Mining Ethereum @ ~53 MH/s and Siacoin @ ~310 MH/s Earns me $5.53 Daily - And It's Time to take a Pause

Each time I add some new graphics card to my existing gpu mining rig or some other major happenings happens I make a quick update into the blog. 

There are two major updates since my latest post from cryptocurrency mining experiments - I have installed another gpu card (in total there are  already 4, giving a hash power of about 53 MH/s) and second, Ethereum price has dropped by about 40% in the last days (from $1,430 in January 13, 2018, to $1,007.41 in January 23). Both things heavily affect daily payouts when mining Ethereum (or any other altcoin)

The mining rig has been up and operating little more than 30 days, base core system has been extended to 4 GPU's and the current investment for this rig is $1,661. 

Make sure to check out previous updates:

This month I've almost doubled hashing power after purchasing and installing two GTX 1050 Ti cards, though spending on these cards this month about $520

In total, I've mined 0.1193376 ETH and 126.66 SC, with current exchange rates that would mean

  • 0.1193376 ETH = $120.41
  • 126.66 SC = $6.63

Total: $127.03

Current ROI is 7.65% or I still need to recover 92.35% from my initial investment to break even.

If ethereum would keep its All-Time High levels at $1,400 - daily payouts from such mining rig would be around  $7.45, also it would mean ROI at around 10%.

Though things are as things are, and for now, I have decided to stop adding new gpu cards to the mining rig before reaching 20% ROI. It could take me another month, maybe 2 months, or it could take some 2 weeks or even a week - it's hard to predict, as it depends only on current Ethereum exchange rates,

  Hashing Power   Mined Coins Exchange Rates Earnings      
GPU ETH SC Invested ETH SC ETH SC ETH SC Total How many days
4 53 246 $1,661 0.00533852 3.99 $1,007,41 $0.04 $5,37 $0.16 $5.53 300

With current mining difficulty and altcoin exchange rates, such mining rig, in theory, could pay off after 300 days or 10 months. 

Cryptocompare Ethereum mining calculator

Cryptocompare Ethereum mining calculator

As I've been mining already for the last 30 days and generated hypothetical revenue of $127.03, my current ROI ($1661-$127.03)/5.53 would be after 277 days  (around October 2018)

I reality I could not break even like never - in case of ethereum dips under $500 and with increased mining difficulty, not to speak about planned Ethereum switch from PoW to PoS (probably in 2018). Sure there are some backup plans for such negative scenarios, like switching to other profitable minable coins, see: To Mine or Buy Ethereum/Zcash/Monero in 2018

Now, recently a friend asked would I recommend to invest $2,000 in crypto mining - my answer still is - it depends, but in general you should be very careful with investments in crypto. See: Would I invest $2,000 in Cryptos (Buying / Trading / Mining) in 2018

Alternatively I've been experimenting with cloud contracts from Hashflare, and currently if combined together - both Hashflare and my existing GPU mining rig makes me about $6.50 - $7.00 daily or about $200/mo. (Affiliate link here - if you will click, register and decide to invest, I might earn 10% commission from that) - Estonia based cloud mining company

Please note - I'm not a financial advisor, services mentioned in this article use at your own risk and remember your capital is at risk, you could lose some or all of your money.

See: Review After 1 month Bitcoin Cloud Mining Experiment