Maybe mining is not for me

Since August 27th, there are two mining groups that have started taking over mining which has made it impossible for any small guys to hit blocks now. See the mining witness list and you'll see rabbit and gxt-1080-sc https://steemd.com/witnesses
So basically all the mom and pop miners are getting wiped out now that this big operations have moved in. Feels like Walmart has moved to town. :(

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1 vote

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tokyodude (57) · 8 years ago

I actually followed your guide https://steemit.com/steem/@incomemonthly/setup-steps-for-steem-mining-in-windows-after-august-15th-hard-fork which is really good by the way. I've been running it for a couple days with no results, and now I know why!

I thought mining SP would keep away the big miners because they need money rolling in to pay the high electricity bills. So I'm surprised they are willing to wait 2 years for any payouts. Must be some big whales that already have other accounts they are making bank with.

I'd like to support the community with my computing power but it seems some powerful people at the top could careless.

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sc-steemit (64) · 8 years ago

I looked on the mining part of Steem a week or two ago also, when I found a small tutorial on how to do it. But as you say, the blocks sais they will take a tremendous amount of time to be included and you can't really see how it all works. The reward of 1 STEEM per block included didn't really cut it for me to be running a miner.

It would be great if it was easier for anyone to run a client to make the network mining more diverse and get a small reward for it. But as it is now, running 24 hrs and not getting anything because 2 users has most of the power doesn't work well.

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2 votes

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steevc (73) · 8 years ago

I was just interested to try it. We've seen the arms race with bitcoin mining. I guess Steem could go the same way. Might have got something if I'd been there at the start

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sc-steemit (64) · 8 years ago

True, but I decided to try to write some great posts instead :) They give me more Steem than mining can do in the pace my machine can do it anyway :P

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steevc (73) · 8 years ago

Likewise. Posting and commenting is fun anyway

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mrlogic (58) · 8 years ago

I looked into STEEM mining about a month ago, but a friend who's a programmer said the code looks to vulnerable to him. So he advised me not to play with it at this time.

So i'm looking more into buying STEEM now, but i can't seem to buy bitcoins to buy STEEM either XD

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stephen-somers (63) · 8 years ago

Greedy SOBs are ruining it for the average minnow

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bola (67) · 8 years ago

You just joined the ex-steem mining crew
https://steemit.com/steem/@bola/steem-cpu-mining-i-surrender

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steevc (73) · 8 years ago

Seems to be a growing crowd. I can't justify running it just for fun

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fpcvirtual (42) · 8 years ago

That mining business isn't for me neither I'll stick to blogging ☺️

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stephenfrost (33) · 8 years ago

CPU mining is effectively dead now, two miners have effectively worked out how to run GPU miners and are dominating the queue. As such everyone else is basically turning off their miners as it is impractical and in effective cost wise. You can find out more here.

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