So I tried something last night, I started to mine a coin. Lets be clear, I do not have the hardware nor the funds to set up a rig to do serious damage and make a profit. But all the same I am mining. I have a couple decent laptops and stated to CPU mine using Minergate. The software was a little bulky so I did me a little research and I learned out to set up Claymore's CPU miner on them. Not to brag, but I am mining at an incredible 120 hashes per second. Trust me I understand that literally I am not going to make any money but it was an interesting process. Line command is something of a lost art it was good for me to break the dust off some of those skills.
So I decided to mine Bytecoin. Yes, it is worth very little but I am like a child and I like to get things. I need instant gratification for my efforts. Mining with my CPU, I was never going to see anything confirmed or paid out on many of the other coins that are available to mine. So after a night of mining, I have amassed a confirmed balance of 20 Bytecoins. At the current exchange rates, I have accumulated a net worth of $0.02.
So is it worth it? Yes and no. It was worth it for the knowledge aspect of the process. Claiming faucets are easy and way more profitable than mining in with the setup I have, but they really don't let us look behind the scenes of how the process really works. Secondly, it is worth it because I am going to let these miners run for a couple weeks on a slow setting to accumulate coins for an alternative purpose. I am going to use them in conjunction with my Eobot account to see if I can make these coins that are worth very little into an engine that makes them profitable.
I am having the same thought process as you and hope that the experience will led me to bigger and better things. I have stopped my CPU mining as I have learned it is giving me back literally negative earning. Electricity prices are too high to be feasible. What I have learned is that mining can be very simple or very complex. It was a fun experience and is propelling me to building a rig. I hope to find a deal near black friday. Either amass a few gpus or have a tower to add gpus to them. Latter seems more likely but I too have a geeky side of me to say build one from scratch.
I did exactly what you did with minergate and bytecoin and moved to eobot. I am now letting you know don't do that. I had about 150 bytecoins and for some reason eobot deducts 15% on their exchanges when its bytecoin. Their hash rates are also getting really expensive. I instead believe if you ran nicehash and mine with cryptonight algo. Move the bitcoin earnings into eobot is the better route. I am not doing this yet because I know it is a lost cause. I need gpus in order to be viable so hopefully I can get a rig soon and follow through with the idea.
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You are right about Eobot's exchange rates and I get kicked a little by Minergate when I withdraw. Until I build a rig or some sort, I am going to probably stay away from Nicehash. I loved the program, but it was really taxing on my equipment. If I had a couple GPU's I could run with it, I might consider going back. I am getting there though.
On the topic of Eobot, I have found that while the rates are higher for the MHS rental, it is far superior on the mining of my GHS speed over renting the GHS 4.0 for 24 hours. Wasn't like a saw a huge diffenence, but for the same expenditure of bytecoin, I was able to increase my mined amount by a greater percentage.
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Wait I did not know this but you are saying renting MHS to mine GHS 4.0 is better than straight GHS?
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In the short term, yes on Eobot. It seems that your return on investment on a 24 hour contract is greater on the MHS versus the GHS. The MHS seems to give a greater bang for the buck when mine the GHS hashing power. I feel like it also gives me a more accurate view of what I it is doing to my hash rate as it mines itself. Mind you, I am working with pretty small amounts of coin right now. I am trying to do build this with faucet earning only.
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I know how it feels to grow eobot account via faucets only. I am in the same boat. Started eobot about four months ago and been collecting faucets daily. I may have only missed one or two days the past four months but I still have not reach 1GHS. The bitcoin price rising is not helping. Wish there was an easier way to earn on eobot.
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I use a couple of other faucets to enhance my earnings and be able to increase the speed that I grow my mining speed. I use Moon Dogecoin, Moon Bitcoin, Moon Litecoin and Moon Dash Coin with my Coin Pot account. I convert all my coins into Dogecoin and deposit them into my Eobot account and purchase 24 hr rentals to grow my mining speed. In about a month, I have grown it to about 2 GHS, not blazing, but I am trying to get it to double at a consistent rate so that eventually it will grow more exponentially. It is a long process.
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I have seen this method at play and do not believe it will get the exponential results in the long run. This is because the GHS cost is now close to 4 year payback from Eobot's own calcs yet their contracts are 5 years GHS.
I have also used the moon faucets. What I do with them is convert them to doge and exchange to SBD via blocktrades. The potential earnings seems better than putting it in Eobot. Just my take on it.
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It is like a lightening bolt struck my brain. I had never thought of doing something like that. I love it. I am going to start doing that. Thank you for the advice!!!
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Nice one! I think mining at home is incredibly difficult now unless you fork out some serious cash on graphics cards and you can somehow get free electric! Im on your wavelength though as i too have dabbled on minergate and tried to get the majority of targets on there, but it proved too costly running my macs all day and night for a handful of byte coin or aeon. The fun bit is getting it working and you defo get some gratification when coins appear in your wallet. I see it all as supporting cryptocurrency so good luck and i hope it becomes fruitful for you.
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I looked into so many options and the geek side of me would love to take the time and build a rig. I find it fascinating, but the cost of buying the GPU's and/or ASIC hardware is just not feasible. I doubt I would get rich in any sense from the economic side, but maybe I will enrich myself mentally and get into other projects that were once out of my reach.
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