Gridcoin: What is the potential?
Anyone in the Gridcoin community know generally what kind of profit can be expected/what kind of input is necessary? What kind of processing power will make this even worthwhile? I'm interested and definitely an investment minded individual. Willing to do it the right way to get profits.
Thanks
Some misconceptions here.
The PoS interest is currently 1.5% APR, which is the return you gain by holding the asset in your Gridcoin wallet (Not on exchanges)
There is no actual mining calculation for Gridcoin, this is because there are so many variables with the different projects. I have been working on a system to make it easier to calculate an estimated income, but will take a while longer before I can release.
In the meantime I advice to try as you go.
Well I guess it's not mining, but it does depend on computing power is that right? Faster computation=more coins/profit. I'll probably give it a go soon. Just collecting information so I can tackle this right out of the gates.
Faster computation=more competition=less coins/profit.
If GRC price will rise in future, then, of course, you can make money!
My rule is: mine most profitable coin and buy your favourite coins! Simple!
My 3 weeks of "Gridcoiner" life tells: thats not possible to earn with GRC.
I'm still holding my 10+k GRC and waiting Einstein@home to appear in next SB to get some PoR rewards,
but my hardware is crunching Primecoin, ZCash and Monero again.
Sorry, but I need to pay bills... nothing more to say.
How long has Gridcoin been active? If it's in early stages, it could go "viral" and blow up. Just curious.
As noted by @kuradikurat Gridcoin has been around for a while. But it has so much potential as a coin and is much more than a mining coin. Most of the people that mine gridcoin does it because they belive in the release of running BOINC distributed computational work, whom are mostly research related; but nothing stops anyone from making a project to run distributed work on the BOINC network that gets rewarded with Gridcoin.
The big era of Gridcoin is still to come.
The idea itself is noble in a way, If we're running our PC's for profit, why not do it to improve humanity through research. My question is, how will that big era come about?
There are between 400,000 and 2 million people who currently run BOINC with no incentive. More people are coming to Gridcoin from that pool every day, as well as attraction people completely unfamiliar with BOINC too.
Massive growth potential.
Looks good "on paper". I'm going to jump in and see what I come up with.
There is one issue that holds back some people in the BOINC world from joining Gridcoin and that is the issue of teams. Many people in BOINC are in teams that they really are dedicated to, there are inter team competitions and such, but to earn GRC they must leave and join Team Gridcoin.
There is a solution to the technical issues, but nothing important happens in Gridcoin without a successful vote. So it's not a foregone conclusion we can bring everyone on BOINC to Gridcoin, but if/when the team requirement is removed we hope there will be a large expansion in mining.
BOINC is really great platform to DONATE computing resource!
I like Vilnius Gediminas Technical University (VGTU) project most and I will do their jobs anyway - no GRC needed!
Gridcoin Research - 2015
Don't worry, Gridcoin has been around for a long time :)
Some sheer numbers from me...
I7-7700k
GTX 1060
Smartphone ZTE Blade
The Smartphone is crunching when i'm at home, the PC is only crunching when it is turned on AND no game is running. So all in all - the typical gaming PC and cheap China Smartphone and the typical average using time of both.
Earnings: around 200 GRC/month.
Interesting numbers, How do you run it on the smartphone?
Boinc from Google Playstore
Haha, that easy huh. Nice.
I's about 0,2 $/day
What projects you do in GTX 1060?
Amicable Numbers
It's not possible to "mine" Gridcoin.
You can donate your computing power to BOINC projects which are in Gridcoin whitelist and get rewarded with some GRC coins!
http://wiki.gridcoin.us/Current_BOINC_Whitelist
Those GRC coins don't even cover a small fraction of an electricity and hardware cost...
There are 2 ways to actually earn with Gridcoin:
Speculation in Gridcoin and what is PoS interests?
Speculation is trading in markets: buy low, sell high. Gridcoin have solid floor (1000 sat) so trading is very simple!
PoS interest is 1.5%
It only takes minimal hardware (old laptop) to keep Gridcion wallet open!
Like @sc-steemit explained, this kuradikurat post is mostly nonsense. Be wary of trading tips from clueless noobs who don't know the difference between a coin and a token.
So if I run a pc for a month straight, how many coins can I gather? Just on research, disregarding the PoS. What is the potential? Seems alright to me if the community grows and this catches on.
This is like asking 'if I have a vehicle, how many miles can I travel in a month'. That PC of yours can be a 10 year old laptop or state-of-the-art workstation with eight Tesla GPUs, for all we know.
Haha, funny analogy. I'm just trying to get a feeling for the potential payouts. I'm just going to try it for a bit and see if I can get into it.
Please note that when you start up the score on which you are rewarded Gridcoins are an average BOINC credit (called RAC; Recent Average Credit). After about 14 days your score is at its peak and if you stop it will decline during a 14 day period as well. Just so you know the basics.
If you don't want to spend an initial 10,000 GRC for the required Staking weight that you need to stake new blocks (and thus get your mining reward) I suggest you to check out the GRCpool, which has very good tutorial videos on how to get started.
Basically a moving average. Cool. I'll look at doing it for a month, maybe run it a night while I doze.
There are over 4.3 million registered BOINC users and the vast majority of them run it completely for free (they haven't joined Gridcoin yet). The idea of volunteer computing for science is older (and some would say bigger) than the idea of crypto-mining.
By my numbers after 14 days your RAC sits at 75% of peak.
Happy to be proven wrong though...
For example: AMD FX6300 (2 CPU-s/12 cores)
R9 200 series (3 GPU-s)
Projects: SETI, Einstein, Milkyway, Sztaki, VGTU, LHC
3 weeks = 20 GRC = 0,6 $
1 week without magnitude (SETI not in SB), 1 week with mag 5 (no SETI, no new SB), 2 days with normal mag 40 (all projects in SB), now Einstein is missing and I even don't wanna open my wallet...
Can't blame the network for your poor setup, lack of knowledge and/or misguided mining decisions. You could have run some other projects, if you are after profits. With three R9 290X and FX6300, 80-90 GRC per day is perfectly possible. Stop spreading misinformed nonsense.
Now are we talking about running 24/7 here? I'm just thinking the energy costs are going to absolutely blow the profit margin out at 3 cents/GRC. Better to look out long term I suppose, holding on to coins for speculation. Which is fine and I would probably still do so.
What about my current setup, got a gaming pc build:
AMD FX 8370 - 8 Core
AMD RX 480 - 8GB
Profitable?
My awful numbers:
"Magnitude (Last Superblock)" : 55.00000000,
"Research Payments (14 days)" : 7.64000000,
"Daily Paid" : 0.54571429,
"Expected Earnings (14 days)" : 154.00000000,
"Expected Earnings (Daily)" : 11.00000000,
"Fulfillment %" : 4.95653302,
OK, give me your GRC address and I send you 1000 GRC, if you show me how to get electricity cost back with this hardware? Deal?
I don't wanna profit, just get back 0,1 €/kWh electricity cost.
Can you do this?
Deal?
Or let's make 2000 GRC bounty???
GPU-s are 2x 270x 4gb + 280x 3gb (not 290-s)