I did Ethereum mining for USD 3,762. This is how I did it. | Author: Bitcoin Mania | The Capital | June 2021
I did USD 3,762 Mining Ethereum.
Ethereum In terms of market value, it is the second largest cryptocurrency in the world. The biggest is Bitcoin. I own some of the two, but I mine Ethereum at home. In 2020, I built an Ethereum mining equipment for less than $1,000.You can read what I wrote about the original port of that cryptocurrency mining device Here.
Since I started mining ETH, my monthly income has been about $400. This amount fluctuates greatly because it depends on the price of Ethereum.
In October 2020, I started installing and operating the rig with less than $1,000.about USD 978, I started mining Ethereum with two graphics cards.Soon after, I added two more graphics cards to the rig for about US$400, making my total cost of all upstarts approximately 1,400 USD.
I am paying my electricity bill out of my pocket, but they are negligible. Your ongoing costs will vary based on your utility situation, but the cost of electricity can play a bigger role in a larger crypto mining setup.
In simple math, I did about $2,362 profit Mining Ethereum. I currently hold all the ETH that I mine. Since my first investment in 2016, I have also held other shares in Ethereum. I purchased ETH in the following location 12 USD/Ether And use my original profit to continue to convert Ethereum to Bitcoin when appropriate.
The overall goal of my cryptocurrency portfolio is to increase my Bitcoin holdings. Despite mining Ethereum, I am mining Bitcoin for profit and average dollar cost, which makes sense.
Me too Earn interest On the Ethereum I use BlockchainAlthough I always recommend storing your bitcoins in a wallet to provide you with complete custody by owning your private key, I am using BlockFi to earn part of the Ethereum interest that I hold, and Mine the Ethereum wallet directly on their platform.So, I earn ETH by mining ETH directly on the rig, and then pay it to the BlockFi wallet, where it continues to generate cash flow and Earn extra monthly interest.
In addition to Ethereum, I am also mining Raven Coin (RVN). I did not include any figures related to my Ravencoin mining in this article. I’m just here to discuss the benefits of Ethereum. As time goes on and away from Ethereum mining, I will delve into Ravencoin.
It’s important to note that I am a Bitcoin miner first, but I don’t have any ASIC miners to mine BTC. This is very important. The GPU cryptocurrency mining equipment I built is the most profitable when mining Ethereum and other altcoins such as Ravencoin.
Although ETH is still one of the most profitable altcoins mined using GPU, Ethereum mining will eventually disappear. When it will happen is still to be determined, but we have seen Transition to proof of stake. Vitalik Buterin stated that it may be as early as January 2022. We may also see a decline in ETH mining profitability later this summer or Q3/Q4. Nonetheless, Ethereum has a good track record in extending its project roadmap.
When it is profitable, I will continue to mine Ethereum. As the decline in profitability becomes more and more serious, I may mine more Ravencoin for speculative reasons, hoping that its price will appreciate before its own halving event in 2022. However, all my mining efforts are made to be as profitable as possible (at the same time mixed with some speculative risks/namely mining Ravencoin). Mining is usually also designed to help increase my Bitcoin holdings.
The real question is can you now make money by mining Ethereum and other cryptocurrencies? The short answer is yes -There is an important warning, you must already have the equipment or equipment parts and be running. Parts are very expensive at the beginning of 2021. The global shortage of chips makes it difficult to purchase graphics cards and other components.
In games and other technological hobbies that compete with cryptocurrency mining, the demand for related hardware is also increasing. Eventually, prices will normalize. However, at present, the cost of upstarts is even much higher than when I built the Ethereum mining equipment last year.I talked about some current GPU and parts situation Here with Here.
- I made $3,762
- Of which $2,362 is profit
- I use BlockFi to earn interest
- It depends on the price of ETH
- I am still mining ETH and RVN
- ETH mining is about to disappear
- It is expensive to start mining now
- My goal is to convert to BTC over time