Mining Dash at Home: Month 4 Update

oleg326756 (64) in cryptocurrency • 7 years ago (edited)

It’s been four months since I started mining Dash at home with my Baikal Cube 300 MH/s miner and two months since my last report. Thus, it is time for the regular bi-monthly

Home Mining Project Update: Month 4

Earnings in the past two months

In the last update from late June I reported the total earnings from my home Dash mining operation as ₿0.073 (as I have sold some of the earlier mined Dash for Bitcoin) and 3.14 DASH.

In the two months since then my Cube has mined 1.49 DASH. You see that the earnings are steadily declining over time due to the dramatic increase in mining difficulty:

in the first month I earned 2.1 DASH
and 1.015 DASH as well as ₿0.058 in the second month.

That is why I switched from mining purely Dash on a P2P-pool to multi-algo mining on the Mining Pool Hub with automatic conversion to Dash. I’ve been mining there for the past two weeks and have earned 0.234 DASH this way.

You can easily tell that my earnings have been halving every month since the beginning of the home mining project in late April this year. Crazy!! At the current rate I’m earning half a Dash a month and this number might fall even further, as the market is getting flooded with very powerful X11 mining hardware from multiple manufacturers.

My beautiful little Baikal Cube that goes by the name of Cubby

Total Earnings so Far

So far my Cubby has mined me 4.63 DASH in total. For comparison, my 20 MH/s cloud-mining contract with Genesis Mining has earned me 0.352 DASH in the same period of four months.

I love Dash and I want to keep supporting the network, that’s why I decided against selling my miner on eBay, but continuing to mine whatever I can for as long as I can.

If you are mining Dash or other X11 coins at home, please share your experience in the comments below!

cryptocurrency crypto money dash mining

7 years ago by oleg326756 (64)

$8.77

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masteranibal (55) · 7 years ago

I really want to try mining with hardware and not cloud mining. I think it would be fun. Also just to be able to say that I mine coins. hahaha. Then again, I am the person that says I want to have some Dogecoin just to say I have Dogecoin :P

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oleg326756 (64) · 7 years ago

Haha, that’s pretty much why I am mining at home too! :D It’s definitely not for the money.

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fitinfun (71) · 7 years ago

I could never do this hardware thing since I am transient. But I'm seeking faucets now. I realize they do not pay much, but if I can set it and forget it - I'm in. I have a few here at steemit and now I'm trying to find others in the larger crypto community.

But when I try - it's all about me investing money and possibly the faucets going down and way too scary so far. Steemit introduced me to this crazy world about two months ago and I am amazed at all the ideas.

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oleg326756 (64) · 7 years ago

If you are going to invest money, then it’s best simply to buy coins and hold them for a long period of time. Not mining hardware, not cloud mining, not get-rich-quick schemes. Good old ‘BUY and HODL’ FTW!

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fitinfun (71) · 7 years ago

Unfortunately, I do not have the funds to buy - so I am looking for other avenues even if they are small in reward.

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masteranibal (55) · 7 years ago

In that case, Steemit may be your best bet, @fitinfun! You just have to be consistent and active in the community in order for your Steem to grow! :D

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fitinfun (71) · 7 years ago

That is my goal - to suit up and show up every day :)

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cornholio (50) · 7 years ago

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randowhale (67) · 7 years ago

This post received a 1.5% upvote from @randowhale thanks to @oleg326756! For more information, click here!

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1 vote

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getonthetrain (69) · 7 years ago

Ah well, shame on the decreasing amounts. But it's all about what it will become in the future!

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hashclouds (55) · 7 years ago

Aww! Cubby is so cute! A little robotic money machine! :)

If the rewards get halved, the price would have to double to keep up.

I installed the newest minergate program that comes with a gui. Very easy installation. My current computer is not meant for mining, more of an experiment for me as I am just getting my feet wet!

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oleg326756 (64) · 7 years ago

Thank you for sharing! Sounds interesting! I will love to read a more detailed review and report on your home mining experiment on your blog!

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hashclouds (55) · 7 years ago

Thanks!

It is so bad, I would be embarrassed to show it. Haahaa. It is not even worth leaving running, it is just way more convenient for me as I am at the computer a lot, but for short periods at a time.

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glutton4info (45) · 7 years ago

great post. thank. I will look into this and try it. Followed and upvoted. Feel free to follow back. Cheers.

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gingerninja (59) · 7 years ago

Dash is a great coin,but the latest release of the D3 machines has miners pushing up the difficulty very quickly :P

Lately I decided to mine XMR as the price keeps on rising and is now very profitable.

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oleg326756 (64) · 7 years ago

Yep, Bitmain is killing the competition with their D3! This machine will do for the mining difficulty of X11 the same thing that Bitmain S9 did for SHA-256 (Bitcoin).

I love Monero too! It’s one of the four coins I’m consistently investing in. And I’ve been cloud-mining it with Genesis Mining for almost a year now. What hardware do you use for your XMR mining?

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gingerninja (59) · 7 years ago

Definitely! And the scary part is that most of the machines are still being produced :( Even bigger difficulty incoming...

Same here,bought a few at around $45 and now im smiling :D...I use 9x R9 380's that give me around 500H/s per card...not that much,but quite decent profitability with the latest prices.

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oleg326756 (64) · 7 years ago

Very nice!! Did you build your mining rig yourself? And did you do a comparative profitability analysis when making decision to mine Monero vs. mining other coins on your GPUs?

My cloud-mining contract with Genesis Mining is just 110 MH/s for Monero. But I bought when it was dirt-cheap and it already paid for itself. I just wish I invested more in it, haha!

Oh, I should tell my friend who has a powerful gaming desktop that he should try mining Monero too!

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gingerninja (59) · 7 years ago

Mining Zcash is a bit more profitable,but XMR looks like it has some potential,so I thought to mine a bit more of it while its still easy to get :D

110MH/s is a nice amount!Im upset that I didnt buy some hashing power while I had the chance :D

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oleg326756 (64) · 7 years ago

…and, on the topic of the X11 difficulty increase: I’m just really glad that Baikal’s machines can mine on other algos, like X13, X14, X15, Quark and Qubit. It’s my only hope to stay competitive with it – by mining other coins on other algos and converting the earnings into Dash.

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gingerninja (59) · 7 years ago

Definitely,mining other cryptos and excganging for some Dash is the best option now :)

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roberttene (48) · 7 years ago

Omg it's so little! That Baikal cube is really small!

Mind if I ask you how much you paid for it?

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1 vote

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oleg326756 (64) · 7 years ago

Yep: small, quiet and low-energy consuming (just 60 Wt). Perfect for home mining!

I bought it for about USD $1,000 back in late April. It has already covered its investment costs, if I calculate the ROI in fiat, but it would still be more profitable if I simply had invested that amount of money into buying Dash or Bitcoin. Generally speaking, investing into coins and holding them usually beats investing in mining hardware. At this stage it’s more of a hobby for me than an investment scheme.

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1 vote

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roberttene (48) · 7 years ago

Agreed. I made the mistake of buying cloud mining for ETH too, and now the difficulty bomb hit, the profitability sucks ass :(

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2 votes

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minnowbooster (73) · 7 years ago

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drotto (48) · 7 years ago

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bellyrub (60) · 7 years ago

This post has received a Bellyrub and 1.03 % upvote from @bellyrub thanks to: @oleg326756. Send SBD to @bellyrub with a post link in the memo field to bid on the next vote, every 2.4 hours. Be sure to vote for my Pops, @zeartul, as Steem Witness Hope you enjoyed your bellyrub!

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fooblic (56) · 7 years ago

In [1]: 4.63/300.
Out[1]: 0.015433333333333334

In [2]: 0.325/20.
Out[2]: 0.01625

So, the cloud 20MH/s miner is generating more DASH per 1MH/s? Anyway, personal miner at least do not suddenly change their contract rules.

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oleg326756 (64) · 7 years ago

Just slightly more, but it might fluctuate with time. I think Genesis Mining is mining X11 on GPUs, while Baikal uses FPGA and other manufacturers are now using ASICs. So their performance and profitability may vary…

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