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RE: Why I Only 'Mine' Gridcoin, and My Unusual ~200 TFLOPS Mining Setup
Great post as usual ;) I'm just a little bit confused about the electricity cost of your setup - at a rough estimate it seems to exceed the yield of the GRC earned that way?
Yup - you are 100% correct. Power costs about NZD$0.22 per kWh when weight averaging the day and night rates. This means I use:
18KW * 24h/day * NZD$0.22 = NZD$95/day
Meanwhile, I could sell the Gridcoin for about NZD$0.04 per coin, so I earn about:
800 GRC/day * NZD$0.04/GRC = NZD$32/day
That being said, recently GRC traded for almost NZD$0.15 at one point, which would have yielded NZD$120/day.
In reality, there are still several reason I continue doing this:
I need the hardware for my research anyway, and this is running on idle cycles. The power bill of using those cycles is only a fraction of the total compute powerbill.
The price of GRC will go up, so I will see a good return in future if I were to sell
I have plans to use the GRC I mine on idle cycles to commission compute in the future through the BOINC and GRC network, if I can overcome the technical hurdles of the models I work with.
There's always a blessing for selfless services but the selfish can never see or understand it.
Good luck in your endeavors.
GRC is not profitable like other coins, its a reward system for volunteering computing since 1999
It was very profitable a month ago. =)
It also will be again in the near future. Best to mine those coins before the flocks of miners arrive for the next GRC gold rush!
It's entirely possible that the NN participants is going to inflate a couple orders of magnitude when the team req is removed.. the BOINC community is huge!
Nailed it - and that would result in hugely increased mining difficulty and a rise in GRC price to match.
Difficulty - Yes, however there is always room for additional BOINC projects.
Price - Potentially, with greater scarcity and demand the likely outcome is an increase in market cap.
Right on!!