I saw this post called Steem Dream & Paying it Forward from @greenacrehome and I really encourage you to go read it before continuing to read what my Steem Dream is.
My project is already underway, but I thought it would be a great idea for the community here to get behind and help get it growing faster. As you can tell from the title, I am trying to build a small mining farm from scratch. I had no money to invest in hardware, which I'll talk about later, yet my project is starting to take shape and might actually pay some bills someday.
So far the progress is slow going, but here is what I've done so far. I started off mining some cheap, easy assets with my GPU, which was not impressive at all. The Radeon R7 250 is not much of a miner, but it did the job well enough that after a few months and a lucky bump in the market at the time, I was able to buy a couple Gridseed ASIC miners. I used those for about a month and now with those profits I got 2 more.
My plan is to mine 3 crypto-currencies at once with a single computer for the most efficiency, eventually setting up multiple rigs that will turn a decent profit
- The Gridseed miners can keep going on scrypt based coins (Litecoin) and I'd like to have at least 10 of them going at once on each rig.
- I'd like to upgrade my GPU, even better would be to get a better motherboard to run multiple GPU's. This isn't the most efficient way to mine though so it isn't a top priority.
- I'm also planning to purchase a few external hard drives to mine proof of capacity currencies (like Burstcoin) to maximize the earning potential of each rig.
- To top it all off I'd like to get a few solar panels to reduce energy costs for more profit
The best part about this project is every little bit helps a lot.
So why am I doing this?
I just want to live on my own terms and not be a burden on my family.
To be more specific; I'm a cancer survivor (Hodgkin's Lymphoma; diagnosed March 2008) and my body is taking a nose dive from the long term effects of treatment. Not only is disability a nightmare to get on in the first place, but I don't want to be dependent on the government if I can help it. I run a small business completely by myself, but someday I won't be able to. Getting treatment to stay alive took everything I had, so I'm only able to invest what I earn from the project itself.
I would appreciate any help I can get.
Lots of people in similar situations on here will benefit from regular updates on this project, myself included.
peace
I am so interested in this stuff but haven't the faintest on how it all works. I take it the computer does repetitive tasks that earn you crypto? Would love to hear how you set it all up and what is all involved. I imagine you have to have good hardware and programming knowledge.
Sorry to hear about your turn in health. Hope things start improving for you soon!!
It's actually fairly simple. The best way for a beginner to get started is on a website called Minergate.
They have software that you can download that basically takes the difficulty out of it.
That's awesome, I'm going to check that out!! It will be a fun project to do with my 13 year old.
@countryprepper & @flusterfarm I agree! I'd love to hear/see more about how your rigs work. :-)
Wow nice post, good luck with the mining project :)
I hope setting up the rigs and mining crypto gets you into a better position. Wish I was able to do something similar. Maybe one day :-)
Thank you so much for joining in on the first round of #SteemDreamPayFwd !!! I've upvoted and resteemed your project post (I'll do that for everyone). I'll give a handful of days for the traffic to come in before "picking" one (or two, or three). Thanks again!!!
I've started mining with my GPU as well. I'm using Nice Hash. It mines whatever is needed at the time but you get paid in Bitcoin. Sadly I can't run it 24/7 due to the kids use that computer plus it's the wife's. So I'm like you going to earn some coin and build up using the profits. I'd love to learn where you picked up your miners and how you have it all set up.
I'm not very good at explaining the technical stuff, but I did find that the Gridseeds work best with BFG Miner 4.0 and I followed videos on YouTube about how to set them up. The miners I got on eBay and they'll mine both SHA-256 or Scrypt based coins. Just look up Gridseed and you'll find them.
Just wondering about how much you're making with the Gridseed miners each month (ballpark amount). How many of them do you have running? I'm making about $30 each month with the one video card. Trying to see what would be more cost effective. Thanks.
The difficulty of Litecoin is so high that I'm probably only gaining about $10-$15 a month with 4 of the Gridseed-5 chip miners running, depending on the price of Litecoin of course. I'm starting to think cloud mining is a lot more profitable.
I'm sorry for your health problems. I upped and followed. I have been thinking of doing this. If I can make a tiny profit, I would enjoy it coz I like learning new things!
Money transferred to you to help fund this project. Sorry the #SteemDreamPayFwd wasn't a bigger success so I could fully fund your goal. Thank you for participating and helping to make Steemit great!