Burstcoin mining - the alchemist project #1
I want to introduce my idea of turning some cheap ingredients into pure gold.
First of all - this idea is real, it sounds very unbelievable, but if you think about it - it'll gets real, every word you read here.
Ingredients:
Some $$$ - it depends on how fast you want to receive gold. Based on my initial calculations - for ~$4200 of investment it'll give 1 gold ounce per month. It's just simple calculations, but i don't think it'll work like that. So i'll assume 50% of efficiency - 0,5 ounce per month.
I'm not going to invest that amount of money at the beginning, so i'll cut it to $320, so it'll create ~0,038 ounce per month, and one ounce per 26 months. I'll gradually invest more to reach ~4200 if of course it'll work.Time - my time - i need to spend some time on calculations, configurations, reading etc. I don't know how much time it'll be right now. Just pointing it.
Knowledge - well, i think i'll put that to point two, because nowadays knowledge is almost equal to the time if you have the internet.
Well, as some of you had already guessed, my idea is to make little home-made crypto-mining farm, and every coin it earns - turn into gold directly. There are already online gold stores, where we can buy gold coins for BTC, so we don't need any middleman(dollars, fiat) in this mechanism.
After hours of reading, I decided to make my farm based on HDD mining cryptos, specifically Burstcoin. Main reason why - because of energy costs. HDD mining is not as efficient as POW mining(f.e. Bitcoin), but it's almost zero energy consuming. Based on my calculations, to get ~0,5 ounce of gold a month it'll cost $20-$25. So, it's nothing compared to earnings. I'll probably check other HDD cryptos(f.e. Storj), but Burstcoin made biggest impression so far at me.
OK, now what do I need?
As i said, i'm going to start with $320 investment. It'll be two 5-terabyte drives. So, that's my first little 21century farm.
Two 5-terabyte HDD, based on my calculations will give me ~$80/month, but prices fluctuations(BTC, Burst) are big, so let's assume $40/month.
Ok, that's it right now. I have to configure everything, write plots etc.
In next post I'll describe in details configuration process i had to go through. How much time it took me, what i had to do etc.
See ya!