Blockchains, Cloud &, Development
TL,DR I purchased some cryptocurrency mining power te the cloud. I found that SHA256 mining is not that fine, but Ethereum mining is more profitable. I project on investing te more mining power.
If you want to leap te right now here are my affiliate linksaf: https://www.genesis-mining.com/ Affiliate code for discount ODVnHM
Previously I blogged how to mine Bitcoin on Azure (and why it is a terrible idea). Te it I concluded that CPU mining is terrible with the advent of cheap USB ASIC miners and that you are better off purchasing one of them rather than wasting cloud computing credits.
I did more research and discovered rather than purchasing hardware, and running them myself and paying for tens unit, maintenance, etc. I could just purchase raw mining power ter a specialised mining datacentre.
Where did I purchase from
I liked that sign up wasgoed plain, that you could allocate your mining power/payouts (see below) and most importantly that it had Ethereum miners (look out for future posts on Ethereum!).
What did I purchase
I determined up gevelbreedte to invest a bit overheen $100 te SHA256 &, Ethereum mining and harshly distribute it inbetween the Two:
SHA256 USD $70.81 0.15 TH/s $0.45 vanaf GH/s Lifetime contract
Ethereum USD $57.62 Trio MH/s $17.99 vanaf MH/s 1 year contract
Distributing the mining power
The reason I liked Genesis Mining wasgoed how you could allocate your mining and payouts across the many altcoins. Below I’ve included screenshots of the payout screens and my configuration.
Here I allocated my payouts spil 90% Bitcoin (spil that wasgoed the point of the exercise) but then 10% into Dogecoin. Dogecoin wasgoed created spil a “fun” cryptocurrency and the development community has joy with using it spil tips across Reddit. I desired a puny trickle of this so that I could peak people.
I haven’t purchased any mining power te this mining algorithm yet, but I project to ter the future.
Not much te the way of options, spil it has bot designed to be a unique ASIC resistant algorithm. This is just for Ethereum mining.
I’ve bot mining for 9 days now and thought it would be a good time to analyseren how my mining has bot going.
Payouts occur at the same time every day, meaning my 1st day only spotted a partial payout on the day I signed up. I have liquidated the datapoint to make the graphs clearer.
Profitability/day: $Two.77 / 9 days = $0.30/day
Fairly stable mining, but it is trending down sharper than Ethereum. This is most likely due to the rapid rhythm that extra mining capacity is brought on globally from all the ASIC miners
Profitability/day: $1.04 / 9 days = $0.11/day
A very unexpected druppel ter Doge earned vanaf day. This can be explained by looking at the exchange (see graphs below).
Dogecoin isn’t mined directly by Genesis mining, but instead Bitcoin is mined and then converted into Dogecoin. Overheen the last Trio days the price of BTC has gone down while DOGE has gone up, meaning during the daily conversion of earned BTC to DOGE the exchange rate is lower.
Profitability/day: $0.20 / 9 days = $0.02/day
Exchange rates for last 30 days
Daily profit: $0.30
Daily ROI: 0.30/57.62 = 0.0052
Yearly profit at current values ^ : $0.30 * 365 = $109.Five
Daily profit: $0.13 ($0.11 + $0.02)
Daily ROI: 70.81/0.13 = 0.0018
Yearly profit at current values ^ : $0.13 * 365 = $47.45
^ I do not believe that this will be the true yearly values. Exchange rates will fluctuate and amount mined vanaf day will go down.
I wasgoed interested ter the SHA256 miners because of the lifetime contract that will always be mining until it is no longer profitable. However I am wary of the long term profitability of it. The chart below from blockchain.informatie shows the crazy rate that ASIC miners are are bringing on more hashing power. This will rapidly diminish the amount of BTC I mine vanaf day. I do not project to invest more ter Bitcoin mining spil I don’t think it will economical to rival.
I am very blessed with the progress of my Ethereum miners. Ethereum is more resistant to ASIC miners and therefore the amount of global mining power brought should not reduce my profitability spil much spil quickly spil it is with SHA256.
Ethereum mining is also almost 3x spil profitable vanaf $ spil SHA256 mining (0.0052 vs 0.0018).
Because of this I project on purchasing more Ethereum mining power spil well spil some X11 mining power. But I will not be investing any further ter SHA256 mining.
I’d like to get some gegevens points from the X11 miner to share next time.
Reminisce if you want to signup for your own, here are my affiliate linksaf to get a discount