Okay BTC, Your Lagging My Mining Profits, Off To Get More Steem Power
Tonight I have come to the conclusion its time to go full time and mine for some Steem Power. Lately I have been directly mining a lot for Bitcoin but the ups and downs right now has me looking more at charts and I think its favorable to point my miners towards the collecting up of more Steem Power.
For those that missed last weeks post on how I do that, here it is in case you were wondering:
How I Mine for Steem Power and Get Weekly SP Boosts: Nicehash ➥ Blocktrades ➥ Steemit Wallet 😁
https://steemit.com/blocktrades/@sflaherty/how-i-mine-for-steem-power-and-get-weekly-sp-boosts-nicehash-blocktrades-steemit-wallet
So why my sudden decision to switch it up and mine solely for Steem Power?
Hard to believe my sudden choice to use all my mining resources tonight to shift to full time Steem Power mining is not without some major thinking and calculations. At this stage my original goal was to save up and grab a second Asus GTX 1080 for my PC to use as a Bitcoin miner with my first one. I seem to be pulling out decent profits with one and with my ASIC mining horde so I had plans to purchase another one. Plain and simple, they are constantly being sold out and price is getting outrageous on these things lol, you guys are buying them up aren't you? So I have scratched that plan for now and just sticking with the income I have coming in currently.
Today Bitcoin seems to be in a slump, this happens and sure it will recover but due to that i have been doing the math and by my calculations if it was to stay where it is for a week or so, I am actually not making much in profits by mining it directly.
So I was pondering and pondering if I should go back to Steem Power mining as a savings plan and it hit me that in a weird way you can look at Steem Power as a strange form of hashing power for mining. As you grow your Steem Power you get better upvoting returns and help others with those upvotes. Plus you seem to grow with earnings on your own articles. In a way you can view SP as the hash power you would have with any specific miner, and by the math I did, it would be better to mine to fill up my Steem Power as the price on it is reasonable.. It just seems to me the win win is coming down to SP and mining for it in the long run...work hard on my writing and have that backup savings grow.
So I will run a little experiment for the next 2 weeks for you guys. I will run for 2 full week runs, exactly as I showed you in the article above and see how much earnings expand by doing so. I am gathering though it will beat out scraping a little for the BTC wallet in the long run if I keep at it here with you all and focus. So lets hope this is successful, momma needs new shoes lol
Look forward to seeing your run. Currently running at nicehash with GPU and DGB Qubit at suprnova with X-11.
It should turn out good, I am thinking by the math and extra $60-70 a week in SP, little boosts. But if you think about it with the articles and upvotes that kind of centers my earnings here to rise in time even more. Might come out more than I would get just mining BTC on the side, hope lol or a lot of wasted electricity lol. Let you know how this ends up
It will most likely be worth it with what it will do for overall steemit earnings.
Good luck as you do the test research for us.
I appreciate that, hopefully I can brake my first 1000 Followers and SP in the same time frame lol. Thanks for the luck, soon as I have a good baring in a week or so I will post a follow up on this
Yeah I think thats a good idea, steemit can easily go to a 100$ in the next few years, low circulation supply, and a great platform that is growing in users
Thats kind of where I am at. With me running that Steemit Blogger Central project of mine and doing pretty decent already on the articles I have done, think it would be very beneficial to focus for a little while to bank up a lot so that way it helps myself and the others I help with my projects here. Be nice to be able to bless some people with better upvotes at the minimum. I can always return to BTC mining when I need some extra cash but savings and long term here seems to be making me way more anyways than what my miners do. Going all in lol
nice try...keep up boss
Just a matter of rolling it over earnings through Blocktrades, think its time to get a little more serious about the SP side to things lol.
I have a question, if you have time to answer I'd appreciate it. I just upvoted a post and it looks like I made the value go down by 2 cents. Is there something I'm missing? I didn't vote your post for this reason.
That I am not sure about, it shouldn't do that unless you are seeing some kind of glitch going on. I did notice once today i upvoted someone and it didn't do anything for them lol...which is odd because I have voting power. Not heard of anyone voting and it went down like that.
Thanks for taking time to answer. I feel bad that I took away from their reward :( Have a good day.
It could just be an issue that will fix itself...its still Beta here so weird stuff happens. I wouldn't feel bad about it, its not your fault if there is something wrong with Steemit, it is odd though I have never heard of that happening. I am going to watch how my upvotes act, if I see that happen to me I will let you know, could be a major issue if that happens to everyone
Cool thanks! At least this vote didn't put you in the red!
lol...thanks for that, hey if it did I wouldn't have blamed you, its only a little money, and our votes tend to be in the hands of the Steemit gods lol. Thanks for hooking me up, maybe it was just a minor issue that fixed itself
Okay, weirder still....my upvote for a intro post was worth fifteen cents. That has never happened before. Guess I'll upvote your post after all.
(Update , one penny. Okay I'll leave you alone now!)
Elmo's gonna be burning up that bedroom!
lol..sure will be, I am so worried this $600 graphics card I bought for gaming and animation is going to die on me from the full time mining I do on it lol. But hey elmo is backup, hot as hell but always around in case lol. Funny you remembered that post lol
What you are doing is well above my pay grade lol. Im still trying to figure out my new bitpay wallet, trading steem for btc, and where everything goes. Hats off to you for doing all this👍
LOL...trust me its been a headache for me to learn all this stuff but its not that complicated once you dive in. You got all that figured out with moving the money and loading the card? Congrats on getting one, your about to enjoy some serious freedom in crypto now
Well, I have the Blocktrade account, I have the wallet, and i got to the part where you do the trade. I saw steem was at like 1.15 and I backed out because I need more buying power than that if I'm going to buy hubbys meds. Perhaps soon tho...
I always trade Steem Dollars when I do blocktrades, lately its been up more. Its around $2.15 for Steem Dollars on coinmarketcap. But that is understandable if you want to wait the markets out, need all you can get. Just unsure when the recovery in prices is going to happen. I just seen a video where traders are seeing some weird massive bot playing on Bitcoin holding it down. Conspiracy theory running around is a bank is downplaying Bitcoin to show instability, I normally don't believe that stuff but there is a bot on it on a few exchanges...so if that is the case I am unsure what is gonna happen with prices.
I'm patient. I have to be with power downs taking 13 weeks. Im not going all the way down, but I need to get something. I hope your mining goes well! Hope your dad is doing better too🌻
I think I need to do some more research. I didn't think you could practically mine Bitcoin with a GPU any more because of the ASIC competition. I thought Steem was ASIC mineable so haven't considered mining it with a GPU. Having fun trying out all these things anyway :)
Actually you can't mine Steem anymore, that phase ended last year. Only way you can is by the article I wrote up here where you take mining earnings and send to Blocktrades for Steem Power or Steem and Steem Dollars:
https://steemit.com/blocktrades/@sflaherty/how-i-mine-for-steem-power-and-get-weekly-sp-boosts-nicehash-blocktrades-steemit-wallet
GPU is more the mid range way of mining but with NICEHASH it takes your GPU puts it on other algorithms by profit switching and pays you in the equivalent. My GTX 1080 actually makes more than my old ASIC scrypt miner and it happens to be a little cheaper than that unit was oddly. Its all in how you mine and where you mine. I have also 2 really dated antminer s4 asics, don't even bother to run them anymore due to the elec costs and actually don't make profits on them. Just let them sit due to that sadly now. ASICs are still top dog but you got to invest in $3000 now a days for one unit that will proift and the return on that investment takes a couple months. In the ASIC world you really need to spend about 10K to see really money constantly coming in. GPU is kind of the affordable route to start into it. I actually just got another GPU on the way and plan to build a rig. I should get about $120-$150 a week with the 2 GPUs with NICEHASH...all depends where Bitcoin is. Now a days unless you got a mining farm, most people don't bother mining Bitcoin directly...we all tend to mine other coins and trade for it because its more profitable vs the cost to invest in miners and electricity. China corporate mining giants have literally taken over that side to Bitcoin against the individual.