Is CPU Mining really worth it?
Hello fellow steemers, for the past month I have been researching on the best mining rig to build, and as I have come up with a build in mind I have ended up on the nicehash site. On the website I saw a profitability calculator. I then found out that CPU's are also listed in the choices which you can see if it would be profitable to mine with it. The best one I have found was the AMD CPU Ryzen 7 1700X @ 4.00GHz which costs at $400 and has a 0.61 KH/s for Cryptonight.
I then calculated the profitability with $0.12 / kWh here are the results:
To summarize it
Profit per day: +0.75 USD
Profit per 30 days: +26.74 USD
Profit yearly: +325.38 USD
Approximate ROI: 449 Days
Will it be really worth it to get these CPU for mining? or will it be profitable if I use it on to mine Gridcoin using BOINC?
Thank You, Upvote, Comment and Resteem. Keep on Steeming!
Image Sources:
https://www.primeabgb.com
https://www.nicehash.com/?p=calc
CPU mining is in fact still profitable even without the Ryzen!
Gridcoin
Formed in late 2013, Gridcoin is a transparent, decentralized community which has developed a blockchain based incentive and reward structure for volunteer distributed processing. Gridcoin utilizes the platform BOINC (The Berkeley Open Infrastructure for Network Computing), an open source grid computing infrastructure released in 2002 at the University of California, Berkeley.
BOINC provides scientists and enthusiasts with a platform to host data which needs to be processed -- Data that might map the Milky Way, find prime numbers, fold proteins, test chemical and molecular combinations, Search for Extraterrestrial Life (SETI), or process any number of calculations.
Gridcoin developed a Distributed Proof of Research protocol (DPoR), also known as Proof of BOINC (PoB). DPoR rewards GRC to volunteers contributing processing power to BOINC projects. This system creates a decentralized currency which incentivizes the decentralized processing of the troves of data collected and created every day – from scientific, to mathematics, to social, to political – while also incentivizing the growth of the distributed network.
Gridcoin and CPUs
Community member @dutch has put together some tutorials with more information regarding Gridcoin and CPU profitability. I'd suggest you check them out:
Profitability projections
Project Selection
There is also active development for a profitability calculator. This is unique to Gridcoin because of our DPoR protocol -- We use stats from BOINC to create something called Magnitude then we use that Magnitude to distribute GRC. The stats from BOINC depend on your hardware and the projects which you are working on. SETI, for example, while fun, is worked on by many people with many flops which means a user with an i7 might struggle to maintain a positive cash flow if they work only on SETI.
This creates an entire ecosystem around creating and maintaining BOINC projects, which is a huge part of Gridcoin: Directing processing power to real world scientific applications.
Check us out! Our subit is loaded with information.
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Thank you very much for this great comment, my questions have been answered. I will do much more reading about Gridcoin, and the links you have posted. For now I will be installing the Gridcoin wallet and BOINC to test it out first. Cheers
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This post received a 2.9% upvote from @randowhale thanks to @vallesleoruther! For more information, click here!
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CPU mining is certainly worth it as most kinds of mining you can get into (GPU, HDD) all require you to have a processor of some kind. Most miners will run with the cheapest CPU they can find, but there is still a little compute power there. If you can set up your processor mining it's a little supplementary income on top of the primary mining operation.
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Yes, I was thinking about it, if I can get this Ryzen CPU or the best entry CPU at the moment which is the Intel Pentium G4560 a much cheaper CPU. Thank you for the input. yes it will be a little supplementary income on top of the primary. Even though it is a little income at least I will ROI in a couple of months.
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The problem with these estimates is that the calculators do not take into account the astronomical rise in mining difficulty we are likely to see. Be careful before dropping money into new hardware if you cannot afford to lose the investment.
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Yes I have taken that in consideration too, what this calculators do is they take the last day, last week, and the last month, to compute the estimates.
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@vallesleoruther got you a $1.77 @minnowbooster upgoat, nice! (Image: pixabay.com)
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