
I have also had another machine mining in the living room, a lowly 1080TI with a dash of 980TI added in; this has been mining on nicehash, and the revenue from this has been funnelled into BTC directly, with which I have purchased a mixture of LTC and ETC.
If I was to liquidate this crypto immediately, at current market rates (in Australian dollars) - I would obtain $204.55 AUD.
So, in the short time that I have been mining; I have made a profit of $70.85; after power costs, given that my other electricity usage was the same. The house has been warmer, and the crypto-mining heater has been a success. I'm going to continue.
But @holoz0r, doesn't South Australia have the most expensive power prices in the WORLD? Yes, yes it does; and it would be cheaper to mine else where, even with the downturn in cryptocurrency prices, I can still pull a profit. Even with the raw power prices, (I get a 32% discount on the rates below) - it is still profitable, just!
So stop making excuses and start supporting the networks of the cryptocurrencies you love.
Excellent post. Thanks for sharing your experiences with mining. It's always good to see some numbers to figure how profitable it would be to do some mining.
There's also the matter that the coins will appreciate in value over time, therefore increasing the profits that I've published here. :)
Yes, that's quite true if they appreciate. I do like the fact that you're mining coins that don't have a ton of competition to mine unlike Dash and Bitcoin. I believe that's the better way to go for individual mining.
Ubiq is an eth fork with the intent of being a global distributed supercomputer. I love its premise.
The other mining has been lbry and equihash based coins as they're more profitable on mvidia hardware. Those proceeds then go into what im interested in!
All these great mining posts on Steemit really make me want to set up a mining rig!
Do it!
but i just want to buy more crypto!!! haha
Buy more crypto first make profit and then buy a mining rig simple :)
I like your style!
;)
I'm glad you made this post! I been wondering for quite some time now if crypto mining was still profitable. To be honest I never got around to looking it up because I didn't have a machine to mine with at the time.
I should also add that I am holding this crypto that I am mining, I will not be selling - I hope the tine comes that I can pay for things in crypto as easily as it is to use a credit card today, without needing to worry about changing prices. When FIAT currency is dead. That wont be any time soon, sadly.
Great post, I live in a warm place but I was thinking about the profit vs having a radiator to keep the house warm to people who live in colder places!
I have no idea what I am going to do in the summertime here - we regularly have days of 35 degrees Celsius plus - I think I will be turning the miners off during the summer time and relying on it during the winter only. :)
I have mine in my bedroom because of reasons, but we have 26°C. The bedroom gets warm but we keep the window open while we can afford the air conditioner fixed (in Venezuela electricity is almost free thats why we can have both things working) in the meantime I have a fan refreshing the rig and another refreshing the room. Maybe a fan can help you.
What's the price for a kW in your area?
Minimum is $0.3584/kwh
Max is $0.4103 / kwh.
Super expensive. Subtract a 32% discount on that usage, and you're left with something slightly less, but still tons more than everywhere else in the world.
American dollars? We have it for $0.1-0.3. Probably I should start mining as we have a big stone house and the winters are rather cold here ;)
Man... I wanna mine, If only I wasn't an idiot with computers...
It isn't extraordinarily difficult. What would you like to mine? I can look at putting together a "Mining for
saywhadummies guide", if you like?Is not the easiest thing on earth but I have a month learning and you can experiment a lot with your rig and take note of your profits, Im enjoying doing this
It gets easier once you've made a bunch of mistakes. :) If you spend some time with mr google, and are prepared to dive through threads on reddit or crypto mining forums; you can learn a lot and then experiment from those settings.
The most rewarding put (other than the financial incentive to do so) is knowing that you're supporting the integrity of the blockchain for the selected currency! :)
This is by far the best post I have seen today
You've turned a con of mining into a pro, every miner is always complaining about the heat, and the $ needed to cool off the room so that the rigs won't have a problem, I can see that's is not your case!
The only downside, is the Electricity bill, if you are only thinking about warming your place with your actual pc's/rigs, you should just keep going, but if you are looking to get more money, you should buy a couple more rigs, and some solar panels.
Anywho, great post. Upvote, and going to follow you now :)
Thanks for the well thought out comment. Solar panels with a battery might be on the agenda soon, my only limiting factor is roof space. Then there's the added issue of the way in which my roof pitches which isn't ideal for solar.
There'd be more efficiency with than without; and they would pay themselves off very quickly, its just a matter of doing more calculations.
I'm also crypto-heating my house... thankfully a bedroom that is devoted to 3 rigs and storage so I've reversed my window fan to point towards the door, an adjust the heat in the house by opening and closing the door and the living room (that I basically use as a studio apartment).
Im new too lets help each other i just followed and upvoted you please do the same thanks
very good