Mining Bitcoin at Home: Week 6 Update
Hello everyone! What’s new and exciting? I surely have some interesting new findings to share with you this week.
Week 1 update here
Week 2 update here
Week 3 update here
Week 4 update here
Week 5 update here
I have made two big changes to my home mining operations:
- I now mine around the clock, including the night time. Turns out those silly ear defenders are surprisingly comfortable to sleep with. Who would have thought, right? They look so hard and uncomfortable on the picture, don’t they?
- This week I have mined exclusively on Bitcoin.com's mining pool. They are preparing for a public lunch soon (or maybe have already dropped the closed beta status, I'm not sure. @rogerkver, would you like to comment on this?) It's been a good week for the pool, with 21 blocks found during the week, or three blocks a day on average.
The combination of the two factors above has delivered an instant boost to my mining earnings. You can easily see its effect in the table below – Week 6 has clearly been the most productive week since I started:
With this week’s results in, the earnings have now covered about one-fifth of the miner’s acquisition cost. Of course, I cannot predict how the difficulty is going to change in the next few months, but, given the numbers above, I am hopeful that the miner should pay for itself in the next four months or so. Which would be great, because by that time the winter will be over and keeping the miner cool will become more problematic. I will keep you posted on my progress via these weekly updates.
Please leave a comment if you are wondering about something or have suggestions and tips for me. I always appreciate your feedback!
Previous Updates:
- Week 0: Unpacking and Setting-Up
- Week 1 Update
- Week 2 Update
- Week 3 Update
- Week 4 Update
- Week 5 Update
Thanks for making this post about how well mining bitcoin has gone for you. I have been wondering recently how profitable private mining is; So this answers all those questions^_^
Also have you thought about mining some altcoins? since the are easier and will shoot up in price in the future, in the end they might be more profitable!
Thank you for taking time to read this post and especially for leaving this comment! I truly appreciate having a conversation with people on Steemit!
As to your questions: yes, I am mining some altcoins, specifically Monero and ZCash, as I mentioned in this earlier post. The changes I have made since I wrote it: my work laptop is now mining on NiceHash, with automatic conversion to Bitcoin, and I changed my payouts from mining Monero on Genesis Mining to be automatically converted into ZCash.
I am still considering building my own GPU-based mining rig to mine altcoins at home. But I decided to wait until my Bitcoin miner has paid for itself first, and then see where Monero and ZCash are at that point, price-wise.
I hope your mining project is running smoothly too and will ultimately prove profitable for you! Good luck!
Great that you had already recover 1/5 of your original investment ;)
Yes, I consider myself very lucky for having found this used miner for this low price (0.55 BTC, including shipping). It was also fortunate that it had two built-in PSU's, so I didn't have to invest in one. And that I don't pay anything extra for the electricity I consume – it's included in my (flat) monthly rent. All of these makes me hopeful that it should be possible to recover my initial investment and then make some money on top of it.
I would follow your progress week after week and see where it goes.
Thanks for the HAPPY BIRTHDAY!
Thanks for having been born! ;)
My pleasure!