Time To Dust Off My Older Miners And Get Back To Work!!
Not sure how you felt, probably like myself this morning to wake up to this amazing milestone with Bitcoin over 7K....but I am so excited to see how far we have come. Sure there has been struggles along the way, lots of drama, uncertainty but in the end the comeback kid is strong always with crypto and Bitcoin sure does seem to hold the torch showing the way through the darkness.
Today I have sucked it up and decided to jump on the network again with my 2 power hungry Antminer S4s to add that extra 4.5 TH/s to the home mining farm. These bad boys are old school, 1400 watts a piece has made usage of these the last year basic paperweights. Around January of this year, I made plans to fire them up around 6K or so, but I held off due to costs. I think by the math, 7K is worthy enough to add them into the mix, have to test run a day see how they still fair but so far hashing like they did last year.
When It Comes To Mining, Definitely Do Your Math!!!
Though I have mining figured out pretty well down to a science at this stage, early on I went through so much trial and error. I got these Antminer S4s around a time when miners where so dirt cheap, but I did not account for the power hungry side of these so after a nice $600 bill running these 24/7 for a month, they have been retired with no ROI to this day returned.
Life lessons are valuable and the purchases on these machines luckily guided me towards way more efficient replacements, but there is always a time and place for things so I figure try to pull in a little on this rise, but definitely not running these full force for long.
Remember when you go to buy hardware, calculate in your elec costs, profits and see if its worth even going forward with. Difficulty takes a hit on your earnings so really think it through before you end up making a mistake like I did a long long time ago with my first entry into mining. Luckily sometimes you can hold these things and re-purpose them at a later date more feasible for a little ROI at least. But at this stage, I would suggest on ASICs, if you got the money get the new models like the Antminer L3+ which I am soon getting. Might be a hefty buy in price but long term more worth it in the profit margin area.
Anyways the time feels good to make these paper weights support BTC again, hopefully we keep going up and up. 2018 is going to be one hell of a ride, get prepared, best suggestion I have!
~sflaherty
Holy cow, I think I had some of those monsters @sflaherty
What's the red one btw?
I have held onto these bad boys for a long ass time lol. Been frustrated just looking at these monsters lol. The red one is ELMO...kicked around name for the household lol. Its also an older Scrypt miner, GawMiner Falcon who is no longer even a company after a little cloud mining scam lol. Got it on wholesale a long time ago....does only about 20 Mh/s but actually fair powered, been running that with all my GPUs on random profitable Scrypt coins. I also have a bunch of GTX 1080 GPUs and now 2 GTX 1080 TI OC's in the mix. But next month, hopefully will be doing some major upgrades to more modern Asics, took a year but finally able to maybe afford it thanks to mining lol.
I do have some hashflare running too on the cloud but still not a fan of the cloud mining game, just helps to even out the income some, less heat too lol.
I used to have a small farm years back.... now regret stopping and letting all that hardware go. I had a variety of miners from the USB sticks to GPU's and bigger ASICs as well. It was a full time job keeping it all going and from burning down...lol. I am kinda glad that part is over though.
Again, pretty cool stuff.
Long term man, that's what mining is all about. That $1 mined back in July is now wort $4-$5. So you may pay a little upfront, but long term it's totally worth it, just don't mine shitcoins and if you do make sure you are paid in BTC!
Dude, not sure WTF is going on but my 2 new RX 480 cards are pulling in about $3-$4 ea a day from Cryptonight. Need to look into who that pool is when I get home this evening. Awesome time to be in crypto!
Hello old friend!
Great Post!! I agree completely. I have a couple Baikal miners. Going to sell them on Craigslist because Dash/X11 Mining has died. I’ve got an S9, D3 and an L3 coming- so I’m at least diversified.
since I posted this reply, my Baikal miners have skyrocketed in their income from NiceHash via x13 and x15 algorithms. It dropped to about $1.76 a day a month ago, and it’s now up to $10 a day through NiceHash. Glad I didn’t sell them!
Why you should NOT get into cryptocurrency mining: https://steemit.com/mining/@walczakit/why-you-should-not-get-into-cryptocurrency-mining
Great article but I been mining a long time and rake in the profits but your right people should educate themselves on this if only going for a passive income. I am a little past it being just passive, more on the spectrum of ROI well long paid off and nothing but profits. I think though not everyone reaches that, especially if the play the cloud mine scam routes