Today I Learned It May Not Be Worth It to Mine STEEM...
INTRODUCTION
Today, I was contemplating the idea of mining STEEM. I got to chat with a few miners on steemit.chat and got to the conclusion that it is not worth it for me (considering my situation) to be mining STEEM.
WHY I CONSIDERED MINING STEEM
First, I have the chance of living in Quebec, Canada. One of the cheapest place for electricity in north america. We have hydro-electricity in abundance over here. (~ $68.66 per 1000 kWh - full table here )
Secondly, I live in quite a large house that is a hog for electricity. The heating bill is quite high during the winter.
Thirdly, having a passive way to earn steem now that SteemPower doesn't give an interest rates seemed interesting enough.
WHY I'M NO LONGER CONSIDERING IT
Now I do not have any equipment, so I would have to buy a whole bunch of equipment as an initial investment. Then I would have to spend the time to learn how to set it up correctly without setting my house on fire and finally...the mining reward on steem in the future is highly uncertain.
For the past few month, 2 miners monopolized the queue...but then a new algorithm was introduced (equihash). So far so good...but the issue is that, from what I heard on #mining in steemit.chat, the mining reward given per day went from 1371 to 253.
I repeat 253 STEEM PER DAY...if this is true, this is the best case scenario IF you mine every single block. That's the equivalent of $50.60 of STEEM per day.
LESSON OF THE STORY
If you are a geek and can't write well even if your life depended on it, go ahead and start mining. But in my situation I would blog even if I wasn't pay for it, I have more than a 1000 follower and I make more than a miner can do per day doing what I love.
I guess, in life, you have to put your energy where you heart, mind and talents are. If you like blogging and enjoy the process of building an audience on a bleeding edge of blogging platform like steemit.com, don't waste your time following rabbit trails...just keep blogging!
At current prices, miners are better off mining something else, selling it, and using the proceeds to acquire steem on the exchanges.
Exactly!
Always mine the most profitable coin, Always.
Then buy steem or a lobster roll or whatever.
Good reminder for me to keep my feet on the ground too. Thanks. :)
coincidentally, i took a look at this topic today, mining steem even though i know basically nothing much about this concepts. i wont lie, i am learning tho but even when you read, you dont grasp well enough the whole minnig thing. i did get some info from you post. earlier i saw a steemit post from like 7 months ago or 6, that had bunch of procedures for minnig steem on windows. i thought it is something that just requires like one pc and perhaps a way to contributing like part of one's hard drive and perhaps one's internet to a pool but your post however, i am seeing it is a much bigger deal and requires like real infrastructure and too, details way more technical than blogging!
Yeah I was thinking the same thing... mining steem definitely doesn't make sense at this price.
That makes sense, better to blog than mine. I'm mining with NiceHash but just for pennies a day, mainly for the experience of setting it up and seeing how it works. I don't even know exactly what I am mining, but they steadily pay for the use of my computer with Bitcoin, regardless of whether anything is actually mined or not. Unless you have a nice set up, it's easier to mine with a pool like NiceHash, I think. But not much profit in my experience. Blog on!
yeah, I was looking at nicehash...but it doesn't work for STEEM. Hope you get much success. :-)
Your post can make a miners rush :)
and increase the mining difficulty.
I'm just starting to dip my toe into learning about mining. I hope that it will be in my future but blogging is my thing. I've been doing it for a real long time and it's what I know. :)
www.whattomine.com is a good place to start when looking for what to mine profitably.
Thanks @bluehorseshoe - I'll definitely check out that site. Putting it in bookmarks right now :)
What @justtryme90 said, if you're going to mine, mine for other crypto-currencies that are doing well and exchange it. But you can also buy bit coin for cash and transfer it to steem.
Warning! mining STEEM is not possible anymore.
Save your time.
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