$200 A Day Mining Ethereum or ETC?
How do we start mining ETH or ETC with our own equipment at home today? Will you read this post because it shows how easy it is to get started mining with a small investment in equipment and the willingness to learn how to set everything up and explains what steps are needed to decide if investing in the time and equipment for mining?
With the Ethereum price over $300 today and the Ethereum Classic price at $20, the opportunity to mine Ether is now extremely profitable! Even as Ethereum prepares to go to a Proof of Stake model at the end of 2017 or beginning of 2018 which will greatly reduce the possibility of making a profit mining, any mining rig built to mine Ethereum could easily be switched to start mining ETC or another coin after the switch with a huge potential to profit before!
In this post or the matching video on YouTube below, see an introduction to what research and purchases are necessary to begin. While I thought mining any cryptocurrency was too technical for me, I now see getting started on a small scale is relatively straightforward with scaling up possible with confirmation the initial system is working. The GREAT NEWS is that making a very basic and functional mining computer system can be done for less than $1,000! Once we verify it works, the motivation will come to scale up the system into one that easily can produce $200+ a day in profit with current Ethereum and ETC prices as explained in the YouTube video from today below along with in more detail in text below that.
In summary, using a new or used Windows or Linux machine to begin just for mining seems ideal because this will be the only need and function of the computer. For a few hundred dollars, buying a new machine to just do mining is the most basic starting point. Next, buying a small amount of graphics cards to get started is the next step to verify the mining setup is working and to get an idea of the costs to scale. While the idea of dropping $20,000 to make a mining setup that produces $13,000 a month seems like a big risk, how about starting out with $1,000 in graphics cards to produce $600 a month to verify everything works?
After confirming the setup is working, then it is logical to slowly scale up by adding more graphics cards and machines steadily over time using the profits generated as proof that more is possible with more power. While I would not start off spending much without any proof I could actually set it up correctly, after confirmation that I could indeed build a mining machine that worked, I would be motivated to build more.
The real opportunity to earn much more than $200 a day is to learn how to build mining rigs for Ethereum and other cryptocurrencies. Once we have the system down, we can just keep building more over time and then the money comes in on autopilot! This seems ideal compared to paying into a mining pool where another company is likely earning a significant share of my profits and maintains control over all of the machines.
What are the steps to start mining Ethereum or ETC?
- Read an introduction to mining Ethereum at https://www.ethereum.org/ether which seems to currently be the most profitable to mine today.
- Read another post with a summary of all the steps at https://www.meebey.net/posts/ethereum_gpu_mining_on_linux_howto/.
- Visit the daily profit estimate tool I used at https://www.cryptocompare.com/mining/calculator/eth.
- Compare with ETC profit at https://www.cryptocompare.com/mining/calculator/etc or any other altcoin to see which is currently the most profitable to mine based on the price. After the ETH switch to PoS, mining another coin will be necessary but by then all the equipment should be paid for!
- Learn about graphics cards because they are responsible for most hashing power. A list to get started is available at https://www.cryptocompare.com/mining#/equipment which will help with learning but then also show you that most of the ones already proven to work well for others are sold out!
- With a few hours of research, the single best graphics card I found for the money which is actually in stock and has same day shipping for me is the EVGA GeForce GTX 1050 Ti SC GAMING, 4GB GDDR5, DX12 OSD Support (PXOC) Graphics Card 04G-P4-6253-KR on Amazon at https://www.amazon.com/dp/B01MF7EQJZ. I chose this graphics card because all the others I looked at for a better value were sold out! The EVGA GeForce GTX 1050 Ti SC has SAME DAY delivery near me with an estimated hashing power for ETH at 12 MH which equals repayment in less than 2 months at the current price for Ether! If I was starting today this is what I would begin with by ordering 2 to 8 of these. I am not starting today because I have a trip coming up next week and am considering beginning Ethereum mining and/or being a Steemit Witness in late June 2017.
- Using a dedicated Windows or Linux desktop PC is ideal for mining because it keeps the computer free from any other slowdowns and keeps existing devices free for normal use. Fortunately buying the machine to run all the GPUs on is a small part of the total expense. Read https://www.bestvpn.com/ethereum-mining/ to get a good look at the parts required for the computer.
- Order the minimum initial parts to get started to build the desktop mining rig OR test this out on your existing computer if you have good enough graphics cards and want to start today! Note that in calculating the cost you will want to account for a maximum of 10 to 16 graphics cards per PC!
The beauty of this system is once we get it built, we can modify it to mine whichever coins are the most profitable instead of relying on a third party to continue paying us out in whatever we started with at a fixed hashing power. Thank you for reading this and I hope you have a wonderful day! If this post was helpful, would you please vote it up because that helps me to continue writing more for you?
Love,
Jerry Banfield
https://jerrybanfield.com/freecourses/
https://steemit.com/@jerrybanfield/
Jerry, you might want to look into this. Its a blogging opportunity (watch till the end) for Obits, and asset related to bitshares, one of the blockchains in the Seemis family of blockchains. seems right up your alley.
How many users are signed up already? What sold me on Steemit was the 150,000+ users with 5,000 or so active daily!
let me know your thoughts jerry, i follow you here and on youtube, and find your advice very helpful and easy to understand. Thank you!
Hey king @jerrybanfield
I'm using genisis and eobot for eth mining.
Its quite interesting and do you know what I sometimes use hacks for eth mining on eobot.
Thank you for sharing this video for steemit community.
I think nowadays altcoin mining become faded. Since mining is not a good solution for scaling up the altcoin. The altcoin is going to change from POW to POs. And there are more and more ICO with fixed amount of tokens. So the future of mining is not so optimistic...
There will always be room for miners.. PoW will never die and there will always be 'overpriced' coins to mine for a nice profit!
great post. I thought mining would be much more expensive than this. Like you, I thought it my be too technical and over my head.
Awesome @jerrybanfield !
I was just going over some this same info. Great to see it come out from you too! I'll add a hash of confidence to it😏😏😎
Exciting times!
What are your thoughts on reputable mining services such as genesis?
@itsmein3d with friends invested on Genesis Mining as well, it seems to have great terms which are ideal for making an investment easily in a small amount of time. The limitations are the long time it takes to get a return compared to making our own mining rigs plus not really owning anything. For the greatest profits, making our own mining rigs seems to be a better investment not just of the money but for the valuable learning it takes to build on our own machines which then translates to skills good for earning high dollars per hour! In summary, if we have money and just want a good return, Genesis might be the best option. If we have a bit more time and willingness to learn plus want the highest profits and have low enough electricity costs, DIY mining might be ideal!
Understood.
You have me really chewing on the idea of a home based DIY rig now...I wiIl watch your video, info and crunch some math, numerous times lol
Thanks for the amazing content and calls! It is great to hear back from you in the comments. I appreciate how interactive you are with your audience!
Agreed! Learning to build mining rigs is a great skill-set to have in the crypto space. Great summary on cloud mining vs do it yourself mining.
Good luck with finding a AMD graphic card anywhere from the uk to the us all sold out....
I have not used Genesis.
Bitcoin talk is highly negative on Genesis, even though it is acknowledged as the most legitimate cloud mining operation, and it seems it's a lot less profitable than you think. You have to contend both with price and difficulty, which is why they lock you into a 2 year contract. It sounds better than it is until you run the numbers, and find that in most cases, buying and holding seems to work better.
I would estimate using Genesis is going to cut your mining profit in half, relative to running it yourself.
that is all great but the problem is its not just the cost of the cards , you need to buy memory cpu and mother boards also hard drives , you cant just hook up 55 cards to a computer system not to mention you need to upgrade your electrical power , to handle all the cards , so you are better off just mining on the cloud.
Its less of a headache
my understanding has been that the electricity costs can really impede profits?
Would you recommend AMD cards for mining. I'm looking forward to buy RX 480 but I am not sure because there are many opinions for pros and cons of Nvidia vs Amd mining cards. Any help? Thanks for this article very much, very helpful to future miners.
The AMD cards seem to be preferred so much that there is a shortage! Trying to actually order one is challenging and for that reason I think I might start with NVIDIA because they are easy to order.
I don't understand these prices of card going from 100 to 1000$. Will be going for NVIDIA for altcoins. Maybe 2 cards for the start. Celeron, power supply and 4 gb RAM. My opinion is that it's better to mine low price and difficulty coins like Siacoin et cetera.
Check out nicehash.com for comparisons and projections of returns for various cards
I got a Sapphire RX580 Nitro+ Limited Edition at 27MH/s, estimated to mine 0.01X ETH per day. The whole setting consumes ~500W/h (it would be more power efficient in multi-GPU), you may take mine as reference. AMD is saying to be better than NVIDIA based on the power efficiency. You can see the higher hash rate of 1070 / 1080, but the price is higher as well.
Nvidia cards are more expensive to buy in general, but also more efficient. With electricity in Germany being 3x the price of north American electricity, it would have been a really bad idea for me to go and even pay a premium just to get one of the few AMD cards available.
Hi Jerry,
Great post! I have been thinking also about setting up my own mining rig but as im not that technical i joined genesis mining which has been good for me and been earnig quite good 😊 so this post has me getting excited again to start setting up a mining rig. Going follow the steps you pointed out to see if I can get started...also good to start small and build out.
Keep up the great work!
Best regards,
André
yeah Eth to da moon
I really would love to build a rig - but all those pretty AMD cards are sold out in my country - no cards on retail market no cards on ebay. Guess the train is leaving without me this time :)
interesting indeed.
Especially all the comparisons.
As I live abroad atm, I will propaply stick to genesis mining
interesting. I'd love to get into creating rigs. which is more profitable right now... Ethereum or Ethereum Classic?
Ethereum is currently but it is going to switch to Proof of Stake within a few months which will likely eliminate the profitability. Starting with Ethereum and then switching to ETC or another altcoin seems like the current best option!
thanks Jerry! Is Ethereum Classic going to switch to PoS or only Ethereum? I suppose it would be smart to stock up on some Ethereum so the stash will grow when PoS comes around...