Today I wanted to give a little heads up tutorial for those discouraged with the fact that simply mining for Steem isn't as easy now a days as running the old Steem wallet and letting your miners rip. Those days have long passed, something I as well wasn't aware of till a few weeks ago but thanks to a little ingenuity plus some trial and error I know have my miners at the house on autopilot constantly feeding my Steemit account some Steem Power thanks to a great service called Block Trades.
Lets get right into the initial setup I use, whichever pool you mine or coin is up to you, at this moment I am using F2Pool to pull in some Bitcoin and Litecoin with my SHA256 Asic miners (Bitcoin) and my dated Scrypt Asic (Litecoin). Setup your miners for the pool you use then just head to https://blocktrades.us/ to get started.
SETTING UP YOUR BLOCK TRADE ACCOUNT TO RECEIVE YOUR MINING PAYMENTS
Sign up for an account with Block Trades, once your in their site click on the QUICK TRADE tab to the top left of the site. Now your in the page to set up your receiving and sending setups.
Go to the SEND option click on the coin you would like to send to Block Trade for exchange. Once you have chosen the coin you like to send to Block Trade and trade, click on the RECEIVE side pull down menu. Click on the coin you would like to exchange for...in my case I selected the STEEM POWER option here, but you can also choose STEEM and STEEM DOLLARS as the coins you like to trade for and send to your STEEMIT wallet.
Now fill in the info from your STEEMIT WALLET, your username...you do not need for the @ symbol with your username. Now insert your MEMO ADDRESS found in your STEEMIT wallet under your username. (note: with trading for STEEM POWER you won't need your MEMO ADDRESS, this is for STEEM and STEEM DOLLAR trades only)
After that you simply click on the GET DEPOSIT ADDRESS, take that address to your pool, input it as your payout and your set. This address will retain itself for future payments so there is no need for further setup if you stick to the same pool mining the same coin, have to change the info if you change coins or pools but you should be now on auto pilot and get STEEM in your account with regular payments.
BLOCK TRADES HAS MADE MY LIFE SO MUCH EASIER
Block Trades is also here on STEEMIT, I have subscribed to them to keep up with news...you can find their profile here if you like to add them @blocktrades
If anyone has any questions I am down to help, just leave a comment here and I will try to help you the best I can. Thank you Block Trades for this valuable service, saved me a lot of time and hassle from mining and dealing with so many exchanges. Been nice to see some STEEM POWER growing through my miners once again.
Wait, you are turning steempower into steem?
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lol no, I wish it was that easy. I am just trading my mined coins into STEEM POWER but they have an option to also trade for STEEM or STEEM DOLLARS...I kind of flip flop it, usually get STEEM POWER but sometimes I gotta spend a little so sometimes switch it to trade for STEEM itself. You have the options in Block Trades to trade for any of the 3 Steem options....that make sense? Hopefully I worded this thing right, don't want to confuse anyone lol
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Haha, thanks! Need to read it again in the morning. (Just came back from a wedding, lol)
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totally feel you on that, we actually spent the day putting a liner in our pool here so I wrote this kind of half with it myself lol. I did tweak it a little be, kind of see how you got confused on it. I think its worded a little better, if not I am always here to help and explain, no worries
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Lol, thanks!
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anytime...
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thank you for this informative article! followed blocktrades for updates.
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Anytime my friend, I know how it is....price is going up fast and a lot of us are trying hard to find a way to get our wallets up...figured a few of us here might want to mine and grow on the side as well with Steemit. Block Trades is a great service, has never done me wrong so I highly recommend them. Appreciate the feedback, I just followed you and will hook you up with some upvotes for the support
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Thank you. Followed you back as well. Looking forward for your helpful posts!
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Still learning STEEMIT a bit myself but slowly getting the hang of it lol. I tend to write a lot so I will try to keep in mind any tutorial like posts coming in the future, I know we are growing here and new people will need all our help. Keep in touch my friend, always around
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Great post. Helped me solve an issue I was getting ready to freak out about. I really want to invest time and money into mining but want to mine the best coin and with best chances. Further insights or directions for me to go research? I setup the whole old way of mining Steem but realized things changed after the Hardfork... I'm just trying to figure out -- what is being mined now successfully either from CPU or ASIC ( I saw one on EBAY for $3k, but wasn't sure if it was worth the investment)... Any pointers would be greatly appreciated. I upvoted and also following. Thanks again for the helpful article!
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Here, check out my newer post, I switched to this way of doing it recently, its boosted my income a bit by switching fully to NICEHASH mining, they do auto profit switching which helps you from having to mine on a bunch of pools.
https://steemit.com/blocktrades/@sflaherty/how-i-mine-for-steem-power-and-get-weekly-sp-boosts-nicehash-blocktrades-steemit-wallet
ASIC is top dog when it comes to mining but you do have to kind of spend that $3000 on a unit that will profit you. CPU doesn't do well for anyone, I literally have the best i7 you can buy here, i7 unlocked and it doesn't do but change a week so its honestly only useful if you want to throw it in the mix to add to earnings while your using others miners. GPUs are mid range for mining but decent if you use that NICEHASH tutorial. I have a GTX 1080 here and it gives me on one care about $60-70 extra a week. But here is the catch, GPUs are sold out right now, a bunch of people got massively into mining so there is a serious issue at the moment with supply and demand. The GTX 1080 I own cost me close to $600 originally and now almost $900 going on $1000 due to the demand. I actually just got a used GTX 1060 on ebay the other night which was only $200 so figure I would add that in my build to get a little boost. Just be careful...I have an old scrypt ASIC miner that is profitable but I also bought 2 old antiminer s4s that are for Bitcoin SHA256 mining, those literally are so high in electricity costs that I sometime lose money running them, they just sit collecting dust now as a reminder to me to pay up or don't at all lol...going cheap in ASICS can end up hurting you. Hope that helps, you need any questions answered, let me know...I been mining awhile before the crowds got into crypto so got past a lot of the trial and error stuff already, hate to see people buy bad deals out there because trust me I am noticing lately a bunch of guys selling old miners that are not profitable for high prices, major research and calculations is needed to make money.
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