Mining Bitcoin at Home: Week 5 Update
Hello everyone! How’s it going? This week’s update features a new thing – a summary of my miner’s earnings per pool per week, as well as the total earnings, in the easily readable table format.
Week 1 update here
Week 2 update here
Week 3 update here
Week 4 update here
My current set-up with the router on top of the miner. The water tank with ice cubes helps to redistribute heat from the overheated areas in the middle to the cooler ones on the edges.
It looks like it’s been an okay week. I continue to be somewhat unlucky when choosing which pool to mine on, and when. I think I would have been better off if I simply mined on NiceHash for most of this week. But, as my (rotten) luck would have it, I had wasted some time mining on a pool that didn’t find many blocks. My luck turned in the past two days, when Bitcoin.com’s mining pool churned out 8 blocks – while I was mining on it! That is more like it!
Moving forward, I think I will make some kind of schedule for each pool, instead of switching between them in panic, like a headless chicken. For example, mining on Bitcoin.com for two days, then on Kano’s CKPool for three days, then on NiceHash for two days. Or something like that. We will see if it leads to any improvements in the earnings numbers. I will be happy to report back to you in the next week’s update.
For now, however, I present to you this week’s numbers – in the new, easily-readable table format. I hope that it provides a better overview of my total earnings, as well as total and weekly results for each pool. Please let me know what do you think of it and whether I should continue with this format from now on.
To be continued…
Previous Updates:
Cool tutorial @oleg326756 !
I see that you shown the earnings as well, this is exaclly what i needed . I am thinking to try some ASIC mining ...
It’s so cool that you are considering it too, @cynetyc! What are your electricity costs at the moment? And how noise-tolerant are you personally and the other people who share your dwelling with you? Are you located in a cold-climate country? And what miner model do you have in mind?
Electricity costs a lot in my region and country (Romania) but there is a way around it ... I will purchase some solar panels .
Now noise isnt a problem because I have a very very cold cellar and now it is about -6 degrees inside. And in the summer doesnt go over 10 degrees...(of course there are exceptions...I live in a temperate climate) .
I dont want to start with something super powerfull but rather I want to buy few usb asic miners like
ASIC Bitcoin SHA256 Miner Block Erupter BE USB 330MH/s BTC .
But this is not writen in stone for me. I will take about 10 months until all will be ready, the panels and the conections ...maybe I will find something better until then who knows.
Maybe I could sell you my miner in 10 months! ;) By that time I expect it to pay for itself and make some profit. I will be happy to sell it to some other beginner miner then, for a fraction of its original price. Good luck with everything! Great idea about the solar panels, by the way!
Great man thanks ! When I will decide I will come and talk to you again I will post some photos too when all the pieces will be together.
But until that time I will keep whatching you posts for mining, It never hurts to learn from other people experiences!
PS:For some reason ... I want following you...but I did press the folow button few days ago...In any case I followed you again...hope it wanst a bug..
I am curious, how much money have you spend on electricity and how much have you pay this setup?
Very smart question, thank you for it!
My electricity costs are already included in my monthly (flat) rent, so it doesn’t matter how much I am actually burning each month. For the purpose of my mining ROI calculations it is essentially zero cost.
I bought this miner for 0.55 BTC including the shipping. I think it was a bargain. I hope I will eventually break even, but the most important thing for me with this whole mining experiment is to learn and to have fun.
Very slim profit, you can basically earn 2x more just by enrolling into a bitcointalk signature campaign.
Of course this is automatic. Is the mining profitable with positive expectancy? If yes, then expanding the mining operation will multiply the profits.