How GridCoin Mining Profitability Compares to Other CryptoCurrencies (Nvidia GTX GPUs)
Due to the fact that GridCoin mining involves about two dozen whitelisted projects that a miner can choose from, there currently doesn't exist an easy/nifty calculator to provide a potential miner with an easy comparison of GridCoin mining against other types of cryptocurrency.
I'm about to make it pretty easy for you... if you've got Nvidia GTX 1070 and/or Nvidia GTX 1080 graphics cards.
My favorite website to check mining potential is www.WhatToMine.com (check it out).
If I run their mining profitability calculator today, I get the following result for my two GTX 1070's and three GTX 1080's. This represents their estimate for my daily mining revenue and profitability:
As you can see here, it looks like the best I can do currently is the equivalent of about $17/day and that would be if I mined Hush coins. But how can we compare that to GridCoin?
If I browse on over to my GridCoinStats.eu profile page, I get the following information:
My current "Estimated Minted/Day" is 223.57 GRC per day. If I use yesterday's GRC --> USD price of $0.07, that tells me I'm mining about $15.65/Day. So just a slight bit less than tasking my GPUs with some inconsequential hashing for another coin.
A few things to keep in mind, though:
- Notice above that my RAC on BOINC is still growing. Depending on how competition on the projects I'm crunching changes, my magnitude still has room to go higher.
- GridCoin, along with all other CryptoCurrencies in the last week has come down in price a bit. If the price were to bounce back to $0.10 or higher, I would easily be minting GRC each day worth more than $20.
- This is discussing the value of the GRC I'm mining TODAY. Imagine if I hold my coins and GridCoin rises to USD $1.00 in the future. That would mean I'm mining 223 GRC today that would be worth $223 in the future.
This is all speculation, of course. I choose to mine GRC because I can make money while lending my equipment to crunch for legitimate scientific purposes. The fact that the revenue I'm generating is even remotely comparable to mining other CryptoCurrencies is a huge bonus!
Great post man. It shows that it's not fatal to mine Gridcoin and it can compete well with other coins on the market if your looking for sheer profit. The coin will practically explode once we release the team requirements and your 213 GRC will be an investment for the future in due time 😀
Vote @sc-steemit for Witness.
Proud Supporter of the Cryptocurrency Gridcoin
The important thing to remember here is that many BOINC users are contributing much more than 5 GPUs... completely for free! They haven't joined Gridcoin yet. For example, Top SETI@home user has 98 high-end GPUs crunching for science, completely for free (actually at a huge loss, because he is literally consuming like 0.5 megawatt-hours per day).
Imagine asking the Hushcoin community to continue mining HUSH, but without payments. Their coin and their network would disappear tomorrow. But Gridcoin wouldn't.
Informative post keep sharing.
Very interesting. Thank you. I really start to like the idea behind Gridcoin...
You should. There is a lot to like. Childhood cancer? We help research cures for it. More efficient solar cell materials? We help research those. Modeling the formation of Galaxies? Yep, we do that.
Great post mate
I don't have any GPU around so I need to give it a try with CPU. Do you know if there are interesting project where CPU is relevant?
Lots! Someone here probably has a better list specific to Gridcoin whitelist, but: https://boinc.berkeley.edu/projects.php My impression is any active science-based BOINC projects are whitelisted, but I'm not positive.
oh I see a lot about maths and cryptography ^^. Thanks
Lots of newcomers ask this question lately so this is gonna be a very useful post. Liked and shared :)
That's great.