How Much Can You Earn By Mining STEEM
First off you should be well aware that by Mining STEEM you are actually earning STEEM POWER and not STEEM tokens, so mining can be used as a means to increase your influence and earnings when interacting further on the steemit.com website and not as a means for getting crypto tokens that you can quickly turn to cash...
If you don't know how to get started mining for STEEM, then you can find an easy Mining guide for Windows here that should get you started in no time.
The big question however is How Much Can You Earn By Mining STEEM? The answer unfortunately is not straightforward as you may think it is, because there are multiple factors that can influence your earnings:
The mining hashrate you get with your processor, the number in hashes per second (HPS) is being displayed in the miner window when you are mining and after that you can see an estimated time in minutes for how long it may take you to find a block with that hashrate.
With mining Luck is always a key factor that influences how much you mine over a given period of time for better or for worse.
The current number of miners competing with you for finding a block and the overall hashrate of the network also influence the outcome.
So how about some numbers now based on real world experience from mining STEEM for a couple of days now...
With a high-end CPU such as an Intel Core i7 processor with four cores you can expect to get something like 30-40 thousand hashes per second (30-40 KHS). Do note however that the maximum hashrate is achieved only when you fully utilize the CPU with a number of threads used for mining that is equal to the number of cores (logical and not physical). If you do not fully load the processor you will be getting lower hashrate and it will take more time for successfully mining a block.
With about 33 KHS worth of hashrate you can expect to get between 1 and 3 blocks per day if you are mining STEEM 24/7, the results can be influences by the factors explained above. This essentially means that you will be earning between 1 and 3 STEEM POWER per day with a similar setup, so not a bad way to increase your influence on the steemit.com website on a daily basis without too much effort by just leaving your computer mining for STEEM.
And if you have lets say just 1/3 of that hashing power or about 10000 HPS, then you can expect to also be able to earn just about one third of the rewards or 0 to 1 STEEM POWER per day etc.
For the Step by Step Guide on Getting Started Mining Steem on Windows
Hi @cryptos i have a question. It is possible to mine using android smartphone? Thanks!
im having this error all the time. Can you please help me :/
Seems like you have some error in the config.ini file, starti with a default config and check the linked guide on what you need to change and how
I did follow the guide, deleted the hashtags and everything. Idk what i did wrong..
Edit out your WIF private key and upload the config.ini file to check if there is a prolem in it.
Is this the screen I should get? (Btw thanks for helping)
Oh lol; i found my error. Had to use "rules169" instead of just rules169 in my config file.
I also lik to ask if my miner is running well or not:
I have another silly question, when and how do you receive the reward? I think I have left the queue, but nothing in my Wallet.
When you move to the top spot in the queue you witness a block, get a reward and move back to miing to find anothe block and get included in the witness-miner queue again. The reward should shortly appear in your account wallet, though there are no notices of getting the reward anywere. The is a slight chance that when your turn comes you miss to do your role as a witness in the given period of time and you get no reward.
Ah, ok. Thanks. I guess there's no way to tell then when you got your reward?
There is, you just need to take a note of your Steem Power once you mine a block and see if it has increased by 1 in about two hours later, that is untill they make it leave a note in the history of transactions.
Hmm, I'll keep an eye out. By the way, on my Steemd page it still says False for Mined, as does yours.
The Mined flag there is set to true only if you generated an account by mining a block with it and not created it first and then set it to mine Steem.
@cryptos is there any other post that you recomend about steem mining algorithm (Proof of Work) does it works the same way as bitcoin blockchain?
Hi There,
Thank you for the post, it helps to make a better picture of mining. So I have been mining for 24 hours now. and what I got so for is this, but am not sure it is worth the effort, I got some questions here too, that I'll appreciate if you can answer:
list_my_accounts
anarcharos 0.000 STEEM 18964.733651 VESTS 0.122 SBD
TOTAL 0.000 STEEM 18964.733651 VESTS 0.122 SBD
I am using my steemIt account name and private key. I thought the "gains" will go strait into my steemit account but it doesn't....I guess the local mining needs to be transferred to my steemIt account. so I have a couple of questions if I may:
1- How much steem or steem dollars have I made so far in 24 hours?
2-How do I tranfer gains mined on my computer to my Steemit account or any other acount or wallet for that matter?
3- where can I find a document listing the commands available for the cli_wallet.
4- what are VESTS ?
Many thanks !!
Anarcharos.
you see, that is why you should read ToS first and then ask the questions. i think that you haven't read a thing and you are also not planning to. you get a lot of info by doing research. Payments
Payouts are made 7 days after the post/comment is created. You can claim your rewards in your wallet after 7 days.
The payments may fluctuate (up and down) until the final payment is reached.
Payments for posts are split between the author (at least 75%) and the curators (up to 25%).
The author reward is paid 50% in Steem Power, and 50% in liquid STEEM/SBD.
Authors also have the option to decline payout, or be paid in 100% Steem Power!
So very excited to mine, Thank you for the Knowledge and Information 👌✨
When mining you are receiving Steem Power and it is shown in VESTS in the CLI wallet, check your steemit account and you should see it under STEEM POWER. Each successfully mined block should give you a reward of 1 SP, judging from your ballance you should have successfully mined two blocks. You can use this tool to convert between the two VESTS/STEEM http://steemdollar.com/vests.php
Awesome Cryptos dude !
Thanks for the reply and link.
Thanks for the info. I had been wondering about mining STEEM, but figured it would be like Bitcoin where it is just not worth it because the competition is so fierce. 1 to 3 Steem Power per day would be a nice haul for a minnow;)
Well how much you can mine really depends a lot on the hashrate you get with your computer, but new users often have a hard time figuring out how to increase their steem power without investing in bying STEEM and mining can be a good way to help.
It took around 30 hours at 40 KH/s but finally found a block. It's normal that the hashrate slows down to ~100 H/s while you are on the queue, right?
When you find a block and get inside the witness-miner queue to sign a block you essentially stop mining, getting to the first spot in the queue usually takes less than two hours.
You can setup more than one witness/miner to avoid the slight downtime while waiting in the queue, however with more witnesses the reward gets sent to the witness that sings the block, so you get the Steem Power rewards split between multiple accounts.
Warning! mining STEEM is not possible anymore.
Save your time.
Thank you
hey did'nt mining is not possible in steem anymore??? Is there any way to mine..