Adventures in Mining | Volume 6
I've built 2 mining rigs, or at least mining towers:
And the payouts are currently beginning to roll in!
I've been mining a combination of Monero (XMR) on monerohash.com, and a variety of currency that ultimately pays out in Bitcoin (BTC) on nicehash.com
I've had payouts from both, here's a chart and graph of the results thus far:
In about 3 weeks, I've made back about 15% of my initial hardware purchases, and that doesn't account for the coins that are mined but not yet paid out, which would bring me to about 25% of my initial purchases recovered.
It's been a learning curve, but I think I've got them in a good place... A couple things I've learned:
- Bitcoin is EXPENSIVE to send! I initially created different wallets on coinbase to receive from the various sources of mining income... Big mistake! It costs like $2 to send $30 to yourself! DON'T create extra wallets!
- MinerGate is a scam
- GPUs get hot! The room they're in is consistently 5-10 degrees hotter than the rest of the house
- It's as much as an art as a science getting everything set up to mine consistently
So far, I've been taking the coins generated from my hardware and investing them in Genesis-Mining.com cloud mining contracts... Here's been the results so far:
I'm currently at approximately 51 cents per day payout at current difficulty and exchange rates. Even though mining on my own hardware is clearly more profitable, I like the idea of consistent daily payouts with no maintenance or headache on my part.
So far, here's where I'm at:
I'm at a loss obviously, but I view this as laying the foundation for a perpetual cash generating machine! Every addition I make or cloud contract I buy adds to the coin generation on daily basis, and my plan is plow the proceeds back into more machines and more contracts!
My goal is to generate $5,000 a month in cryptocurrency on autopilot, as that would cover all of my monthly expenses, freeing up all of my other business income for investment in other, perhaps more traditional ventures...
What are your plans? What are you mining? What are you mining on?
I know most of you already have a crypto wallet and cloud mining contracts, but if you don't, here's where you can get them. Obviously I get a referral fee for recommending them, but if my posts are of value to you, and I inspire you in any way, I'd appreciate you using my links!
Wallet: Coinbase - https://www.coinbase.com/join/52e596fc8892efc0e2000085 We each get $10 in BTC when you buy $100
Cloud Mining Contracts: Genesis Mining - https://www.genesis-mining.com/a/857740 You get a 3% discount on each purchase, and I get some extra hashpower in my account!
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