I think this Ethereum mining craze is silly…so I’m going to try it out for myself

A long time ago in a galaxy far far away I got interested in the idea of mining Bitcoin. Yes, I know it’s at around $2,500 now, don’t remind me, I only doubled my money when I could have grown it 10x…I never got too deep into mining, while I did try it out, most of the Bitcoin I owned I bought directly. Today, you’re honestly only making money mining Bitcoin if it’s your primary business, you live somewhere cold (or your servers do), and you have some unfair advantage that other people don’t have. No seriously, the people who made big bucks in mining could get asics and GPUs before anyone else – it was a hardware race.

I gave up my Bitcoin mining dreams long ago but now I keep hearing about Ethereum mining and to be honest, it sounds a lot like the Bitcoin mining crazy talk that got me interested in Bitcoin mining in the first place. When it comes to cryptocurrency mining I think that by the time it’s getting covered on the Huffington Post, the big mining opportunities are probably long gone.

ethereum

Today I was talking with my Dad on the phone about Ethereum mining and I was telling him how I think these “mining crazes” that people go through with new cryptocurrencies are silly…but then I couldn’t really back it up with data. I also happen to be typing this blog post on a super high-octane gaming PC that I built for my VR setup so I have all the core components one would need to dive into the Ethereum mining game.

So I’ll give it a shot. I’m not planning on making a huge investment, in my mind all I probably need right now is to determine if my GTX 1060 is a powerful enough graphics card to get started with or if I need to go with something more powerful or perhaps more specialized for mining. I noticed that Asus recently introduced a graphics card specifically for cryptocurrency mining so that might be worth looking into if I want to really give this a real test.

As you can tell from what I’ve written above…my hypothesis is that I spend money getting some silly video card that’s apparently “made for mining” only to find out that I can make a $10 – $20 profit each month after I pay off my higher-than-normal electricity bill. But I could be wrong, which is why, without data to tell my Dad that there’s no way it could work, I thought I just have to dive in and try it myself.

Stay-tuned, I don’t have much more to share now but I’ll try to report back here on my blog every week or so to let you know how it’s going.

{ 7 comments… add one }

  • Robert June 27, 2017, 9:04 pm

    What are you mining for? I also just started mining and currently mining for Monero. Not sure how this will work out but I figure its worth trying and learning something new. 🙂

    Robert

    Reply
    • Morgan June 28, 2017, 7:56 am

      @Robert – I’m going to be mining Ethereum

      Reply
  • Sean ottey June 28, 2017, 12:00 am

    I have a news aggregator and podcast dedicated to ether at http://ether.direct as well as an ether tracking site at http://eth.deals. I love when my crypto and domain obsessions come together. 😉

    Reply
  • Francois June 28, 2017, 2:49 am

    Most of the new crypto coins no longer use mining but staking, generally unlocked wallets allow staking.
    I have the same feeling, a lot of hassles and time waste for a potentially very low benefit, except you do it in an industrial way. You should make really much more simply trading alt coins, as a domainer is in your DNA.
    BTW, for news about this industry check our new site Crypto.info

    Reply
    • Morgan June 28, 2017, 8:00 am

      @Francois – great points and I agree…probably a lot more ROI potential trading alt coins, I think this whole mining path is likely going to be a complete waste of time…but I’m still interested to learn and prove to myself that it is.

      Reply
  • Mark Thorpe June 28, 2017, 6:59 am

    Why not mine Litecoin instead?

    Reply
  • Cate Colgan June 28, 2017, 9:59 am

    Local friend who does a “little” http://gpurigs.com/categories/rig-builds/

    Reply

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